Nextrade works with IDB's on technology partnerships between Latin America, Asia and Europe

The Covid-19 crisis is severely damaging Latin America and the Caribbean (LAC) economies. the region’s economy is estimated to contract 9.4 percent in 2020, and millions are expected to fall back into poverty. In their efforts to overcome these unexpected economic challenges, LAC governments have an opportunity that has not been present in prior economic downturns – to use disruptive technologies, such as 5G connectivity, cloud computing, artificial intelligence (AI), blockchain, advanced robotics, additive manufacturing, and 3D printing.

By enabling efficiencies and opportunities to create new value, these technologies can help the region to both weather the crisis. One promising mechanism is deeper cooperation with external partners and regions such as Asia and Europe, whose businesses and governments have significant experiences in developing, adopting, using, and assessing the impacts of disruptive technologies. Asian and European economies are at the forefront of using advanced robotics, additive manufacturing, AI, and 5G to generate new value in their manufacturing industries, and European economies have also been leaders in adopting technologies in the public sector – such as applying blockchain to facilitate trade; creating digital identity systems to improve the delivery of e-government and financial services; and using smart farming, manufacturing, and mining technologies and techniques to transform and increase the value of traditional industries, including in traditionally underdeveloped regions.

In 2020, Nextrade worked with the Inter-American Development Bank to define a roadmap for European and LAC governments and companies to work together to leverage disruptive technologies to respond to Covid-19 and solve especially LAC region’s persistent economic challenges. The findings will be available in 2021.