 Good afternoon from Chile and I have the privilege of chairing this last session. I have to confess to you that I'm used to sitting on panels. I'm not used to chairing panels. I'm not quite sure I should take this as a promotion or a demotion, but I will take it as a privilege. Marisol, thank you very much and delighted to be here. This is not only the last panel of our meeting. We've had a wonderful meeting here in Medellín, but it's also the panel where we get to talk and hear from the people who've chaired the meeting and whose efforts has made it all possible along, of course, with the organizers. So let me tell you who's here. You probably know them, but just in case. And then we'll get off a good conversation. Right next to me here is Brian Gallagher, who is the president and CEO of United Way. You probably know it, and if you don't, you should. It's probably the biggest charity in the US and arguably the biggest charity in the world. And we're talking about charity in Latin America. Next to him is Eileen Gordon, who runs Ingredient in the US, which is a big company that produces consumer items, foods, which takes agricultural goods, adds technology and innovation to them, lots of issues to talk about with her. Next to Eileen is Carlos Salazar, who is the CEO of FEMSA. FEMSA is the biggest bottle of Coca-Cola products in the world and one of the biggest consumer product companies anywhere, certainly the biggest in Latin America, but one of the biggest worldwide. And next to him is Francesco Starace from Enel. He is the executive officer and the general manager. And of course, you all know that it's the big power company in Italy, but also a big power company all over Latin America, including my native Chile. And of course, last but not least, el presidente, my friend Luis Alberto Moreno, president of the Inter-American Development Bank. So let me provide a little context before we get going. These are certainly exciting times in the region. They're also very difficult times in the region. We had a period during which commodity prices were sky-high, everything we sold seemed to be very dear. We were also the fashionable investment around the world, so there were lots of capital flows. Money was coming our way. Money flowed to countries with good policies. Money also flowed to countries without such good policies. I'll be diplomatic. I will not tell you which ones are those, but we all know. Well, the good news is that we had a good party. The bad news is that the party is over. Clearly, we are facing very different times ahead. And there are at least three big families of issues that I want to talk about today, but these are big enough so that we can really talk about anything that the panel would like to talk about. But there's to set out three big issues. Big issue number one, financial and economic vulnerabilities, macroeconomics, which is my day job. We know that when terms of trade go down, capital flows leave. We have a long history in the region of financial problems, fiscal problems, debt problems, the like. Big question, how do we avoid this? Family of concerns number two, during the boom, we saw social progress in Latin America along with economic progress in Latin America. Indicators of poverty went down. Indicators of inequality went down a little bit. Certainly not enough, but some. Then the question is going forward in a much tougher economic environment. How do we keep these indicators from going down? How do we prevent backsliding? How do we continue to make social strides, strides against inequality, in this very different and more difficult environment? An issue number three, and I think this is maybe the most pertinent, but certainly not the only one, how do we grow going forward? We all know the words, human capital, innovation, technology, competitiveness, lovely words. Question is, what do we do about them? How do we make them reality? I was in a panel earlier today. Somebody said, we've been talking about innovation for a decade. In country X, nothing much has happened. Well, let's make it happen. And on how to make it happen, we have some very knowledgeable and thoughtful people here. So let me get it off. Brian, I'll just go down the road here. For most Latin Americans who come into contact with the US, I went there many, many years ago as a young college student. One of the striking things about US culture is the role and the size of charities. Giving plays a big role in American society. We would like to think, although we are far behind, I think that in Latin America there's also some room for this sort of thing to develop. Based on your experience, Brian, based on US experience, how do we get philanthropy off the ground in Latin America? How do we get it to make a big contribution to social items, culture, society, et cetera, et cetera? So I would go in a pyramid. First, I just got the report for current near charitable giving in the US. This last fiscal year, it was $373 billion US. So more than a billion dollars a day, as President Moreno likes to point out. United Way were the largest privately supported charity in the US at over $5 billion. And we're twice as large as the next nonprofit. But our market share of total is 1% in change, 1.3%. So it's a very big sector. Three quick things. We've had a tax incentive, a financial incentive, in the United States since 1917 for individuals to give money to charity. It's in our financial interest. Whatever our tax deduction is, wherever our income is, we mirror that as a tax deduction for charitable giving. It is easy to set up a nonprofit organization in the United States. We have more than a million and a half. We create 35,000 new ones every year. A lot of them go out of business. And the other thing that is true, we are a free market culture. And that includes charities. Charities are independent of government, free to work on whatever issues they want to work on. And therefore, it attracts individual support. Thank you, Brian. And I should say, parenthetically, I should have done this at the beginning, but forgot to do so. There was one other name. You may have seen it in the program. Carlos Julio Ardila was supposed to be here. He couldn't. We will miss him. And I just wanted everybody to know that. Eileen, if I go in your company's website, which I did this morning, the word innovation is all over the place. The word innovation has been all over our discussions here. Your company innovates on many fronts, but at least two, in developing new products to fit new consumer preferences and needs, and in applying technology to things like agricultural products. Given your experience, how do we go from talking about innovation in Latin America to actually having more innovation in Latin America? Good question. Well, you know, Ingridion is a $6 billion global company. And we produce our products all over the world. And actually, Latin America, almost half of our employees are in Latin America. So we believe that you have to be very demand driven. And what does that mean? Consumers want healthy food ingredients to be in their food and beverages. And so we believe that if we create innovative solutions for these food products for the consumer, then the demand trends will naturally help those increase. So for Latin America, we look at the trends. As an example, dairy is, in my opinion, one of the lead indicators of consumers wanting to eat healthy. We have ingredients, specialty starches, that make yogurt creamy and very healthy. So we believe that by creating innovative solutions that are very much localized. So we have actually labs in Brazil, in Argentina, in Colombia, in Peru, even in Chile. And it's very important to formulate these solutions that are localized and that will make the food taste good. They'll be healthy. And the consumers will be very happy to engage in consuming those. So the innovation has to be able to be moved around the world, exchanging best practices. So you have a global view, but you have to localize them for the individual consumer. And that's how we see the growing trends developing over the next five to 10 years. Thank you, Eileen. Carlos, Eileen was talking about consumers. You are the head of a huge consumer company. We hear a lot of talk about the new Latin American consumer. We have a population that's more educated, more informed, more online, more demanding. We also hear a fair bit about the new Latin American voter. And citizens are also more informed, more demanding, more online. Two questions for you, Carlos. First, what role do you see the new Latin American consumer playing in the recovery? We need to beef up our economies after a few slow years. And secondly, and linking up to what Eileen was saying, a lot of innovation is consumer driven. So where do we see that link between consumer preferences and new products, new technologies, et cetera? Thank you, Andres. I have to remember that yesterday President Macri said that the consumers in the world, and obviously in Latin America, are millionaires in information, but billionaires in expectations, or in expectatives. And I think this applies to all of us that we try to convince the consumer to consume our products that everybody have a lot of expectations about our products. When we try to reflect that in Latin America, we can conclude that we have enough consumers in Latin America. Always when we refer to our region, we say that we are the region of the potential. And I try to explain always that this potential never, ever is a reality. Always when we refer to our region, we talk about potential, potential, potential. And it's a very, very few examples in which we can explain the reality in which the consumer is growing a lot. We have enough consumers in our region, more than 400 million possible consumers. This is not the problem. The problem is with the comment that you did when you opened these comments. We need the growth, the growth of our economies. We need more employment. We need better wages for our people, better salaries. We need, at the end, to invest more money. And through the investments, try to increase the productivity and the efficiency. It is possible for us to grow in Latin America. Obviously, for the reason we are here and we are in all the countries in the region, because we have enough consumers. But we need to increase the growth of our region if we want to grow our own companies. Thank you, Carlos. Francesco, I need to hear from Francesco. So I come from the country in the region with the most expensive electricity. It's coming down. And we Chileans keep being told that wait is going to get cheaper because we have sun, we have water, we have wind. All of Latin America has lots of sun, lots of water, lots of wind. Where are we in the Green Energy Revolution? Is it coming? Is it here already? What else do we have to do? I think you can see this is no more a revolution. It's actually a fact. What was a joke maybe five or 10 years ago? A small niche. Today is a very global and very competitive industry where technology and innovation play a big, big role. The amount of people studying new ways of improving existing technologies is staggering. And the result of that gets propagated on a volume that is today a global business. So you can argue that if theoretically the cost of generating energy from a renewable energy plant moved by wind or solar plant is basically close to zero because unless we find a way of taxing these resources, they're free of charge. And you can see that the real cost is how do you want to repay the capital that was put in the plant at the very beginning? That's it, basically. It's all a matter of making that cheaper, making that plant more effective, making that plant cost less, making that plant more flexible, and that is what is happening now. We will have cheaper and cheaper energy as much as renewable energy we put in systems. And of course, for some people, this is fantastic news. For others, a little less. You have to work around this. But this is not something you can stop. You will see that happening in Chile. You will see Chile going over capacity and collapsing prices in the next 12 to 24 months. It's easy to predict that. And you will see that coming in many other countries of Latin America that today are one of the largest investors in renewable energy worldwide. Latin America is huge in this field, and we're playing a very large role in that. Thank you very much. If that is true, it'll be one more instance of economists being wrong. Because I've read, I don't know how many projections that say that power prices would remain high forever. I very much hope you're right. Very much hope. Mr. President, multilateral development banks do many things, but among them, they do too. They provide money, and they provide ideas. I want to put the money aside for a minute and talk about ideas. One of the things that worries a lot of people, and certainly worries me, is that the quality of our political and policy debates in the region has gone down. Politics has become more acrimonious. Politics has become more extremist in some countries. Not all democracy is under challenge in some places. And if we had a period during which we were very proud of our big policy innovations, certainly some countries are doing things very well. I don't want to get critical, but we have a big challenge. How do we see the IDB's role going forward in this regard, making our policy debate and our policies better going forward? Well, this is a very good point, Andrés, that you mentioned, because fundamentally, as President Marquis was saying, and as Carlos was mentioning, we have a new Latin American citizen, as you were just describing. And I think our politics has to respond to new realities, not only in Latin America, but throughout the world. Because in essence, you need more of a two-way conversation with society. How do we see our role in that context? We can no longer be contempt just in speaking like he was finance minister. I would sit down with him. We make a plan. We decide what to do. I think we need to become and continue to be the honest broker that can allow a conversation to take place over and above the public policy debate. And some of the things that we've been doing is not only using technology to advance knowledge much more widely, such that we can help inform debates, but equally do TED talk types, which we call our last bid, where we actually work with universities. We work with different groups of society and talk about issues. Because the description that you just gave is typically a description of where people talk, but they don't listen. And I think it is working on the listening part, where you can begin to break the log jams of how a better quality of public policy debate takes place. And if anything, we in a low-growth environment, as we are for all the reasons that we know, clearly are going to need a deeper, richer private public policy kind of conversation that has to move away from antagonism to partnerships in a huge variety of ways. And what Brian was saying, what it's done in the way of philanthropy. It is how to partner around problems that no longer have a public or a private phase, but rather are developmental problems. And that's basically the role that we see ourselves doing. And that changes entirely, understanding that technology will bring knowledge, which is the part that we do, as you were mentioning, to be available to everybody very quickly all the time. And therefore, we, if anything, need to learn how to brand that knowledge to continue to have that honest broker capability. Let me stay with the knowledge business for a minute. And we have maybe eight or nine minutes to do a second round here before we open it up to questions. Eileen said something that left me thinking. You said you have labs all over Latin America. One of the things that we would like to aspire to in the region is that we're not only importers of knowledge, we're producers of knowledge, or adapters of knowledge. This is an open question to anybody, because this applies to all sectors, to companies. In your experience, what works and what doesn't, not only in your ability to do pure research or to set up a lab, but following up on Luis Alberto, how does knowledge get generated? If you look at Silicon Valley, Silicon Valley is a bunch of companies, it's also a bunch of universities, it's also a bunch of NGOs, Brian. And the NGOs and the universities and the companies all talk to each other. If you go to Silicon Valley and you go to visit an executive at a company, he'll probably say, come to me to stand for campus. Let's talk to a professor. I don't know how it is in Medellin. Maybe it's different. In Santiago, Chile, it is very rare that you will find a business executive saying, oh, let's go to a university campus. It's non-existent. Same with the dialogue between research and development and private companies and the NGO sector. In your experience, ladies and gentlemen, everybody, what works, what doesn't, what should we be doing? Eileen. I think it's very important to encourage what I call smart risk taking. I think it's a cultural issue. And we have 24, what we call them, idea labs around the world. And as I mentioned, a number in Latin America. So it's very important to select people who either have the skill set for smart risk taking or who are open to training and can be encouraged to do that. Now, it can start in education. It can be taught. It's a confidence. It's problem solving. It's what I say, having a plan A, B, and C, a backup plan. That's what we call smart risk taking. And so you need to have policies that encourage your employees, as we do it, and greedy on to take that smart risk taking and don't always punish the failures. Actually, the best companies reward those failures and then challenge the person, again, well, what did you learn and what are you going to do with that? And then don't make the same mistake twice. So I think it's that type of culture that needs to be ingrained. And we're doing that in Brazil and Argentina. And I think Median is actually a place that I'm very excited having been here, because I've heard about the entrepreneurial spirit. So I think that if we can instill that smart risk taking and get the right funding and stability, we can take it to the next level. Everybody has his hands up. I think Francesco is first. So take it, Francesco. Now, what I can tell you is that I don't think that there is, you can say that there is a place that is good, that that or another that is not. We are in Russia, we are in Latin America, we are in the US, we are in Europe, we are in Africa. There is no real basic difference about this. The real change is when people talk between themselves, they open their mind, they listen, they share their knowledge, and they're not afraid of their mistakes. In fact, we have a little contest that is called My Best Failure that I also participated, of course, and they were kind not to give me the prize, but to encourage people to really come out and say, what is it that I did wrong? And then there's nothing wrong about that. So I think it is not an issue of Latin America versus the rest of the world. It's an issue of environments where sharing of ideas, challenging of ideas, and admitting mistakes are allowed and encouraged and where they're punished. And it doesn't matter where geographically it is, what culture they are, what race they are, it is no different at all. Let me go back to Brian here and then Carlos. So I would agree with that. And my experience would be that innovation happens on the periphery. It doesn't happen in the center, it happens on the edge. And the fact is back to President Moreno's point is that citizens are having a political debate. They're just not having it with political parties and administrations. They're having it with each other. And the question is, how do you tap into it and listen and have dialogue? I think the turning data and information into knowledge and therefore be an exporter of knowledge is about access for everybody to quality education and to technology. And also, we have 11 affiliates throughout Latin America. What President Santos talked about yesterday, universal preschool early childhood education for every young child in Colombia is innovative. But the way that it happened, we watched it for 10 years. Our affiliate Diviendo por Colombia was involved with Ministry of Education, corporations, doing it neighborhood by neighborhood, place by place. For 10 years, they built this infrastructure until government could say universal now. So we find that many of our American affiliates think that innovation happens in America and we export it. We have 1,800 affiliates in 41 countries. We find innovation actually happens on the outside. And we increasingly are bringing it back to America for execution. So always on the edge, the fourth industrial revolution means the world's horizontal. Let's figure out what they're talking about and bring them into the dialogue and not let the extreme demagogues or violent extremes control the narrative. Let's use the technology to build that dialogue. I like that message. Carlos, just to add a little bit to the question, FEMS is not only a bottling company. It's a huge logistics company. Logistics is very research intensive. Where do we send the truck? At what time, through what route? Where do you do that research? Who does it? Let me make a comment. I would like to remark the comments of Francesco here on my left, that maybe in Latin America, one of the things in which we have to be innovative is in the way that we analyze in a pragmatical way the execution of our ideas. And let me use just one example. FEMS is the sponsor of the biotechnology unit in the technological of Monterey. We produced, in the last three years, more than 20 patents in Mexico. Maybe we are the most successful producer of patents in the country. But ask me how many of these 20 have an application in the real thing? Just two, two out of the more than 20. Why? Because we need that kind of possibility for the people that is working in the innovation area. We need to talk with them, try to apply, try to execute, try to analyze the real needs of the consumer and, at the end of the day, to put in implementation all of these wonderful ideas that our people produce. In my opinion, it's not a matter just to produce more labs or more biotechnology units like the technology unit that we have in the technological Monterey. We have to increase the dialogue between the entrepreneurs and the people that is trying to deliver these wonderful ideas. Wonderful. Thank you very much, everybody, on the panel. I'm looking at my watch. And I think we're going to move on to questions from the floor. I have to warn you, we really can't see you because of the light. So the floor is open. Please raise your hand. Wave madly so we can see you. A shy audience. Everybody wants to go. Shy audience in Latin America. This is news to me. There we go. Over there. Yes, sir. Good afternoon. My name is Luis Arbolu. I'm a young global leader from Peru. But somebody who's spent 12 years working in Silicon Valley, in venture capital and product innovation in places like Google, et cetera. I've been a YGL for a number of years, and I've heard a similar speech back in the Peru forum and previous forums about innovations about to happen in Latin America. And I've seen lots of goodwill from Peru companies like Interbank and other ones that are pushing innovation. But there does not seem to be, and maybe, Mr. Velasco that has experience in the government, a lot of support from the government in having consistent technology innovation policy. We just had an election in Peru. Both candidates very pro-business, but none of them even mentioned science, technology, innovation in their plataformas or their platforms. How is this, is there a role in the government to play here? Silicon Valley functions pretty independently, but people forget that it really started because of defense spending in companies like HP, Fairchild, Semi, and the government had a huge role to play in that space. Thank you. Great to hear from somebody from Peru. I will not get into the business of whether Peru will beat Colombia or otherwise in the next few hours. Let me try a two-line answer to that, and then I'll open up this way. I think innovation happens mostly when you have new products. And Latin America's problem is that in most countries, Mexico is a big exception. We export the same things today as we did 10 years ago, 20 years ago, 30 years ago. So the name of the game is here's one word we haven't used. Diversification. Diversification is a big one. Panelists. Presidente. No, I just like to, you know, what makes Silicon Valley work with our friend of Peru just mentioned is critical. Certainly there's a huge role for government. Certainly the ecosystem matters, and he would tell you, as many others, you go to Silicon Valley, there's hundreds of Latin American entrepreneurs who are at the forefront of many of the innovations that have been done. Uber, one of the founders of Uber is a Mexican. And like that, you have many, many other examples. Why is it that they don't stay in Latin America? Leave me, and I'm sure Francesco will tell you the same, and Eileen will tell you the same. Companies that are global in nature have found very innovative solutions, have patented them, and they've been developing our own markets. So there's something wrong with the ecosystem that is not coming together. There's a number of examples here in Meiji, for instance, there's a, and for those of you who didn't have a chance to see it, I'm here just doing the work for the mayor, but they have what's called Rutaene. And the way they thought about this was the following. They would take 10% of the profits of their major public services company and devote all of that towards innovation and create a nucleus of innovators that they help and support. And innovation clearly, yes, is moving away with this idea that we have in Latin America that we punish failure, but the reality about failure is not the failure but the learning. And I think this is really what, I mean people even in Silicon Valley don't praise failure for failure. They praise learning out of failure. And I think this is really the fundamental part that we need to understand. So it's clearly the ecosystem. There's a huge role for government. And then when you start looking at all the pieces of government, for instance, and I was talking today with the Brazilian minister, the months and sometimes years that it takes to patent innovation in a country like Brazil. So these are the elements that have a huge relation to what government needs to do. And then you have great successes. Take the case of agriculture. Some of the most innovative agricultural ideas have been developed by government institutions like in Brazil, with their major innovation center that they have in agri-precision type of agriculture that has been developed in Argentina that allow these countries with the same land mass to double their production of grains, for instance, in a space of 10 years. So innovation is happening. We have a more sophisticated consumer and it should allow us to move in this space much easier. Thank you, President. Back there. Good afternoon. My name is Juan Carlos Zapata from the Foundation for the Development of Guatemala. I have a question, and of course, President Moreno from the multilateral level. And this applies to all multilaterals in the world. Do you think that we're doing enough to talk about how we can allow more flexibility in labor laws? We see what's happening in France and, of course, countries in Latin America, specifically Guatemala, have those type of problems. We see a lot of informality, but we tend to not look at it. We just go around it. So do you think that we can start looking more around those topics? I think that we all know this is the fundamental problem of productivity, is the large amount of people that are in the informal labor markets. We have a number of ideas that are going to be tested. I think Pedro Pablo Kuchinski, recently elected president of Peru, is thinking very hard about ways of using taxation, for instance, for small and medium businesses to create all the incentives for formalization. And I think that's a very important element. It's a big risk, but I think it's the kinds of things that we need to do to go back to Andres's point at the beginning to get growth. And I think the nature of work is changing fundamentally. We used to see our parents' generation would have maybe two or three jobs in their life at best. We maybe have, in our own generation, five or six jobs. Our children would probably have five or six jobs at the same time. So the nature of work and how it's changing, I think it's also an opportunity for people who are in the informal labor markets, which are essentially entrepreneurs. And how do you empower their capabilities to do better services? And here, I think applied technology becomes a central key. And I think another part that we miss in Latin America that is very successful in the United States is that we gotta celebrate success. We have this envy about success. We gotta celebrate it. And I think this is a central point of what I think we need to break along these lines. Can I just add real quickly that our children will be working in jobs that haven't even been created yet? So if you look at Silicon Valley, it's not like other places around the world where we work, it's not a particular prestigious university that's graduating certain students. There's a cluster of universities that are producing knowledge and innovation. GE General Electrists just moved their headquarters from Connecticut to Boston because of the concentration of universities. And automakers now are turning themselves into rolling computers. So it's chasing education and innovation and the concentration of it, not anointing particular universities. I cannot resist one comment. I think this is a gigantic issue. And because the politics of it is so difficult, I think it's time we try to redefine it. I think that's what the IDB is trying to do. I'll give you one example. A driver who drives for Uber. What is he or she? It's not an employee. There's no labor contract, but not a contractor. There's a great side to it, independence, autonomy. There's a worrisome side. Who's gonna pay for his retirement, right? What kinds of insurance does he or she have? So we're gonna find lots of kinds of work that are different. And in Latin America, we're still having the labor debate of the 19th century. It's time we begin to have the labor debate of the 21st century. We have one last question. Gentlemen, right here in the third row has been very vigorous in raising his hand. He gets the last question. Thank you very much. Sergio Fonseca from Pearson Education. And I acknowledge the challenges you have been making to the panel. So I wish from the angle that you are looking at Latin America, we talk about the talent of Latin America and some of us Latins believe we do have it. However, we have been leveraging it as a low cost labor. And my question is, how do you feel about the idea of leveraging it for a higher value purpose? Or how far are we from being a high value labor or talent region? And I'm happy to address that. You know, I think it's very important to have a labor force that is very attuned to productivity improvements and technology. So as an example, in a global company, we've been able to take solutions, technology or productivity solutions from one region to another. And the best is when you take it from one region to another and then you take that another example. So from Latin America, we've actually exported productivity ideas in preventative maintenance. And we've brought it to the US. And you can imagine the pride that our employees feel that they're not just the receivers of ideas, but they're delivering ideas. So I think it's very important in a global company or system to be able to exchange those ideas. And that's what we talked about, recognition. Recognizing successes at all different levels encourages people to think of five new ideas because it's going to be valued. And so I think in Latin America, there's a great talent base. And I want to move it around within Latin America and to other parts of the world. Francesco, did you want to have a word on this? I can just tell you that there is a limit. There is a little bit of a problem in what you said. And I should be very open with you that the limit is that if you take Latin Americans killed manpower or high professional levels, managers, top managers, there is an incredible fight for talent in Latin America today. So people that are clever are difficult to retain. They're easily moving around, which is great. They're moving around mostly within Latin America. So they're getting from one country to the other. There is many flux of Argentinians. There is a diaspora, let's say, of Argentinians around Latin America because of their high quality but difficult conditions in the country. I think it is difficult to find Latin American skilled people out of Latin America, except maybe the U.S., okay? And I think that is a little bit understandable because it's such a great place and you have so many opportunities and you don't have a language problem. So I don't want to blame that. I just say it's intrinsically a limit going forward because it creates a little bit of isolated space. So I think our company is making a conscious effort to put Latin American people out of Latin America but it takes an effort. Thank you, Francesco. I want to thank the panel. I think we could have gone on for much, much longer but before I ask everybody to step down, we're going to give Mr. President two minutes to wrap it up, summarize it and take it forward in two minutes or less. Okay, very good. The great thing about this panel, Andrés, is that everything different from what was the discussion in much of the sessions which was talking about what's happening today. Are we in this end of the party? Do we have a hangover? How do we deal with it? Much of the discussion of this panel was about the future. And I think this is really where Latin America and panels like this point to is we need to begin as a region to have a capability to put the bar high and to understand that there is a possibility that many of our countries can be countries that have an income per capita in the space of 20 years equal to those of Eastern European countries. And so the question becomes is how do we get there? And it is addressing many of these challenges. Clearly it requires a better capability of governments to invest because investment is central. That requires a better fiscal muscle to achieve that but it equally requires governments to be able to learn how to spend better and to do it in ways where public-private partnerships are at the center. But it requires everybody and here philanthropy is critical how philanthropy can leverage development problems. And the whole question that you were asking about the social and economic gains, how to preserve them, this is going to be very much at the center of the debate and it's gonna change and force a lot of change in governments on how to deal with people's anxieties and how to be able to have this two-way conversation that unlike in the past, it is possible today through technology. And that's really the big challenge I think is the challenge that the World Economic Forum is trying to put forward. This is what things like elements and instruments like the transformation maps we're happy to participate in these are the roads to the future. And I would like to just live with the same way that you started and many of my fellow panelists did is that this is really the kind of discussion we need to learn how to have in Latin America. And that's the only way we can construct our own future cannot depend on anybody else and it can be done. Thank you very much. Well, if you thought it couldn't be done, you just thought it in two minutes or less. Luis Alberto, Francesco, Carlos, Eileen, Brian, we thank all very much. And now of course our very own Marisol. Thank you. Muchas gracias. Thank you very much. To our co-chairs and to President Moreno for that outstanding panel with which we come to an end this World Economic Forum on Latin America's meeting and to the chair of a panel, Andres Velasco. There's no room, absolutely no room for downgrade from our side, Andres. No, I know, I know. While we were in meeting here, there was a very exciting meeting taking place outside in Medellin. And that was the meeting of the global shapers, the Latin American global shapers. This is the World Economic Forum's community of the very young leaders, very thriving, very inspiring community that gathered here in Medellin. And they requested to share a message from them with you, this audience. And I'll read it in Spanish. The young people of the global shapers from 44 cities, 24 countries, gathered in Medellin prior to this meeting. At the end, our message for all of you from us gathered here has two key points. One, they want to work with the most important global leaders and take responsibility to come up with solutions for the region. For this, they established contacts to cooperate and to seek solutions to challenges that are common to all of Latin America from strengthening experiences that already exist in Latin America. And perhaps the most important message that also serves us who have gathered here is that there is hope for Latin America. And Medellin is a test to the fact. I want to thank from the bottom of my heart the government of Colombia for having been an extraordinary partner in all the preparations and in conducting this meeting. And to the mayor Federico Gutierrez and all of the city hall team, also business leaders, staff, the young people of Medellin, civil society, the media who have accompanied us with their hearts in our meeting. So we thank you very much. And we hope that the outcomes of this meeting can bear fruit for Colombia, for Medellin, especially in such a historic occasion as the one that this country is undergoing. I'd like to invite a fellow young global leader, a the Minister of Education of Argentina, Esteban Bullridge, to join us with a very important invitation. Esteban. Discrimination. Bueno, do a little bit of English. I want to start by thanking President Santos, Alcalde Gutierrez for hosting us. I also want to make a point, because I cannot avoid it. I'm sorry, because it was Francesco that said, we are moving Latin Americans around. As a matter of fact, there is one now that is the Bishop of Rome. So our talent is moving around. And we are hoping, bringing some water to our ocelum, that we have a Latin American woman as Secretary of the United Nations. Also gone there. The invitation is to come help us. President Macri yesterday stated the challenges that Argentina is facing, our country is facing. And we want to be very humble in asking for help. The challenges we face cannot be solved only by Argentinians. I think the challenges we face a Latin American cannot only be solved by Latin Americans. And I think the forum gives us a huge opportunity in trying to bring up innovative solutions to our problems. And it should be easier for us Latin Americans, given that we have the common language and that we can understand each other much better in other regions. But it hasn't been the case. Most of the panelists, Mr. Sarasar, Mr. Francesco, talked about these failed opportunities, these failed visions of success. And my country has a long history of failing in succeeding at expectations. But I think we are failing because we are not open and humble enough to ask for help, to listen, to any ideas, and to share the opportunities and the challenges we face and also the solutions that are successful in our own countries. I have a huge challenge as Minister of Education. We had a session today, and we spoke about the mobility of our graduates in universities, for example. That is a challenge. Europe took some time, but they already succeeded in creating this united governing body to certify university degrees. It should be easier for us, but it's not the case. So we have a lot of challenges, and we hope that the challenges that were opposed here today, yesterday, during the whole session of the forum, are an invitation to come next year to Buenos Aires. President Macri was here, the mayor of the city of Buenos Aires, Horacio Royal Herreta, where the forum is going to be held next year. One wanted me to invite you to come with ideas to assure you that we're going to have open ears for your ideas, for your proposed solutions, and also to state new challenges so we can keep on evolving. Thank you very much for having this and really hope that all of you can make it to Buenos Aires on April 5th, 2017. Thank you very much. Thank you. Yeah, we have some surprise for all of you. As a future host, we have to give something from our country to you guys, so we brought some dulce de leche that you're going to be able to take back to your country. Thank you very much. So thank you again. Thank you very much. Dulce de leche is waiting for you outside and a bottle of Malbec in Buenos Aires on the 5th, 6th, and 7th of April of 2017. Thank you very much.