The current economic and social challenges in Latin America and the Caribbean have highlighted both the region’s structural problems and the urgent need to find new drivers of economic growth. The old approaches to economic development will not enable Latin America and the Caribbean to overcome the present-day economic, health and climate crises. Governments must set bold goals and work with willing private sector partners to promote a truly sustainable and inclusive economy. By advancing mission-oriented industrial policies, countries can stimulate cooperation, diversify production, increase productivity and direct economic growth that is both sustainable and inclusive. There is a unique opportunity to shape economic development that maximizes public benefits through mission-driven innovation, better use of available tools, smart public-private partnerships and purpose-driven institutions, underpinned by a strong public service, results-based evaluation, inclusive stakeholder engagement and a commitment to a renewed social contract. The mission-driven industrial strategy is about imbuing governments and economies of the region with a new sense of purpose and ensuring that everyone in society benefits from the structural changes ahead.