Less than a week ago, a powerful group of financial and political leaders representing approximately 80% of global trade convened in Baja California Sur in Los Cabos, Mexico to discuss the future of international economic stability. President Barack Obama is just one example of the high-profile attendees that gathered at the annual G20 Leader’s Summit amidst the fitting backdrop of a cultural oasis stimulated by a thriving tourist market.
Mexico: First Latin American country to chair the annual Presidency of the G20 Group
The Group of Twenty, better known as G20, brings together members from 19 countries and the European Union for much needed talks about international cooperation, accelerating employment and financial preparedness with structural reforms, and promoting sustainable development across the globe. This year marks the first time that a Latin American country has held the rotating Presidency of the G20 group, and only the second emerging economy to take the reins, following the Presidency of the Republic of Korea hosted in Seoul in 2010.
The G20 originated in December 1999 as a conference of international finance ministers and central bank governors concerned about the overwhelming financial crisis overtaking the world economy, as well as the imbalanced representation of developing countries in international dialogue dedicated to these issues. In November 2008, the current financial crisis spurred former President George W. Bush to leverage the G20 group as a strategic platform to organize a global coordinated response to the economic decline. Since 2008, seven Leader’s Summits have been held in Washington, D.C., London, Pittsburgh, Toronto, Seoul, Cannes and now, Los Cabos, Mexico.
Tourism – A Major Vehicle for Growth
Mexico’s G20 Presidency signals an essential shift in the group’s initiatives, which in the past have centered largely on strengthening financial institutions, implementing better standards for fiscal supervision and pumping more resources into international trade as the best means of jumpstarting the economy. Inspired by a recent meeting of the G20 Tourism Ministers, Mexico’s president Felipe Calderon Hinojosa proposed world tourism as a significant force for driving economic improvement across the globe.
Not only did this issue force the summit’s recognition of tourism as a major “vehicle for job creation, economic growth, and development,” but also led the G20 Leaders to introduce plans to rethink current travel and immigration regulations to better promote job creation and poverty reduction on an international scale.
Los Cabos, Mexico as an Example of Economic Development
As Mexico joins the exclusive list of destinations where the world’s most influential figures have dared to tackle the hurdles of nourishing a global economy, Los Cabos stands out as a shining example of how marketing a country’s inherent cultural qualities can create new opportunities for economic growth. Not to mention, the pleasant climate, a consistent reputation for security and a world class tourism infrastructure provided the means to support an event of this magnitude.
We congratulate Los Cabos for hosting a memorable summit.