The integration of migrants, refugees, and returnees is increasingly seen as a key factor in improving well-being and economic growth. On International Migrants Day, attention is drawn to the benefits that cross-border mobility can bring by facilitating the exchange of knowledge, skills, and cultures.
In Latin America, countries like Colombia and Peru have demonstrated significant returns from integrating migrants. For instance, Colombia sees double the tax return from migrant integration efforts, while Peru experiences up to four times the amount invested. In Costa Rica, Nicaraguan migrants contribute at least 6.5 percent of GDP. Similarly, Venezuelans in Panama could contribute over $283 million in taxes if their status is regularized.
Central America has the potential to replicate these successes but must invest in people and adopt inclusive policies involving both public and private sectors.
The private sector can play a pivotal role by expanding its workforce and market base. The World Bank's virtual course "Private Sector for Refugees (PS4R): Understanding the Private Sector/Refugees Link" highlights how businesses can support this model.
Gabriela Roca from Grupo AG emphasizes a shortage of human capital in key sectors where the private sector can foster dialogue for solutions. Salomón Kattan of Fecarroz notes that addressing labor shortages in rice production—a critical sector for food security—can enhance governance and reduce social tensions.
The World Bank suggests three strategies for managing migratory flows inclusively:
1. **Investing in Regularization**: Formalizing companies and individuals expands labor forces and removes legal barriers.
2. **Supporting MSMEs**: Flexible business requirements help create jobs and facilitate growth.
3. **Promoting Social Cohesion**: Integrated communities foster stable environments conducive to investment.
Doug Sanders' book "Arrival City" illustrates how neighborhoods like Washington Heights play vital roles in integrating newcomers at low costs with support networks.
Integrating migrants is not just socially responsible; it is also a strategic investment for Central America's prosperity.