(VOVworld) - The World Economic Forum on Latin America opened in Mexico on Thursday bringing together over 800 state and senior global leaders including the Presidents of Colombia, Panama, and Honduras.

Mexican President Enrique Pena Nieto at the opening ceremony of the World Economic Forum on Latin America, in Cancun, Mexico, on May 7, 2015. (Photo: ELIZABETH RUIZ/AFP/Getty Images)

In his opening speech, Mexican President Enrique Pena Nieto underlined the importance of his country’s wide-ranging structural reforms, acknowledged its initial achievements, and pointed out great challenges faced by Mexico and other states of the Latin American region - security, effective management, transparency, and corruption prevention.

With the slogan 'Moving through an agenda of renewal', representatives of the member states spent most of 2-day meeting debating changes to the economic development model due to a sharp decline of oil and raw material prices, and looking for a new sustainable growth model that will be suitable to the current situation.