Regional Agenda World Economic Forum on Latin America ... · increasingly questioning the role of this sector. Launched in Lima, the World Economic Forum’s Responsible Mineral Development

Regional Agenda

World Economic Forum on Latin America Delivering Growth, Strengthening SocietiesLima, Peru 23-25 April 2013

© World Economic Forum

2013 - All rights reserved.

No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording, or by any information storage and retrieval system.

The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum.

REF 260413

3Delivering Growth, Strengthening Societies

3 Preface

4 News from Lima

6 Modernizing Economies for Dynamic Growth

14 Strengthening Society through Innovation

22 Building Resilience for Sustainable Development

32 Acknowledgements

33 Further Information

Contents Preface

The 2013 World Economic Forum on Latin America convened the presidents of Mexico, Panama and Peru, numerous prominent public and private sector leaders, and civil society and academic experts to debate how to deliver growth and strengthen the foundations of societies across the region. More than 650 participants took part, representing young leaders, social entrepreneurs, businesses, universities and governments from across Latin America and around the world. The meeting counted on the full support of President Ollanta Humala and the Government of Peru.

The meeting took place in a context of particular strength and promise in most countries of Latin America. This year, the region’s GDP is expected to grow at an average rate of nearly 4%, public finances are sound and have demonstrated resilience in the wake of stresses following the 2008 international financial crisis. Foreign investment flows, economic diversification and tourism to the region are increasing and Latin American countries are making significant progress in reducing poverty.

The theme of the meeting, “Delivering Growth, Strengthening Societies”, offered an opportunity to reflect, discuss and take action at a time when most Latin American nations have been experiencing satisfactory levels of economic growth; therefore, it is timely to invest in human capital and implement visionary and innovative policies to turn growth into long-term development with social prosperity and environmental sustainability.

It is clear that economic progress without social development is not sustainable, while social development without economic growth is unviable.

However, Latin American governments, businesses and civil society face significant challenges to maintain these successes and advance towards sustainable growth and social cohesion. Discussions included the sharing of novel and diverse practices to address the existing social gaps, while it was acknowledged that the impressive expansion of the middle class in the region in the past five years creates new pressures for policy-makers to deliver economic growth, quality public services and stronger institutions that respond to the needs of an informed citizenry.

The lack of adequate urban planning in this most urbanized emerging region places enormous stresses on natural resources and accelerates the use of fossil fuels and environmental degradation. The huge youth contingent – more than 150 million Latin Americans are between 15 and 29 years old – requires education and vocational training to maximize the potential for an expanding and productive labour force.

The vast and diverse natural resources of Latin America, including the enormous and fragile Amazon basin ecosystem, must be safeguarded and preserved to assure sustainable economic growth in the future. The region’s cultural heritage and biodiversity offer promise for developing growth around tourism and agriculture, but these unique resources need to be managed with caution and sensitivity so that monuments and environments do not deteriorate.

Leaders and experts at the World Economic Forum on Latin America described and exchanged best practices and success stories for promoting steady, continued economic growth and sound social and environmental development in Latin America. Highlights of the meeting are described in this report.

Marisol Argueta de BarillasSenior DirectorHead of Latin America

4 World Economic Forum on Latin America

News from Lima

First Social Innovation Summit Held in Lima

Three leading innovators were named Latin America Social Entrepreneurs of the Year 2013 at the World Economic Forum on Latin America: Cybele Amado de Oliveira, Chapada Institute for Education and Research, Brazil; Mois Cherem, ENOVA, Mexico; and Kurt Holle, Rainforest Expeditions, Peru. The awards were conferred by Hilde Schwab, Chairperson and Co-Founder of the Schwab Foundation for Social Entrepreneurship, in the presence of President Ollanta Humala of Peru, President Ricardo Martinelli of Panama and President Enrique Peña Nieto of Mexico. The winners were identified in their respective countries for their outstanding innovative and practical approaches to benefit society through a selection process involving the Foundation’s Partner organizations – Fundacion Venezuela Sin Limites, the International Labour Organization, El Mercurio and Folha do São Paulo. Since its inception in 2000, the Schwab Foundation has been identifying the world’s leading social entrepreneurs and involves the community of more than 250 award winners in advancing the field of social innovation in collaboration with corporate, government and academic stakeholders.

Download the policy guide: http://reports.weforum.org/social-innovation-2013

Baroness Valerie AmosUndersecretary-General for Humanitarian Affairs and Emergency Relief CoordinatorUnited NationsNew York

Michel M. LièsGroup Chief Executive OfficerSwiss ReSwitzerland

Gérard MestralletChairman and Chief Executive OfficerGDF SUEZFrance

Co-Chairs

Carlos Rodríguez-PastorChairmanIntercorpPeru

Arne SorensonPresident and Chief Executive OfficerMarriott InternationalUSA


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News from Lima

Latin American Social Entrepreneurs Lauded Three leading innovators were named Latin America Social Entrepreneurs of the Year 2013 at the World Economic Forum on Latin America: Cybele Amado de Oliveira, Chapada Institute for Education and Research, Brazil; Mois Cherem, ENOVA, Mexico; and Kurt Holle, Rainforest Expeditions, Peru. The awards were conferred by Hilde Schwab, Chairperson and Co-Founder of the Schwab Foundation for Social Entrepreneurship, in the presence of President Ollanta Humala of Peru, President Ricardo Martinelli of Panama and President Enrique Peña Nieto of Mexico. The winners were identified in their respective countries for their outstanding innovative and practical approaches to benefit society through a selection process involving the Foundation’s Partner organizations – Fundacion Venezuela Sin Limites, the International Labour Organization, El Mercurio and Folha do São Paulo. Since its inception in 2000, the Schwab Foundation has been identifying the world’s leading social entrepreneurs and involves the community of more than 250 award winners in advancing the field of social innovation in collaboration with corporate, government and academic stakeholders.

Learn more about the award winners: http://wef.ch/schwabfoundationperu

Smart Tourism

Ministers of tourism and government representatives from the tourism sector of Peru, Colombia and Ecuador signed at the World Economic Forum’s Travel & Tourism Summit a Letter of Intent on Smart Tourism to implement a joint electronic visa system. The aim of the system is to facilitate an easier and more secure entry for visitors to the region. Adopting such a “smart” system will maximize the use of technology to improve efficiency in existing visa processes and remove obstacles facing the mobility of international tourists. Moving to a smart visa policy is also expected to contribute to the growth of the tourism sector and, by extension, to economic development. During the Summit, the Forum also launched The Peru Travel & Tourism Competitiveness Report 2013, which highlights how the country’s travel and tourism sector can contribute to economic growth and job creation if further investment is devoted to the factors hindering the sector’s development.

Download the report: http://wef.ch/ttperu

Responsible Mining

Mining is a key driver of global economic growth, capable of creating long-term positive impact on lives, societies and nations. Although it has the potential to transform the economic prospects of mineral-rich developing countries, governments and communities are increasingly questioning the role of this sector. Launched in Lima, the World Economic Forum’s Responsible Mineral Development Initiative 2013 report introduces the Mineral Value Management (MVM) tool, designed to enhance mutual understanding of the drivers of value from mining, and to provide a means to measure and communicate the needs and expectations of various stakeholders. The MVM is based on a number of dimensions, including fiscal and regulatory environments; employment and skills; environment and biodiversity; local supply chains; and infrastructure. The report also features the results of a global survey testing stakeholder expectations of value creation. Findings show that in Latin America there are big differences between stakeholders on the importance of infrastructure as a value driver.

Read the report: http://wef.ch/mmrdmi


Reforms and Freer Trade, at Last

Modernizing Economies for Dynamic Growth

Several Latin American countries have started to reap the benefits of structural reforms and trade liberalization efforts, while regional GDP is expected to expand on average by almost 4% this year. At this rate, Latin America looks poised to improve its performance, with some “multilatina” companies already becoming global challengers.

We have to get used to a completely new image of Latin America. The region can be the hallmark for inclusive growth policies.

Klaus Schwab Founder and Executive Chairman, World Economic Forum



01: Francisco J. Sánchez, US Undersecretary of Commerce for International Trade; Enrique García Rodríguez, President and Chief Executive Officer, CAF - Development Bank of Latin America, Caracas; Anabel González, Minister of Foreign Trade of Costa Rica; Carlos de Vega, Senior Correspondent, Anchor News and Talk Show Host of Agenda, Deutsche Welle, Germany; Luis Miguel Castilla Rubio, Minister of Economy and Finance of Peru; and Arne Sorenson, President and Chief Executive Officer, Marriott International, USA02: Klaus Schwab, Founder and Executive Chairman, World Economic Forum; Ollanta Moises Humala Tasso, President of Peru; Ricardo Martinelli, President of Panama; and Enrique Peña Nieto, President of Mexico

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Peru’s GDP has tripled in the most recent decade, growing by 6% on average, and inflation is one of the lowest in the region. Seven and a half million people have been lifted out of poverty, which is equivalent to one-quarter of the population. This is symptomatic of a new era of inclusive growth. Social inclusion is also spectacular in Brazil, where some 40 million people benefited from conditional cash transfers in recent years and which is developing new projects to continue building on its poverty alleviation success.

In Peru, the main asset for business has been predictability and the ability to plan the future after years of uncertainty. The government is also committed to diversifying its economy, which

Latin America has been laying the foundation for strong and inclusive growth following decades of economic crises. Market-friendly policies have been adopted in various countries and some have already engaged successfully on the path of structural reforms, which is due to boost the region’s growth performance. A GDP expansion of almost 4% on average looks encouraging, but it is also insufficient to meet the region’s potential.

Latin America has an opportunity to consolidate the modernization of its economies. Some countries are already showing the way, as they pursue an ambitious reform agenda. Peru, Mexico and Panama, together with Chile and Colombia, are examples that stand out.

We are trying to build a country of intellectual capability, not just of natural resources.

Ollanta Moises Humala Tasso President of Peru


has been dependent on mineral commodities. “We need a greater diversification of our production and to enhance productivity in the country,” said Ollanta Humala, President of Peru. “We need to democratize productivity in order to increase growth and achieve sustainable development.”

Mexico has also launched a vast reform agenda backed by all political forces. Its new government has been active on several fronts to seek greater competition in telecommunications and energy, while pushing for tax and financial reforms to boost credit. “Peru and Panama are the champions of growth [in the region]. Mexico does not want to lag behind,” said Enrique Peña Nieto, President of Mexico.

Ricardo Martinelli, President of Panama, stressed the importance

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of engaging the business community to participate actively in the transformation of the region to deliver enhanced productivity and sustainable growth. “I would ask the business community to also participate in politics – and not only through donations,” he said.

On the trade front, an important initiative has been spearheaded by Mexico, Peru, Colombia and Chile: the Pacific Alliance. While hosting 38% of the population of Latin America and the Caribbean and 34% of its GDP, the group already accounts for half of intraregional trade, 50% of regional trade with Asia and 42% of foreign direct investment in Latin America, according to the Inter-American Development Bank. The free trade agreement will lead to the removal of 90% of tariffs between member countries; there is a commitment towards free movement of capital,

goods, services and people. Panama and Costa Rica have said they are eager to join the Pacific Alliance, and several countries have already applied for observer status, including Canada, New Zealand, Spain and Uruguay. Momentum has clearly been built and regional integration will favour Latin American countries’ insertion in the world economy. “Each economy is too small on its own. Integration is a condition for these countries to participate in the global economy,” said Rafael Roncagliolo, Minister of Foreign Affairs of Peru.

The economic crisis in developed economies also means that Latin American countries need to strengthen intraregional trade. At present, only 20% of overall Latin American trade is made among Latin American countries, while the similar proportion in Asia is 48%, according to Luis Alberto

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The conversation around growth includes a conversation around inclusion.

Baroness Valerie Amos Undersecretary-General for Humanitarian Affairs and Emergency Relief Coordinator, United Nations, New York; Co-Chair of the World Economic Forum on Latin America

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Latin America’s share of trade to North America has been decreasing over the last decade but still remains high Latin America’s exports by region

Source: UNCTAD Statistics Note: Regions as defined by UNCTAD. Export data was calculated in USD. Compound annual growth rates (CAGR) are calculated using total values of exports in constant USD

% o

f tot

al e

xpor

ts

North AmericaIntratrade (Latin America and Caribbean)

EUROWChinaAsia Pacific ex China

70%

60

50

40

30

20

10

02009

Compound annual growth rate (2002-2011) of Latin America's total value of exports to North America is 9.4% and 35.5% for its exports to China

2010 20112002 2003 2004 2005 2006 2007 2008 2009

to North America is 9.4% and 35.5% for its exports to China

2010 20112002 2003 2004 2005 2006 2007 2008

01: Børge Brende, Managing Director and Member of the Managing Board, World Economic Forum; Luis A. Moreno, President, Inter-American Development Bank, Washington DC; Carolina Trivelli Avila, Minister of Development and Social Inclusion of Peru; Michel M. Liès, Group Chief Executive Officer, Swiss Re, Switzerland; and Marcelo Côrtes Neri, Minister of Strategic Affairs of Brazil02: Klaus Schwab, Founder and Executive Chairman, World Economic Forum; Hilde Schwab, Chairperson and Co-Founder, Schwab Foundation for Social Entrepreneurship, Switzerland; Nadine Heredia Alarcon, First Lady of the Republic of Peru; and Ollanta Moises Humala Tasso, President of Peru03: Enrique García Rodríguez, President and Chief Executive Officer, CAF - Development Bank of Latin America, Caracas04: Luis A. Moreno, President, Inter-American Development Bank, Washington DC05: Luis Videgaray Caso, Secretary of Finance and Public Credit of Mexico06: José Miguel Insulza, Secretary-General, Organization of American States (OAS), Washington DC

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04 05


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01

The transitioning of poor/vulnerable populations has doubled Latin America’s middle class in the last 15 years Intragenerational mobility in Latin America, c.1995 and c.2010

Source: World Bank, ‘Economic Mobility and the Rise of the Latin American Middle Class’ (2013). Note: Income levels on per capita basis in purchasing power parity terms at 2005 prices: poor = income <US$4/day; vulnerable = income of US$4–US$10/day; middle class =income >US$10/day. Eighteen Latin American countries assessed - Argentina (1994 and 2009); Bolivia (1992 and 2007); Brazil (1990 and 2009); Chile (1992 and 2009); Colombia (1992 and 2008); Costa Rica (1989 and 2009); Dominican Republic (1996 and 2009); Ecuador (1995 and 2009); El Salvador (1991 and 2008); Guatemala (2000 and 2006); Honduras (1994 and 2009); Mexico (2000 and 2008); Nicaragua (1998 and 2005); Panama (1994 and 2009); Peru (1999 and 2009); Paraguay (1999 and 2009); Uruguay (1989 and 2009); and Venezuela (1992 and 2006).

100%

90

80

70

60

50

40

30

20

10

0c.2010c.1995

% o

f pop

ulat

ion

Middle class

Vulnerable

Poor

c 2010c 1995

46%

33%

21%

24%

36%

5%

41% 45%

50%

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Each economy is too small on its own. Integration is a condition for these countries to participate in the global economy.

Rafael Roncagliolo Minister of Foreign Affairs of Peru

Solutions must have economically viable business models behind them. There is not enough charity out there.

Jordan Kassalow Founder and Co-Chairman, VisionSpring, USA; Social Entrepreneur



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Latin America: Delivering Growth, Strengthening Societies

President Ollanta Humala of Peru, President Ricardo Martinelli of Panama and President Enrique Peña Nieto of Mexico called for inclusive growth in the region through comprehensive reforms in a discussion on their approaches to ensure sustained economic growth and regional progress.

Despite national differences, Mexico, Panama and Peru exemplify countries whose governments are pushing comprehensive reform agendas and implementing public policies to bring about economic growth and inclusive prosperity at all levels of society. President Humala explained that his mission for Peru is to grow economically and “distribute this growth throughout society”. His credo of “social inclusion as a result of growth, and growth as a result of social inclusion” was echoed by presidents Peña Nieto and Martinelli.

All three countries are implementing economic and financial reforms that permit greater private sector competition domestically and draw growing investment from abroad. Social policies in healthcare, nutrition and education are contributing to better living standards, greater social mobility and more economic opportunity, especially for the poor. A political system of participatory democracy invites dialogue among different stakeholders on the nature of reforms and ways to implement them successfully.

The sustained growth of Peru, Panama and Mexico, resulting from these policies and their integration into the regional and global economies through tax treaties and free trade agreements, is changing the status of Latin America in the global context. Latin America is no longer a mere spectator but a player on the international stage.

Moreno, President, Inter-American Development Bank, Washington DC.

Latin America is becoming more resilient thanks to stronger companies. Several multinational companies from Latin America (so-called multilatinas) that emerged in recent decades have now become global challengers – and not only in commodity-related sectors. “There is a broad range of industries where Latin American companies are becoming more competitive,” said Hans-Paul Bürkner, Chairman, The Boston Consulting Group, Germany.

Besides the Brazilian oil and mining giants Petrobras and Vale, other global challengers include Mexico’s Cemex, which is present in 36 countries, as well as food and retail companies such as Brasil Foods, Mexico’s Bimbo and Chile’s Falabella. In the airlines industry, Chile’s LAN and Brazil’s TAM have joined forces to form Latam. Latin American companies have ample experience in dealing with crises at home and are well prepared to deal with volatile business environments.

But the future of the region will also lie in the strength of its small and medium-sized enterprises and family-run businesses, which can have greater participation in regional growth in the future.

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01: Bruce Mac Master, Director, Department for Social Prosperity, Colombia02: Luis Miguel Castilla Rubio, Minister of Economy and Finance of Peru03: Ollanta Moises Humala Tasso, President of Peru; Ricardo Martinelli, President of Panama; and Enrique Peña Nieto, President of Mexico


New Engines of Growth

Economic growth in Latin America has proved to be resilient to the global economic uncertainty, and the inclusion of the region in the global economy will favour the emergence of new engines of growth. Most countries understand that relying on commodities is not sustainable and are looking for ways to involve their industries and develop new services to be inserted in the global value chain. The spectrum is large, and opportunities have to be seized.

Massive investments are expected in information technology and telecommunications. America Movíl, for example, a Mexican telecommunications operator, said it is investing US$ 50 billion over five years to respond to growing demand in broadband services. But traditional sectors also have a role to play thanks to innovation and technology. This includes manufacturing and even agriculture in countries such as Brazil, which has a strong export-oriented agribusiness sector. Investors also expect a more favourable, market-friendly business environment in order to boost competitiveness.

“Latin America should take advantage of the current stability to take the right action and create the right business models for sustainable growth,” said Jordi Botifoll, President, Latin America, Cisco Systems, USA. In the meantime, old challenges such as skills shortages and the necessity of encouraging talent still need to be addressed.

01: Jose Luis Silva Martinot, Minister of Foreign Trade and Tourism of Peru02: Ricardo Avila, Editor-in-Chief, Portafolio, Colombia; Alicia Barcena Ibarra, Executive Secretary, United Nations Economic Commission for Latin America and the Caribbean (ECLAC), Santiago; Carlos Danel, Co-Chief Executive Officer, Compartamos, Mexico; Sandra Jovchelovitch, Professor of Social Psychology and Director, MSc in Social and Cultural Psychology, London School of Economics and Political Science, United Kingdom; Bruce Mac Master, Director, Department for Social Prosperity, Colombia; and Sandy Macrae, Global Medical Officer, Takeda Pharmaceuticals International, USA03: Adam Blackwell, Secretary of Multidimensional Security, Organization of American States (OAS), Washington DC; Jose Guardo, Co-Head, Latin America, Clifford Chance, Spain; Roberta S. Jacobson, US Assistant Secretary of State for Western Hemisphere Affairs; Juan Federico Jiménez Mayor, Prime Minister of Peru; Alfredo Romero, Partner, Rosich Himiob Romero Law Firm, Venezuela; and Luis Videgaray Caso, Secretary of Finance and Public Credit of Mexico04: Hans-Paul Bürkner, Chairman, The Boston Consulting Group, Germany

It is in a company’s interest to work with the community. This brings it long-term benefits.

Arne Sorenson President and Chief Executive Officer, Marriott International, USA; Co-Chair of the World Economic Forum on Latin America

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I would ask the business community to also participate in politics – and not only through donations.

Ricardo Martinelli President of Panama



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We need to democratize productivity in order to allow for a sustainable growth.

Enrique Peña Nieto President of Mexico

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Strengthening Society through Innovation

Latin America has been an economic success, but it can do better. The diversity of its people and innovative spirit show that further progress in the region is possible. Education and inclusion, flexibility and technology, democratic values and social entrepreneurship are the paths to a modern and humane society.

Poverty does not create violence. Social exclusion does.

Oscar Adolfo Naranjo Trujillo Director, Instituto Latinoamericano de Ciudadanía - ILC, Mexico

Building on Success



shortcoming, as investment and new educational policies can propel Latin America forward.

Government policies must create a culture that values mathematics and science. Providing children with technology will spark their interest and prepare them for the modern economy; the digital divide is an opportunity divide. Companies must cooperate with schools to close the skills mismatch.

Teachers and students should be measured; Mexico’s recently implemented assessment system is promising. Ineffective teachers must be offered training and, if necessary, retired. Panama is collaborating with businesses, including Microsoft and Intel, to provide schools with up-to-date technology and to train teachers to use them.

One of Peru’s largest companies, Intercorp, is operating schools and a university, while the government is increasing education spending and offering scholarships for international

Latin America is one of the world’s economic success stories. Most countries are growing at a pace well above the global average while paying down debt and attracting foreign investment. Some of this new wealth is even reaching the bottom of the pyramid: the poverty rate fell to 28.8% in 2012 from 43.9% in 2002. But the region remains the world’s most unequal. Uruguay, Latin America’s most egalitarian country, has the same GINI coefficient as the Philippines, the most unequal nation in Asia.

To build on past successes, close the social gap and bring true human development, Latin America must now unleash its people’s creativity and powers of innovation.

Education is the key to progress, but the latest OECD global survey has shown that every Latin American country’s school system is in the bottom third. Schools and universities are not providing graduates with the skills employers demand. However, opportunity resides in this

01: Marisol Argueta de Barillas, Senior Director, Head of Latin America, World Economic Forum02: Carlos García Moreno Elizondo, Chief Financial Officer, América Movil, Mexico03: Jorge Humberto Merino Tafur, Minister of Energy and Mining of Peru

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Students today want to learn in a new way, not just by sitting and listening to a teacher.

Lucy Molinar Minister of Education of Panama


postgraduate study. “We are trying to build a country of intellectual capability, not just of natural resources,” said Ollanta Humala, President of Peru.

In Latin America, women on average complete more years of schooling than men, but they work less, earn less and are less likely to advance to leadership positions.

Government policies must ensure women’s rights, ranging from reproductive rights to the right to open a bank account and start a small business. Larger businesses must understand that gender discrimination is putting them at a competitive disadvantage, as they are excluding the continent’s most educated workers.

Latin America currently has a demographic “bonus” with a young workforce, but unless this human capital receives the necessary intellectual tools, its potential will be wasted. Latin America should prepare now for when this population ages. Life-long training opportunities and preventive healthcare can keep people productive well into old age.

Flexible labour markets, an open economy and a stable, transparent legal framework will facilitate investment and entrepreneurship. Tax breaks can encourage not only corporate research and development, but also financing for social entrepreneurs who seek to earn profits while serving the poor.

Governments need long-term strategic plans that will last beyond a single administration, giving business the confidence to invest. Transfer programmes such as Brazil’s Bolsa Familia have lifted millions from poverty and established structures that social entrepreneurs and NGOs can also use.

Companies and individuals must not be afraid of failure. Legal protections, such as the separation of assets between individuals and companies, will encourage productive risk-taking. Government policies should

01: Gabriela Frias, Anchor, CNN en Español, USA; Alvaro Rodriguez Arregui, Co-Founder and Managing Partner, IGNIA Partners, Mexico; Marcelo Côrtes Neri, Minister of Strategic Affairs of Brazil; Jordan Kassalow, Founder and Co-Chairman, VisionSpring, USA; Carolina Trivelli Avila, Minister of Development and Social Inclusion of Peru; and Michel M. Liès, Group Chief Executive Officer, Swiss Re, Switzerland02: Gary Coleman, Managing Director, Global Industries, Deloitte, USA03: Carolina Trivelli Avila, Minister of Development and Social Inclusion of Peru04: Participants in the session on The Innovation Ecosystem

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The services sector contributes more than half of GDP and employment in selected Latam countries Contribution to GDP and employment by sector, 2009

Source: World Bank, PwC Analysis Note: The seven largest Latin American economies were determined by largest values of 2012 GDP in current prices USD. All data as of 2009 (latest available) except for employment data for Venezuela (2008). Total employment rate is calculated based on unemployment rate, defined as share of the labour force that is without work but available for, and seeking, employment. Definitions of labour force and unemployment differ by country. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. Industry comprises value added in mining, manufacturing, construction, electricity, water and gas. Services includes value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Agriculture includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production.

Services

Services

% o

f GD

P an

d %

of t

otal

em

ploy

men

t

Brazil MexicoArgentina PeruChile Ecuador Venezuela

Industry

Industry

GDP sector

Employmentsector

Agriculture

Agriculture

Br

100%

90

80

70

60

50

40

30

20

10

0uelaucodorerazilrazina VenezezuPereruMexiexicEcuuadChilhileArgentent


Closing Latin America’s Gender GapThe World Economic Forum’s Global Gender Gap Index 2012 measures the gender gap of 135 countries in four areas: economic participation, education attainment, health and survival, and political empowerment.

How well did Latin America do on the overall Index? By 2012, the region had closed 69% of its gender gap (100% represents perfect equality between the sexes). This compares, for example, with 59% in the Middle East and North Africa in 2012.

Leading the way is Nicaragua, which came in 9th in the global rankings. This impressive top-10 ranking is largely a result of scoring well on the political empowerment sub-index, where it came in fifth. In Nicaragua, 40% of parliamentarians are women and 46% of ministers are women.

Coming in 19th place is Cuba. The country has a high proportion of women among professional and technical workers (60%). It is also the country with the highest percentage of women parliamentarians among the 135 countries surveyed (45%).

Thanks to an increase in women holding ministerial positions, Barbados moved up six places to 27th. The Caribbean nation is also one of the three countries from the region (along with Brazil and the Bahamas) that have closed the gender gap in both the education attainment and health and survival sub-indexes, and is the best performer on literacy rates and holds the region’s highest position in the wage equality survey.

With 39% of parliamentarians being female, Costa Rica came in 29th place, and is one of four countries from the region that have closed the educational attainment gender gap. Following right behind is Bolivia, which shot up an impressive 32 positions to 30th place, the greatest increase for a Latin American country. The move is predominantly due to a significant increase in the percentage of women in ministerial positions (from 20% to 45%).

Read the Global Gender Gap Report 2012: www.weforum.org/reports/global-gender-gap-report-2012


incentivize dispersed ownership for corporations, as family companies are often conservative and nepotistic instead of ambitious and creative. Financial inclusion, especially through microfinance, gives individuals the tools to create their own jobs.

Latin America, with only 9% of the world’s population, is responsible for 46% of the world’s violent deaths. Drugs fuel much of this violence, but the term “war on drugs” is part of an old policy framework. New and better solutions exist.

Public security must become a democratic value, focused on protecting citizens as well as the state. A holistic approach must include not only anti-poverty programmes, but programmes to

make the informal economy formal, with legal rights and obligations. “Poverty does not create violence. Social exclusion does,” said Oscar Adolfo Naranjo Trujillo, Director, Instituto Latinoamericano de Ciudadanía - ILC, Mexico.

Individuals and businesses in Latin America spend on aggregate more on security than governments do. Successful security programmes will transfer some of the private sector’s funding and knowledge to the public sector. Colombia, for example, has instituted a special security tax on high net worth citizens. This extra funding channel has transformed security and given businesspeople an opportunity to demand accountability. Business leaders can collaborate by sharing

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good management practices. Security forces, with their size and complexity, are a management challenge.

Preserving democracy is the starting point on any debate and that is the key at the moment in Latin America. Above and beyond voting and the rule of authority, it is important to make the economy more inclusive and more open to the people. If development does not provide opportunities for growth for the majority, it cannot be sustained. And if it is not sustained, then democracy itself will be in jeopardy.

Building institutions is important and will become more and more of a reference. Future investment will not be decided as clearly on ratings, but on the strength of institutions. Nations that create powerful, transparent, clean and firm institutions will be those that have credibility and stability, and therefore will attract investment.

Whether in security, social entrepreneurship or education, collaboration between the private and public sectors can provide the space for innovation to flourish in Latin America, making the next decade not only one of growth, but also of social inclusion and human development.

01More women than men are enrolled in tertiary education in Latin AmericaNet enrolment rate in tertiary education by gender in Latin America

Source: World Economic Forum

42% 33% Everyone must be involved in improving education. This is a 20-year investment.

Carlos Rodriguez-Pastor Chairman, Intercorp, Peru; Co-Chair of the World Economic Forum on Latin America

01: Ricardo Hausmann, Director, Center for International Development, Harvard Kennedy School, Harvard University, USA; Mari Elka Pangestu, Minister of Tourism and Creative Economy of Indonesia; Gary Coleman, Managing Director, Global Industries, Deloitte, USA; Kátia Abreu, Senator from Tocantins, Federal Senate, Brazil, and President, Brazilian Confederation of Agriculture and Livestock – CAN; Carlos García Moreno Elizondo, Chief Financial Officer, América Movil, Mexico; Jon Azua, President and Chief Executive Officer, Enovatinglab, Spain; and Jordi Botifoll, President, Latin America, Cisco Systems, USA02: Participants in the session on Old Problems, New Solutions03: Børge Brende, Managing Director and Member of the Managing Board, World Economic Forum; Monica Flores Barragán, Regional Managing Director, Latin America, ManpowerGroup, Mexico; Janet Longmore, Founder and Chief Executive Officer, Digital Opportunity Trust (DOT), Canada; Susan L. Segal, President and Chief Executive Officer, Council of the Americas, USA; Carlos Rodriguez-Pastor, Chairman, Intercorp, Peru; Lucy Molinar, Minister of Education of Panama; and Elizabeth Tinoco, Assistant Director-General and Regional Director, Latin America and the Caribbean, International Labour Organization (ILO), Lima

Closing the gender gap is an enormous opportunity for Latin America, since women are more educated than men.

Ricardo Hausmann Director, Center for International Development, Harvard Kennedy School, Harvard University, USA; Global Agenda Council on New Economic Thinking



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Turning Poverty into ProfitsPaul Polak, Founder, International Development Enterprises, USA, leads a firm that is on its way to bringing clean water to hundreds of millions of people while providing jobs and making a profit. “Conventional development has failed,” Polak said in a one-on-one session during the World Economic Forum on Latin America. “Charity does not move people out of poverty. Corporate social responsibility is for the most part cosmetic. We need a new model.”

Polak is aiming at a giant and underserved market: the 2.7 billion people who live on US$ 2 or less a day. With radically affordable technologies and large-scale, economic distribution models, entrepreneurs can profit from this market. In India, Polak’s firm Spring Health developed a device the size of a breadbox that costs US$ 200 and can purify 50,000 litres of water a day. In partnership with small local stores, motorcyclists and rickshaw drivers, Spring Health is charging an average of 1 cent a litre to deliver clean water to homes in small villages in eastern India. That price is enough for stores, drivers and Spring Health to make a profit.

Polak is already working on three other companies, two in energy and one in affordable nutrition. Within 10 years, all these companies should have at least 100 million low-income customers and US$ 10 billion in annual sales while generating enough profit to attract investors.

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01: Roberto Salas, Chief Executive Officer, Masisa, Chile; Juan Carlos Castilla-Rubio, Chief Executive Officer, Planetary Skin Institute, USA; Ivonne A-Baki, Secretary of State for the Yasuní-ITT Initiative of Ecuador; Nicolas Ibarguen, Publisher and Editor, Poder Magazine, USA; and Virgílio Maurício Viana, General Director, Fundação Amazonas Sustentável, Brazil02: Enrique Acevedo, Anchor, Univision, USA; José Miguel Insulza, Secretary-General, Organization of American States (OAS), Washington DC; Oscar Adolfo Naranjo Trujillo, Director, Instituto Latinoamericano de Ciudadanía - ILC, Mexico; Michael Botticelli, Deputy Director, National Drug Control Policy, USA; and Washington de Oliveira Rimas, Director, Cultural Afro Reggae, Brazil03: Diego Molano Vega, Minister of Information and Communications Technologies of Colombia04: Edwin Bernbaum, Principal, Peak Paradigms: Leadership & Teamwork, USA; and Arturo Condo, President, INCAE Business School, Costa Rica

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Before, workers went were the companies were. Now companies go where they can find qualified employees.

Monica Flores Barragán Regional Managing Director, Latin America, ManpowerGroup, Mexico

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01: Participants in the session on The Innovation Ecosystem02: Francisco J. Sánchez, US Undersecretary of Commerce for International Trade03: James S. Turley, Chairman and Chief Executive Officer, Ernst & Young, USA; Gail Becker, Chair, Canada, Latin America and Western Region, US, Edelman, USA; Hernando de Soto, President, Instituto Libertad y Democracia, Peru; Augusto de la Torre, Chief Economist, Latin America and the Caribbean, World Bank, Washington DC; Karl Lippert, President, SABMiller Latin America, USA; and Marcelo Côrtes Neri, Minister of Strategic Affairs of Brazil04: Tatyana Orozco, Vice-Minister of Tourism of Colombia; and Freddy Ehlers Zurita, Minister of Tourism of Ecuador05: Angelica Fuentes, Chief Executive Officer, Grupo Omnilife-Chivas, Mexico06: Hilde Schwab, Chairperson and Co-Founder, Schwab Foundation for Social Entrepreneurship, Switzerland; and Nadine Heredia Alarcon, First Lady of the Republic of Peru

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Shepherding Nature’s Bountyand Forging Wider Societies

Building Resilience for Sustainable Development

Latin America is the most inequitable and highly urbanized emerging region in the world. Can it manage its commodity-rich industries and natural resources while reducing income inequality to make society more inclusive and nations more viable?

You need stability because with inflation you won’t have a middle class.

Luis Miguel Castilla Rubio Minister of Economy and Finance of Peru


Latin America is home to Earth’s lung, the Amazon forest, a vast basin rich in biodiversity and water resources that extends across nine South American countries. Latin America also contains vast mineral wealth and oil and gas reserves. At the same time, the region holds the dubious distinction of being the most inequitable part of the world, and is the most highly urbanized of the emerging regions.

The twin challenges of sustainable development in Latin America, therefore, are to foster greater inclusion in the inequitable, urbanized societies of the region, and to protect its natural endowments.

Climate change and deforestation threaten the Amazon ecosystem; 20% of the Amazon has been deforested and, if current trends are not reversed, the tipping point for the Amazon will be reached in 2050 when temperatures are expected to rise 2.5 ºC above pre-industrial levels.

Latin American governments, civil society actors and research institutions are playing an increasingly active role in shepherding the global asset which is the Amazon. Fortunately, strong and effective actions have been taken to stop deforestation. In Brazil, for example, the Sustainable Amazon Foundation works in more than 500 communities promoting proper forest and fisheries management with a single strategy: to make the forest worth more standing than cut. But so much more needs to be done, especially when faced by unsustainable development.

However, businesses leading mining, hydroelectric and consumer goods operations are increasingly integrating sustainable practices into their strategies. A leading power company, for example, now invests 10% of the total cost of a hydroelectric plant in social programmes and environmental protection. A mining firm develops

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Building Resilience to Natural Disasters

With extreme weather events come more exposure and vulnerability, especially in developing nations with growing urban populations. Some 52% of the world’s population lives in cities; 82% of Latin America is urbanized.

Many of the people who have moved to cities live in poorly planned and high-risk areas, such as on hillsides susceptible to landslides, along coastal areas prone to flooding or in poorly constructed buildings at risk of earthquakes. To better prepare for a natural disaster, countries urgently need early warning systems. If early warning systems are developed, then the private sector – such as utilities and energy generators – can prepare risk management. Currently, they do not have the data to prepare properly.

But, some countries are taking action. In Brazil, after more than 1,200 people were killed in floods, a scientist was hired to create an early warning system. More early warning systems are crucial to avoiding and ameliorating damage caused by natural disasters.

In the hours and days after a disaster, security and safety is paramount. It is important to evacuate if necessary, and evaluate immediate risks such as aftershocks and tsunami. It is also important to keep the population calm; clear and concise communication is vital. After that, businesses and government must be ready to resume activities. The quicker they do, the easier it is to return to a sense of normalcy. The private sector can encourage that by adopting a business-as-usual attitude.

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01: Participants in the session on Building Resilience to Natural Disasters

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its operations in such a way that its infrastructure – roads, information technology and electricity networks – can be accessed by local communities to increase production and marketing opportunities.

The commodities boom and growth have lifted 70 million Latin Americans out of poverty in the past decade. New entrants into the middle class are enjoying higher levels of consumption than ever before, but this creates added pressures on assuring sustainable development. Maintaining these people in the ranks of the middle class requires constant, high levels of growth, as much as 6% per year, said Luis Miguel Castilla Rubio, Minister of Economy and Finance of Peru.

Despite the progress of bringing millions out of poverty, Latin America faces an enormous challenge to reduce the deep income inequality that plagues the region. In many countries, a majority of the population lives below the poverty line, and there are many regions of Latin America where the standard of living is similar to levels in African nations, according to Hernando de Soto, President, Instituto Libertad y Democracia,

Peru. Latin American societies will not be viable until those living in poverty are fully incorporated into civic and economic life.

There are financial mechanisms that can promote inclusion. In recent years, conditional cash transfers designed to support poor families so they can keep their children in school and have regular health check-ups have helped to boost incomes and upgrade nutrition and opportunities among the socially excluded. Transfers are typically given to mothers as they more reliably distribute the benefits to the family. This is a “revolution”, emphasized Marcelo Côrtes Neri, Minister of Strategic Affairs of Brazil.

Microfinance institutions, for example, are well developed in Latin America. They provide small credits and other financial products to a clientele of micro-entrepreneurs and small businesses, which generate employment. Governments and banking institutions are focusing on making more credit available to small and medium businesses.

01Large-scale Amazon dieback could occur in the next half of this century due to climate change and deforestationTipping points for Amazon forest dieback

Source: International Panel for Climate Change (IPCC); National Institute for Space Research (INPE); PwC estimatesNote: Amazon forest dieback refers to climate-induced threats to the area’s ecosystems and biodiversity. Timescale for the temperature threshold based on IPCC’s middle-case scenario (circa 2090); the IPCC envisions the threshold to be reached circa 2070 in its worst-case scenario and sometime during the next century in its best-case scenario. Timescale for deforestation threshold estimated based on historic INPE estimates of Brazilian Amazon deforestation rates.

Temperature increase 1°C above pre-industrial level

Tipping point for Amazon: 40% deforestation

Tipping point for Amazon: temperature increase 2.5°C above pre-industrial level

Present

20% deforestation

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The quality of growth in Latin America and its potential for fostering social inclusion, however, remain in doubt. A lack of jobs is common in many economies, although a few countries such as Brazil and Panama have experienced full employment in recent years. In Colombia last year, 80% of economic growth was attributed to the banking and minerals sectors, which contribute very little to generating jobs. There is a perception that benefits of growth are not being distributed to all sectors.

There is a greater chance of a system collapsing through social disturbances than through exhaustion of natural resources, and this calls for renovation of institutions and greater human progress. A warning in this regard is sounded by the recently released Social Progress Index. Its findings show that resource-rich countries, particularly energy-rich and mining nations, have the lowest levels of social programmes.

How to combine private sector ingenuity and public sector scale, this is the challenge.

Marcelo Côrtes Neri Minister of Strategic Affairs of Brazil



A Vision for Peruvian Cuisine

World-renowned chef Gastón Acurio wants his country, Peru, to be known as more than just about ceviche, quinoa and pisco sours; he wants a gastronomic revolution that puts Peruvian cuisine on the global culinary map.

For Acurio, the revolution starts at home, by opening up restaurants with locally and sustainably sourced foods and products and involving local farmers and fishermen. He wants Peruvians to be proud of their culture and identity through food and then let the world know about it.

Since opening his first restaurant in 1994, Acurio has gone on to oversee an empire that provides jobs and serves thousands of meals a day. Today, he has restaurants throughout South America as well as in Europe and the United States.

One of the fundamental ingredients for elevating Peruvian cuisine, says Acurio, is through optimism and “creativity with a commitment”. For him, cooking should be used as a tool to effect change and empower people, especially children living in poverty through improving school meals. He also actively encourages the cooperation between chefs, food suppliers and customers.

Acurio was awarded the Global Gastronomy Award 2013 for developing a rich local gastronomy, which uses traditional ingredients from throughout Peru – the Pacific Ocean, the Andes and the Amazon – and for his involvement in training young Peruvians in the art of cooking. “I want the next generation not to just cook food, but cook stories, the Peruvian story,” says Acurio.

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Tax incentives are seen as a means of stimulating sustainable development. In Peru, the government offers a tax deduction to companies for their investments in community services. Designing tax and financial measures to promote sustainability requires close attention. And revenues received by national governments from extractive industries must be distributed efficiently to local governments to mitigate environmental impacts and upgrade services and opportunities in their communities.

Getting stakeholders together – government, civil society and the private sector – will be an essential first step to reshape development processes in Latin America. Achieving a meeting of the minds will allow all parties to take action to assure a sound future for the natural habitat and all groups of citizens in the region.

01: Gastón Acurio, Founder and Chef, Gastón & Astrid Restaurants, Peru

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We used to demand a high risk premium to invest in Latin America, and decided there was no country risk in Europe. Now, to some extent, the continents have switched places.

Gérard Mestrallet Chairman and Chief Executive Officer, GDF SUEZ, France; Co-Chair of the World Economic Forum on Latin America


01: Carlos Danel, Co-Chief Executive Officer, Compartamos, Mexico02: Alfredo Capote, Managing Director, Head of Investment Banking, Mexico, Citi, Mexico; Ian Woods, General Manager, Rio Tinto Minera Peru, Peru; Roberto Artavia, President, VIVA Trust, Costa Rica; Juan Mario Laserna, Senator of Colombia; Jorge Humberto Merino Tafur, Minister of Energy and Mining of Peru; and Gérard Mestrallet, Chairman and Chief Executive Officer, GDF SUEZ, France03: Alex Fort, Director, Breca, Peru04: Oscar Adolfo Naranjo Trujillo, Director, Instituto Latinoamericano de Ciudadanía - ILC, Mexico; and Rafael Fernández de Castro, Chair, International Studies Department, Autonomous Technological Institute of Mexico (ITAM), Mexico05: Juan Federico Jiménez Mayor, Prime Minister of Peru

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To have a long-term win, we have to have an economic victory – to make the forest more valuable standing than cut.

Virgílio Maurício Viana General Director, Fundação Amazonas Sustentável, Brazil

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Most people live, and much of LAC GDP is generated, in net commodity exporting countriesShare of population and GDP, LAC commodity exporters v importers

Source: Emily Sinnott, John Nash and Augusto de la Torre, ‘Natural resources in Latin America and the Caribbean: Beyond booms and busts?’, The World Bank (2010)

Shar

e of

LAC

pop

ulat

ion/

GD

P, %

Num

ber of countries

Net commodity importer countries

Net commodity exporter countries

100

90

80

70

60

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40

30

20

10

0

100

90

80

70

60

50

40

30

20

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0Share of LAC

population, 2008Share of LACGDP, 2008

Numberof countries

Share of LAC Share of LAC Number

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15

3

97

7

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Success in Latin America depends on inclusion.

Michel M. Liès Group Chief Executive Officer, Swiss Re, Switzerland; Co-Chair of the World Economic Forum on Latin America

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01: Alicia Barcena Ibarra, Executive Secretary, United Nations Economic Commission for Latin America and the Caribbean (ECLAC), Santiago; Felipe Larraín Bascuñán, Minister of Finance of Chile; Michael R. McAdoo, Vice-President, Strategy and International Business Development, Bombardier Aerospace, Canada; Rafael Roncagliolo, Minister of Foreign Affairs of Peru; and Woods Staton, President and Chief Executive Officer, Arcos Dorados, Argentina02: Mauricio Cárdenas, Minister of Finance and Public Credit of Colombia


01: Luis Miguel Castilla Rubio, Minister of Economy and Finance of Peru; Juan Federico Jiménez Mayor, Prime Minister of Peru; and Marisol Argueta de Barillas, Senior Director, Head of Latin America, World Economic Forum02: Schwab Foundation for Social Entrepreneurship presents the 2013 Latin American Social Entrepreneurs of the Year03: Klaus Schwab, Founder and Executive Chairman, World Economic Forum; Ollanta Moises Humala Tasso, President of Peru; Ricardo Martinelli, President of Panama; and Enrique Peña Nieto, President of Mexico04: Rodrigo Pérez Mackenna, Minister of Housing and Urbanism and Minister of National Property of Chile05: Hernando de Soto, President, Instituto Libertad y Democracia, Peru

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01: Alvaro Rodriguez Arregui, Co-Founder and Managing Partner, IGNIA Partners, Mexico02: Felipe Larraín Bascuñán, Minister of Finance of Chile03: Adam Blackwell, Secretary of Multidimensional Security, Organization of American States (OAS), Washington DC04: Anabel González, Minister of Foreign Trade of Costa Rica; and Carlos de Vega, Senior Correspondent, Anchor News and Talk Show Host of Agenda, Deutsche Welle, Germany05: Rossana Fuentes-Berain, Vice-President, Expansion, Mexico06: Religious leaders at the World Economic Forum on Latin America07: Marcelo Côrtes Neri, Minister of Strategic Affairs of Brazil08: Martin Burt, Minister, Chief of Cabinet to the President of Paraguay09: José Graña Miró , Chairman, Graña y Montero, Peru10: Peter Foyo, President, Nextel México, Mexico

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01: Augusto de la Torre, Chief Economist, Latin America and the Caribbean, World Bank, Washington DC02: Hans-Paul Bürkner, Chairman, The Boston Consulting Group, Germany; Patricia Menendez-Cambo, Chair, Global Practice Group, Greenberg Traurig, USA; Ingo Ploger, President, Brazil, Business Council of Latin America (CEAL), Brazil; and Luis Fernando Salcedo Ponce De León, Chief Operations Officer, Belcorp International, Peru03: Roberta S. Jacobson, US Assistant Secretary of State for Western Hemisphere Affairs04: James S. Turley, Chairman and Chief Executive Officer, Ernst & Young, USA05: Alexandre Kalache, President, International Longevity Centre, Brazil; and Akio Hosono, Director, JICA Research Institute, Japan06: Elizabeth Tinoco, Assistant Director-General and Regional Director, Latin America and the Caribbean, International Labour Organization (ILO), Lima07: Mario Martin Delgado Carrillo, Senator of Mexico08: Alicia Barcena Ibarra, Executive Secretary, United Nations Economic Commission for Latin America and the Caribbean (ECLAC), Santiago09: Woods Staton, President and Chief Executive Officer, Arcos Dorados, Argentina10: Marcos Bulgheroni, Executive Vice-Chairman and Board Member, Bridas Corporation, Argentina

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The World Economic Forum wishes to thank the Government of Peru for the efforts it has put forth to host the 2013 World Economic Forum on Latin America, which contributes to enriching current discussions on Latin America’s agenda.

The Forum would like to particularly thank the Presidency of Peru, the Ministry of Economy and Finance of Peru, and the Ministry of Foreign Affairs of Peru as partners in organizing this meeting, and PromPeru.

The World Economic Forum wishes to recognize the support of the following companies as Partners and Supporters of the World Economic Forum on Latin America.

Strategic Partners ABBThe Abraaj GroupAccentureAUDI AGBombardierThe Boston Consulting GroupBTCiscoClifford ChanceDeloitteThe Dow Chemical CompanyErnst & YoungGoldman SachsJones Lang LaSalleKudelski GroupManpowerGroupMarsh & McLennan Companies (MMC)Morgan StanleyNestlé SANYSE EuronextOld MutualPepsiCoPetroleo Brasileiro SA – PetrobrasQualcommRenault-Nissan AllianceSABMillerSiemensSwiss ReTakeda PharmaceuticalTata Consultancy ServicesThomson Reuters

Acknowledgements

Regional Partners

Corporación AméricaIntercorp

Meeting Supporters

CompartamosGreenberg TraurigThe Inter-American Development BankInterproteccionNextel MexicoOHL México

Host Broadcaster

TVPeru

Service Provider

Fleishman-Hillard Inc.

Other Contributor

Group of Fifty (G50)

The World Economic Forum also thanks PwC for its help in preparing data and statistics for the 2013 World Economic Forum on Latin America.

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The event page of the World Economic Forum on Latin America provides access to a richer level of content from the meeting, including videos, photographs, session summaries and webcasts of selected sessions:

http://wef.ch/la13

Further Information Contributors

Marisol Argueta de Barillas, Senior Director, Head of Latin America

The report was written by Lucy Conger, Dan Horch and Thierry Ogier. The Forum would also like to thank the summary writers for their work at the World Economic Forum on Latin America: Andrew Downie and Dorit Sallis.

Editing and Production

Helena Halldén, Senior Editor

Kamal Kimaoui, Director, Head of Production and Design

Mark Schulman, Editor

Photographers

Jakob Polacsek

Benedikt von Loebell

Regional Agenda

World Economic Forum on Latin America Delivering Growth, Strengthening SocietiesLima, Peru 23-25 April 2013

This report is available to download: http://wef.ch/la13report

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Regional Agenda World Economic Forum on Latin America ... · increasingly questioning the role of this sector. Launched in Lima, the World Economic Forum’s Responsible Mineral Development