 Thank you very much, ladies and gentlemen, for joining us in this session. Welcome to the World Economic Forum on Latin America 2015 here in Mexico and looking at the renovation agenda for Latin America. We are very privileged to have esteemed leaders who are our co-chairs for this meeting. And they guide us and drive us on the agenda points that we should be thinking about and planning towards in the coming years for true long-lasting renovation. And let me introduce them briefly to you. And then we'll have an opportunity to hear from each of them in turn on what they feel are the core points we should be focusing in on. And then we'll have a brief opportunity for questions from the floor, which I would ask just in the interests of time, our brief and focused on the agenda here at the World Economic Forum on Latin America. So we are delighted to welcome Angelica Fuentes, who is the president of the Angelica Fuentes Foundation from here in Mexico. Of course, we have Eduardo Leyte, who is the chairman of the executive committee of Baker and McKenzie, joining us from the U.S. Ingyasio Sanchez Galán joins us from Spain. He is the chairman and executive, chief executive officer, excuse me, of Iberdrola, of course. Carlos Slim Domit is the chairman of America Mobile. And last but by no means least, to my left here, Joseph Stiglitz is a professor at the School of International and Public Affairs at Columbia University in the U.S. So we are delighted and honored to have them as our co-chairs. Now, very briefly, the renovation agenda discussion here at the World Economic Forum is structured around three pillars. First, the foundations, and the foundations around people, around health, around education, around equality, around gender parity. And that's where we start. And upon that, we build a framework, a framework of a strong economy with robust infrastructure and links through trade and investment. And then beyond that, we put that to life through innovation, productivity, technology. And that's the narrative that we'll just use for this particular session to understand the whole. And we would invite you then at the end of the meeting to hear from our co-chairs again about whether they feel those points have been addressed in full and where we go next. So first, I would love to turn to Angelica. I was reading in the recent UN Women Report that, in fact, participation in the labor force among women has been amongst the strongest here in Latin America, but of course is nowhere near where it should be. And the salary disparity is still quite marked. Tell us a little bit about why this is so important, what we need to do next, and what topics, what next steps you would feel are particularly important to hear from this meeting. Thank you. I would first like to illustrate what it would happen if we were to have or focus only on labor force. So I'm going to underestimate and talk about labor force. There have been studies by Goldman Sachs, by Booz & Company, by the IMF, where if only in labor force, which today is 80, 52 men, women participating in Latin America in the labor force, if we were only to have an 80-80 participation in the labor force, taking into consideration that a third of the women coming onto labor force will work part-time, which it would be around 60% of the amount of hours worked by the people who are working full-time. Taking into consideration that productivity, of course, will be lower because there will be coming new onto the labor force. We could increase just by equal labor force the GDP by 17% in Latin America. So I think that that really puts a perspective where we can really be if we bring women onto labor force. But in order to accomplish this, it's very important that the private and the public sector work together. Public sector, of course, implementing public policy and the private sector making sure that it gets implemented within the different areas in which it participates. And in order for this to happen, we also need to have inclusion. It's very important to not just talk about labor force. Even what could happen if the entrepreneurship will come and play a role into this. We also need unequal terms for men and women, especially for women to be pushed and to be supported and go into the STEM studies. And last but not least, you said it's imperative that we have equal pay for equal work. Thank you. And thank you for broadening the conversation beyond labor force participation. I'd like, Joseph, would you help us understand a little bit more about the broader picture here? I mean, we've had 50 million people overcame poverty in the last decade in Latin America. And yet poverty rates are still, I believe it's 28%, I'm sure, you know, better than I do. But help us understand what needs to happen next. And I really liked, Dan Helica, that you picked up the public-private aspect of this dialogue here. Such a big problem. Where might the solutions be if we talk about cooperation? Well, first, I think one has to see the context, which is historically Latin America has been the region, one of the regions that were with the highest level of inequality. The second point, though, is that broadly over the last 15 years, Latin America has been one of the better-performing regions. So it had a very high level of inequality come down, really remarkable because it was at the same time that in the United States, inequality was really increasing. Some people said it was inevitable that it had to do with globalization, technology. The successes of Latin America point out it's a matter of policy choice. And Latin America did change a number of its policies. And those policies, I think, played a very big role in the successes, not in every country, but in some of the most important countries. The third point I'd make is that, unfortunately, some of that success is slowed down. What's happened in the last few years, the progress has been much more timid, and that obviously is a source of concern. Now, you asked a question about the private sector, and one of the most important things the private sector can do is create jobs, you know, grow. Because when the most important weakness, the most important source of inequality is when there are no jobs, it drives down wages, increases inequality. So in a sense, when the private sector is doing its main job, which is growing the economy, and doing it in a way that creates jobs, it really is addressing the problem of inequality. But there's some other additional things. I mean, one of them is, as I said before, I think public policy is at the core of the ability to address inequality, reduce inequality. And it's important for the private sector to get on board that agenda. Now, it's so interesting at Davos this year, when they asked the business leaders, what was the most important risk for the global economy? At the very top of the agenda was a worry about inequality. And I have to say that's disproportionately reflecting the view of European business leaders, not American business leaders. And I think it's important for people in Latin America, business leaders in Latin America, and Europe to try to persuade their American colleagues that inequality is a global problem and has to be addressed. Thank you. So there are the foundations. Let's build on that. Can I just make one more comment? Because you said foundations. One of the important ideas here is that actually a more equal society can grow more rapidly. That's why it really does belong here as part of the foundation. Isn't that something like the head of the IMF, Christine Lagarde, has constantly emphasized, which is that economies with greater equality tend to have greater equality of opportunity and better economic performance, higher growth and more stability. So it really does belong here, not just as a social and a political issue, but also as an economic issue. Yeah, a critical one. And then perhaps Eduardo, I could turn to you because you've written a great op-ed recently on, OK, for the private sector to really get engaged in this debate, we need infrastructure. And you pointed in particular to the fact that we need to increase investment in infrastructure to, I believe, 5% of GDP. You asked? Tell us a little bit. I mean, feel free to talk more broadly about what you would like to see coming out of this meeting. But I'd love to hear a little bit more from you on that specific point about infrastructure as part of that framework. Well, certainly we're talking at this forum about the foundations for the future of Latin America. And I have chosen infrastructure because I find it also as part of the foundation for the future of improved movement of goods and services, trade and commerce, intra-regionally. And we have a very big gap in what is the size of infrastructure investment in other regions versus what we invest in our region. And the gap is practically to double the size from 2.5% to 3%. We should by now be investing at least 5% more in infrastructure. And infrastructure would help the region to act more integrated. But also it's a fantastic engine for job generation, which is much needed for everything we're talking about, social inclusion, improvement of income inequality. Infrastructure is an area where public and private can invest together and can find great ways of communicating better, setting the rules of the game. Latin America and some jurisdictions has relatively modern public-private partnership laws. And we haven't made much progress in that direction. I think the progress relates not to the absence of the rule of law or the rules of the game, but to the lack of dialogue and the lack of planning together public and private, understanding each one's needs and each one's limitations. So in the end, I think infrastructure is also part of the foundation of what we expect from the transformation of a region. Thank you. Inacio, take us beyond Latin America. Give us the global perspective. I mean, when we talk about the framework, we're thinking not just about infrastructure, but also about trade and investment. And in doing my homework, I saw in Latin America, I think Chile is the only country from Latin America in the top 10 of our enabling trade report. So perhaps what are your hopes for this meeting? What do you see as ways in which greater investment can be driven into Latin America? Well, I think, perhaps I will, they are already an important event, which is at the end of the year in Paris, which is COP 21, which probably is going to be one of the latest opportunities of the world to change the trend in carbon emissions. So I think in the point you mentioned about infrastructures, I think they are one important infrastructure, which is electricity energy. So the energy demand in Latin America is going to multiply by four times in the next 25 years. So it will require a huge amount of investment. It will require almost $1.5 to $2 trillion investment in this period. And I think that is unique opportunity, not only to make these infrastructures, but to make these infrastructures in a manner we will be environmentally and economic viable and to learn from those things we have not been doing properly in other countries in the last few years. So I think Latin America has already huge natural resources which can be exploited. They are already huge resources which can already use and apply existing technologies for making the things in different manner. But I think it will require two things. One is the legal stability and predictability, which I think globally in most Latin American countries, that is the, for example, the case of Mexico, has already land is applying since long time. But I think for infrastructures in general, require investment which payback stands for 15, 20, 40 years. So I think when you have to write such a huge amount of money to be injected into the system, this legal framework, this stability, predictability, long-term planning is absolutely crucial. And I think that is in the case of Mexico. We are in Mexico. That is one of the things which the reform of President Peña Nieto is trying to make. Just to create the framework to create the necessary rules for making it happen. And as you are, then all the means which are putting the creation of these independent regulators to have already level pre-filled access to the grid, the level pre-in access to the gas, et cetera, et cetera, that is going to attract huge amount of money to this country, which is going to create that one. But I think, and I think is my point with that one, is the fact that the work cannot continue emitting as much as we've been emitting. So the Western world is already trying to do something, but the emerging economies have to do their role as well. So because if not probably, certain emerging economies which are doing things in moving in their direction, in another one we are not doing, they will lose the train of the global in the future. Thank you. I asked if you would take us global. And this is a key global challenge. So hopefully by the end of this meeting, we can talk about some of the pathways to Paris on that particular issue and incredibly important energy reforms. So we've looked at the foundations. We've looked at infrastructure. We've looked at the energy. Now, perhaps we put a spark in this as well around innovation, because as we've talked about, the future will be between countries that actually are truly innovative. And here in Latin America, I think the average R&D spend is about 2.5%, I think, which is how do we, could I ask you, Carlos, how do we take this beyond? How do we inject innovation, productivity here in Latin America? What would your advice be? What would you hope to see from the meeting? Thank you, Lene. I would like first to take this opportunity to thank the World Economic Forum, Professor Chauvin, Marisol for inviting me to co-chair this event in Mexico. I think it's very relevant that we have this opportunity in Mexico to have this summit of leaders discussing common agendas between the private and the public sector, particularly agendas to foster development, employment, and inclusion. As you mentioned, we are living in a new era. This era is very much supported on the ICT sector, no innovation and communication technologies as the nervous system to make it happen. And I believe it's an era of inclusion, of access. It's an era that is giving us access to everything, to entertainment, to economy, to information. But particularly, it's an era that should give us true technology, access to education, access to health, and access to employment, and of course, to development. For this, the sector continues to have a strong development. This is a sector that requires strong investments that are being put on place on it for its development. But it requires every time more companies and people getting into this infrastructure to generate innovation, to generate new content, to generate new services. And I think that as we have here with the past comments, that we're talking about three very important sectors, the telecommunications or communication sector that is a very strong tool to foster the access in this era to all the issues that I mentioned before, or as well to innovation. The energy sector that will boost a very strong investment opportunity for our countries as well as economic development for them. And infrastructure growth that we require in our countries that will generate as well very strong economic activity and employment opportunity. So I think it's a very good stage to be discussing these agendas. And that it's, as I mentioned, a common agenda being discussed between sectors, between governments and private sector, and particularly between countries to do more collaboration together. Thank you. And I loved how you brought it back to the start of the conversation, the link between innovation and then back to how we make that a driver of education, health, and social progress. I hope you notice all of this is so interlinked. And as we've gone through the discussion, the connections between public and private sector and having a joint conversation are so important. Now, I apologize, we've gone a little over time in terms of the discussion. We're going to leave a little bit of time for questions from the floor, and then we'll break for the opening plenary, which starts in five minutes. I would ask that just in the interests of time, do please keep your question very brief and to the point and focused on the issues that we are working with here in the next couple of days. So can I see a show of hands from anybody who would like to pose a question to our co-chairs? We have a lady in the front. Just quickly if they're having it. So please, for you. And we have a microphone coming to you. Hi, good morning, everybody. Perla Bonrostro from ICTSD in Geneva. I'm sorry I was a bit late, but I would like to hear you, everybody, about the gender equation in Latin America. What is the perspective of your institutions, your companies? What are you doing in terms of gender in the sense that we would like to have more women taking decisions in the 21st century? Thank you. Thank you. Other questions? We have one question at the back, and in the interests of gender equality, I will, please, there's a mic coming to you. Just be brief, though, and then we'll bring the questions to the group. Just keep your question quite brief, if you would. Me gustaría saber cuáles son los principales problemas que ustedes ven en la región de Latinoamérica y especialmente en México. El web tenía un documento en el que hablaba de la desigualdad, la inseguridad, y las bajas tasas de crecimiento. Si están de acuerdo con esos tres problemas que está mencionando el web. OK, perfect. We have two questions here. I'm just to the floor. Is there somebody who would like to take on a question to start with? I would say we'll pick. Yeah, of course, very important. You know, when I was talking about public policy, there needs to be implemented by the different governments for women participation to be more active. You know, that's something that needs to happen through different reforms or different chains of laws or implementing laws. But the private sector doesn't need any of those laws to implement a different policy within the corporations to have more women coming onto the different corporations. The thing is, how do we move from having the very base where a lot of women participate, creating that pipeline so women can be part, especially, of the PNLs of the different corporations. Companies can do that just by being convinced, especially if the head needs to be convinced, that that is something that will be to benefit of the end results of the same. So I think it just needs to be something we truly believe in and see the results on other corporations that have done that. Can I just make two points? One, something very interesting yesterday. There was a big meeting in Washington sponsored by the Institute for New Economic Thinking, which is a think think that was created in the aftermath of the global financial crisis to think of new ways of economic thinking. And they had a very interesting conference where they brought together all the financial women leaders. And so you had Janet Yellen, who is the head of the chairman of the Federal Reserve, Christine Lagarde, who is the head of the IMF. And what they showed in this day meeting that actually there are really now very, very top women. They've broken the glass ceiling. But it hasn't been as universal as it should be. Many people think we would not have had a financial crisis if we had women making the key financial decisions, that there would have been a lot more prudent behavior. The second point I want to make has to do with public policy, that even in countries like the United States, even in Latin America, they've narrowed the gender gap in education. They haven't narrowed the gender gap as much as they should on pay. We mentioned that before you came. And the second point is that there needs to be a public policy framework on family leave, on child care, that really enables full participation. And that's a really big issue, even in the United States. We'll hope it will be a big issue in the 2016 campaign. Eduardo Iniasio Carlos, if you'd like to comment on sort of what your organizations are doing, all the importance, please. In 30 seconds, what are private entities or institutions like ours, very global, very widely spread on gender diversity, we have targets. We have targets because in professional service firms, what we see is women are more than 50% to the beginning of their career. Then they go down, and it's very hard to have a sustainable career because of the demands of professional service firms to get into leadership. So we have targets to promote women into leadership. But it isn't that easy. Just the targets don't make it. You need to create the favorable conditions to coach women in role models is essential. And we have one of the best role models. Our former chairman was Christine Lagarde. So our chairman for Latin America, her name is Claudia Prado. She is from Brazil. So we do a lot. But we are far from the objectives. On the problems, I would say the major problem that I see in our region is social and economic inclusion. And for that, we need to make something that is really sustainable, not just charitable. Very generosity is not enough. Iniasio. So I think I'm very proud to say that we are on the largest listed Spanish companies, the company, and the first in the utilities worldwide. We have more women inside our board. So not only more women, but as well, all the heads, all the chairman of all the committees that committees of the board are chair of women. And the women, and the person which is already the special responsible board member is a women as well. And the person which is already evaluating the board and fixing my salary, so it's a women as well. So I'm very pleased. The company as well, we have already made a policy. We have given the example at the board level, but we have already made a policy for doing the same thing at all the management levels as well as women. For that, we have already created a special policy for having a special treatment for those which are mothers. In such a way, they can combine their family life with their professional life without affecting their promotion and their life. So that is one of the reasons why in most of the countries what we are, we are the preference we just received yesterday in our work in Brazil for all Latin America, the preferred company to work. And I think most of it is just because all the things we are doing for women. So I think I'm especially proud and that is the thing. I think with my self-concent, all my staff with the exception of one, all our women. So all my, let's say, my bodyguard are already composed by women which I'm very satisfied with all of them. Last comment to you Carlos, please. No, just following with the comments that they say, I think that every time more and more is more an issue of skills more than gender, that that is very important. And we are as well internally fostering the development of women within the organizations, but also in other levels to support single mothers. I know we have a big base of single mothers in the retail space, for example. We are promoting together as well with health institutes, lactancy, places within the offices and the workspaces and many other different activities that can allow women to be able to have the time to work and combine their family members at the same time. So I think it's, and we are very similar in those cases, taking account the professional part and the personal part as well to help the development and of course the selection in the top areas. Thank you so much, Petra. I hope you've got some good, I think you've got great answers there. So I would like to thank our coaches so much for their leadership, their guidance, setting us off to an amazing start at the renovation agenda with perhaps women at the heart of it and also a strong collaboration between public, private and civil society. We're looking forward to a fantastic discussion here. Thank you for joining us and I'm afraid we have to race to the opening plenary so we will see you soon.