Mexican President Enrique Pena Nieto on Thursday inaugurated the tenth edition of the World Economic Forum for Latin America in Riviera Maya.

The forum has gathered 800 government and business leaders from at least 45 countries who will discuss and debate strategies for improving the Latin American and Caribbean region.

Presidents of Colombia, Haiti, Honduras, Trinidad and Tobago and Mexico are attending the event, as well as ministers from Brazil, Chile, Costa Rica, Cuba, Japan, New Zeland, Paraguay and Peru, among others.

According to Anadolu Agency, Pena Nieto said Mexico, as well as Latin America, is going through a renewal thanks to its solid base.

Forum director Marisol Argueta, identified the strengthening of institutions as the main theme of discussion.

“We are talking about the necessity to create institutions more dynamic, with more credibility that can respond to the most demanding necessities of Latin America society,” she said.

An analysis of the economical structure of Latin America will also be examined in order to identify where the region needs more diversification and where to institute innovation in order to be more productive.

Argueta said participants will seriously consider modernization for the future and identify areas in which Latin American countries need to use new technologies.

The slowdown of the global economy, dollar appreciation, the decline in crude oil prices and the potential increase in the U.S. Federal Funds rate are also among topics that will be discussed.