The 2012 Iberoamerican Summit is due to get underway on Friday in Cádiz with host Spain at the forefront as Prime Minister Mariano Rajoy will try to seek Latin American investors for his country in an effort to help his government emerge from the ongoing crisis.
This will be the third time Spain plays host to the annual summit of mostly Latin American and Caribbean leaders. And it is expected that it will be the first time that the Spanish government actively pushes South and Central American nations — which have not been crippled by the world economic crisis — to invest in Spain.
In the past, Spain has been a big investor in Latin America and “is responsible for that growth process in the region,” explained Jaime García-Legaz, secretary of state for commerce. Spain has “a cheap and attractive economy” for those countries that have now become “transmission beacons for investments,” he added.
The two-day summit also coincides with the bicentennial celebrations of the liberal 1812 Spanish Constitution, popularly known as “La Pepa.”
King Juan Carlos and Prime Minister Mariano Rajoy will preside over the summit. The prime minister will meet privately with different regional leaders to give them an overview of the euro-zone crisis, Foreign Minister José Manuel García-Margallo said. European Commission President José Manuel Durão Barroso and Catherine Ashton, the EU´s top foreign affairs official, are also expected to join the summit.