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Thursday, July 25, 2019

Chilean Treasury Undersecretary opens APEC’s Senior Finance Officials’ Meeting in Arica

The purpose of this meeting is for the APEC economies to progress towards financial market integration.

Arica, July 25, 2019. Today, Treasury Undersecretary Francisco Moreno kicked off the First Senior Finance Officials’ Meeting (SFOM) of APEC Chile in the Arica and Parinacota Region.

Four themes will be discussed during the meeting, which ends tomorrow: promoting integration in financial markets through the digital economy, improving financial inclusion using digitalization, addressing the financial management of disasters, and implementing the Cebu Action Plan (CAP), which promotes economic and financial integration through intraregional trade and investments with sustainable and inclusive growth.  

“APEC has been a very significant contributor to foreign trade integration, both for Chile and the 21 economies that comprise the forum. It is a privilege to inaugurate this Senior Finance Officials’ Meeting that will prepare us for the Finance Ministers’ Meeting to be held on October 14 and 15 in Santiago, and the Leaders’ Meeting on November 11 and 12, also in Santiago,” said the Undersecretary at the opening of the event. He was accompanied by Regional Governor of Arica and Parinacota, María Loreto Letelier, Senator José Miguel Insulza, as well as Regional Secretary of the Treasury Ministry (SEREMI), Pablo Arancibia.

The Undersecretary added that holding this meeting in Arica was significant from the point of view of decentralization. “This region has expectations with regards to what is happening at this meeting. Arica and Parinacota has more than 14,800 micro-, small- and medium-sized enterprises that are waiting for an opportunity to open up their market to the Asia-Pacific region, which would lead to more job creation and for economic development to reach each and every family in Chile,” he said. 

Coordinated and collaborative work

During his opening speech, the Undersecretary highlighted the important role this forum has played over the years, by taking both collective and individual action to address the economic challenges of modern times. “APEC has always acknowledged the importance of complementing economic and financial integration with the development of skills,” he said.

“This forum is a vehicle for disseminating best practices and communicating these practices in every area in which we operate. And, in the interconnected areas in which we operate, we help to find harmonized systems, common platforms and integrated ways of making things fit together as well as possible, emphasizing the relevance of coordinated and collaborative work,” he added.

However, in order to reach these goals, the economies must create a favorable environment for transforming businesses with a more ample use of digital means, fostering competition and developing strong legal and regulatory frameworks, the Undersecretary said.

 

“Focus must also be placed on the majority of the economy that does not necessarily have easy access to financial services and open and integrated competition in this region, such as micro-, small- and medium-sized enterprises, women, people in remote and rural areas, senior citizens, etc.,” he concluded.

SFOM APEC Arica is chaired by Treasury Undersecretary Francisco Moreno and is being attended by representatives of the International Monetary Fund (IMF), the Asian Development Bank, The World Bank, The Inter-American Development Bank (IDB), the Organisation for Economic Cooperation and Development (OECD) and the APEC Business Advisory Council (ABAC).

Source: Subsecretaría de Hacienda 

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