LOS ANGELES, CA — The Los Angeles Area Chamber of Commerce announced today that it has been appointed as the ninth Private Sector Liaison Officer (PSLO) to the World Bank. The World Bank does billions of dollars in contracts every year. The PSLO will help California companies compete for new business stemming from those contracts.
The U.S. Treasury estimates that exports to emerging markets where the World Bank operates are responsible for creating or sustaining millions of U.S. jobs each year. As one of the largest exporting states, international-related commerce accounts for approximately one-quarter of California's economy.
Serving in the capacity of PSLO, the L.A. Area Chamber will be responsible for coordinating activities in California with various business intermediaries such as chambers of commerce and industry, business associations, investment and export promotion agencies and other regional and national economic institutions.
“The Private Sector Liaison Officer role is a natural fit for us,” said L.A. Area Chamber Senior Vice President Carlos Valderrama. “We’re already in the business of building awareness for international trade and now we’ll have access to even greater resources … Those of the World Bank. This will be a tremendous benefit to businesses in Los Angeles looking to expand their share of the export market.”
The World Bank provides loans to developing countries for large-scale projects designed to improve living standards and reduce poverty. These projects — building health clinics and schools; investing in roads so farmers can get goods to market; improving telecommunications and sanitation — frequently involve International Competitive Bidding under guidelines established by the World Bank. These guidelines help level the playing field for U.S. companies. The PSLO will guide California companies through the procurement process, creating better understanding and more opportunities to bid on these projects.
The L.A. Area Chamber will provide information about the World Bank’s products and services, organize seminars for parties interested in trade and investment in emerging markets, identify companies interested in emerging markets and arrange meetings between companies interested in emerging markets at the Bank’s headquarters in Washington, D.C.
“This is a win-win opportunity for the World Bank and California businesses,” said World Bank Special Representative for the United States Craig Albright. “This is an opportunity to improve living conditions in some of the world's poorest countries while helping California companies expand their international business presence.”
The PSLO position will be fully financed by the L.A. Area Chamber, which will provide terms of reference and other relevant information.
The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.
The World Bank is a vital source of financial and technical assistance to developing countries around the world. Their mission is to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors, with the goals of promoting economic growth and overcoming poverty. Bank commitments to developing countries totaled over $57 billion in the last fiscal year. Projects supported by these loans/credits are a source of business opportunities for local and international organizations.