 Hi, good evening and welcome to each one of you to this special program called Agenda. Today we're broadcasting from Panama, from the city of Panama, an extraordinary program from an extraordinary country which is the bridge between different oceans and it's a very good example of how Latin America is growing and growing a lot. From this point forward we're going to see what the inconveniences are, the difficulties that the entire continent can have facing the future when the situation is as complex as it is in the world. Panama is an extraordinary example, it's a city that when you land you feel like you're in Manhattan but then you realize that it's actually even better than Manhattan because you can go to the beach and you cannot go to the beach in New York. Today we want to talk about the Latin American resistance with all of this economic issues that are going on and there are different ones and there are many. The first guest that we have is Katia Abreu. She was the president of the agriculture and a stock confederation of Brazil. She was named one of the most powerful women of Brazil and she knows inch by inch the entire territory in Brazil and right now she's a senator. To my left I have, well if Latin America is growing a lot, Panama is growing even more. Seven percent is the growth of this year if I'm not mistaken but if I am wrong please correct me Mr. Minister of Finance and Economy. His name is Frank Dalima, thank you very much for being here and we also have the president of Coca-Cola in Latin America. Thank you so much for being here, Brian Smith, accompanying us in this special agenda edition. There are not all politicians in this debate. We also have here with us Ricardo Hausmann who is the director of the Center for International Development of the Harvard Kennedy School and he was also a politician. So he knows very well when politicians are saying the truth or not and so he's going to be paying attention to everything they say. And finally we have a minister of a very important country. Mexico, Mexico is a bridge among continents that is North America and South America and this is Mr. Idelfondo Guajardo Villarreal, Secretary of Economy of Mexico and it looks like you're doing a very good job in the news at least that is said. We are streaming and we have hashtag, the hashtag is let them growth and you can use this to write questions and comment and we are going to be broadcasting them to our different guests throughout this very agenda, a very special agenda program. Katia, the only lady here in the group, we're going to ask, we want to give her a special welcome and now we want to ask Frank de Lima to please begin in the interventions. Minister, Panama is growing a lot and Panama is an extraordinary country but trying to project ourselves more. We spoke earlier about growth that were double digit growth and now we're talking about 3% being the mean in Latin American countries. Is this mean the party's over? Well, I think that the fact that the global economy after the crisis in 2008 and we haven't recovered to the pre-crisis level, in the case of Latin America many of the economies are based in the export of commodities and very linked to the performance of China and other Asian economies and we also see that China is growing 10%, is not growing 10% and this year there is a reduction in growth and this is having an impact in Latin America. In Latin America the mean growth is about 3, 2% however with the news from Asia there is a review of what this growth could be in the region. Panama is not growing 10% or 11% which was what we grew in 2011 and 2012. Last year it was 8.4% and this year the estimate is 7%. Minister, you mentioned a very important work which is diversification for Latin American economies to export other things other than commodities. Why haven't we done this yet? Why are we tardy? Why are we late to have a diversified economy? Well without a doubt. It's due to the nature of the connectivity within a region in the specific case of Mexico. Mexico is inserted in the global level with a free trade agreement of North America for example when we pay attention to this phenomenon Mexico had a market concentration in exportation which was more than 90% with North America. From that point forward we have signed 10 treaties with 45 countries which have given us access to a more diverse demand but without a doubt it is still concentrated between Europe and North America. The developed world has a greater impact in terms of the external engine of the Mexican economy. So after the crisis of 2008 we have an impact to the external economy of Mexico in an important way. Now President Pena from when he began his mandate he goes towards a diversification strategy. The alliance, the Pacific Alliance gave us a diversity strategy and this was signed in Cartagena, Colombia on February 10th. The message that is sent with Colombia, Peru and Mexico as part of the alliance of the Pacific Alliance the message is that Latin America is trying to move to a scheme of greater integration. We are negotiating the TPP and one of the bad news is that out of the 45 countries that we have free trade with there is only one of Asia which is Japan and that is why Mexico is part of the TPP negotiations and I just like to add that free trade is not the only solution. An internal policy is key to improve the production performance per countries. One of the lines of the speech is precisely that the internal market into improved productivity seeks to have a better performance within each country. Thank you for the opportunity exactly. What we are seeing with Brazil is an isolation with respect to these agreements. We represent very little when you think about Mercosul. For example Mercosul had good intention of these countries but really has become an impediment for Brazil to open its doors. Right now for example we are working strongly with CNA which is the confederation of agriculture and industry both together really getting an agreement with the European Union specifically because resistance from Argentina. But we believe also that in the case of productivity even though Brazil has advanced in many sectors especially in agriculture because we invested in innovation and technology we were able to advance in challenges of infrastructure, ports, transport, storage. But because of our competitive and looking at inside our rural areas we have been able to build in the last 40 years one of the largest agricultural sectors of the world. But looking on the outside we are looking for a revolutionary program of concessions and privatizations, public-private partnerships because of our small amounts for investment. What I believe is that free market with the internal conditions of the country trying to improve our country's productivity we have increased our port laws, our railways need to get there, they are not there yet. But I would like to close this first section saying that the most important thing is the strengthening of our institutions, democracy, create a system where investors can feel comfortable. It's really the private sector that brings wealth, not the public sector. To have a good environment Coca-Cola is a dual position in Latin America or better yet from the point of view of a business person what could they say to the Latin American government to say this is what you need to work in. Well from the perspective of Coca-Cola we are doing very well in many Latin American countries because we have partners, they are local partners. Coca-Cola sells the concentrate to bottling companies who then mix it with water and sugar to have the final products and so when you have local partners that are strong within their own countries you in our case have a big strength to be able to work in the countries. But these local partners, do you work well with them or is there a difference, is there a gap in terms of innovation and productivity and the processes itself, yes they do exist that's what I was getting to. What limits us perhaps is what the senator was mentioning there is a lack of infrastructure and there is a lot of bureaucracy as well. The fiscal system is very complicated and in the end for a business person, for many business people for example in the case of Coca-Cola this leads to make our work much harder and so you use a lot of the resources trying to fight these obstacles instead of using these resources to be more innovative or to change and I think we could have a better balance in pro of the country and also for the benefit of our consumers and to generate more work or labor in the country. Well in the beginning when you started talking about the concentrates and what you used to make the Coca-Cola I thought you were going to give us the recipe. Ricardo in terms of infrastructure, bureaucracy and fiscal system from the academic perspective what can you tell these two ministers that we have here Panama and Mexico to very different countries with very different economies what can you tell them what advice well I think that Latin America is very diverse and all the countries are facing different difficulties Mexico is an extremely diversified country they have carried out their tasks of going into different industries in aerospace and machinery and in different sectors Mexico's problem is that within the country there's a state like Nueva León that has a product per inhabitant that is superior than that of Korea and then you have the state of Guerrero that has one that is lower than Honduras and so the problem of Mexico is an issue of integration there's different speeds you need to integrate the country in the case of Brazil there has been a phenomenal luck with the price of commodities and also they have that they have a key difference for example between Dilma and Lula the difference is the quality of the successor because the reforms in Brazil were stopped with Fernando Enriquez and all of this boom of commodities has led to this feeling of insatisfaction with the status quo that didn't allow for progress and Brazil is not growing they have not developed the fiscal space for the investment they have a public investment that is the lowest in the world but that's not even the worst of the region because the worst of the region obviously is my own country Venezuela with the oil barrel at $100 despite that the country is going through a catastrophe this year we're going to have 100% of inflation a problem of provision that is very severe and we also have Argentina which has very favorable external conditions but they have a economic crisis internally and so we have generated the capacity of suicide of just throwing ourselves off the balcony well those of us were here fortunately we're alive and Frank Dalima is laughing he says no we're not committing suicide now you do mention something that it's true the great diversity of this continent which makes it really difficult to have common points but there are numbers that call our attention which we can work upon for example in the issue of education it's a common point that the investment in education is a basic element so that in the end these economies are resistant and it's an investment that is done from 15 to 20 years and I don't know if the politicals of the politicians that are here are conscious or aware of the importance iPhone so the ministers of economy should they also have an adherence in education well without a doubt we don't have to be ministers of economy and education but we do need to be aware of the main common of the main bottlenecks they're going to require human capital the most frequent topic that I manage in my dialogues on new investments with national and foreign investors is the availability of engineers and technical experts that are well-trained so in this that's why President Peña with this reform included a reform of education in the key topics of math physics and other sciences was very limited and we had to have a re-engineering I know that these are very quick messages but I would like to highlight something everything that was mentioned by Ricardo I am completely in agreement with them free trade by itself and economic stability does not guarantee success in Latin America we have to go to the route of the reform that is required by our systems in order to align everything so that the productivity of the SMEs and the big enterprises are benefited imagine Coca-Cola that has all of the elements and they still have complaints imagine the small and medium enterprises that don't have those benefits and it's much harder for them and education is definitely key it's true in Mexico for example we're not only talking about students 75% of professors have problems to pass the test that gives them access as professors well basically in the Mexican case you have a labor union that has full acceptance of the reform and a small labor union that represents 10% of the membership that unfortunately is in the states that are lagging behind which were the ones that Ricardo mentioned and that is basically one of the problems of the resistance to the educational reform but the education ministry or education secretary is firm and establishing evaluation schemes the other day I was in Mexico and Mexico and in New York has the same problems with their labor unions made up of professors is it difficult for you to find qualified personnel in Latin America for Coca-Cola yes it is difficult in not only engineers but also I think that we are missing a part that's even more train basic training for people that work in factories for example in the end if we don't have good elementary and secondary schooling it's very difficult to train people for them to be trained or to have the skills for a specific type of job so it's not just from the beginning it's an entire chain for example we're promoting a program that supports women worldwide training them and offering them job opportunities for their own enterprises and what we are seeing is that many of these women are lacking basic training for them to be able to manage small businesses so we're working with that now I think this is work that needs to be done both by the government as well as by the private sector and I think we should do this in conjunction so that we can train people in different levels Frank and Panama is trying to implement an education reform right and it's done with the perspective for it to be sustainable throughout time or will the government that steps in change it and it's going to be a failed process well the frustrating aspect despite the boom of economic growth that Panama is experiencing is that we don't have enough trained people to take advantage of that boom in the different sectors finance in our financial centers logistical aspects in the port or with the canal and even commerce for example hotels we have a lack of qualified personnel people that can speak English and other languages and although Latin America is a very heterogeneous region the problems are homogeneous the lack of infrastructure and education are two key ones that I can mentioned and as it has already been emphasized we've begun a process of an educational reform in Panama I think that one of the best things that Martinetti did was to name a journalist as minister of education instead of someone that came directly from the sector why well because she has made it possible for the public opinion to have changed from supporting the labor unions made up by teachers and professors that have stopped every effort of having an educational report reform in Panama this has happened here in another countries as well but because she has great skills in communication she has helped the public opinion understand the importance of having an educational reform and how to make these reforms be kept beyond a government you have to educate parents of course they are the most interested parties of their children having good education you have also have to involve the private sector because who is going to guarantee or demand the future government to keep themselves in the line of the reform is the private sector in connection with the parents the reality I agree with the minister that the most important thing in this battle is communication of course it is I agree with the minister the most important thing is that dealing with this have to do to make this reforms and changes it's the same problem have a Mexico as in Brazil the entrepreneurship the strength of the unions in the resistance to meritocracy methods goals so education in Brazil for example have a fair potential in relation to the GDP 7% I believe that management of these resources not being made adequately especially with the basic education starting there with the base of everything as the name calls it so we're removing great agriculture great success very low unemployment however we also have a lack of workforce especially with regards to specializations everybody is working but no specialization in the workforce there were a long time we intend we have created international Congress we created under pressure of the gas and oil fund we're going to invest a high percentage in education but I think it's not only money as the administration and the focus is not proper there are models in the world to be followed in many different regions but that's not what we see there are many sentences a lot of this course education is always important but when it comes to practice we do not see an evolution with regards to families I agree families need to be involved that's very important if we do a research with the mothers and fathers in Brazil people and a B and E classes they're gonna see that if their teachers in class yes education is going well but they don't have the habit of questioning of the education their children are receiving Ricardo she talks about all these differences but not many changes are carried out do you have the same impression that this is still an issue to tackle for the future also I think that Latin America has improved in terms of education a lot more than their financial or economic performance Latin America today at average has more education than what the rich countries had in 1960 Latin America has more or less double or triple the human capital with university studies than what did the developed countries have or the rich countries had in 1960 and Latin America has a per capita income that is less than half of what a rich country had in 1960s despite that we're working with technologies that are 50 years more advanced so I think that it's not just an issue of schooling what companies are asking for our skills and these accumulate in you earn them in companies not in schools what companies and enterprises want are people that have work experience for five or ten years in their field and that is not something that is produced through schooling that is produced through the business sector and that is why I consider that the emphasis should be in the process of training in Thailand they have lower schooling levels but Thailand is exporting cars electronics etc because the companies have trained their workers so we should have a much greater emphasis within our training processes and understanding that the enterprises are partners of the government in terms of generating the skills that the market demands you well let me remind the audience that we have a hashtag in internet it's Latin growth and you can send your comments through Twitter and also questions we're also broadcasting the main comments from our special guests you talk about the parallelism with Asia and there's another element that I ask myself in terms of equality to be able to understand why can Asia grow and reduce these differences in equality and those levels in Latin America are not reduced and I'm aiming to you minister because precisely this is a country where the economic growth is very high but the inequality is growing in fact the human development index shows that the country has gone down 15 positions despite the growth well I think that we have to differentiate for example the genie coefficient which is used to measure inequality yeah but Panama's not doing very well there either there are countries that are poor for example Nicaragua they have a better genie coefficient in the end I think that it is a matter of generating richness but giving also the citizens the opportunity for them to have access to that richness I was talking excuse me minister the genie coefficient is a way to measure the difference between the poor and the rich right yes that is correct it's a matter of generating richness but also the conditions so that most of the population can take advantage or enjoy this richness it's not a matter of taking from one to give to the other it's more a matter of greater richness for the pie to be bigger and to be divided in a more equal manner in that regard in Latin America we have the perception that everyone has to have a university degree as professor Hausmann mentioned I think that we have failed in terms of the technical training aspect for example in the United States who makes up the middle class in the United States these are the blue-collar workers those that work in factories the carpenters and others and if we extrapolate this to Latin America that person is in the middle to low-income sector and so we have to pay attention to these weaknesses and we also have constant dialogue between the private sector and the academia the educational sector to see what the current trends are and also the trends towards the future so the students are given the skills that they need for the future in Panama which are those which are those tendencies for the future in Panama in Panama we want to be positioned as the logistical hub of the Americas we have the canal we have ports but we have a very basic logistical services which is just the moving of containers and we're not adding value to the merchandise that is transferred through Panama it's 14,000 ships that go through the Panama Canal and we simply just take one container from one ship and move it to another and we're not doing anything to transform or to have a tail streaming of that merchandise and for Panama to become a place to have mild ensemble and storage and in the case of Mexico I would like to make a comment that is aligned with the comments that that has been made the center of the topic it has to see see with the productivity and the productivity of the economy is damaged by a informal sector that is not connected to the technological development and to finances and to a series of elements how you can take advantage of the modern issues and within the six reforms that Mexico is talking about energetic education fiscal promotes the competitiveness of the economy the the consumers are spending me 30% of their income in them concentrated markets they are paying 40% of what they are paying according to other international markets if you have an economy with the services and that it's concentrated and where they there's a distortion of quality and price that impacts the power of acquiring that you have to have markets that work competitiveness is an opportunities and the other topic is important all the strategies are important to look at the potential and the opportunities are very big and in Latin America the final result is to an axis minor is minus of the alternatives and that informality is it to stay because in Mexico that is the truth and it called the attention as how it lowers the productivity of the country that regardless of the circumstances you have to understand what do you have to do in politics for example the government has built a structure that the associations of the attention to the public to establish the mechanisms there is an administration cost of the bureaucracy that believe some kind of incentives that they are not very good no associated well like a popular insurance and all the programs that give an incentive to the public and that we and some of us with the stores and we make the informality to grow we have to go to universal services and do not create a distortion in the economy without making a sacrifice of the finances it is the first time in the reform in Mexico that is included again chapter to give incentive informalities to say join us we are going to help you you pay a zero taxes and then you have credit and all the additional incentive the question do you want to say something a question that it comes from the hashtag from the Chamber of Commerce this is how is making an influence that there is keep of human resources they don't stay here but they leave the countries what are they doing I I believe that that happens but what I have seen lately is that also people are coming back at the at the same time that economies are improving for example the people that come from Latin America from other places in the world they go to New York and they want to be in banking they also see that maybe it's not what they thought it was going to be and now they are opportunities because we are talking about the bad part because also it's really good things to those industries and those needs are in the countries and that's what we're really talking about the lack of people there many people that coming back to their own countries that they used to be outside because they are opportunities to work in what they would like to work and to be within the context where they would like to live I think that Latin America one of the things that is more suicide in themselves as we say is precisely in to attract the global talent I work at the Harvard University and I am surrounded by teachers professors born in the ones born in the United States are is a minority the Harvard would not be Harvard if it was full of people born in the United States the majority of the University of Latin America they are full of people born in their own countries I think that that's not necessary and it's a big mistake because the talent generate sons children when we bring a talent talent in person that is going to attract others in Latin America has the possibility to take advantage and the crisis of Spain and Portugal this crisis has for example in the decades of the 30s and 40s the United States got all those talents from the Europe and then they they won the the Nobel Prize Latin America has at this moment the opportunity to attract to absorb talent but our immigration laws our labor laws are preclude to take advantage of those opportunities as I mentioned it we have a lack of qualified labor and in order to fulfill that demand in the market it is precisely to make the immigration flexible so professionals from certain careers and in a list of about 40 countries like Spain Argentina can come to Panama in 30 days they would have their work in permit what we have done also in order to find the informality is to legalize them foreign people in Panama so in a in a low cost so those people can always have the right to have a working permit they can have the medical insurance and continue working legally we are welcome to come we are used to reinforce the comment of Ricardo and from the minister president President Peña had a meeting with four important presidents of technology IBM and all the important ones and the recommendation number one four to decide policies it was to make flexible the policies and that it was also very they criticize Washington and to to bring talents from so when we ask what do we do in Mexico in order to attract these people the number one was to have flexibility in immigration we are also talking about 100 million of younger people that so it has a great potential I would like to also compliment thinking about China for example there are certain areas of X export that have this function some special spaces that brought industries from other places and specials a specialist to bring the know-how to this country and they're going to take advantage of this opportunity in Brazil we have a very interesting project that was created by the federal government which is science without borders we are sending our youngsters and also professionals not just young adults doing specializations all over the world we have had a very good acceptance in certain countries we're having one difficulty language few Brazilians speak English and German but the program is incorporating language learning and what we're doing is a partnership with the private sector and government in a program called Promethek and we have already educated three and a half million youngsters from high school before they go into college in agriculture in certain industries industry commerce and transportation and it has had a very extraordinary effect government provides the resources but it's the public the private sector that actually provides the training is Latin America ready to for the Chinese people with less Chinese or with less dollars brought by the Chinese people I think that in Mexico we have got to this point without the Chinese people we are reengineering this and a year it's a year ago the president visited visited China and we have established a relationship between Mexico the relationship was characterized by the conflict and when we we bought 57 million we only sell them 7 million we have to balance that and 92 percent are commodities that is to export part of those commodities we we are in a new phase how to make negotiations together and basically I believe that we have to take advantage of China according to what they have I think that Latin America are separated between Central America and Mexico and South America by the other side in Mexico and Central America are closer to the export and compete South America is more important products and believe when China imports and South America is more vulnerable to decelerate and China is losing competitiveness and South America there are two major classes the countries that if it is true they are concentrated in commodity they have a macroeconomic capacity with as a case of Chile and Colombia and your country started in the middle of a boom and very fragile but it is important that is a something happens in China then it's going to be a problem we are almost finishing right now and it's going to be another round and then we already we're in family right so what is the following reform what do we have to do in Latin America as together and how which one would be for example in two years what should change so the economies in Latin America could be a more resistant basically I would say that in the case of Mexico we discovered that the free trade and then financial stability there they do not really guarantee the prosperity that is the reason of the package of reforms energy financial education fiscal that their fundamentals in order to transform the the economy at the Mexican economy and to reach the goals of productivity and would facilitate the access of this productivity to the small and medium businesses okay very good from the private and the multinationals everything that is that also plus what he said of the informality type and the middle and long term and it's short term in the middle term and in a short term we have to do training to as Francois mentioning education education education and to train the human capital to make to be our region more productive more in no more innovation we have to change our education system we also have to think as part of the the Panamanian I believe that we have to do the macro homework but I believe that the region has to have commitment with the diversification an open diversification no diversification talking about Mercasura that is really a shame and and I can see that your opinion is very clear otherwise we have to do our homework in case of an opening it has to be a commitment for the diversification new ideas new ideas that they are in the world but we don't have it as Mexico did Tratton Bombardier for example as it's been done by Costa Rica with Intel to start the market with them with the idea of the the city of knowledge and then to bring those to our region Katya before that I'm going to read a comment it's very important the point that's how Latin America should be open to the global talent and divers Katya what what is your dream within two years Congratulation I'm sorry well we have to say that the economic agreements they have to be like balloons to bring countries up but America's who has been like an anchor bringing Brazil down to the end of the ocean I wanted the logistics to be completed and the Panama Canal is very important for Brazil too but we're trying to make a logistic reforms the country this is my big big dream that we become ready for this free trade a protectionist country results in isolation and protectionism we want to have the same opportunities as China China had in order to open our country it might bring some negative points but admit and a long-term open bring better results yes I'm sure I will not lose might be open that the question period and first here and then in the center you're going to get a mic that converse espinoza we have seen something critical of political crisis how is this making an influence to the world economy and in Latin America in the case of Venezuela Argentina and Brazil how is this making an influence and if the private sector has to be here present to dialogue in this political crisis Ricardo I think that you're going to be answered and Brian also you're going to be young because that it represents a crisis in the case of Venezuela Venezuela has been a fountain a source of problems for Colombia now is doing that to panel for the debt that it has and there is an international radiation and a policies Latin America has behaving with not being responsible and in the management of the the agreement political agreements in terms of the private sector I believe that we have a responsibility in our case for example in Venezuela we are there for a long term on the political topic and although we can continue operating although the situation is very difficult we are doing we're putting capital from outside because otherwise we will not be able to operate as we are there in a long term we have to say well in the short term is bad but we do not think in the option of getting out we are there to stay there and if they let us work and and selling our product we will be in Venezuela and Brian is president of for a basic reason and they are here question right here thank you for the martini I would like to mention two things in the panel this this alleration of the global economy and they are proposing to in order to attract the investment foreign investment how do we do for these reforms to to attract the foreign investment or they cannot be confused so good be an excuse to reduce the human rights and environmental rights what are those measurements that are measured that they should be taken deceleration requires a lot of changes especially in Latin America we have an optimistic situation the United States is finding its balance actually in expected speed the European units not as well as the US but also finding its balance China is still surprised because of the change in its economic drive going from production to internal consumption we don't know if it's gonna work or not this substitution in the economic drive in China it does affect us it quite every response 22% of the Brazilian market above the European Union which used to be our most important market so I do believe that at the midterm it might have an impact in our region reforms are a big thing a big problem the professor said something in Brazil my country I believe the reforms would have been made in a better moment it's not good to make reforms in the middle of an issue then you use the calm times to do reforms fiscal election education all of these are very difficult for the entrepreneurs in Brazil so we need to be resilient and insist so that these changes do take root we do have to respect the agreements and legal safeties but it's necessary to correct directions both in Brazil and in the world the average aid and for retirement Brazil has changed 20 years to now so they are living longer so this needs to be changed and they respect what my we have to respect the acquired rate the hashtag Latin grow the I am a lot of it is a statement is a one-page product is a particular country brings to be isolated and it could be to Brazil another question or any comments good afternoon Latin America the majority of countries has been agreed with the consists of Washington and before this example that developed countries are putting to us that they didn't follow the rules and now they have problems what is the temptation how to to manage that temptation in making the same mistakes that they did now in Latin America how how did you supposed to behave before that I am bringing this topic because Mexico's increased the deficit and now the economy is growing less so that deficit is growing more and more and it it have a tendency of the train to go back to the same thing sort of so I would like to hear your comments and basically I would say the following I am very have been very vigilant of the situation so I'm going to base that it has been changed is from the left to the right then the country requires some discipline there to manage their public finances and the the central bank they are elements they are very important elements that what you're saying about the budget in 2014 is that when you have a fiscal reform that is towards reforms and you have an economy like 2013 with 1% decrease that you have to develop a new economic or the economical agents are the goal could be to have viable to have anti-cyclicals policies and you can see how the the qualifying factors have been there a very brief comments at some the words in the past we actually refused Alka because of an excessive protectionism by part of the Brazilian industry which is now over with so protectionism what it does is it makes inefficiency de facto and then you start isolating yourself and you stop participating in all the chains of production over the world so I'd like to give an example farm bill approved recently last month we're looking at a law that's very protectionist where productivity is not being prioritized we're going to produce with or without productivity and productors are going to be rewarded the Panama from Panama you mentioned in that Ricardo says that the businesses are looking our abilities is the way of thinking with the young one they're going to look for jobs they find and employers that they are just looking according to the career that you study and what is your experience not according to the skills of capabilities or your profile how can you find what they say the balance between what they say and what exactly happens I believe that the risk of one of the strategies that is the fundamental and to apply in Latin America to facilitate the transition between the study and experience of work because we have many people that they are looking jobs for the first time and the businesses it's hard for them to know what are the skills so the capability of those people I believe that is fundamental to subsidize that transition we can see that when our young people graduate they come from a good university and they spend two one or two years with no salaries I think that there is a crime I don't think that that should happen but that what it means is that the market is not does not want to pay for a person that doesn't have experience I think that the the the business should be compensated to be training those people and to keep and those qualifications should be qualified as they do it in Germany I think that is very important to integrate the private sector to the formation of the younger people to learn from those businesses to to be in those businesses it has a market value and their businesses would like to be more attractive to have that possibility Ricardo has man from the Canadian school of the phone so Minister of economy from the Lima Minister of Panama Finance Minister by Smith that president of Coca-Cola and Casio bro Senator from Brazil thank you to you all I think we have resolved all the problems of Latin America for 30 or 40 years and we have done it in 45 minutes and thank you very much to all of you to follow with the questions for the comments by Twitter and thank you very much the ones that are at home following this program a special program of agenda from the city of Panama now we will be talking to the minister how we can stay in Panama permanent basis it's possible we will be here from Panama right here in a hand that if not we'll be in Berlin until next week