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Our World Friday, April 10, 2015

The Americas

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Panama Summit to usher in new era of inter-American relations This supplement to USA TODAY was produced by United World Ltd., Suite 179, 34 Buckingham Palace Road, London SW1W 0RH – Tel: +44 (0)20 7305 5678 – [email protected] – www.unitedworld-usa.com

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he buzz surrounding the summit comes after the White House’s shock decision in December 2014 to clear the way for détente with Cuba after more than 50 years of embargo. This came just days after Panama revealed that it had invited Cuba to the intercontinental conference following its exclusion from the previous six. The extraordinary development now provides the prospect that the landmark meeting will bring together all countries from the massive region, including leaders from Cuba and the U.S., for the first time ever. “This opens the door for everyone,” said José Miguel Insulza, Secretary General of the Organization of American States (OAS), in January. “We can now deal with matters together. It releases a lot of tensions and pressures.” With many Latin American

With the VII Summit of the Americas now upon us, the promise that it will deliver a historic opportunity to revitalize hemispheric relations heats up countries, including close U.S. allies Mexico and Colombia, believing that Washington’s policy towards Cuba had outlived its usefulness and led to increased polarization of the region, the recent thawing of U.S.-Cuba relations opens up a new panorama for inter-American collaboration. Even Venezuela’s President Nicolás Maduro, a vocal critic of the U.S., has praised the move by calling it “a courageous and historically necessary step”. First brought together by the OAS in 1994, the VII Summit of the Americas aims to build on the founding idea of uniting the region’s democracies under a common vision, with issues of human rights, global competitiveness, energy, and environment given high priority. The central theme of this

year’s summit however will be ‘Prosperity with equity: the challenge of cooperation in the Americas’. This is expected to address the growing global concern of rising inequality, a problem that has come increasingly to the fore recently after Oxfam released a report claiming that 1% of the world’s population will own more wealth than the other 99% by 2016. Such inequality is all too prevalent across Latin America, widely regarded as the world’s most unequal region. Yet while inequality has been gradually shrinking in the poorest countries over the past decade, developed nations such as the U.S. are today seeing the gap between the haves and have-nots widen. “Inequality is no longer a Latin American issue, but rather a

hemispheric issue, because the region’s most developed countries are also facing growing conditions of inequality and the accumulation of wealth in the hands of a few households, while large sectors of their society are being excluded,” said Mr. Insulza at the organization’s 44th General Assembly in Paraguay last year. While OAS member states agreed in Paraguay that the region had done much to achieve development, especially in buttressing democracy and promoting human rights, they likewise concurred that much remains to be done in facing the challenges of poverty, food security, discrimination, equality, social inclusion, and access to quality education and health coverage. Education in particular is seen as a key engine of growth

for the Americas and an essential ingredient towards achieving more inclusive societies. In a recent analysis conducted by the World Economic Forum, ‘Improved Education’ ranked as Latin America’s top solution to solving income inequality, while it came as the second most important solution in North America, behind reforming tax policy. In the same study, improving the state of education in both North and South America ranked as the top solution to persistent jobless growth. As Marie Levens, Director of the OAS Department of Human Development, Education and Employment, states in her essay ‘Inequality and Education in the Americas’,cohesion among the region in transferring skills, knowledge and innovation, as

well as attracting greater investment to the education sector, will be vital to a truly more inclusive future for the Americas. “Our region has the brains and political will to bring about development with inclusion. The education system is a key catalyst of that change. Examples of innovation abound throughout the region, but they are scattered. We need to bring policy makers and teacher leaders together to share practices throughout the hemisphere. The OAS is the only body truly qualified and connected to bring about the change we need to connect education, equality, growth, and development,” wrote Ms. Levens. With every member state of the OAS finally set to be present at the VII Summit of the Americas, the countries of the Americas will look to seize the opportunity in Panama and work towards a more unified, more prosperous, and more equal region than ever before.

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PANAMA

Friday, April 10, 2015

Distributed by USA TODAY

PHOTO by CBRE

Juan Carlos Varela, President of Panama

Harness Panama’s role as a global services hub

With the landmark expansion of the iconic Panama Canal under way, leaders of the diverse and vibrant economy have their say on the country’s remarkable growth story, its vast investment opportunities and how the government of President Juan Carlos Varela is setting out to polish Panama’s international reputation

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ith a strategic location nestled between the two Americas, top-class infrastructure, and a position as a global financial center, Panama is today a bona fide hub of international commerce. Looking to position themselves in one of the world’s most important logistics centers, many multinationals have established their headquarters in the country over recent years, and many more are soon expected to arrive. Panama’s booming economy is set to grow around 7% annually for the next five years while the Panama Canal’s massive expansion project lures further companies interested in servicing trade between Asia, the U.S. and Europe. It was the opening of the Panama Canal in 1914 that set this diminutive country on its way to becoming the global logistics giant it is today. A century on, the 14,000 vessels that pass through the Canal each year (carrying 200 million tons of cargo) make up roughly 6% of the world’s trade; an astonishing figure for a tiny isthmus in Central America. With its $6 “The past 10 years’ growth has been caused by Panama’s great economic diversity. We have around eight or nine industries and none of them represents more than 13%” ramón roux, General Director of CBRE Panama

billion expansion set for completion in early 2016 – allowing the waterway connecting the Pacific and Atlantic oceans to accommodate modern supersized ships and effectively double the amount of traffic – Panama’s business standing is only about to improve. “We are blessed to have the Canal, a major piece of infrastructure which serves our nation, and world trade,” proclaimed Panamanian President Juan Carlos Varela in his inauguration speech after being elected in May last year. Indeed, the country’s natural geographic advantages – and the resulting success of the Canal – have been largely defining factors in how Panama has set itself apart in the region. “Other countries have had to work hard to carve their niche, whilst the Panamanian niche was carved by God himself,”

says Alberto Vallarino, President of Grupo Verdeazul, a leading Panamanian investment company. “We are right in the middle of the American continent, not only in regards to north and south, but also east and west. A great deal of Panama’s success is due to this…no other city or country “We are working to raise awareness among our own population of what Panama truly is: a serious and responsible country” Eduardo Morgan, Chairman of the Board at Morgan & Morgan

in this hemisphere has this cluster of advantages.” With the Canal the bedrock of its economy, Panama has consistently been one of the fastest-growing countries in Latin America over the past decade, as well as one of the world’s most stable economies at times of widespread global uncertainty. However, Panama has become much more than just a connection point. Largescale investment in transportation facilities and infrastructure development has allowed the country to diversify, not only leading to high growth, but also becoming one of the few Central American economies that are predominantly services-based; with significant value addition locally. “The past 10 years’ growth has been caused by Panama’s great economic diversity,” says Ramón Roux, General Director of CBRE Panama, the local arm of the multinational, American-owned commercial real estate company. “Panama has around eight or nine industries and none of them represents more than 13%.” Such diversification has allowed investment companies like Grupo Verdeazul – whose varied portfolio covers a wide spectrum of the economy, such as real estate, hospitality, agriculture, and mining – to thrive. Building Panama: opportunities in real estate and infrastructure The real estate sector in particular has been a top driver of Panama’s remarkable growth story. “If we are going to examine Panama’s economic growth and also where the country is leading to, we need to take a look at the past eight or nine years,” explains President of construction specialists Co-

trans S.A, Luis Campana. “During this last period of time there has been major development in diverse sectors, especially construction and transportation. All of this occurred due to the real estate boom that has been taking place in Panama.” Increasing numbers from the U.S., Europe and Latin America are drawn to Panama City (known as the Miami of Latin America) by employment and investment opportunities provided by a country with renowned political and economic stability – including the benefits of having the U.S. dollar as its local currency. Consequently, more and more property pops up, with developments such as hotels, resorts and malls on the rise as businesses look to cash in on the country’s fast-expanding tourism sector and growing middle-class population. The country has additionally made massive strides in the housing market. “Right now Panama has the best housing rate in Latin America, which demonstrates the effectiveness of the different policies and initiatives aimed to reduce the housing deficit,” says CRBE’s Mr. Roux. “The country has been permanently creating incentives for the development of housing projects in the poorest sectors.” However, if Panama is to continue growing at the rapid pace that it has set and serve its population and booming industries more effectively, much greater levels of investment in infrastructure will be needed, says Mr. Campana of Cotrans S.A. “We need infrastructure projects in order to sustain all this economic development,” he explains. “More roads and specific transport solutions besides everything related to electricity and water supply; that is to say, all the basic infrastructure systems required by any developing country.” “Other countries have had to work hard to carve their niche, whilst the Panamanian niche was carved by God himself” Alberto Vallarino, President of Grupo Verdeazul

To this end, the new government of President Varela will pick up the reins left from Panama’s previous administration, which invested nearly $15 billion in improvements including new airports, Central America’s first metro sys-

tem that opened in April 2014, and significant upgrades to water and sanitation systems. President Varela has pledged to continue aggressive investment in infrastructure, having announced a further $30 billion worth of projects last September with the construction of two major highways and the commencement of phase two of the historic metro system, adding 16 new stations. A new energy plan Aside from improved transport networks, Panama’s growing economy will also require major investment in electricity generation and transmission capacity as the country’s energy demand grows annually at a rate of 5%. This means that over the next decade an estimated 500 MW of extra electricity will be required. With nearly 100 projects currently being planned in the area of energy generation, the sector is vital to the future of the country. AES – Panama’s largest electricity firm and Central Ameri“Panama’s energy matrix compared to other countries is still very weak... Our energy should be at least four strong fuels” Miguel Bolinaga, General Manager of AES

ca’s largest private hydroelectric generator – is a company that has notably contributed to Panama’s energy development, increasing its installed capacity by 150% in order to provide the most competitive energy prices in the national market. While AES has already done much to increase Panama’s reliable and sustainable power supply, General Manager Miguel Bolinaga says that Panama should do more to diversify its energy mix. “Panama’s energy matrix compared to other countries is still very weak,” he explains. “It currently depends on water by 60% and fossil fuels by 38%. The rest is generated by wind.” He continues: “Our energy should be at least four strong fuels. It is essential that the government is convinced that the energy mix should change in the next five years. I believe very much in renewable energy.” Indeed one area that has been largely unexplored in Panama is the use of geothermal energy, and in terms of other sustainable sources of power, several wind plants are planned while there are also opportunities in developing solar and biomass energies.

Yet what Panama will truly need going forward to turn its tantalizing potential into tangible power resources, as well as in continuing the development of other industries across the economy, is greater foreign direct investment (FDI). To a large extent, Panama is already a leader in that regard. For the fifth year in a row in 2014, Panama received more FDI than any other country in the region. What’s more, according to the forecasts of the Ministry of Economy and Finance, the inflow of FDI to Panama will be nearly $5 billion in 2015 – no small sum.

and its finance industry has been struggling to shake off its reputation as a so-called tax haven. Last year the Organization of Economic Cooperation and Development (OECD) placed Panama back on its ‘Gray List’ of international tax havens, even though Panama had put significant efforts towards passing OECD recommended regulations and signed numerous double-taxation treaties. Mr. Vallarino says that there is evidently more to be done. “It is very important that we continue to improve our regulations and to enhance our

An international banking center works on its image Nevertheless, with an economy dependent on foreign investment and a government and business environment that had been hampered by corruption scandals, President Varela – whose election campaign was based on a pledge to fight corruption and ensure transparency – has set about on his promise by vigorously pursuing high profile investigations into fraud as well as recently appointing an executive of global transparency guardian, Transparency International, as head of his anti-corruption agency. With such measures, President Varela hopes to reassure foreign business over the country’s investment climate and guarantee that Panama’s impressive record of FDI continues – and improves – under his watch. “Our country offers unique features for international investors. We want the best to invest in Panama and that is why our Government has a serious commitment to generate a climate of investment based on transparency and clear rules of engagement,” stated President Varela on a visit to Spain last year. This is a sentiment echoed by leaders of one of Panama’s biggest industries: the finance sector. “In addition to investing in infrastructure, it is also crucial to keep on adapting the laws and regulations with the aim of gaining transparency and attracting foreign direct investment,” says Jorge Vallarino Strunz, Chief Financial Officer of Global Bank. Today one of the country’s foremost banks with assets of over $1 billion, Global Bank is a direct product of the finance sector’s success story in Panama, which has established itself as the most successful international banking center in Latin America. Despite its success, Panama

“It is crucial to keep on adapting the laws and regulations with the aim of gaining transparency and attracting foreign direct investment” Jorge Vallarino Strunz, Chief Financial Officer of Global Bank

institutions so that we do not fall victim to money laundering activities. Even though we already have the legal framework to stop this kind of activity, we still need to do more in terms of enforcement.” While many in Panama find the OECD’s decision unfair, considering the great progress the country has made over the past five years in improving transparency, the government has nevertheless begun making a raft of new measures to ensure the country can be retaken off the Gray List when it comes to the OECD’s next revision of the list.Eduardo Morgan, Chairman of the Board at Morgan & Morgan – one of the top law firms in Panama and Central America – says that for Panama to really grow to its potential, the country must now concentrate on improving its international image. “The way Panama is portrayed abroad is absolutely unfair,” he remarks. “Therefore we are working to raise awareness among our own population of what Panama truly is: a serious and responsible country. We need to recover Panama’s good name and communicate the country’s value.” PRODUCED BY: Benjamin Gaviña, Marina Carracedo, Virginia Towers, and Leandro Cabanillas

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CHILE



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Equality the key to economic dynamism in Chile In as little as 30 years, Chile has been transformed from one of the region’s poorest nations into its most stable and prosperous

“We face the tremendous challenge of projecting other aspects of our national identity that are less known to the world, for example, our pursuit of cooperation and progress; our willingness to build a more just and equal society; our solidarity; our culture and many other qualities” Myriam Gómez, Executive Director of Fundación Imagen de Chile

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hile has been praised internationally for being a regional pioneer in macroeconomic reforms for the past three decades. The country has made a great deal of progress in just the last few years. For example, in 1990 the nation’s poverty rate was 39%, whereas today it has gone down to 13%. Tax reforms under President Michelle Bachelet have taken a dual approach: some have targeted those who need to contribute more to public goods and services, others have focused more on tax responsibility, so that new expenses can be covered by making resources permanently available. Furthermore, despite the worldwide economic slowdown, unemployment in Chile remains low and stable. President Bachelet has praised

“Because we cannot conquer inequality without boosting economic growth, we have put in place a series of measures aimed at increasing productivity and enhancing human capital” Michelle Bachelet, President of the Republic of Chile

Chile’s remarkable achievement saying: “We have left the inertia behind us. Chile is moving again.” Today, faced with the difficult challenge of achieving sustainable growth, Chile is determined to exceed its past performance with a second generation of reforms. Al-

though inequality in several areas remains the country’s biggest domestic hurdle, Chile’s political elite is eager to tackle this issue at its core. “We want our economic growth to be sustained by social cohesion, and for this to become a reality, we need to reform our educational system,” says President Bachelet. Within the same context, the country is also implementing a thorough healthcare system reform. Significant investments in its infrastructure are aimed to help Chile provide quality healthcare for all citizens, ensuring above all that those who are suffering from serious illnesses are better protected financially. Beyond its borders, Chile faces the important challenge of improving its brand image. The Minister of Foreign Affairs, Heraldo Muñoz, points

to the importance of all Chileans promoting the country’s image. “We need to engage all actors, i.e. the public and private sector, and civil society, to brand Chile internationally,” he says. Myriam Gómez, Executive Director of the Fundación Imagen de Chile (FICH—Chile Image Foundation), agrees. “All Chileans stand to benefit from a strong country brand, and therefore every Chilean has a responsibility to promote and strengthen it,” she says. “Citizens have a unique role to play to communicate the country’s benefits for both business and tourism, although this is not the only avenue for promoting Chile.” Plans are in place to promote Chile’s benefits to a wider international audience. The country’s participation in Expo Milano 2015 is one

such avenue. This public-private initiative will allow Chile to showcase itself through the richness and diversity of its food production to an international audience for the duration of six months. In addition, Chile will host both of this year’s FIFA U-17 World Cup and Copa America tournaments, putting the country in the global televised limelight. Through the efforts of the FICH, international audiences will learn more about Chile’s attractiveness for business and foreign direct investment (FDI). “The ease of doing business is highly rated,” Ms. Gómez says. “We are considered an attractive investment destination and a great port of entry to the region and other markets.” Mr. Muñoz points out that despite this good reputation, Chile must still work to distinguish itself. “The studies that we have conducted at FICH indicate that Chile’s brand image does not stand out from other Latin American countries; we are perceived as part of the region,” he says. “So we

need to improve our own image and the image of the entire region. We must have an approach that distinguishes us, but that at the same time remains faithful to who we are: Latin Americans.” President Bachelet sees four specific strong points for Chile. The depreciation of Chile’s currency may seem like a negative, but it increases the country’s competitiveness. Low interest rates and the expected growth of public expenditure by 9.8% are other strengths, while falling oil prices have boosted the nation’s economy. These benefits – combined with financing programs available to foreign as well as local investors, and a new bill recently sent to the country’s Congress to establish a new institutional framework for FDI – make exploring Chile an attractive opportunity. “Together, we will translate these investments [private and public] into sustainable development for everybody. Investing in Chile is good and meaningful business,” asserts President Bachelet.

Beautiful harmony in diversity

A land of startling contrasts, Chile sees more and more visitors arrive each year to experience its stunning natural landscapes, from the towering volcanic peaks of the Andes to the ancient forests of the Lake District, as well as its rich cultural, artistic and gastronomic diversity

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hile welcomes over 3.5 million visitors yearly, making it the seventh most visited country in the Americas. The government is now seeking to increase the number of visitors; the goal for 2018 is to surpass 4 million – while adding to economic opportunities and protecting its biodiversity. Indeed, diversity is one of the principle reasons why people choose this long, skinny coastal nation as a tourism destination. Chile’s diversity is perhaps most evident in its geography. Its seacoast measures some 4,000 miles long, one of the longest in the world. Visitors can enjoy lakes, volcanoes, beaches, and mountains along with urban landscapes. Popular destinations include the Atacama Desert, the Torres del Paine rocky peaks in Patagonia, and Easter Island, among many others. According to Andrea Wolleter, Managing Director at Turismo Chile, the country is also keen for visitors to discover Aysén in northern Patagonia and Chiloé, “an attractive island with its particular palafitos (typical stilt houses built in the water) and churches that have been declared UNESCO World Heritage Sites.” Javiera Montes Cruz, Undersecretary of Tourism, points out that Chile’s geographic diversity means it is a great choice for scientific tourism as well. This “very innovative” tourism offering is focused on Antarctica and Navarino Island, which is located between Isla Grande de Tierra del Fuego and Cape Horn, a unique place that offers fishing, kayaking, hiking, and horseback riding. Lonely Planet selected the

“Chile is a great place to live, travel through and visit. That is why I would like to invite you to come and get to know it, discover Chile, get in contact with our people, our culture and products... It is a great place for investments. To invest in Chile is good business, and a meaningful one” Michelle Bachelet, President of the Republic of Chile

Atacama Desert as one of the 10 must-see regions for 2015. Travel+Leisure ranked the 20 best destinations for solo travelers, and placed Chile in seventh place, behind countries like Norway, Switzerland, and Vietnam. Ms. Wolleter is particularly proud that the Torres del Paine Mountains were voted the eighth wonder of the world by visitors to VirtualTourist.com. “We are extremely proud to be chosen from among 330 other destinations in the world after four months of public voting,” she says. For more cultural diversity, visitors can learn about the Mapuche, a group of indigenous people who live in the country’s south-central area, which includes parts of Patagonia. Or, if their travels

“Internationally, Chile is known for nature, adventure and wine. Our gastronomy complements these experiences. At Turismo Chile, we give special attention to our cuisine, as we believe it is a good complement to any experience in the country” Andrea Wolleter, Managing Director of Turismo Chile

“Public private partnerships are the base for tourism development and we are working on this together, by drafting public policies that allow us to create the right conditions for private investment. I would like to extend an invitation to international investors, as Chile’s tourism sector still has high growth potential” Javiera Montes cruz, Undersecretary of Tourism

take them to Chile’s northern regions, travelers can learn about the Aymara, who also live in Peru and Bolivia. The country’s varied geography naturally leads to diversity in other areas, including gastronomy. Thanks to Chile’s immense seacoast, the country is particularly skilled at creating fish and seafood dishes. The cuisine varies between regions, so travelers have an opportunity to taste specialties that reflect the region they are from. Eleven wine routes around the country, and vineyards that are open to the public and that feature a range of architectural styles, are sure to please visitors who seek delicious food and wine as part of their exploration. Lodging in Chile includes accommodations for virtu-

ally every type of traveler and budget. Of particular note are high-end sustainable lodgings that work to respect the nation’s ecological diversity while offering visitors the security and safety that they expect when they travel. In the country’s urban areas, lodge and boutique-style hotels are becoming quite popular, giving travelers even more options as they explore Chile. While 70% of Chile’s tourists come between October and April, the months of June, July, and August are also a good time for skiers. Business travel is typically concentrated March through June and August through October, so Chile truly is a yearround destination.

PRODUCED BY: Barbara Jankovic, Carlos RuizOcaña, and Jonathan Bossaer


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BOLIVIA



A new top regional economy has emerged

Bolivia has made more economic progress since President Evo Morales took office in 2006 than in all the preceding 180 years, and not just thanks to the nationalization of its extensive oil and gas resources. Despite the collapse in world hydrocarbon prices, the economy grew a robust 5.2% last year, up by $34 billion over 2014’s results

Evo Morales, President of Bolivia “Social change movements, especially the campaign for Indian rights, showed us that revolutions can be made with ballots instead of bullets” EVO morales, President of the Plurinational State of Bolivia

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nevitably, even a casual mention of Bolivia in international policy forums is enough to trigger an impassioned exchange of opinions about its president, Evo Morales. Re-elected for a third time in October 2014, the support he still commands after nearly a decade in office is ratified by favorable opinion poll results of over 60%. The easy way for his opponents to be dismissive is for them to point out that, well, after all, he is an Indian, from one of the 32 indigenous communities mentioned by name in the 2009 constitution of what is now, officially, the Plurinational State of Bolivia. Together, Bolivia’s Indians constitute 47% of the population, the half that was systematically exploited, repressed, and denied basic human rights before and after Bolivia won its independence from Spain in 1825. They were the people who had no voice and no hope, recalls President Morales, but fortunately, “there was a participatory, peaceful, democratic way” of dealing with their grievances. “What is it we keep hearing from some of our intellectuals? That if you want a revolution, you better stock up on bullets. But social change movements, especially the campaign for Indian rights, showed us that revolutions can be made with ballots instead of bullets, and that in voting, the important thing is to make people aware of what’s at stake,” says Mr. Morales. Delivering essential social services to a country that not long

PRODUCED BY: Karla Arteaga, José Ramón Inguanzo, Gonzalo Giménez, and Gemma Gutiérrez

ago was locked in a dead heat with Haiti as the hemisphere’s poorest keeps Bolivia’s president and people on the same political page, notes Dr. Hector Arce, the Attorney General. The number of people living in extreme poverty has been slashed by half, from 36% to 18%, and the president has pledged to get it down to a single digit before he leaves office in 2020. “Economic growth came from behind to finish second in Latin America in 2014, at a little over 5%. If we were not landlocked, that would likely add 2% more,” says Dr. Arce. ECLAC, the Economic Commission for Latin America and the Caribbean, forecasts another 5.5% rise in Bolivia’s GDP when the numbers for 2015 are “Tourism is something new as a significant element of public policy. It took time for people to understand its multiplying effect on the economy in areas such as public transportation, handicrafts, gastronomy, etc.” Marko Machicao, Minister of Cultures and Tourism

in, and the government wants to ensure that revenues continue to revert to the citizenry. One in every three Bolivians receives some type of assistance from the state, including scholarships, pensions or prenatal care for pregnant women. All that priority spending on social services pushes up the indicators but Economy Minister Luis Arce remains convinced that for these services to become available, nationalizing the country’s oil and natural gas reserves was not just a justifi-

“Economic growth came from behind to finish second in Latin America in 2014, at a little over 5%. If we were not landlocked, that would likely add 2% more” Dr. Hector Arce, Attorney General of Bolivia

able move, but also a just one. “Wealth generated by our natural resources ended up with the transnational companies – mines, hydrocarbons, electricity, water – all were in foreign hands,” says the minister. In May 2006, President Morales ordered the nationalization of all assets belonging to petroleum industry giants and sent in the Army to “protect” the gas fields. It was a bold move and it worked because the government proved as good as its word and channeled those revenues – around $6 billion – into the public welfare sector. This, living standards apart, triggered increased demand for basic services such as water, electricity and communications as well as for consumer goods in search of an untapped market. It was in that context of confidence that officials decided the time had come for a national flag-carrier to reach out to the rest of the world and since its “take off” in 2009, Boliviana de Aviación – “BoA” as the government-owned airline is known – has exceeded all expectations. “We surprised even ourselves how quickly we doubled our best forecasts,” says BoA General Manager Ronald Casso. “We were aiming for five aircraft in service in five years’ time, but we’ve reached that milestone with a fleet of 11 planes, double the routes and close to an 80% market share.”

It was a market nobody thought existed, but it began to emerge after Bolivians acquired the discretionary spending power to visit or be visited by expatriate family members settled abroad. Service to Madrid and Miami began last November. New routes to Havana and Caracas are in the works, though the immediate priority is Washington D.C. and enhancing cargo transport operations, as the U.S. remains Bolivia’s principal trading partner (excluding hydrocarbons). But 90% of BoA’s flights and 95% of its passengers originate inside the country. As it happens, Mr. Casso was put in charge of preliminary planning for the airline in 2007, two years before its maiden flight, and so had good reason to be satisfied last year when BoA was approved for certification by IATA, the international air transport regulatory body. Like everyone else, in my university days I had great plans, dreams if you will, and it’s been my privilege to have seen so many of them come true,” says BoA’s pioneering GM. Will BoA planes someday be bringing people to explore the pre-Colombian remains scattered across Bolivia’s Andean highlands, its UNESCO Heritage sites, or exotic nature and wildlife reserves? Marko “We surprised even ourselves how quickly we doubled our best forecasts. We were aiming for five aircraft in service in five years’ time, but we’ve reached that milestone with a fleet of 11 planes, double the routes and close to an 80% market share” Ronald Casso, General Manager of BoA

Machicao, who currently holds the Cultures and Tourism portfolio in the Morales cabinet, says the answer is yes, once the infrastructure is in place to accommodate them. “Tourism in Bolivia is something new as a significant element of public policy,” says the minister. “It took time for people to understand its multiplying effect on the economy in areas such as public transportation, handicrafts, gastronomy, etc. But in 2010 a law was passed allowing the sector access to external financing and granting the state a role in its development.”


COSTA RICA


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osta Rica is recognized for its care of the environment and its people, and if there is one word that can truly sum up the Central American nation, it is “happy”. In the New Economics Foundation’s Happy Planet Index, Costa Rica is ranked number one, a result of high life expectancy, high levels of experienced well-being, and a moderate ecological footprint. In Gallup-Healthways Global Well-Being Index, Costa Rica comes second after its neighbour Panama, reflecting the generally high level of happiness in the region. The country’s socioeconomic development, a “success story in many respects” according to the World Bank, has certainly been a contributing factor to the country’s high level of contentment. Costa Ricans enjoy one of the highest life expectancy levels in the Western hemisphere and one of the most developed welfare systems in the region. An upper middle-income country, Costa Rica has experienced steady economic growth over the past 25 years. This growth has been supported by the country’s openness to foreign investment, and the country can boast of having one of the highest levels of foreign direct investment per capita in Latin America. Attracted by long-term stability, a strategic location, and a qualified workforce, foreign investors have helped to build a thriving high-value manufacturing industry, with electronic and medical devices amongst the country’s chief exports. But the two main stalwarts of the economy remain tourism and agriculture. Costa Rica is the world’s largest exporter of pineapples and controls over 80% of the U.S. and European markets. It is the third largest exporter of bananas. Coffee is another important cash crop but to a much smaller extent. Executive Director of the Institute of Coffee (ICAFE) Ronald Peters says the goal of the 200-yearold coffee industry is to double annual production to around 130,000 tons. While this pales in comparison to the big rePRODUCED BY: Vanessa Massimini, Matteo Transtevere, Julieta Juárez, and Leandro Cabanillas


The happiest nation on earth is also a high value one While Costa Ricans enjoy high levels of well-being, foreign investors can enjoy high returns in a country that is leveraging its potential as a competitive export base by investing in vital infrastructure

Luis Guillermo Solís, President of Costa Rica

gional producers such as Brazil and Colombia, Costa Rica aims to compete in terms of quality and not quantity. “We are positioned as producers of gourmet coffee, we are not producers of volume,” says Mr. Peters, who adds that a great effort is being made by ICAFE to create an industry as “profitable as the pineapple and banana industries”. Costa Rica’s growth has been led by exports of agricultural goods and electronics, but lack ing adequate infrastructure has somewhat hindered further progress and affected competiveness. This is why the government signed a concession agreement with Dutch company APM Terminals, which will invest $1 billion in the upgrading of the country’s main port in the Caribbean province of Limón. “Limón has been the forgotten province and this new project will be a cornerstone of the revitalization of not just the city of Puerto Limón, but also the

whole province,” says Managing Director of APM Terminals Paul Gallie, who stresses “the need for proper facilities that are able to take larger vessels so that the exporters can participate in the global market with economies of scale.” The company’s General Manager, Rogelio Douglas, adds that the development of Puerto Limón “will represent an important contribution for the country and the Limón region. It is expected that this terminal will be key to improving competitiveness in Costa Rica’s international trade and lead the region’s development towards a logistical center and distribution node to America’s and Europe’s large markets.” The signing of the concession agreement with APM was overseen by National Concessions Council (CNC in Spanish), whose mandate is to promote and encourage public-private partnerships. The Technical Secretary of the CNC, Jorge Mora Gutiérrez,

states that aside from Puerto Limón, the concessions law has “allowed private participation in the development of the country’s main airport, as well as roads and other works.” With $60 billion of infrastructure investment required through 2020, private participation is a must, and Mr. Gutiérrez identifies opportunities in water, sewage and the construction of public buildings, schools and hospitals as opportunities for U.S. investors. “For private participation and particularly the American one, Costa Rica represents a great destination,” he says. One of Costa Rica’s greatest strengths is an education system that supports both the traditional economy, by adding value, and a knowledgebased one. World-renowned research in science and technology Already the most prestigious institution of higher learning in Central America, the Uni-

versity of Costa Rica (UCR) is quickly gaining global recognition for its excellence in science and technology research on a global scale, and is helping to boost competitiveness and attract investment. “For decades, we have been making sustained investment to have tools to conduct and develop research of the highest level,” says Rector of UCR, Henning Jensen. “We want to be at the height of international science, therefore we want to make contributions that are renowned by our academic and scientific peers worldwide.” The university has committed itself to train Costa Rica’s students in the most sophisticated scientific advances and providing them with the best technology. “In various scientific disciplines, such as nanotechnology or nanoscience, we are making similar investments like the best labs in the world,” explains Mr. Jensen. “At the same time, we are training in new areas of applied sciences like robotics and biomedical technologies; areas of very high demand.” With over 200 North American and European science and technology companies having recently been attracted to Costa Rica, UCR has not only been gaining a reputation in the academic sphere, but also with big businesses looking to tap into a highly skilled and educated workforce. “UCR has made an enormous contribution in the country’s productive development,” says Mr. Jensen. In helping to boost the country’s economic competitiveness and draw foreign investment, the university has also become a regional leader in such areas as biodiversity, engineering, medical investigation and poisonous snakes studies (which has helped Costa Rica become a global exporter of antivenoms).


5

“Limón has been the forgotten province and this new project will be a cornerstone of the revitalization of not just the city of Puerto Limón, but also the whole province” Paul Gallie, Managing Director of APM Terminals

“We benefit from the Public Works Concession Law, a legal tool that allows private sector involvement in solving the country’s infrastructure problems” Jorge Mora Gutiérrez, Technical Secretary of CNC

“We are positioned as producers of gourmet coffee, we are not producers of volume” Ronald Peters, Executive Director of ICAFE

6

ANTIGUA & BARBUDA



The islands of opportunity boast big-ticket investments Elected as Antigua and Barbuda’s youngest ever Prime Minister in June 2014, Gaston Browne has wasted no time in implementing his bold promise to make the tiny twin-island nation the “economic powerhouse” of the Caribbean

E “Antigua is considered a destination for high-end tourism and the new [airport] is being constructed to accommodate this type of passenger” Stanley E. Smith, CEO of Antigua and Barbuda Airport Authority

“More attention will have to be paid to how we market and nurture our [yachting] industry, as it creates a lot of employment” bobby reis, General Manager of the Falmouth Harbor Marina

“I think that we provide excellent opportunities for Latin American clients and businesses whose own jurisdictions are not conducive to international commerce” Brian Stuart-Young, Chairman of Global Bank of Commerce

ntering office on a wave of optimism following a decade of rule by the United Progressive Party, Browne’s Labour government quickly set about approving investment projects worth more than $3 billion in its first six months. “One of our biggest competitive advantages is our Prime Minister,” says Minister of Foreign Affairs and International Trade, Charles Fernandez. “He is very well-rounded and knows what is needed to bring the country back onto a sustainable financial footing. We have all the necessary ingredients for success; what we needed was someone with the vision to create opportunities for the people of Antigua and Barbuda. I think the Prime Minister is most ably suited to that role.” Big-ticket investment projects approved since June 2014 include Singulari, a $1 billion mega resort sanctioned for development on islands previously owned by disgraced financier Allen Stanford. Spearheaded by Chinese investment firm Yida International, the 1,600-acre resort will include several luxury hotels, hundreds of private homes, a school, hospital, marinas, golf courses, an entertainment district, a horse racetrack and the Caribbean’s biggest casino. American investors have also seen the potential in Antigua and Barbuda. Among them is Hollywood legend Robert De Niro, who was named special economic envoy of the Caribbean nation by the Prime Minister late last year. Mr. De Niro is one of the major investors behind the $250 million project to transform the K-Club on Barbuda into a luxury resort for affluent tourists. While welcoming this investment, Arthur Manoah Nibbs, Minister of Barbuda Affairs, vowed development would not come at the expense of the renowned tranquility of Antigua’s sister island, which has a population of just 1,638 and was once a favorite hideaway of the late Princess Diana. “We have to preserve the natural charms of Barbuda because people are clamoring to find new destinations that are not concrete jungles,” says Mr. Nibbs. “We are promoting Barbuda as a five-star

destination. We are not going after mass tourism, we want to attract high-end tourists who will spend the big bucks.” Although these eye-catching new investments promise to enhance the image of the islands, Antigua and Barbuda has long been known as a paradise destination in the eastern Caribbean. “When you look at our key source markets, the U.K., the U.S. and Canada, we offer the perfect winter escape,” says Neil Forrester, General Manager of Antigua Hotels and Tourist Association. “We guarantee sunshine, turquoise seas, and an escape from the stress of your everyday business life. “Our vision is to transform this country into an economic powerhouse in the Caribbean... [We intend] to ensure that we integrate our diplomacy with investments and tourism and to have an integrated product that will be superior to our competitors in the Caribbean” Gaston Browne, Prime Minister of Antigua and Barbuda

We have 365 beaches, which we could argue are 365 of the best beaches in the Caribbean. And we have a rich history, with attractions such as Nelson’s Dockyard and the sugar plantations. I would say we offer the authentic Caribbean experience. As our slogan says: the beach is just the beginning.” Yachting and sailing is one niche market that continues to attract a steady stream of affluent visitors to Antigua. They are drawn partly by a calendar of world-renowned events including the Charter Yacht Show in December and Sailing Week in April. “Sailors love Antigua because we have fantastic bays,” says Carlo Falcone, owner of the Antigua Yacht Club Marina Resort. “Part of the beauty of Antigua is that it is not overly developed yet. I was speaking to some captains who base themselves here and they tell me it is because Antigua is the real Caribbean.” Bobby Reis, General Man-

ager of the nearby Falmouth Harbor Marina, thinks the economic benefits of this niche market are not fully appreciated. “A study done back in 2004 showed that the contribution made by the yachting industry is a lot more than the cruise ship industry,” he says. “The cruise ship industry gets all the publicity and all of the marketing dollars go in that direction and the yachting industry is basically left to fend for itself. More attention will have to be paid to how we market and nurture our industry, as it creates a lot of employment.” Antigua and Barbuda hopes to attract more tourists from the U.S. and other key markets through its new airport terminal situated just outside the capital St. John’s, which is scheduled to open in the first half of 2015. Built at a cost of $97 million and capable of processing 1,777 passengers an hour, the airport will boast 35 retail, food and beverage outlets, as well as a first-class lounge overlooking the sea. “The new airport will have a significant impact on the tourism product,” says Antigua and Barbuda Airport Authority CEO, Stanley E. Smith. “Antigua is considered a destination for high-end tourism and the new building is being constructed to accommodate this type of passenger.” “It is also important for arrival numbers because airlines need to be assured that the turnaround of their aircraft is accomplished in the shortest possible time. We are working with the airlines to assure them that once they arrive, their passengers will be processed seamlessly,” Mr. Smith adds. In addition to the new air-

Gaston Browne, Prime Minister of Antigua and Barbuda

the Caribbean through LIAT airline,” says Mr. Telemaque. “That unique feature has not really been utilized to date for the major commercial benefit of Antigua and the wider region, and I think that is something that can be changed – particularly with a brand new airport soon to open in Antigua, which can facilitate larger air cargo flights into the country. That cargo can be subsequently ferried onwards either by air

“One of our biggest competitive advantages is our Prime Minister. He is very well-rounded and knows what is needed to bring the country back onto a sustainable financial footing. We have all the necessary ingredients for success; what we needed was someone with the vision to create opportunities for the people of Antigua and Barbuda. I think the Prime Minister is most ably suited to that role” Charles Fernandez, Minister of Foreign Affairs and International Trade

port, the Prime Minister announced in December 2014 that Antigua’s main seaport at St. John’s would be transformed in a $255 million project led by the China Civil Engineering Construction Corporation. Port Authority CEO Darwin Telemaque believes the concurrent developments at the airport and seaport will transform the island into a regional hub for cargo and logistics. “Geographically, Antigua is well positioned in the middle of a chain of islands and it is the only one in the region that has multiple daily connectivity to almost every island in

or sea, which means Antigua has great potential as a logistics center.” Senator Michael Freeland, the Executive Chairman of the Antigua and Barbuda Free Trade and Processing Zone, agrees: “Our position in relation to Europe, Africa, the U.S., and Latin America places us in a great position to handle transshipment and to be a financial center,” the dynamic first-term senator says. Prime Minister Browne, who spent much of his career working in finance, has pledged to revive Antigua and Barbuda as an offshore financial center. Global Bank of

Commerce Chairman Brian Stuart-Young says the nation is opening itself up to more opportunities for doing business with Latin America, as well as Asia and Europe. “I think that we provide excellent opportunities for Latin American clients and businesses whose own jurisdictions are not conducive to international commerce, and are seeking banking services to support their requirements for buying and selling commodities,” Mr. Stuart-Young says. After emerging from the 2014 UN General Assembly as a champion for small island developing states (SIDS), observers are wondering what message the Prime Minister will take to the Summit of the Americas in Panama. “Being small should not prevent us from being important, and I think that the Prime Minister is saying that size is not an excuse,” foreign affairs and international trade minister Mr. Fernandez says. “We intend to make Antigua, as he said, ‘the economic powerhouse of the Caribbean.’ Singapore is smaller than Antigua, but it is considered a powerhouse of a country. The Prime Minister will try to get international investors and all Antiguans to buy into that vision.”

PRODUCED BY: Lucía Valero, Patrick Cooke and Fátima RuizMoreno

Sponsored by:

www.sugapay.com

www.gpcantigua.com


www.aycmarina.com

MEXICO



7

OAS promotes its pole-to-pole cooperation in tourism The Organization of American States (OAS), whose member states are currently convening at the VII Summit of the Americas in Panama City, deems tourism as a vital sector – not only in economic terms, but also as a way to promote understanding among the people of the Americas

I

t was at the 1994 Miami Summit when the OAS began taking important steps to increase tourist flows and improve the region’s tourism industry in general. Two years later, the Inter-Sectoral Unit for Tourism was created. In September 2014, the 12th annual Inter-American Congress of ministers and high-level authorities of tourism – an event convened by the OAS – was held. The resulting declaration from the meeting highlighted that “tourism competitiveness is an important component of sustainability and remains an issue in the Americas, which warrants a hemispheric re-

sponse through the development of common strategies where possible.” Within the OAS’s Department of Economic and Social Development there is a dedicated Culture and Tourism Section to “support the development of tangible and intangible cultural and tourism assets and cement new and established links between tourism and cultural sectors,” according to the OAS website. With such a wide variety of cuisines, interests, beliefs and activities among nations in the American continents, the support given by the Culture and Tourism Section has been focused on using culture as a tool for economic development

and social inclusion, as well as promoting the strengthening of small and medium tourism enterprises – a vital component in building up the sector’s sustainability. With tourism accounting for up to 22% of GDP in some OAS countries, development of this sector could lead to enormous growth in the region, especially if its troubling security concerns are overcome. And the OAS has been tackling these headon over the last several years. For example, the OAS’s specialized Committee on Hemispheric Security meets regularly to deal with the region’s various security challenges, which include arms

trafficking, human trafficking, money laundering, organized crime, and gangs and gang violence, and natural disaster reduction. In 2013, Mexico – whose tourism industry contributes around 8% to GDP – hosted the OAS’s “Specialized Tourism Security Course for the Public and Private Sectors”, aimed at strengthening partnerships and efforts between the two sectors in assessing threat and vulnerabilities, establishing tourism security standards and protection measures for tourist facilities, and crisis management, among other things. In more recent news, Mexico and the OAS in February

launched this year’s edition of the CONACYT-OASAMEXCID Scholarship Program. This initiative, which began in 2012 along with Mexico’s Council of Science and Technology (CONACYT) and the Mexican Agency for Development Cooperation (AMEXCID), grants postgraduate scholarships to students throughout the region in the fields of engineering, physics-mathematics and earth sciences, biology and chemistry, medicine, and health sciences. While contributing to the improvement of scientific and technological capacities throughout the Americas, it also encourages graduate stu-

dents to live and study abroad in other OAS nations. Emilio Rabasa, Permanent Representative of Mexico to the OAS, said of the program, “It is a clear example of the will of my country to strengthen cooperative ties with the Americas.” The OAS is a region that faces some challenges with tourism, but it has also gained international recognition as an area where tourism, especially sustainable tourism, is primed for growth. As the tourism industry along with cooperation in education sector continue to expand in this region, social and economic development will follow, putting the area on track to achieve its longterm goals.

The creators of smiles Discovering the difference in Mexico

F

or Mr. Pablo González Carbonell, the President of the Royal Holiday Club Group, Mexico’s moment is here. With the government now keenly aware of the benefits of tourism as a source of growth and for job creation, the private sector is being encouraged to invest and is stepping up to the challenge. For Mr. González Carbonell, a primary goal will be to strongly increase the number of American visitors to Mexico and he believes that the Royal Holiday Club group has a major role to play in achieving success in this initiative, adding that “we are facing a moment of great potential for growth in tourism” and that “the challenge for us lies in how best to promote ourselves since the guest industry in the country is already of excellent quality.” Mr. González Carbonell is keen to emphasize that besides providing “first-class hotels and an infrastructure unmatched in competing Caribbean countries”, Mexico offers far more than sun, sea and sand, singling out particularly its rich cultural heritage which can be combined in Mexican expe-

rience holidays. He points out the scale of the potential for tourism from the United States by comparing the “seven or eight million American tourists who come each year to Mexico” with the “38 million who go to Las Vegas and the 40 million who visit Orlando.” Promotion of all that Mexico has to offer has been stepped up while “the “When we state our mission, we say we set out to be creators of smiles. We have the responsibility for managing beautiful moments for people, times that people have worked for, that they share with their families” Pablo González carbonell, President of the Royal Holiday Club group

private sector has committed to investments of US$8 billion over 160 projects for completion within 18 months” to boost tourist capacity. Within this growth panorama, Royal Holiday Club occupies a unique position with its distinctive offer-

ing: “a product as flexible as any on the market...and already taken up by 100,000 members from 52 countries.” Membership points can be used for hotel stays, not only at beach resorts in Mexico and the Caribbean but at any of over 200 destinations worldwide, including leading capital cities, besides for cruise holidays. Mr. González Carbonell emphasizes the flexibility this gives to members, saying that “as their holiday tastes and needs change over their lifetimes, they continue to find within the club holiday destinations to suit them.” He adds that his group is recognized as “the most international of Mexican groups, in terms of worldwide destinations and membership.” Besides offering a different experience, one of being a member at home in Royal Holiday Club resorts, hotels and cruise vessels, Mr. González Carbonell is keenly aware that his group has “responsibility for managing beautiful moments for people, times that people have worked for, that they share with their families” and says that the greatest satisfaction for him and his staff comes “from seeing people smile, from creating beautiful and

happy moments for people.” Mr. González Carbonell goes even further, saying that when asked what is his group’s mission statement, he replies simply, “We set out to be creators of smiles.” Mexico, a difference waiting to be discovered, a land of smiling people and with creators of smiles.

PRODUCED BY: Martín RodríguezVilla, Susana Cassel, Fátima Ruiz-Moreno and Gemma Gutiérrez

Pablo González Carbonell, President of the Royal Holiday Club group


8

MEXICO



Sustainable tourism, key for growth

The success of industrial and real estate developments throughout the country shows all that Mexico has to offer to businesses and tourists

T

his is an exciting time for Mexico. Its economy is the 14th largest in the world in nominal terms; it has signed 12 different trade agreements with 44 countries; and its domestic market has more than 112 million people – the third largest in Latin America and the 11th largest in the world. With an urban population of 78%, the country’s statistics reflect its forward-looking attitude, making it a great choice for both business and leisure. Querétaro Industrial Park is a prime example of Mexico’s momentum, driven by a focus on local and national economies, people’s needs and wants, and sustainability. Created in 1997, Querétaro Industrial Park provides first-rate infrastructure and services for over 120 national and international businesses from 16 countries, in an area about two hours from Mexico City. The park supplies and maintains hydraulic resources, and offers treated water, service water, and irrigation and drainage, along with natural gas, electric energy, and fiber optic lines for telephone, voice, and data. Professional maintenance, controlled access, and perimeter security offer peace of mind. Sustainability is also important to the industrial park, which it promotes in several ways. The director of the park, Abel Baca Atala, is proud of the park’s accomplishments in this area. “The Querétaro Industrial Park was the first industrial park to earn the ‘clean industry’ certification, which we’ve won five consecutive times,” he says. “Twelve of our clients in the park have earned similar certification, and many more are in the process of earning

it. To this end, Querétaro Industrial Park offers several incentives, such as a discount on the maintenance fee of common areas that businesses pay monthly, and an additional discount on payments for water supplied by the industrial park.” The area is also home to

“Mexico is home to preHispanic cultures, but also living cultures; a very important colonial heritage but also a contemporary, cuttingedge cultural life” Claudia Ruiz Massieu, Secretary of Tourism

Zibatá, the first planned community in the state. The cutting-edge mixed-use development is the result of several notable companies coming together to create a project that captures the feeling of community. Zibatá values not only residents’ private lives but also the time that they spend away from home, giving residents plenty

of public spaces to enjoy, including walking paths, lakes, parks, playgrounds, areas for open-air performances, and a golf course designed by Rafael Alarcón. Zibatá also offers plenty of places for shopping, visiting, and enjoying a cup of coffee with friends and family.

The successes of Querétaro Industrial Park and Zibatá are smaller-scale versions of the success visible in the state of Querétaro, which has one of the fastest-growing state economies in the country and one of the fastest-growing rates of both national and foreign investment. The area’s workforce is highly skilled, in part thanks to the state’s well-known universities. The state is also home to over 30 research institutions. Connections to the rest of Mexico are facilitated by federal and state highways, railroads, and an international airport. In addition, Querétaro is the main non-beach tourist destination in Mexico. Meanwhile, the success of the state of Querétaro reflects Mexico’s increasing momentum, particularly as a multifaceted tourist destina-

tion. President Enrique Peña Nieto has made tourism an administrative priority, creating the tourism cabinet to coordinate efforts by state governments, private investors, and all active players in the tourism industry. Miguel Vega, Director of Zibatá, explains part of the country’s appeal for tourists this way: “Mexico is the principal tourist destination in Latin America and the 13th most visited country in the world, due in large part to the 32 cultural or natural sites that have been designated by UNESCO as World Heritage Sites.” Mexico’s cultural heritage is one aspect that the tourism cabinet (SECTUR) wants to share with the world’s travelers. Claudia Ruiz Massieu, Secretary of Tourism, points out that “Mexico is home to pre-Hispanic cultures, but also living cultures; a very important colonial heritage but also a contemporary, cuttingedge cultural life.” The country also promotes medical tourism to travelers, particularly those from the United States, who are interested in health and well-being. Mexico has a large number of spas and hot springs, and for tourists with health concerns, Mexico makes available high-quality, world-recognized treatments at a fraction of the cost north of the border. Mexico is pouring efforts into seeing that the country’s destinations, products, and services complement each other. “Beach + culture + gastronomy: in one single experience we have a much more powerful destination,” Ms. Ruiz explains. The country’s geographic position gives it a unique, noteworthy biodiversity that the country and its tourism cabinet are keen to

preserve. By working with the Secretary of Environmental and Natural Resources, SECTUR can ensure that tourism development projects meet environmental sustainability criteria. But sustainability is also social, ensuring that communities supporting tourism have a good quality of life as they share their areas with the world, and SECTUR emphasizes this as well. Coordination between government, tourist organizations, and service providers means Mexico offers better integrated travel opportunities than ever before. And the level of optimism among players in the tourism sector is higher now than in previous years, thanks to the Peña Nieta administration’s policies. “Our perspective for this six-year term is very positive,” says Eduardo Sánchez Navarro, Executive President of Grupo Questro, a major property development company in Mexico and name behind one of the country’s most famous beach clubs: Nikki Beach at Los Cabos. “Mexico is living what we call ‘MEMO’, or the Mexican Moment. There are very positive things happening and the dynamic in President Peña Nieto’s government is completely changed. He’s brought in a different kind of vibe, energy and optimism for all Mexicans.” Grupo Questro focuses on the areas of Los Cabos, Acapulco and Mexico City. It is in the former area where the group has its most ambitious project: Puerto Los Cabos. Covering nearly 2,000 acres of prime beachfront property, it boasts a Jack Nicklaus and Greg Norman signature golf course, various high-end hotels including the recently opened Hotel El Ganzo, a marina, and a shopping center.


“Mexico is living what we call ‘MEMO’, or the Mexican Moment. There are very positive things happening and the dynamic in President Peña Nieto’s government is completely changed” Eduardo Sánchez Navarro, Executive President of Grupo Questro

“Mexico is the principal tourist destination in Latin America and the 13th most visited country in the world, due in large part to the 32 cultural or natural sites that have been designated by UNESCO as World Heritage Sites” miguel vega, Director of Zibatá