KINGSTON -- The World Bank announced Wednesday a new initiative to improve the investment environment and competitiveness, and to share prosperity among Latin American and Caribbean countries.

The World Bank called for reforms for easier business registration and operation, simpler cross-border trade procedures, and more effective and transparent tax regimes.

Hasan Tuluy, the World Bank's regional vice president for Latin America and the Caribbean said in a statement that countries in the region need to find their own engines of economy and social development to continue its rapid growth.

"Despite achievements made in the area in the past decade," the vice president said "many countries still face challenges constraining economy and hampering productivity."

He added that a conducive investment environment is critical to sustaining the growth.

A build-up conference has been scheduled for June 6 in Panama, in which high level officials throughout the region will share reform experiences and discuss current challenges.