 I would ask you to please take your seats. We are going to at least have most of the session take place in English. This session has to do with delivering the promising future. We have in front of us the co-chairs plus a member of the Board of the World Economic Forum, Risa Alberto Moreno, who are here to tell us what they are concluding. Conclusions, what impressions they take from this session, from their stay in Peru. And I'm supposed to introduce all of each of you, but I suggest you introduce yourself. And with a short statement of who you are. And we'll start with you, Madam, and keep on going down the road. I'm Valerie Amos. I'm responsible for humanitarian affairs for the United Nations. I'm Michel Lies, the CEO of Swiss Re-Insurance Company, based in Switzerland. I am Gerard Mestralet, chairman and CEO of GDF Thres, a French group present in energy and the environment, and present here in Peru. I'm Luis Alberto Moreno. I'm the president of the Inter-American Development Bank, that is the main regional development bank for Latin America and the Caribbean. I'm Carlos Rodriguez-Pastor, chairman of Intercorp, a group that invests primarily in Peru. Thank you very much. We will start a question to you, one of the issues that, of course, we have coming from Latin America, well, coming from any country. But at this time, when a recession began in 2008, and there's so many things that have changed, what in your, as you conclude what you've seen from here, what could we improve in terms of confronting the notion of risk in Latin America? I was very struck over the last couple of days that the conversation around growth included a conversation around the need for social transformation. And I think that in this region, in the work that I do, of course, we focus a lot on the impact of natural disasters on the region and the way that that can actually wipe billions of the GDP of any particular country. But I think that there is something that is even more important than that, which talks to this issue of social transformation. Because as you have growth, you also have a region where you have increasing inequality. And there's been a lot of talk over the last couple of days also about the importance of education. And in my conversation with the global shapers this morning, I was also struck by their view that although this is an economic forum, we needed to integrate some of the issues around how do we talk about people's rights as well as the responsibilities and that shared notion of rights and responsibilities between citizen and state. So for me, a very important takeaway in terms of how do we deal with these issues of risk and resilience is not just about disaster, it's about the nature of the continent and the countries of the continent as a whole. And how you tackle essentially those issues of vulnerability and inequality. And what you're saying, since you mentioned the word education and you mentioned the word right, is that education is a right and a fundamental one, is that where you're going? Well, I think it depends on where you sit and whether you have to pay for it or not. So I think that countries make those kinds of decisions about, is education a right and are we going to pay for it and what can we afford to pay for? I certainly personally think that if we're going to have the kind of social transformation that we're looking for globally, then the right to education is a fundamental and important principle that underpins that. But that in no way is about making a judgment about the decisions that individual countries then take about how they try to enshrine that. But I think that the President's talked a lot yesterday about the importance of education. It's something that I think we all recognize. Mr. Lie, you are here not, I pronounced it right. Yes, again, I insist as an insurer never forget the accent because being called lies would be terrible. Well, let's make sure then, Mr. Lie, and emphasize that we're going to get from you the truth and only the truth. How do you see in, as you go away from here, the nature of cooperation between the private sector and the state? Which happens to be, of course, a current theme in Peru and is always a theme all over the world. I think there is a lot of the discussion between state and the private sector, which is about also making a kind of inventory of the needs. I think that the state is there also to have a good understanding about the needs and the cooperation that the private sector can bring to the table. And the mistake that probably we should not do is trying to simply bring solutions without knowing exactly what are the problems that we are answering to. And in several segments, I think we need to have a better understanding because the environment is not the same probably as the one that we're experiencing in other places. Understanding this environment, understanding what are the problems before elaborating the solution is something which is extremely important. I believe in my industry, we are very, very dependent of the evolution of the middle class and that's definitely something that we share as an interest with the states, the evolution of the speed at which the middle class is built in the countries. But beside that, we know that in many cases disruption are quite a burden to the budget of the state and that is something that we need probably to understand better in order to make sure in the case of the industry of insurance or insurance that we can help with solutions probably not the most classical one but solution which are rather innovative. Be it at the macro level, meaning that we can bring the cheap of insurance if I may say at the state level, being at the micro level bringing insurance to people who are for the current environment absolutely excluded from these kind of activities. So I think this inventory is extremely important just in order to avoid creating solutions to problems which did not exist and forgetting creating the real solution to the real problems. How would you at the macro level of insurance at which you work try and connect to the bottom that person who is without insurance, are there any initiatives that you've taken, anything that you've looked at in particular or is it just a concern? No, it is simply the way to realize that we cannot simply sit down and wait that full Latin America is middle class and everybody is taking care of their own future by themselves. So we need to complement that if I may say the bottom up part by trying to elaborate things which are a little bit more simple but extremely effective for the people so that they can effectively take advantage of this technology but also I would say at the state level realizing that in the majority of the cases more than 75% of the economic burden of a disruptive event is falling on the shoulders of a government. I'm deeply convinced that government could gain quite a lot of learning a little bit of what insurance technology can bring to their way of approaching their budget. Just a question that crosses my mind. In the United States for example a lot of the duties that the state accepts in Europe like for example guarantees on credit and even the possibility of subprime mortgages and the records behind that and all the mechanisms of the registre foncier they have passed to the private sector in forms like title insurance. Have you when you're talking about a relationship of that sort do you see any possibility of an intervention on part of the insurance to help the state reach the classes that are not covered? Definitely yes but I think it's probably more a kind of distribution concern. The technology if I may say exists I think what we need is having an intense cooperation with the people who can help us distributing this product to the lower level so it's not defining the risk in a different fashion having an American approach but probably it's more the help that the state can bring to give access to the middle class of tomorrow because I prefer to define these people as the middle class of tomorrow to this type of product which in a normal environment are only accessible to the official middle class. Monsieur Mestrayer. One of the issues here has been that Latin America has grown, Peru has grown and probably too much some people say on the basis of luck, good commodity prices. Now anybody can do that so what happens when commodity prices go down and the question is since in some cases they are going down and whatever happens the commodity sector is also a place where there are social conflicts. One of the solutions of course always I mean the whole idea of wealth is the idea of the division of labour moving away from just the commodity itself to giving added value to the commodity by combining it with all sorts of other resources. How do you see Latin America in that sense today since you currently visited us are we getting there, are we started, are we fully conscious? Well we have been following the situation in the countries where we operate in Peru, Chile, Brazil, Panama and a few others. It's true that the transition from commodity driven, natural resources driven economy to a more shared value added economy has started in most of those countries. It's more or less the case today in Europe but there are some fundamental differences. I see the world going with three speeds. The emerging world with strong growth even if it is perhaps not as strong as it was two years ago but there is growth and therefore there are needs for additional energy. There is the North America with the special case because of shale gas and shale oil which are really game changers for the energy and therefore for the economy. And there is Europe where unfortunately today we have no growth and since we are active in energy efficiency, energy savings we are in a negative energy growth. So back to Latin America, first of all because of growth and to fuel the growth in the sector of energy we need to be able to supply the natural resources, industries with enough electricity, enough natural gas and in quantitative terms. Now the question is this growth is creating wealth, how this wealth can be shared with the population and with the future generations. Some countries have decided to save some of that wealth in funds, investment funds that invest in infrastructures and that do not make current expenses with that wealth. So it's a way to transfer some of that wealth created today to the future generations and this is one way. There is another way which is to share with a larger part of the population and today our role is to try to accompany this transformation of the model in a commodity driven, classically you have big plants, big mines and in the energy sector big power plants, big hydro projects and now we are shifting this classical model to a more distributed model because of the technology, the renewable equipment to produce power are smaller and closer to the territories, closer to the consumers, individual consumers some of the consumers wants to become producers. So this transition, which is a transformation, deep transformation, a mutation is already present in Europe today, this is a major change even if there is a decline in the global demand for energy within this global declining demand there is a deep transformation in the way electricity, energy is produced and consumed. Energy efficiency is a key word today and this has to happen also in Latin America. So the new model, which is already quite in place in Europe will be of course applied differently here because the first duty is to supply the industry with enough energy, without energy there will be no growth and without growth there will be no prosperity, no wealth. So there is a quantitative need that we have to satisfy but at the same time, and this is a challenge for Latin America at the same time the business model, the model and the social model has to be changed in order to have a more shared value creating economy and for that I think that the key word is the dialogue as Mr. Lies explained between public and private partners, between the private operators and the governments with the regulators, by the way it is essential to have a stable and visible and efficient regulation for the investors that have to invest in the very long term like in the energy sector or the mining sector having a stable regulation is a key factor to favor investment. So the dialogue has to be done with the governments, the regulators but also local authorities, NGOs in order to build all together the new model of the shared added value. Well I can see Mr. Mithaili that you are very socially conscious and your company obviously is too. Just a side question, did you see the film Avatar? How did you feel? Do you think it reflects reality? Because it was a film that had a lot of effect around here and it had less to do with the macro and much more to do with the local people. How would you react to that film if you found a chief of state of Latin America that was painted blue? That's the occasion for me to explain perhaps more in details our approach. In our business we are in energy and also the environment we are in water distribution. I consider that we are in charge of a part of the public interest in general interest because our role is to supply the population with light, with heat, with electricity, with water which are essentials of life. And therefore to build a sustainable business we need to take in account all the interest of the whole population. If we would not do that at a certain moment the business would be stopped, blocked because there would be a gap between the business itself and the real needs of the population. At the end we have to make a profitable business and by the way we are a profitable business in the world and here in Peru too but we want to take into account those interests. For example this morning we have signed an agreement with a social entrepreneur here in Peru in the presence of Mrs. Carolina Trivelle Minister for Social Inclusion and we consider a small piece of course that piece and several pieces to be sure that the sustainability of our activity producing and selling power and energy is made at the end also in the interest of the largest part of the population. Thank you sir, Luis Alberto. Now you're Mr. Latin America himself, I mean you deal with Latin America all the time. Brilliant ambassador when I met you, probably more even brilliant now a great potential political figure which you would not own your potential you already are an acting leader in Latin America. Wow, things have changed. Or Luis Alberto since you took over the presidency of the IDB of the Inter-American Development Bank are the challenges the same? Have they changed and if so how have they changed? I think there's been a profound change in Latin America I think a testament to that is kind of the attention and meaning like this in Lima and the previous meetings coming up to Lima demonstrate because in essence what you see is a larger turnover of people coming in bigger numbers of people coming to this kind of conference and it's for something that Gerard said, you know he talked about a two speed growth in the economies of the world, the IMF recently talked about three speeds but regardless of that we are in a time where emerging markets are at a minimum growing at twice the rate of developed markets and that probably will happen for the next three or four or five years. Now that is happening in a very interesting context where if we were sitting here 15 years ago the main discussion would be about macroeconomics would be about stability, would be about dead overhang would be about big fiscal deficits, current accounts deficits that's no longer the conversation here that's more the conversation in Europe and in the developed countries and as such our larger conversation is about microeconomics it is about the combination of things that we need to do to fix many of the gaps that we've had for many years and of course one of those key gaps is around the notion of social inclusion and how growing for the sake of growing without inclusion has a tremendous amount of problems for countries but we also have infrastructure gaps and I relate this basically to some of the points that Gerard was mentioning in terms of availability of public services and the cost of how those public services are delivered we know well that Latin America pays a big tax and businesses pay a big tax because of the high cost of transport and energy and we need to fix those we have a huge talent gap and a talent gap that is growing in fact I saw a recent study done by Cisco estimates that in Latin America there were about 130,000 work positions in kind of engineering IT specialists that were not filled because we don't have that sufficient amount of talent to fill those positions and that number if it were projected down to 2015 would about double so we need to understand that to do this we've got to concentrate very heavily on some of the key issues that the Barnes was mentioning around education which was a large part of the conversation here throughout and the quality of education and the kinds of job training that we need to do and around the informal labour market something that you've written and talked a lot about and we know that this is not a quick solution around the informality gap which basically has a lot to do with how small and medium enterprises work so there's not one formula but clearly I think this requires a different kind of conversation and that is that conversation that needs to happen between the public and the private sector and that begins to show us as we look at Asia with all the success that Asia has had you know in Asia 80% of the time people talk about the future and 20% about the past I think it's that kind of conversation that we need to continuously have in Latin America and as such I think we will move into a different direction which is more around the immediate challenge that we're going to have which is breaking out what's the so-called middle income trap and that is how you really move thousands of Latin Americans into becoming early developing countries Thank you Luis Alberto we now starting that already two of our speakers have laid enormous amount of importance to education which is right down your alley Carlos you have since some time now even regarding your own idea of where investments should go been very concerned about education in Peru and you've actually gotten close to implementing solutions can you talk to us about that? Well we've heard in this forum quite a bit about the way to prosperity is sustainable economic growth and we've just heard that we should diversify our economies not be so focused on commodities value added but I think none of that will happen unless we have a good education system and that's where right now we have our biggest challenge if we look at our just a report card in K through 12 every single Latin American country is in the bottom third of the piece of rankings it's really hard to go to a knowledge economy when we don't have much knowledge if we look at universities just a very simple stat I googled the other day the top 100 or top 200 universities and maybe you'll get one or two from Latin America and if we look at the skills gap a recent study showed that while the kids that were graduating from school and the employers 50% or less thought that they were not prepared the universities thought that they were very prepared about 80% of the universities think they're doing a great job so I think that what we need to do is all of us need to get involved in education I used to be a spectator five years ago I was sitting there listening to everybody talk about education and then I decided to get involved and realized that not only is it great for business in the sense that a prosperous country is going to be good for business but it's also kind of our obligation to get involved so as we looked around we found that there was a fascinating opportunity and that the private sector was already there much like in the small like the mom and pop shops in retailing we had mom and pop schools so we started a chain of new schools in K through 12 they're called Inova schools so we want to innovate do different things it's bilingual education it's focused on the emerging middle class $100 to $150 a month today we have 19 schools 9200 students and changing the academic model because unless you start at the bottom you can't really expect kids that go to poor public or private schools to become all of a sudden great university graduates and it's turned out to be a really interesting opportunity not just to do good but also to do well as a business and there's some other great examples in different countries one here where a businessman is helping start a new university and his goal is not just to be another university it's to compete with MIT and so the graduates from that university in Peru can work in Chile can work in Brazil and other places so we should really create a sense of urgency because I'm not sure if these conditions will be repeated in our lifetime there's 600 people in our region 600 million people in our region who are less than 30 years old in the case of Peru 60% of our population is below 30 and unless we get started now we're going to miss probably the greatest opportunity that we have to really go up to the next level now in our case we like the industry so much that we bought a university and then an institute so the way we see it is we have 45,000 team members in our companies and we have 45,000 students whether it's K-12 or instituted universities so if you take an average proven family of 5 people that's about 500,000 people that we can directly affect so we really take this very seriously and think that it's not incompatible to really focus on the social side and also be fair to your shareholders and get good returns When I'm starting to take away from this before we pass the microphone to the audience is that everybody here has been very concerned about what we're going to do in Latin America at the ground level you were pointing out if we had had a conversation 15 years ago we would have been on the macro and now here we Latin Americans are realizing and also the investors and contractors in Latin America and from Europe are very concerned on how things are taking place on the ground and to make your activity comply with local situations the sharing that you talked about Mr. and Ms. Treyarov which is definitely something that inspires us all because that's where we should be looking but as we look to the ground and this is also called the World Economic Forum I have a feeling that when I look to the sky there's a macroeconomic storm also coming around and that macroeconomic storm which you are now feeling in Europe to a great extent and which we know that in the United States to another extent it is being shoved into the future as money is pumped in from government into the private economy to compensate for credit, private credit the ability of these success especially in Latin America depend on the a certain financial inclusion that can be achieved and that's I think the bet that any internationally active enterprise is doing knowing that a lot is happening here there is a rebalancing between Asia and Latin America but one of the key issue is to make sure that these progress in Latin America are affecting each year a bigger proportion of the population which by the way will probably boost the consume and which may make some of these countries a little bit less dependent on what is happening in the so-called mature markets Luis Alberto let me try another angle I'm trying to make life of course as uncomfortable as possible because I'm at the service of the audience here we have in Latin America you're very involved in that and that's of course also what Carlos is doing is defining very clearly what rights are about every time we talk in Peru we start saying who's responsible of what is it the private sector, is it the public sector and if it's a private sector who is it, we want to make every time people more accountable now Luis Alberto you deal in Latin America to see money which is international flowing in every direction I get the impression as a Latin American that one of the things and as you were saying Mr. Lie is let's not talk about emerging because already countries that have emerged sometimes forget what they should have learned some time before that when you ask a Latin American company for its balance sheet to find out who it is who owns it what the interests are you generally get a balance sheet but when the recession started to which my impression is that it hasn't finished it's just been delayed when Enron first broke and they were asked for the balance sheets they showed 3200 balance sheets and when you go to Europe or the United States and you start saying do you have a balance sheet yes the bad bank or the good bank do you feel we started behaving better than these Europeans to me well I I certainly think that in speaking about financial crisis if you think for a minute that Latin America in a space of 25 years have 31 financial crisis we probably have a postdoctoral crisis in dealing with them but I think each crisis is different in terms of how the private sector has changed certainly the informal sectors well they don't have as you know well you've written plenty about this as I said earlier all of these transparent set of books let's call them but that's not the case the more formalized businesses that are growing because at the end one of the good things that has happened is that in the same fashion that markets began to price risk after the financial crisis daily and by the way today you have countries like Peru or Chile or Colombia that the market price every day has very low risks it created an externality and that externality was that macroeconomics mattered in an equal fashion I think more and more businesses have begun to understand that paying taxes is important for that notion that Gerard was mentioning about shared value and I think governments have also done, we recently published a very interesting study about taxation there's a huge amount of fiscal reforms that have been done over the past decade and a half there's still a lot that needs to be done because many of these fiscal reforms allow for a lot of gaps and ways that you don't get the kind of impact you would have otherwise wanted from the fiscal perspective but I do believe that little by little financial institutions and better tax administrations have contributed to a more call it a truthening of balance sheets especially as you have companies that increasingly are becoming global and as such are listing themselves into stock markets and I'm sure that Carlos could perhaps participate in something like this because he sees it as a banker every day but that's my impression I get that impression as well I think you wanted to talk Mr. did I understand it or just because you know this actually takes us into French philosophy which I'm a great admirer of there was a philosopher Baudillard who brought the idea of the world of hyper-realité right so there was all sorts of hyper-realité is the general idea that in the world you live in more than one sense of reality talking about insurance, insurance is where it's not a physical thing it has to do with numbers of papers so it lives in a different world of reality hyper-realité goes one third of that which is when the papers not only don't reflect reality they create a completely different one and the film the film I forget the famous film that was done where you had a computerized world matrix is based on French philosophy is there a chance that Europeans have moved into an hyper-realité where we in Latin America but paper we have as Luiz Alberto says it's simple but it's what you got well you guys have gotten really complicated and all of a sudden not even the international bank of settlements can tell you one month in advance what is the next crisis that's going to happen in Europe have we gone into the world of third and fourth realities I wanted to tell the story we have been living over the last 15 years because of you speaking about the transformation of Latin America and I am a strong believer in Latin you know my group 15 years ago decided to to give up its activities in banking we changed completely our activities we decided to try to become a player in energy and the environment and so we started being relatively small in Europe and we decided to go abroad to invest in Latin America in Middle East Asia and at this time it was common to consider that there was a huge country risk in investing in Latin America or in Asia and in fact we had taken in our investment criteria a very significant risk premium because of the change in the governments revolutions and therefore many potential accidents hitting the profitability of the foreign investments and we were considering on the contrary that was all the the finance world were considering that there was no country risk in Europe we have invested a lot and with only one exception which is in Argentina where 10 years ago it happened to us what is happening now to Repsol it's the same it was the water activities in Buenos Aires but I exclude this exception in all the other countries we have invested massively here in this country close to 2 billion US dollars you're the second president of foreign investment in Peru are you not? in Chile in Brazil the first private power producer in Brazil but also in many countries in Asia Singapore, Thailand, Indonesia and in all the countries around the Gulf and 15 years later I can say that the country risk did not happen did not materialize on the contrary in Europe because of the change of the regulation the change in the energy policy in Europe European energy policy is a failure today is a failure because of all that changes because also of the every country decided to to transform the rules of the game at its own level I consider that the country risk has changed of continent and crossed over the oceans to come now to be concentrated in Europe and no longer in the countries we have chosen in Latin America thank you that gives us an idea that Latin America in relative terms is maturing even in areas that we wouldn't have thought that it was doing it our paper is getting better simpler now that extended but we've learned some of the lessons I think we go now to the audience you please can you give us short questions that our panel here will answer in the next few minutes before we close I'm from Mexico I am a priest since I participated I've been participating in all of these round tables and I've heard how optimistic people are about continued growth the middle class is continuing to grow but there are there's the issue of migrants the migration is a sign of structural opposition and yet you're not talking about the 50 million poor people in the United States they have a similar number of poor people in the United States and the very poor people as well in Central America so how can we compare your optimistic vision with these brutal conditions that we're experiencing in Central America and other parts of the world how can we strike a better balance in that and have you also in Central America that something might be done to help this area that is so lagging so far behind I think you wanted to meld it with another thought well it was really to try to come back to what's the impact of all of this in Latin America and I was struck by your point about a hyper reality I mean the problem is about talking about a hyper reality is that this has social consequences so even if you have a financial and banking sector that is dealing in some kind of other reality it has consequences for people on the ground and the key well one of the key questions that has emerged for me over the last couple of days here is yes there is a big discussion about social transformation investment and so on but what I still don't have of whether or not there is a shared a shared understanding now between the public and private sector about the importance of that social investment for longer term sustainability so you're asking the questions about is what is happening in Europe and elsewhere going to eventually hit this region and if so what are the likely consequences going to be the kind of fall back in a way against that is the investment that is made now in terms of the importance of putting people jobs and education at the centre of that development but is that a shared understanding we've talked about shared value but is there a shared understanding between the public and private sector about the need to make that kind of social investment another question please while we find out if there's a shared understanding between private sector you deal with both the private sector and the public sector I'd like to before I quickly answer the question on Central America I mean if anything that we find today Latin America is an extremely heterogeneous region today there's very many different countries and there's differences within countries and certainly the conversation around how to do these public private partnerships around social inclusion understanding that there is a capacity for the private sector to innovate much more than the government can at the end it is in that partnership which I believe that there is a growing interest on both sides we as a matter of fact at the bank created an office of partnerships for that purpose for the purpose of working with institutions around this table we do different kinds of things in micro insurance or in things related to a public good like water and sanitation so I think there's a tremendous interest in trying to get these things right but that requires a very deep conversation and one understanding that at the end the private sector can innovate but the scaling up of this will remain a responsibility of the public sector because that's where budgets are allocated and that's how government expenditures take place the other thing is this we live in a very interesting time going back to the question of immigration if you look at the aggregate numbers for the first time we're seeing less people living Latin America than before and in a way we have a reverse set of trends where capital is now going south to north as we see big global Latin American companies investing overseas and as we see talent coming into the region for certain type of disciplines and I think that's a reverse trend that if we are successful at fixing some of these gaps that we have we'll perhaps see more of that I have been told that now unfortunately we have reached the end of our meeting and from what I gather from everything that has been said so far among you there is first of all a hope a fundamental faith based on your experience on what's happening in so called emerging markets like us there's a good trend I think it's very interesting you're moving away from banking to the solid stuff I think it's very telling and it sounds not only like a wise investment it certainly is good for good for Latin America it's interesting to see the private sector like Carlos getting finding the joint between the world of private profit and the world of education of doing social good as you say Luis Alberto and Baroness as you indicate yourself there is no such thing as a private sector if there is no rule of law and the rule of law is what government gives and there still are many ways of governing our country that hasn't been yet totally being decided and it's going to be obviously a very current and it's going to be a current subject because it's obvious that the world is changing it's obvious that the capitalist mode has always adjusted as a matter of fact it's survival over 500 years or as Marx would have said 400 years ago is because it's a very very flexible sort of thing I remember when I studied economics in your French speaking part of the world they would say that capitalism has very flexible branches and the solid trunks and the deep roots which is that capitalism has very flexible branches but it's rooted in very solid instincts so we are I think at one of those moments when the tree didn't break and it's a wonderful thing to know the world economic forum is roaming Latin America and I want to thank you for that because it is obviously for us Peruvians a luxury to have minds like yours subenchant leaning on our current problems I would like to invite now to the stage to the lectern to close the meeting Thank you very much Mr. De Soto I cannot think how we could have better concluded the 8th economic forum on Latin America having such a great panel such a great moderator it's been very very insightful very encouraging and very provocative as well I think Latin America has indeed a promise ahead and it's our time and our responsibility to fulfill it so thank you very much I want to thank again our co-chairs I want to thank every one of the participants every one of the ministers of Peru that have been so supportive and so engaged in making sure that this is the meeting where we can come together and work on Latin America together to fulfill that promise that Latin America has to offer I also want to thank in a very special way our Peruvian co-chair Carlos Rodriguez Pastor who since many years ago has been telling us we need to come to Peru and I thank you Carlos for your vision because indeed we had to come to Peru and we hope this is not the last time we're here I hope that we may come back again and show the world the success stories that you have all built and many more success stories that Latin America is about to build I would like to ask my managing director to join me here so that we may share with you where we are going next year to continue with our discussions and to continue with our engagement with Latin America in 2014 thank you very much Excellencies ladies and gentlemen friends of the forum thank you to Marisol and her team for an extraordinary job in making this summit on Latin America happening, thank you also to the government of Peru, thank you to our co-chairs and also to this great panel for me this has been a very important meeting in the sense that we have had a chance to go a little deeper to understand also why Latin America has weathered the worst economic crisis since the 1930s better than a lot of other regions of the world I think we also have seen that there are great opportunities for this part of the world for Latin America one of the opportunities are of course based on the fact that there are 67 million young people under the age of 25 years old in this part of the world there comes challenges with this there has to be created 50 million new jobs in the coming 10 years there is access to education but we know that among the 40 highest ranking countries in the world according to the PISA report when it comes to quality of living none of them are in Latin America so we need to work on that we also know that the growth has been partly based on natural resources and commodities and Latin America has to then also produce higher up in the value chain it's about competitiveness but it's also about productivity but at the same time I feel there is a spirit and a willingness to implement the necessary that are necessary for the young generations being and seeing and then growing up in this part of the world so going then from then Peru and into next year we're very pleased that we're moving from one of the fastest growing economies of Latin America Peru to another one that is in fact the fastest growing one so next year we will invite you all because we are part of the Latin America community to go to Panama welcome in 2014 to Panama