Outsource2LAC 2024: Driving Digital Transformation and Knowledge-Based Services Growth in Latin America and the Caribbean

Over 1,000 Entrepreneurs, 2,000 Meetings, and Key Innovations Highlight Regional Leadership in Global Digital Services.

The 10th edition of Outsource2LAC, the leading event for knowledge-based services (KBS) investment and trade in Latin America and the Caribbean, brought together more than 1,000 entrepreneurs, businesses, and government representatives from 32 countries in Buenos Aires, Argentina, on December 4-5, 2024. The event facilitated over 2,000 business-to-business (B2B) and business-to-government (B2G) meetings, showcasing the region's potential in cutting-edge areas such as software development, AI, AgTech, Fintech, and more.

This year’s forum featured discussions on the integration of AI, augmented reality, and cloud computing into business ecosystems. Topics ranged from the globalization of digital services to opportunities in telemedicine and AgTech. Sessions also explored AI's impact on shared services centers, revenue models for Fintech, and cross-media video game expansion.

Prominent industry experts, startups, academics, and government representatives emphasized the role of digital transformation in driving competitiveness and productivity across the region. Buyers and investors from Asia, Europe, North America, and Canada joined 21 regional trade and investment promotion agencies to explore partnerships and opportunities.

Fabrizio Opertti, Manager of the Integration and Trade Sector at the Inter-American Development Bank (IDB), highlighted the region’s growing prominence in global KBS exports:

"Our region is emerging as a major player in global services exports, driven by the creativity and talent of its people and the capacity for technological innovation of its companies and startups."

BID for the Americas and AI-Powered Tools

The BID for the Americas initiative was unveiled during the event, aiming to foster collaboration between Latin American and Caribbean countries and key international partners. A centerpiece of the program is the "BID for the Americas App," an AI-driven platform designed to connect businesses with procurement opportunities in IDB-financed projects, particularly in the information technology sector.

This app, available for both mobile and desktop, promises to streamline access to international trade and co-financing opportunities while promoting inclusive business growth.

Talent Transformation and Venture Capital Opportunities

Day two sessions delved into talent transformation in the age of AI and new strategies for monetizing digital services. Participants explored challenges and opportunities in attracting venture capital and accelerating technological adoption, particularly in AgTech and Fintech.

“To remain competitive, the region must invest in human capital development and foster public-private collaboration,” emphasized panelists, underscoring the IDB's ongoing role in promoting education, regulatory frameworks, and innovation in key sectors.

Regional Collaboration and Public Goods

The IDB, in collaboration with local and international stakeholders, reaffirmed its commitment to trade promotion, investment, and innovation. Key IDB initiatives in countries such as Argentina, Chile, Colombia, Uruguay, and Jamaica have strengthened regulatory frameworks, supported trade partnerships, and advanced human capital development.

Outsource2LAC: A Regional Milestone

Organized by the IDB and its ConnectAmericas platform, Outsource2LAC 2024 was co-hosted by Argentina’s Ministry of Economy, Secretariat of Innovation, and Ministry of Foreign Affairs, among others.

Participants hailed the event as a pivotal opportunity to showcase Latin America and the Caribbean's capabilities in the digital economy, creating pathways for growth, innovation, and sustainability. As the global demand for KBS continues to rise, the region is positioning itself as a leader in the export of high-value services and digital solutions.