The Ibero-American Summit will commence today in the coastal town of Estoril.

The meetings are set to take place in Estoril on Monday and Tuesday to analyze the innovation and knowledge of some 22 countries taking part, including politically tense Venezuela and Colombia.

Chilean President Michelle Bachelet, Ecuador President Rafael Correa, Colombian President Alvaro Uribe and Argentinean President Cristina Fernández arrived in Lisbon on Sunday. Chavez's attendance is still unconfirmed.

Despite the political turbulence, Latin American heads of state are likely to use the summit to show the resilience of their economies, despite the global crisis. They will also consider new technologies to help diversify their economies, and reduce dependence on oil, mining and farming.

Leaders will meet on Sunday for the inaugural ceremony at the Tower of Belen Gardens – a monument that honors Portuguese discoveries.