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(LIP-do) -- The Commissioner of Exterior Relations of the European Union, Benita Ferrero Waldner, affirmed today that Latin American countries should establish the legal marks necessary to improve the levels of corporate security necessary for foreign investments to increase.

She indicated that the European Union is the principal emission of foreign investment directed at the Latin American and Caribbean region, along with being the second major social commerce.

"The European Union is (for Latin America) an investor and also a first-level commerce associate," she emphasized during the participation of the Second European Union, Latin America and the Caribbean Business Summit.

She stated that the private sector and foreign investments are two ways to reach technological development.

"This is why I insist in the necessity to create corporate marks which offer adequate levels of openness and cooperate security because it's a factor in, I'm sure, contributing a better climate of investments of regional relations," she remarked.

In this regard, she specified that the Association Accord which the European Union and the Andean Community (CAN) negotiated, which will serve to build an adequate mark to improve political and economic relations between both blocs.

"I also suppose our support decided the regional integration of Latin America because we know that translates into a bonanza," stated Ferrero Waldner.

She also said that the European regional integration had many benefits among its participants, such as the increase in five points in the productivity of each country.

However, she recognized that social cohesion is one of the principal challenges of Latin America and the Caribbean, since they are known as some of "least egalitarian regions in the world": the economic development in both countries hasn't reached the people who need it most.

"Social cohesion isn't simply an ethical question or one of economic efficiency but an expression of a social contract based in solidarity and humanism, with basic values shared by both regions."

In regards to this, she pointed out that the European Union is the principal supplier in international cooperation for the development of the region thanks to the 2,600 millions of euros the union is ready to dispose over the next five years.


News Source: Andina