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The Official B20 Argentina Global Briefing Report


› B20 Leadership Messages

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Argentina Sherpa


The Exclusively Authorised B20 Magazine for VIP’s, Delegates, Diplomats and World Leaders
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B20 Executive Talk Series
Publishers Note

Dear Reader

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04 ❙
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B20 Welcome Messages

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Argentine G20 Sherpa
G6 Welcome Messages
The Official B20 Argentina Global Briefing Report

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› B20 Leadership Messages

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President, Argentine Bankers President, Argentine President, Rural Argentina

› Words from the G20
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Association (ADEBA) Chamber of Construction (SRA)

Adelmo J.J. Gabbi Dr Jorge Luis Di Fiori Miguel Angel Acevedo

President, Buenos Aires President, Argentine Chamber President, Industrial
Stock Exchange of Commerce & Services (CACS) Chamber of Argentina (UIA)

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CEO, Mercado Libre
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Buenos Aires. Argentina 2018 ❙ 05

B20 Executive Talk Series

G20 Ambassador ‘s Welcome

Ambassador Pedro Villagra Delgado

Argentine G20 Sherpa

Upon assuming the presidency of G20, the promotion of international economic that are strictly related with the G20 agenda,
President Mauricio Macri stated that and financial cooperation. G20 is an and as such is in an excellent position to
Argentina would guide its work under the informal mechanism for dialogue, not ruled contribute to the work of different sectors.
motto: “Building Consensus for Fair and by bureaucratic structures, formal charters The perspective of business sectors is
Sustainable Development”. To achieve this or pre-established texts in which peers make crucial for the G20 agenda.
goal we identified three pillars: “The future consensus-based decisions. There is no For this reason, the work developed by
of work”, “Infrastructure for Development” doubt that the challenges the international B20 during this year constitutes an essential
and “A Sustainable Food Future”, we also community is currently facing find in G20 contribution to the work promoted by the
laid special emphasis on the fight against an adequate forum to exchange ideas Argentine Presidency of G20, based on
corruption and in mainstreaming the and reach necessary agreements. multilateralism, dialogue and consensus,
gender perspective throughout the agenda. The significance of G20, without any proposing the perspective of our region and
In exercising the responsibility that the doubt, depends not only on the work of promoting the need to pay special attention
Presidency of G20 purports, it is worth the Presidency, but most importantly on to the situation of developing countries at
recalling that this forum was created in 1999 the contribution, the commitment and the large, where the business sector is a central
with the aim of discussing economic and actions of all its members through the relevant player in the process of putting people
financial policies among the most relevant international and national instances. To in the center of the agenda.
economies in the international system and this end, the work developed throughout the I wish to express my acknowledgement to
cooperating to promote stable and year at the different levels of government is Dr. Daniel Funes de Rioja and his team for all
sustainable economies to the benefit of all. transcendental. However, this would not be their valuable work and for having achieved
In 2008, in the context of the global financial sufficient without the contribution of the during this year the active participation of
crisis, it was decided to take the forum to different perspectives of our respective the largest number of companies that have
leaders´ level in order to build policies that societies through what is known as Affinity participated of the B20 work since its
might promote international financial and Groups contributing their views on business, creation. The conclusions, recommendations
macroeconomic stability and governability. labor, women, science, think-tanks, and the commitments made by you all will be
Since then, G20 has included as part of its youth and the civil society. part of the achievements of the Argentine
agenda a diversity of social and economic The first of these groups that was created, Presidency of G20 during 2018.
topics related to its central goal, thus and also one of the best structured, is B20,
becoming a key international forum for with a rich agenda of sectoral meetings Ambassador Pedro Villagra Delgado



06 ❙
B20 Photo Gallery

1. B20 Germany-Argentina Handover

2. Business Leaders Forum in Córdoba
3. Sustainable Food System Meeting in Buenos Aires
4. High Level Caucus Meeting in Washington, D.C.
5. G20 Sherpa Meeting in Ushuaia
6. G20 Engagement Groups Meeting in Ushuaia
7. G20/B20 Digital Summit in Buenos Aires
8. Global Employer´s Forum in Mendoza

Buenos Aires. Argentina 2018 ❙ 07

B20 Executive Talk Series
B20 Chair’s Welcome

Daniel Funes de Rioja

B20 Chair

When I was appointed B20 Chair, my first-line Argentinean businessmen and internationalization cannot only be a
first responsibility was to set a common women: Trade and Investment (Paolo Rocca), challenge of business elites, it has to cover
agenda with the G20 Sherpa in order to Financing Growth and Infrastructure (Eduardo and involve the whole business spectrum.
assure G20’s main concerns would be Elsztain), Employment and Education (Martin As B20 Chair, I am really proud of the
reflected in our final document. Following Migoya), Energy, Resource Efficiency and strong consensus we have reached among
up on the German process (2017), I also Sustainability (Miguel Gutierrez), Digital G20 countries during this year. We have
worked together with the two other Economy and Industry 4.0 (Marcos Galperin), had the active participation of more than
members of the B20 Troika to guarantee Sustainable Food System (Luis Pagani), 1,200 registered leaders and 500 deputies
that the recommendations would be in Development of Small and Medium —27% of which account for women
line with a long term process. Enterprises (Inés Berton), and Integrity and 34% for small and medium-sized
President Macri set three priorities for the and Compliance (Jorge Mandelbaum). enterprises. Over 1,000 are CEOs and
G20 Argentina. The first was employment in Our agenda covered all the main topics CFOs of companies which employ
the new digital era; the second, the financial outlined by the G20 and we discussed over 35 million people globally.
support for infrastructure development; concrete and relevant recommendations that For the business community, the
and the third one, sustainable food system. we expect will be reflected in the Head of B20 means combining private initiative,
We covered all these issues in the context States Declaration. All along the way, we international markets and fair rules of
of our task forces. knew we were not just hatching “imaginary” the game and creating with public-private
Together with my Co-Chair Group - practices; on the contrary, we wanted to cooperation policies that are not merely
formed by the Association of Private Banks leave crystal-clear policy values and legacies, nominal and deductive, but real and
of Argentine Capital (ADEBA), the Buenos not only for large businesses, but also for effective. Thus, the aim of our final
Aires Stock Exchange (BCBA), the Argentine SMEs, and not only internationally, but document is to suggest concrete actions
Chamber of Commerce and Services (CAC), also building a local commitment. that may contribute to G20 countries’
the Argentine Chamber of Construction Our eight Task Forces reached consensus economic and social development, taking
(CAMARCO), the Rural Society (SRA), and after an intense process involving regular into consideration the main topics and
the Industrial Union of Argentina (UIA) - members meetings, a High Level Caucus issues in the current global context.
and the two Sherpas, executive and policy, (for advocacy) and a number of regional I trust this call to action will be
we have worked as a cohesive team to meetings (Forum of national leaders) heard by our countries leaders.
lead the Argentine round. conceived to link the local concerns with
We defined eight task forces, led by the global strategies, as we are convinced Daniel Funes de Rioja



08 ❙
B20 Structure

Daniel Funes de Rioja

B20 Chair

B20 Sherpas Co-Chair

Group of 6

Carolina Castro Fernando Landa

Executive Sherpa Policy Sherpa
Javier Bolzico Adelmo Gabbi

Jorge Di Fiori Gustavo Weiss
B20 Secretariate Luis Marchese
Executive Advisor
Daniel Pelegrina Miguel Acevedo

High Level Int’l Business Argentine Business

Advocacy Caucus Leaders Forum

Buenos Aires. Argentina 2018 ❙ 09
B20 Executive Talk Series
B20 Sherpa’s Welcome

Carolina Castro
B20 Executive Sherpa

The B20 Argentina process set as a priority conferences, such as the ones hosted in path of growth and prosperity that leaves
to achieve meaningful discussions that could Bilbao, Paris, Washington and Buenos Aires. no one behind. The Business 20 contributes
lead to consensus on a diverse number of issues, Six of the eight task forces have held one to this objective by recommending concrete
all of them of great importance for global meeting in Argentina and one abroad. Special policy actions each year to the G20 leaders.
prosperity. With a record number of 1700 mention should be made of the five Business The B20 Argentina Summit is the
participants (1200 members and 500 deputies) Leaders Forums that we organized in Argentina concluding event, in which we present
from 38 countries, a carefully-crafted program with more than 3000 participants to broaden this year’s work. We have put together
of in-person meetings and teleconferences the reach of the B20 among our national an ambitious agenda with more than 40
was established in order to assure everyone’s business leaders. international speakers and 1,200 business
voice could be heard and acknowledged. The strong participation of the global leaders in attendance.
The timeline of meetings was challenging: business community of the G20 is a clear I say farewell as Sherpa, thanking for
almost 2 meetings per week in a seven- endorsement to multilateralism. If businesses the work and commitment of our 1700
month period, of which 40% have been worldwide have joined B20, each year members and of our partners and sponsors.
in-person. Part of the discussion process that to a greater extent, it is in the belief that Congratulations on the joint efforts!
went on during the meetings was preceded sustainable and credible consensus at G20
by “inspirational sessions” in the form of level must be reached in order to assure a Carolina Castro



10 ❙
Fernando Landa
B20 Policy Sherpa

› Education as a true enabler for equal indicators and private sector commitments
opportunities. Addressing disparities where appropriate .
in basic foundational skills that stand It is important to highlight that 75% of the
in the way of employability today, while B20 proposed action plans are immediately
providing policy actions that would help implementable at national level.
unleash people’s potential within the These action plans should drive a
framework of a new technological revolution. compelling agenda for G20 governments,
› Bridging the gender gap as well as vulnerable and most importantly, the outcome of
groups inclusion in all recommendations. enacting this agenda could in turn become
› Achieving a sustainable food system to put a set of best practices to be shared with
an end to malnutrition, fostering technology other non-G20 countries.
adoption, eliminating food loss and waste, The remaining 25 % of B20 action
and removing barriers to trade that are plans, on the other hand, are meant to help
not supported by science. making progress in defining fundamental
› Enabling transitions towards cleaner energies rules and cooperation frameworks within
while ensuring access to affordable energy. multilateral forums.
Addressing climate action and policies to It is from now on our duty to work
It feels like a long time ago since our promote a sustainable use of resources, enthusiastically, engaging social partners,
initial Troika meetings in Berlin and our looking toward more circular economies. academia, civil society and governments
first joint conferences with our network › Removing roadblocks for innovative to carry this agenda forward towards
and knowledge partners. financial instruments to capture private concrete implementation.
We were clear about our mission: to carry capital and close the persistent infrastructure The business sector in G20 countries
the torch, building up from the important gap that is currently acting as an anchor. have a unique opportunity and responsibility
body of work of B20 in Germany 2017, and › Bridging the technological divide, enabling by engaging with G20 leaders. B20 is not
to continue providing a transparent forum for new digital technologies to be the engines a business summit, it is not about the
a growing number of business leaders and of development. development of a collection of well
federations of G20 countries, where all voices › Taking on board global concerns and documented recommendations, it is about
would be heard with total transparency in challenges to reinforce and reshape the making progress, it is about execution, it
an open discussion, driving perspectives multilateral trade and investment system is about achieving the 2030 Agenda for
towards consensus. ensuring a level playing field Sustainable Development. It is about fostering
Ten months into the G20 Argentine › Facilitating ecosystems that promote economic activity and therefore creating jobs,
Presidency the 1200 companies and entrepreneurship and allow micro, small it is about tangibly improving our societies,
business federations that have composed and medium enterprises to grow and addressing our most pressing challenges, it is
the membership of the B20 this year, the participate in global value chains while about highlighting opportunities, it is about
largest business sector representation of G20 strongly decreasing informality. adding another step in the ladder.
countries in its current format, have engaged B20 is not just another business
into more than 56 task force meetings and B20 Argentina has developed 70 conference, it is a long term voluntary
an even more numerous cross-thematic recommendations, drawing lessons from endeavour by the business leaders of our
and coordination roundtables. available best practices and with strong, well countries, without the constraints of a fixed
Relevance, urgency, and actionability were founded rationales as presented in each of our structure. We hope our B20 summit will
the main criteria to decide upon topics to Task Force Policy Documents. We have been clearly reinforce this mission and motivate
be undertaken to foster achievement of the active participants providing our viewpoints in further progress.
17 UN Sustainable Development Goals. G20 Working group meetings and more than We are deeply honoured to have been able
30 side events. We have shared our conclusions to host such dynamic and committed body of
Our focal points were: with G20 Sherpa’s in Ushuaia and Mendoza. companies and business federations throughout
› Building and strengthening a culture of But all recommendations would be 2018 and will continue to contribute within
integrity and respect for the rule of law. insubstantial without implementation. the Troika towards a successful B20 Japan,
A strong national anticorruption strategy Consequently, we provided a detailed promoting fair, inclusive growth.
is fundamental for doing business, concrete list of actions for each one
for development and growth. of them, as well as key performance Fernando Landa

Buenos Aires. Argentina 2018 ❙ 11

B20 Executive Talk Series

B20 Secretariate

B20 Secretariat

Lorenzo Luis Marchese Agustina Briner Silvano De Marte

Executive Advisor Project Manager Project Coordinator
“The B20 represents a unique opportunity to “The B20 process can contribute to improving “The B20 presents an opportunity to achieve
discuss innovative themes, in the framework of the coordination of governments and public-private consensus and assuring a
an international process of engagement with companies to meet the challenges of the cooperative and equal world for
the business community.” current technological revolution by ensuring generations to come.”
sustainability and global harmony.”

Pilar Toyos Paula Ini Catalina Achilli

Policy Officer Policy Officer Project Officer
“Global welfare can be achieved if we tone a “As a business forum composed of different “B20 represents the opportunity to keep on
single voice that strives for a future-oriented voices, the B20 represents an opportunity working in processes to materialise an inclusive
development. This is the B20 goal, enabling to advance towards a more equitable and development that can help to cope with
business to be a crucial actor in the responsible economic governance.” inequality around the world. It has the challenge
path to prosperity.” to broaden the basis to get into a fairer world
throughout education and employment.”

Facundo Caceres John Lees Mariana Maloberti

Admin Officer Media Officer Office Assistant
“The B20 provides an important forum to “The B20 provides an important forum for “If we look towards the future, achieving a
tackle global political and economic business and industry to contribute vital balance, consensus and cooperation among
challenges on a global stage.” expertise and dynamism to the process all the members of the business community is
of global governance.” paramount. B20 works towards that aim and
takes on that challenge day after day.”

12 ❙
B20 Photo Gallery


1. G20/B20 Digital Summit in Buenos Aires
2. High Level Caucus Meeting in Paris
3. B20 Chair Daniel Funes de Rioja and SFS Chair and
Arcor President Luis Pagani at the G20 Agriculture
Ministerial Meeting in Buenos Aires
4. G6 (B20 Co-Chair Group) at the Business Leaders
Forum in Salta
5. Lehendakari Iñigo Urkullu and B20 Executive Sherpa
Carolina Castro at the Guggenheim Museum in Bilbao
6. Business Leaders Forum in San Juan
7. B20 Policy Sherpa Fernando Landa at the Global
Employer´s Forum in Mendoza
8. Integrity & Compliance Task Force Meeting
in Buenos Aires

Buenos Aires. Argentina 2018 ❙ 13

B20 Timeline

14 ❙
B20 Timeline

Buenos Aires. Argentina 2018 ❙ 15

B20 Executive Talk Series
G6 Welcome

Javier Bolzico Adelmo J.J. Gabbi

President, Argentine Bankers President, Buenos Aires
Association (ADEBA) Stock Exchange

An ambitious agenda Welcome to the future Argentine market

B20 has seen ever more ambitious agendas, from Seoul 2010 The G20 Summit takes place in Buenos Aires at a historic
to Berlin 2017. Buenos Aires 2018 is no exception. Moreover, moment of Argentina’s stock and financial markets. The
the challenges faced by multi-lateral efforts of any kind by the parliamentary will to modify the Capital Markets Law with
volatile international agenda at sight, may shape the near and essential reforms to the original text, and the upgrading of
even the long term future of our society. We, B20 participants, Argentina as Emerging Market by Morgan Stanley, will enable
believe in the relevance and strength of team work within the international institutional investors to choose Argentina
international business community, as a means to reach the clear once again, and thus increase its stock market’s liquidity
objective of a world-wide society developing in peace and fairness. and depth.
In light of current events, where cooperation is sometimes This clear improvement of Argentina’s position in
challenged, we trust that open and competitive markets, in a international markets is a vital step towards recovery, growth
setting of equal opportunities, fairness and a leveled playing and the future development of the domestic economy. As part
field are the preconditions for the achievement of B20 and of the B20 affinity group, the Buenos Aires Stock Exchange
G20 objectives. increases its effort to transform domestic savings into long-term
The work done by the eight task forces of B20 in the aim of investment to finance Argentina’s infrastructure. Certainly,
achieving a global vision has been up to the challenge so far. we have to start to depend more on ourselves and less
Argentina has the honor of carrying the G20 torch during on global cycles.
2018. We welcome all the participants that honor and Welcome everyone to this meeting, and welcome to
strengthen B20 with their presence. the future capital market of Argentina!



16 ❙
Eng. Gustavo Weiss Dr. Jorge Luis Di Fiori
President, Argentine President, Argentine Chamber
Chamber of Construction of Commerce & Services (CACS)

Buenos Aires is on the verge of being the headquarters of an In the midst of the process of intelligent international
international meeting of businessmen that places the country reintegration of Argentina that President Macri has faced,
on the right path to consolidate its links with the world. It will the B20 Summit that will take place in Buenos Aires at the
be the first time that Argentina and South America in general beginning of October is very timely. In the Argentine Chamber
receive Business 20 (B20), which for all of us is reason for of Commerce and Services, we support the strengthening of
great satisfaction. international economic relations in our country and, as a
We are men and women of business, of diverse places and result, we actively participate in different affinity groups of the
areas, but we are all convinced that the country must, in a G20, including B20 and W20. We believe in free and mutually
definitive way, consolidate its institutions based on clear beneficial exchanges as a motor for the development of nations.
precepts and a solid economy. World history shows that an essential part of the progress of a
With the conviction that this type of event is indispensable nation is to know how to properly link with the outside, that
to give sustainable answers to the demands of citizens, we is why we celebrate the B20 Summit that will take place in
receive with the most cordial welcome all the participants Buenos Aires and that can contribute to the development of
of the B20 Summit that will meet in the capital of the G20 Leaders Summit, scope of dialogue and cooperation
the argentines. that will take place towards the end of this year.



Buenos Aires. Argentina 2018 ❙ 17

B20 Executive Talk Series
G6 Welcome

Daniel Pelegrina Miguel Angel Acevedo

President, Rural Argentina (SRA) President, Industrial Chamber
of Argentina (UIA)

Argentina, as a Chair of G20 will receive at the end of this year, As president of UIA I proudly welcome the Business 20
the Presidents and Prime Ministers of the most important countries Summit in Argentina. This community is of vital importance
members of the G20 Group. not only for international economic welfare, for building the
As a farm leader, and member of the B20, I am very proud to groundwork of worldwide rules based economic relationship
participate in this so important event, and have the opportunity between nations, but also for our national business sector
to show our visitors all the potential of Argentina in food and environment which is expectant of creating a better and
renewable energy production. smarter integration with world markets.
Farmers have the commitment towards the Sustainable Our international agenda is vast and profound. We were one
Development Goals (SDGs), the 17 goals for the world set by of the founding members of the B20 since the first meeting in
the United Nations in 2015. Stakeholders from governments, Seoul 2010 and we represent Argentina at the IOE and through
non-governmental organizations, and corporations engaged in it, in the ILO. Our international representation includes BIAC,
conversation over the last year, on what is working and what the UN Global Compact and the Global Business Coalition,
might not be working towards meeting the SDGs. And so, as among other.
agriculture plays a significant role in most of the goals, is that We believe that the G20 and B20 Summit in Argentina is an
the G20 Presidency defined the Sustainable Food Systems excellent opportunity to determine the foundations of economic
as one of the main three priorities in this process. development in the years to come and to make sure that the
In this Framework, B20 identified five most important voice of the developing countries is heard.
topics in this discussion in order to recommend the Leaders UIA supports policies that promote the increase in value
how to move forward: added, technology incorporation, and increase in productivity,
› Eradicating malnutrition, undernourishment and obesity; towards the first and ultimate priority of job creation. These
› Ensuring environmental conservation, mitigation and are also B20 objectives. In a world that is changing faster than
adaptation to climate change; before, with the fourth industrial revolution taking place we
› Fostering technology development and adoption; must actively contribute to assure that this paradigm shift
› Progressively eliminating barriers to global food trade; and leaves no one behind.
› Minimizing food loss and waste.

Agriculture has the opportunity to make tremendous strides

towards meeting the UN SDGs. And through the B20, we have the
commitment to tackle the challenges we are facing to contribute
to the global development of sustainable food systems.
We welcome all and particularly all the business representatives
that will participate in our Summit next October in Buenos Aires.

18 ❙
B20 Focal Points
Contributing to the UN Sustainable
Development Goals (SDGs)



















Buenos Aires. Argentina 2018 ❙ 19

B20 Executive Talk Series

Martín Migoya
CEO & Co-Founder, Globant

An ambitious agenda issues by providing a set of guidelines that This includes implementing awareness-raising
could propel countries’ growth. initiatives to challenge gender stereotypes
We are living amazing times worldwide. We have to form citizens that are prepared and social norms, which act as a barrier for
Never in history did we have several to constantly adapt. It’s key to develop a female employment. Also, to engage with
massive and disruptive revolutions “learning to learn” model that will help our employers and workers to develop targeted
happening at the same time. Globalization population stay open to the future. On top of initiatives at national and local level to remove
and breakthroughs in technology are that, new fast-growing sectors, such as the the cultural, economic and social barriers.
creating a new source of wealth and Knowledge-based Services (KBS), are now But it’s not just a matter of working with
development accessible to any region, seeking a huge amount of talent capable of the business statu-quo. It’s also about
culture or people that have the right skills. making it grow and scale. Data reveals that fostering the creation of more job
On top of that, the digital and the cognitive the Services Sector has more employment opportunities by opening doors to new
revolutions are affecting how people interact generation potential than many traditional players. This is where entrepreneurship
and are opening more opportunities to foster sectors and KBS specifically can profoundly plays a key part. Entrepreneurs take risks,
the growth and development of countries. impact a country’s economy promoting create companies that have the potential to
In this context, governments have a technology, design and innovation development, produce high impact in employment and
unique opportunity to promote people’s thus propelling industries and agriculture as in countries. They invest and distribute
development, so it is mandatory to re-think well. Governments need to pay special attention opportunities, and by doing so they help to
the global approach to Education and to the development of new education models transform countries and train talent in latest
Employment that will allow societies to to prepare people for these new forms of trends. Governments should work together
stay ahead of the ever-changing present. opportunities. In this sense, it’s important with these new players, facilitating the initial
Governments and citizens should make no to focus on training our young people in startup conditions to help them set up and
mistake: the effects of capitalizing on this core competencies such as STEM (Science, grow their businesses.
opportunity could be as profound and as far- Technology, Engineering, and Mathematics) We are experiencing unique moments in
reaching as the restructuring of the region’s disciplines. history, and it is up to us to make this present
societies and the democratization of youth A new Education & Employment approach become a fantastic future for all. We encourage
participation and leadership in commerce, will also prepare our societies for an inclusive G20 leaders to share a unified vision of
technology and industries. Future of Work. It is important for governments these challenges and to work towards it,
By paying specific attention to promote to create the necessary conditions that will help generating a virtuous circle of education,
the right Education and Employment bring more job opportunities for everyone, talent and development, bringing more
approach Governments can prepare their avoiding informality through appropriate economic development to our entire world.
countries for the future. The Employment legislation, and fostering job positions
& Education Task Force focuses on these regardless gender, race, religion or disabilities. Martín Migoya

20 ❙
Buenos Aires. Argentina 2018 ❙ 21
B20 Executive Talk Series
Executive Summary

Employment Topics:
› Future Education, skills and lifelong
learning recommendations

& Education › Labour formalization and decent work

› Strengthening social protection
and for the future of work
› Social dialogue
› Incorporation of people with
disabilities into the workforce
› Gender
› Roll back on informality

he context of technological revolution
stimulates hopes and fears about the
future which sometimes risk
overshadowing some of the most urgent
education-related challenges of today. This
is especially true in developing and emerging
economies where gaps in basic skills, such as
numeracy and literacy remain persistent issues.
Worldwide, hundreds of millions of children
who end primary school do not master basic
competencies. In fact, more than 60 percent
of primary school children in developing
countries still fail to achieve minimum
proficiency thresholds in core competencies.
In low-income countries, 14 percent of
students reach this minimum level near the
end of primary school, and in lower-middle-
income countries the figure is 37 percent1.
Learning shortfalls of basic skills during

Co-Chair: Co-Chair:
Martín Migoya Gerhard Braun Dario Werthein
Ceo & Co-Founder, Globant Confederation of German
Grupo Werthein
Employers Associations

“My expectation of the B20 Argentina is a continuing “Education systems must be relevant and respond to rapidly
dialogue regarding the promotion of open, dynamic and changing labour markets, technological advances, migration,
inclusive labor markets and the creation of a global level environmental degradation, demographic challenges, increasing
playing field. A focus has to be given on education since global unemployment and a widening inequality. Through our
it is the main driver for a broad participation in rapidly participation in the Task Force on Education and Employment
changing labor markets.” at B20, we have the incredible opportunity to recommend the
policies that we think are better to address these challenges.”

Deputy Chair: Co-Chair: Co-Chair:

Martín Umaran Linda Rottenberg Erol Kiresepi
Globant Endeavor International Organisation of Employers

“Argentina’s leadership in the B20 is presented as a unique “Innovative technologies and platforms are creating a range “Ten years after the establishment of the G20, it is necessary
opportunity for the country and for the entire region. Latin of new employment opportunities but we must make sure to bring fresh impetus into the process, focusing on impact
America can provide a unique vision in the discussion that the workforce of tomorrow is equipped with the skills on labour markets and education systems. The G20 must
about the future of work, which complements what was necessary for success. The B20 must look to entrepreneurs, finally become an engine for reform, triggering the necessary
defined in previous cycles.” who play an increasingly important role in these areas.” change at all levels for jobs, growth and prosperity.”

22 ❙

the school years show up as an impediment LEARNING SHORTFALLS OF BASIC SKILLS DURING
for employability in the workforce, and although
the skills needed in labour markets are
becoming more multidimensional, no student EMPLOYABILITY IN THE WORKFORCE, AND ALTHOUGH
can afford to bypass foundational skills in THE SKILLS NEEDED IN LABOUR MARKETS ARE BECOMING
reading, writing, and mathematics. Also, MORE MULTIDIMENSIONAL, NO STUDENT CAN AFFORD
digital skills are now being considered TO BYPASS FOUNDATIONAL SKILLS IN READING, WRITING,
a foundational skill as their absence can AND MATHEMATICS.
acutely disadvantage a child’s life chances.

1. Educational disparities among and within

G20 countries pose a major challenge on 3. Current labor market trends show that the 4. While technology innovation accelerates
employability and inclusiveness that needs pace of change is accelerating the demand and brings along exciting new opportunities,
to be properly addressed, furthering efforts for knowledge-based, interdisciplinary, we have to form citizens that are prepared
to close the basic education gaps in order project solving and team-based work, to constantly adapt. To achieve this, it’s key
to promote a level playing field for all. which in turn boosts the requirement for to develop a “learning to learn” model that
continued education. In addition, current will help our population to stay open to
2. Employability has to be a key component skills shortfalls such as content skills, the future.
of education systems in order to avoid (namely reading comprehension, writing,
skills mismatches on the labor market. speaking and active listening) and process 5. G20 countries also need to invest in
In this sense, close cooperation between skills (i.e. critical thinking and active appropriate digital infrastructure to allow
businesses and relevant government learning) highlight the necessity of broad-based access to digital learning
agencies and institutions is key to ensure strengthening smart investments in solutions and integrate them into the
that the curricula of training systems are in innovative teaching methodologies in order physical teaching environment.
line with labor market needs. Optimizing to enhance students’ core competencies, Digitalization is also an opportunity for women
the use of and access to labor market particularly in STEM subjects with special to improve their skills and income, and to
information, and harmonizing approaches to focus in gender equality. At the same time, increase their participation in the labor
labor market data collection and treatment it is vital to foster a culture of integrity market. With the right policies in place, the
across the G20 is fundamental to track by including ethical citizen values digital economy could boost opportunities and
employment and education trends and to and respect for the rule of law in reduce inequalities faced by people with
set out consistent educational policy plans. educational curricula. disabilities and other vulnerable groups. ›

Co-Chair: Co-Chair: Co-Chair:

Nate Davis David Iakobachvili Peter M. Robinson
K12, INC. Orion Heritage Co, Ltd U.S. Council for International Business

“Sustained economic growth depends on the ability to fill “The B20 Task Force on Employment and Education is “In light of emerging technologies and rapid disruptive
advanced-skill jobs of the future. The B-20 presents an committed to promoting full and productive employment innovation, preparing for the future of work is of critical
opportunity to explore personalized learning’s role in and decent work for all. This ambitious goal can be achieved concern to business. B20 is an essential partner in
ensuring a career-ready 21st century workforce.” through private-public cooperation aimed at enhancing quality addressing this G20 priority.”
of education, developing national qualifications systems,
raising labor mobility, introducing digital technologies,
increasing transparency and predictability of tax systems.”

Co-Chair: Co-Chair: Co-Chair:

Diego Bekerman Annemarie Muntz Gisel Ruiz
Microsoft Randstad Walmart

This business community of G20 countries represents a “Over the past years, the B20 Employment and Education Task “The future of work needs to be people-centered and tech-
unique opportunity to discuss how we can use technology Force has demonstrated its added value by strong alignment and enabled and should provide opportunity at every skill level.
to advance towards a more innovative, inclusive and messaging. Indeed, G20 agreed on the need of open, dynamic and I believe training by the private sector to drive digital expertise
diverse society.” inclusive labor markets to drive decent work and economic growth. within an agile workforce will play a central role in rising
My commitment is to ensure these policies are implemented and, to this challenge!”
at the same time, social innovation is developed in order to secure
sustainable career-paths for all workers in the Future of Work.”

Buenos Aires. Argentina 2018 ❙ 23

B20 Executive Talk Series
Executive Summary

› Persistent high unemployment remains
one of the greatest challenges in many countries
around the globe. Job creation must remain
the number one priority for G20 countries,
particularly bringing women, youth and
the disabled into the labor market.

1. Open, dynamic and inclusive labor markets

with simple, transparent, flexible and
predictable legal employment frameworks
allowing for a diversity of work forms
continue to be key for inclusiveness. A
wealth of data (including WTO and world
Bank) shows that overly rigid labour markets,
high non-wage labours costs and excessively
bureaucratic burden hinder companies the
ability of companies to employ people.
Countries which do not fully embrace these
new realities in their regulatory framework
will either lack job creation or will push
employment into the informal sector.

realizing your true

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24 ❙

2. Social protection systems must be

updated, looking for effective ways to
adapt existing support systems to this
new and growing workforce. Social
protection schemes need to be adequate,
comprehensive and portable, while
at the same time they need to be
financially sustainable.

3. As for female employment, leaders

should report the advances made on the
implementation of the 2014 Brisbane
commitment, especially in national
policy plans.

Today, 1.3 billion people live in informal

employment2. Informality exacerbates
inequalities and affects the most vulnerable
in our societies. Besides, it creates
an unfair competitive playing field.

4. The B20 calls for a roll back on

informality. G20 leaders should reconsider
the cost-benefit drivers of informality and
encourage formalization through real THE PACE OF CHANGE IS ACCELERATING THE DEMAND
benefits established in national-tailored FOR KNOWLEDGE-BASED, INTERDISCIPLINARY, PROJECT
policy plans. These may include streamlined SOLVING AND TEAM-BASED WORK, WHICH IN TURN BOOSTS
business registration, temporary special THE REQUIREMENT FOR CONTINUED EDUCATION.
incentives linked with labor registration
and promotion of digitalization of
payments, among others.

Entrepreneurship and innovation are

key drivers for job creation and economic
growth in the formal economy. Yet, for
most countries, the complexity of regulatory
procedures remains the main obstacle
to entrepreneurial activity.

5. In turn, G20 leaders should promote an

enabling environment for start-ups and
entrepreneurs, facilitating their access to
finance, by simplifying regulatory burden,
such as registration processes, and by
promoting practical entrepreneurial education
in school and in VET institutions. At the same
time, it is crucial that G20 leaders incentivize
apprentices’ programs by implementing
past commitments in this regard. ■

1. WDR 2018 team, using “A Global Data Set on Education Quality”

(2017), made available to the team by Nadir Altinok, Noam Angrist,
and Harry Anthony Patrinos. Data at
2. ILO January 2017, Enterprise Formalization Brochure

Buenos Aires. Argentina 2018 ❙ 25

B20 Executive Talk Series


Marcos Galperin
CEO, Mercado Libre

For the 1st time in the history of humankind, to materialize, institutions that were once However, all processes of change, create
we are at a moment when everyone in the deemed relevant will become less so, and winners and losers and therefore resistance
planet can be connected to every other the same thing will happen to entire and conflict. But the overall outcome will
person, instantaneously and at an almost sectors of the economy. be greatly positive for our societies. It is
0 marginal cost. The power that this global, We are convinced of the transformational therefore paramount that governments
immediate, interconnected web has, is power of technology and people working continue to encourage the digitalization
endless, like our universe, and equally together to complement and enhance each of our economies and processes while
hard for our brain to comprehend. other. We are now in a much better position ensuring that the benefits of these changes,
We have built our societies, our to integrate billions of people to the are fairly distributed within our societies.
institutions and our economies in a world expanding middle class, helping MSMEs Our task force focused on the importance of
where this global network did not exist, to produce more, expand their boundaries, developing the necessary Digital Skills that
and people therefore needed intermediaries innovate, generate employment, and enhance people will would need in order to better address
and representatives to access goods, their productivity. Technology is a key the upcoming demands best suit upcoming
services, make decisions, or just live in enabler to level the playing field among demands from companies in this new era.
society. In the next decades, as the benefits people as it is already doing with many
of these global interconnections continue sectors of our economy. Marcos Galperin



26 ❙
B20 Executive Talk Series
Executive Summary

Digital Economy Topics:

› Digital Infrastructure
› Measures to develop Industry 4.0 technologies

& Industry 4.0 › Digital skills

› Digital trade & International data
flows regulations
› Data protection & privacy regulations
› Regulatory environment for Fintech
› Gender gap in digitalization
› Cybersecurity

igital economy and Industry 4.0
permeate all aspects of society,
including the way companies and
governments work but also how people
communicate and live their lives. The
emerging digital economy has the potential
to create economic growth and improve
social welfare. Therefore, it is critical that
policy makers create an environment for
digitalization to flourish. B20 calls on
governments to seize to the opportunity
of digital transformation and Industry 4.0
with holistic enabling policy and regulatory
frameworks based on 7 key pillars (digital
skills, Industry 4.0, global connectivity,
MSMEs, digital trade and data flows,
financial technology and cybersecurity).

1. D
 igital Skills: Digitalization, automation
and other technologies are fundamentally
changing the nature of work. It is essential

Co-Chair: Co-Chair:
Marcos Galperín Pierre Nanterme Rory MacFarquhar
CEO, Mercado Libre Accenture Google

“Technology is rapidly and dramatically transforming the “It is critical that governments and businesses work together
way we work and live. In this environment, trust that we to ensure that the benefits of technology are shared by
can use the power of technology as a positive force for everyone, that people have the skills to participate, and
the economy and broader society is paramount. This is that policies foster inclusive economic growth across
why the B20 is important in helping to build collaborative all G20 countries.”
relationships across businesses, governments and
non-governmental organizations.”

Deputy Chair: Co-Chair: Co-Chair:

Jacobo Cohen Imach Flavia Alves Jan Mrosik
Mercado Libre Facebook Siemens

“As our economies go digital, hundreds of people will be “Digitalization is increasingly interwoven into every aspect “Digitalization is revolutionizing the global economy. For
integrated thanks to technology. In the B-20, our Task Force of our society, transforming lives and empowering all manufacturing companies, it enables shorter time-to-market,
will express recommendations on how to best help the people. As stakeholders, our task is to collectively develop a higher flexibility, efficiency, quality and new business models.
workforce develop necessary digital skills and ensure that digital agenda that expands access to these innovations. As Governments and economies have to act jointly to leverage the
we take firm steps towards a more inclusive society.” part of a global community, we must embrace the challenge opportunities resulting from Industry 4.0, global connectivity,
to ensure that this new digital society benefits all.” artificial intelligence and demonstrate their commitment
on cybersecurity.”

28 ❙

that governments focus on policies and manufacturing and the cloud. Governments
investment in human capital and education should support the creation of an Industry
to prepare the workforce for the future of 4.0 ecosystem to foster best practices and use
work. In order to achieve a digitalized case sharing, enable collaboration between
world, digital literacy and technical digital public and private institutions and encourage
skills need to be fostered, no matter what innovation. The Government’s role will be
job, what position or what industry today’s bringing together and aligning between all
children will be working on, they will key stakeholders, matching new technology
require a certain level of digital skills. users and suppliers, equipping initiatives
Governments, first of all, need to work with greater public weight and supporting
together with businesses to assess the them financially. These developments will
current and future digital skills gap need an unprecedented degree of integration
and minimize that gap by investing in among systems and across borders, creating
education programs, ensuring digital skills the need for developing international
are an integral part to the curriculum, and standards that allow an international
also by helping to reskill and upskill the coordination and cooperation.
existing workforce. It is essential that
education programs be accessible to 3. G
 lobal Connectivity: Connectivity is a
both genders and address the digital prerequisite for digitalization and, while the
skills gender gap. number of people “online” has improved
during the last decade, there is still 50 percent
2. I ndustry 4.0: Manufacturing practices are of the global population “offline”1. Given
beginning to be transformed by the use of the enormous impact that connectivity has
digital technologies. This fourth industrial on a nation’s GDP and welfare, it represents
revolution will make it possible to gather a relevant topic in every policy maker’s
and analyze data across multiple devices, agenda. It is key then that governments
enabling faster, more flexible, and more encourage and facilitate private investment
efficient processes to produce higher- in infrastructure. The needed investments,
quality goods at reduced costs, leveraging focused on unserved areas, will allow
technologies such as autonomous robots, consumers to have affordable connectivity
big data and analytics, additive while extending its coverage. ›

“We are leaders in one of the industries that provides the THE WORKFORCE FOR
greatest impetus and dynamism to Argentine communities, THE FUTURE OF WORK.
connecting its citizens and regional economies to the
world. At Telecom we have been working hard to boost
our infrastructure in order to improve the quality of life of
our citizens, our goal is to offer permanent connectivity
on multiple devices throughout the country.”

Co-Chair: Co-Chair:
Deep Kapuria Pablo Di Si
The Hi-Tech Group Volkswagen

“The Digital Economy has the potential to build not only “Our world is changing at a fast pace and the Digital
a more inclusive economy but also an economy which is Economy & Industry 4.0 is at a center stage of this revolution.
globally competitive, this where B20 DEI taskforce It is a great honor to participate and contribute in the B20
can contribute.” and Digital Economy 4.0 Workstream.”

Buenos Aires. Argentina 2018 ❙ 29




› To expand broadband connectivity, Frequently the reason for MSMEs not

countries will also need to maximize adopting innovative technologies are:
spectrum availability ensuring an adequate either being unaware of the existence
mix of protected, licensed, shared and of such technologies, missing
unlicensed spectrum. Demand side has implementation know-how or absence of
to be enhanced as well, promoting the awareness of the economic fundamentals
creation of content and online services that justify implementation. Governments
that foster a higher adoption. must create awareness on cutting-edge
technologies and best practices while
4. M
 SMEs: MSMEs are the predominant improving support for regulatory
form of enterprise across the world. compliance if MSMEs are involved in
In surveyed countries, they account for Global Value Chains. They should also
approximately two thirds of existing jobs2. foster discussion forums between
With such an important share of the larger and smaller companies to
economy, their digitalization should be improve collaboration and even
of prior importance to governments. create commercial opportunities. ›

Buenos Aires. Argentina 2018 ❙ 31

B20 Executive Talk Series
Executive Summary

› 5. D
 igital trade and data flows: Digital trade
has become an engine of economic growth
for large and small businesses around the
world. Even today, approximately 50
percent of all traded services are enabled
by information and communication
technologies3.Governments need to
address e-commerce policies across
borders that do not hinder international
e-commerce growth, and coordinate
cross-border payment systems, data
security, consumer protection and
authentication, among others. It is
essential to encourage negotiations
with international trade organizations to
align on such cross-border policies. As
governments seek to address the challenges
to tax systems raised by the digitalization
of the economy, they should pursue a
multilateral, consistent approach and
avoid unilateral measures targeting a single
sector or group of companies. Moreover,
to foster digital trade and international
business operations it is important for
countries to avoid data localization
requirements and promote efficient
data transfer mechanisms.

32 ❙

6. Fintech: More than 30 percent of the

world’s does not have a bank account —
a gap that is unevenly distributed among
developed and developing countries4.
Supporting Fintech innovation is one
of the potential solutions to close this
financial gap, which is key given the
positive effect that financial inclusion has
on people’s welfare and the GDP. G20
members should adopt policy frameworks
that enable financial technology services
by players from different sectors, promoting
competition across all levels of the financial
service value chain, fostering innovation.
Moreover, governments should encourage
companies to provide environments for
cooperation which allow the Fintech
ecosystem to facilitate testing and
connectivity to current systems
(e.g., APIs, Sandboxes).

7. C
 ybersecurity: In this era of
digitalization where an increasing amount
of information is shared among users, THE POTENTIAL SOLUTIONS TO CLOSE THIS FINANCIAL
devices and machines, cybersecurity is GAP, WHICH IS KEY GIVEN THE POSITIVE EFFECT THAT
becoming a key issue. Cybercrime has had FINANCIAL INCLUSION HAS ON PEOPLE’S WELFARE
an impact of as much as us$600 billion in AND THE GDP.
2017, and governments have a key role
to play to stop cyber-threats5. In order to terrorists, and other threats, avoiding 1. I TU, UN Broadband Commission sets global broadband targets to bring
online the world’s 3.8 billion not connected to the Internet, accessed
improve cybersecurity across countries, damaging trust in the online environment. February 25, 2018,
governments should partner with industry G20 members should agree on starting 2018-PR01.aspx
to adopt a holistic cybersecurity risk baselines to adopt increasingly ambitious 2. World Trade Organization (WTO), World Trade Report (2016): Levelling
the trading field for SMEs, accessed June 19, 2018,
management approach. Both have a joint goals regarding cybersecurity frameworks.
responsibility to protect and empower A cross-sector and cross-border collaborative 3. U NCTAD, Information Economy Report (2017), 30, accessed February
people globally, to partner with others and environment is needed and should be 28, 2017,
increase the security of our technology achieved through information-sharing 4. W orld Bank (2018), op. cit.
5. M cAfee, Economic Impact of Cybercrime Report (2017), accessed
to assure cybersecurity and to combat efforts. This will allow countries to protect May 2, 2018,
offensive cyber capabilities of criminals, valuable data from malicious actors. ■ cybercrime.html

Buenos Aires. Argentina 2018 ❙ 33

B20 Executive Talk Series


Eduardo Elsztain
Chairman, Grupo IRSA & Banco Hipotecario

Communication technologies are making diffusion of new technologies is facilitated and financial crises show that the political
the world a much more integrated place. energized in countries where infrastructure fallout from these events hinges mainly
However, there are marked differences in the development is a priority. on the negative impact that they have on
development patterns followed by different In the past, the responsibility to build and the distribution of income. In this context,
countries. These differences are leading finance infrastructure was exclusively of the the assembly of social infrastructure and the
to continuous divergences in life standards governments; but economic and population development of affordable housing has positive
regarding wellbeing, and the distribution of growth creates greater pressure on the public externalities since it tends to equal the
income and wealth. One glaring difference is sector and thus transfers the necessity of an provision of social requirements, and improve
the diverse policies regarding investment in increase in the participation of the private life quality in an increasing world population.
infrastructure. People-oriented infrastructure sector. This private participation should be Infrastructure is a lever for economic growth.
should be a central category in countries’ further encouraged to complement public effort In the short term, financing infrastructure
budgets, and new and creative mechanisms in bridging the infrastructure gap. For that stimulates demand and creates jobs. In the
of financing such as the Public-Private reason, we need to promote a solid financial long term, investments drive productivity,
Partnerships (PPP) should be encouraged framework to strengthen infrastructure deepen markets, and make economies
and incorporated. In addition, our goal in financing and long-term growth, with more competitive.
these pages is to contribute to establish the the adequate legal background, greater As FGI B20 Argentina, we look forward to
proper analytical and policy frameworks in transparency and quality of information working together with G20 leaders to mobilize
order to make infrastructure an asset class. to guarantee predictability to the private the G20 countries, the B20 companies and
The significant importance of appropriate investors that are attracted to these projects. global policymakers. We have the responsibility
and modern infrastructure in the process of It is imperative to acknowledge that this is and the challenge to take in additional financial
development has substantially increased in not just a concern for emerging economies resources to prop up growth and sustainable
recent years because of the rising importance and developing nations. It is essential for every development through the provision and
of technology as a source of growth. country to take advantage of all the benefits promotion of government support for the
Technology is an essential component that infrastructure investment offers, including rapid growth and stable development of
of most of the new production functions the scope for focusing on inclusion and infrastructure.
and, being embodied in the new massive integration development.
infrastructure projects, the transfer and It is also worthwhile to remark that recent Eduardo Elsztain



34 ❙
B20 Executive Talk Series
Executive Summary

Financing Growth
› Develop Infrastructure as an asset class
› Promote Public-Private Partnerships (PPPs)

& Infrastructure › Increase access to affordable housing

› Promote cross-border financial
regulation consistency

Liang Dingbang

““China has been deeply engaged in economic growth

and infrastructure development in the past four decades.
We hope to share the hard lessons learnt in this process
and our hopes for the future in the work of this
Task Force.”

Timothy Adams
Institute of International Finance

“The B20 is a platform for global private sector leaders to

come together to establish and promote a G20 agenda that
includes sustainable investment into infrastructure for
economic growth.”

Co-Chair: Co-Chair:
Eduardo Elsztain José Manuel González Páramo John Denton
Chairman, Grupo IRSA
BBVA International Chamber of Commerce
& Banco Hipotecario

“Regulatory cooperation between countries and coordinated “The massive capital flows into infrastructure from the
actions will be paramount to seize new challenges that world’s pension funds are not happening. Why? Because
emerge from digital innovation. This will help also to there are just not enough investable projects around.
contribute to a more sustainable and inclusive society.” We need to work harder to make this happen.”

Deputy Chair: Co-Chair: Co-Chair:

Mario Blejer Fernando Lago Enrique Cristofani
Banco Hipotecario Cámara Argentina de la Construcción Santander Río

“A neglected aspect of infrastructure investment is its “Technology fosters the world sustainable development. “Looking forward, Argentina has a great opportunity
potential beneficial impact on income distribution. While Then, it is a must to overcome regional and social to become a regional leader. There is a society and a
conventionally measured income distribution has recently inequalities and reduce poverty. Closing the increased leadership that want to participate and commit with
suffered clear deterioration, the distribution is more infrastructure gap will contribute to these goals. a better future. Every change starts in society and its
equalitarian if we look at `all encompassing´ income, Infrastructure will improve life quality and increase leadership, continues in politics and then goes to the
that includes the inputed personal value derived from productivity. There are enough financial resources. economic and financial.”
the utilization of public goods and services.” B20 should connect needs and resources.”

36 ❙

stimates indicate that global
infrastructure needs will reach
almost USD 70 trillion by 2035,
and the world could face a USD 5.5 trillion
gap, compromising economic growth and
population’s wellbeing. Also, the lack of
access to affordable housing will affect more
than 1.6 billion people by 2025, mostly
in major cities. This gap in infrastructure
investment is uneven around the world,
especially when considering the urgent needs
that underserved regions face in terms of basic
economic and social infrastructure. Moreover,
financial markets are in constant evolution
and require regulations to provide a stable
environment for incentivizing growth
and investment.
To close this investment gap, world leaders
need to increase their efforts towards sustainable
and resilient infrastructure investment, helping
to also meet the Sustainable Development
Goals while considering climate change
adaptation and mitigation.
Closing the infrastructure gap will entail WE ADVISE G20 LEADERS TO ADOPT MARKET-
facilitating public and private investment
in infrastructure through new and improved
investment vehicles as well as strengthening
the global financial sector. To this effect, the KEEP IMPROVING THE PROJECT PIPELINE TO BRIDGE THE
B20 encourages G20 leaders to pursue the GAP BETWEEN NATIONAL PLANNING PRIORITIES AND
following four actionable pillars: PRIVATE INVESTOR’S NEEDS.

At BBVA we have a purpose:

to bring the age
of opportunity
to everyone

Buenos Aires. Argentina 2018 ❙ 37

B20 Executive Talk Series
Executive Summary

› 1. Advancing the implementation of THE G20 SHOULD ENHANCE THE ROLE OF MDBS TO
infrastructure as an asset class by improving SUPPORT RISKIER INFRASTRUCTURE INVESTMENTS,
project bankability, supporting the creation
of financial vehicles for infrastructure,
and enhancing the role of MDBs
We advise G20 leaders to adopt market-
oriented pipelines in order to create bankable
and investable infrastructure assets; and We encourage G20 leaders to clearly rental market. G20 leaders should also
to keep improving the project pipeline establish the role of PPPs, to develop a implement financing policies that expand
to bridge the gap between national competitive governance framework for the housing market by providing adequate
planning priorities and private investor’s PPPs, and to promote PPPs executional instruments for developers and home buyers.
needs. Also, we prompt the G20 to excellence. Additionally, the G20 should
standardize the risk/return profiles of adopt PPP models considering financial, 4. Ensuring consistency in financial
infrastructure investments, support the practical and political outcomes and regulation that fosters growth, stability
creation of marketplaces, and incentivize increase project delivery efficiency and investment in infrastructure
the creation of financial vehicles that can through adoption of best practices. We encourage G20 leaders to enhance
support the development of infrastructure cross-border financial regulation
as an asset class. The G20 should enhance 3. Narrowing the affordable housing gap consistency and to promote regulatory
the role of MDBs to support riskier by setting policy targets, increasing consistency to reduce compliance arbitrage
infrastructure investments, project resource efficiency and expanding costs by ensuring a proper dialogue with
preparation and data transparency. financial access for developers and buyers stakeholders in the implementation phase.
We recommend G20 leaders to define Also, G20 leaders should encourage
2. Increasing the impact of PPPs affordability thresholds and promote a sustainable development financing, since
by clearly establishing their ladder approach for housing development. the development of quality infrastructure
role, implementing competitive Moreover, G20 leaders should expand investment financing runs parallel to
procurement mechanisms and financing to reduce costs for home buyers the development of a suitable financial
promoting executional excellence and developers while supporting a healthy system for sustainable development. ■

38 ❙

Buenos Aires. Argentina 2018 ❙ 39

B20 Executive Talk Series
Chair’s Message TRADE & INVESTMENT

Paolo Rocca
CEO, Techint Group

Investment and trade are fundamental well as by participation in global trade However, to retain much needed consensus
engines for job creation, poverty reduction, is having an unexpected and significant and remain relevant, the multilateral trading
and ultimately for achieving sustainable competitive impact, particularly when system needs to evolve addressing distortions
development goals. distorting subsidies are present. that have emerged within this new economic
The multilateral rules-based trading At the same time, the digital economy is landscape. It needs to face all current issues
system has played an essential role in boosting innovation in products and services, to capture the enormously positive scenario
providing a credible framework for fostering the inclusion of micro, small and ahead of us.
international investment and for the medium enterprises, and bringing along an Our mission in this endeavor is to
development of global value chains, enhanced focus on data. New technologies, identify the most relevant challenges to the
contributing to fuel an unprecedented along with responsible transformations global trading system, to provide concrete
global economic growth and inclusion towards more clean and circular economies recommendations about rules that need to
over recent decades. are driving business leaders to rethink the way be either adjusted or developed, as well
However, world trade has changed they conduct business at an accelerated pace. as necessary efficiency or functionality
dramatically since the WTO creation in Multilateralism, as a source of institutional improvements that need to be considered.
1995 after the Uruguay Round. The global predictability through international We are convinced that G20 leaders are
scenario is radically different from the post cooperation, is a fundamental enabler for facing a unique opportunity to reshape the
war world that led to the original GATT entrepreneurship and investment. It is the multilateral trading system and lead the way
negotiations. The emerging economic way to move forward in order to bridge into a new era of sustainable globalization.
relevance of state owned enterprises, by all social gaps, providing broad-based
substantial cross-border investments as opportunities for all. Paolo Rocca



40 ❙
B20 Executive Talk Series
Executive Summary

Trade & Investment Topics:

› Strengthen WTO as a centerpiece
of the international trading system
› Remove market distortions and state
intervention to achieve a level playing field
› Foster competitive neutrality principles
for state-owned enterprises
› Promote new frameworks and rules
for the digital age
› Encourage SMEs inclusion in
global value chains
› Accelerate a multilateral framework
initiative on investment facilitation

he B20 community continues to
believe that a rules-based multilateral
system, ensuring open trade with a
level playing field, is crucial for inclusive
development and economic growth. To
ensure continuity and improvement of the
multilateral trade system as an enabler of

Jean Pascal Tricoire
Schneider Electric

“The B20 is a unique opportunity for businesses operating

at a global scale, in a world getting constantly more
connected, to share insights and debate with governments
on the opportunity of global trade.”

Co-Chair: Co-Chair:
Paolo Rocca Sunil Bharti Mittal Alberto Grimoldi
CEO, Grupo Techint Bharti Enterprises Grimoldi

“Trade restrictive measures are detrimental to efforts to “Globalization is more than the mere interchange of goods
eliminate extreme poverty under the United Nations’ 2030 and services. B20´s Trade & Investment Taskforce represents
Sustainable Development Agenda. We urge the G20 to roll an invaluable working space for exchanging thoughts
back existing barriers and ensure predictable, modern and answers in a fast-changing world, in accordance with
and up-to trade rules, required by businesses to operate the principles of economic freedom, competition, private
efficiently and transparently, are put in place.” initiative and social responsibility.”

Co-Chair: Co-Chair: Co-Chair:

Ines Van Lierde Marc Allen Armando Garza Sada
AEGIS Boeing International Grupo Alfa

“The B20 Trade and Investment Task Force forum will be a “Business has a clear role to play on matters of global t “B20 is a unique forum for the business community to
unique opportunity for the business community to discuss rade and investment – and a responsibility to make its address current challenges facing the world, including
how to create a positive environment for global investment voice heard and its views considered. Through dialogue barriers to free trade and climate change.”
and rules-based trade, and agree on standards to ensure with the G20, we can ensure our countries lead on
fair international competition.” trade and investment to promote global progress
and inclusive prosperity.”

42 ❙

inclusive and sustainable globalization, 3. Ensuring further inclusion of Micro, trade, is usually referred to as the guardian
a comprehensive approach needs to be Small and Medium Enterprises (MSMEs) of the multilateral trade system. The B20
undertaken. An ambitious and positive in international trade by improving members concluded that reform and
agenda for the 21st century, which access to finance, simplifying regulatory structural functional improvements of
includes the development of new rules environments, tackling non-tariff barriers the WTO need to be put into place to regain
and institutional adaptation, is therefore that impede the fragmentation of global momentum. Several institutional reforms
urgently required to avoid unilateral value chains and refraining from such as having a structured business advisory
approaches and ensure governability. introducing new distortive measures that committee, addressing governance methods
In terms of the Trade Agenda, the B20 prevent inclusion. The B20 would welcome that would promote advancement (i.e. by
has identified three top priorities where further concrete joint public-private work considering alternative decision-making
joint action from leaders is required: in the arena of technical barriers to trade methods), as well as enhancing compliance
and phytosanitary measures to ensure (i.e. by strengthening the notification system),
1. Addressing state-related competitive transparency and full adherence to would bring substantial benefits. Finally, the
distortions, by initiating negotiations on international standards and scientific B20 also strongly believes leaders should
transparent new rules that would ensure evidence in the case of Sanitary and urgently get the Appellate Body vacant posts
that no party is granted access to any non– Phytosanitary (SPS) measures. filled and work towards reforms that would
commercially available benefit exclusively foster effectiveness and a shortened
based on its ownership. These rules would In terms of the Investment Agenda: the timeframe for dispute resolutions.
therefore particularly address market-distorting B20 h ighlights the importance of proactive
industrial subsidies and consequently trade involvement in investment facilitation I t is of utmost importance that G20
distorting actions by state-owned enterprises, negotiations aimed at reaching a predictable, countries, who lead by example, strongly
which the Charlevoix G7 Summit transparent, non discriminatory investment support adaptation to new economic
Communique has recently pointed at. framework while fully ensuring protection realities and take positive actions to
of intellectual property rights. In pursuing reshape the global trading system. ■
2. Adapting rules to the digital age in order these objectives, there is also an opportunity
to provide regulatory coherence and identify for leaders to reach a clear, shared vision
regulatory gaps that need to be addressed regarding investment screening
to facilitate an open, inclusive and mechanisms.
transparent digital trade with strong data The World Trade Organization (WTO),
protection and data privacy regulations. due to its determinant role in international

Buenos Aires. Argentina 2018 ❙ 43

B20 Executive Talk Series

Luis Alejandro Pagani

President, Arcor Group

With more than 90 members, the B20 The inclusion of this task force as a B20 challenge of enhancing the well-being
Sustainable Food System task force is chaired priority area is a clear reflection of not just the of humanity and the conservation of our
by Grupo Arcor and co-chaired by Bodega Argentinian presidency’s focus on pursuing planet, plus our initial work resulting in a
Luigi Bosca, Carozzi, Danone, Unilever, zero poverty, zero hunger and sustainable set of well-founded policy recommendations,
Business at OECD (BIAC), Sociedad Rural development goals as part of the G20 agenda, collaborative public-private sector initiatives
Argentina, The Coca-Cola Company, PepsiCo, but also the massive impact that working and private sector commitments, will ensure
and Grupo Cepas. The knowledge partner towards a more sustainable global food system the SFS agenda’s continuity in future G20
of the task force is BAIN & Company, and can have in achieving such goals. It is also a meetings as well as the continuity of this
there are also three concept partners: recognition of the fact that governments cannot task force in future B20 meetings.
COPAL, CREA, CEADS and two strive to achieve these goals on their own, and The world has agreed on a long-term
network partners: ICC and BIAC. that participation of the private sector through agenda, the SDGs 2030, for global sustainable
This task force not only revisits but multi-stakeholder partnerships is crucial. development, the elimination of poverty and
also broadens a topic that had been absent In its policy recommendations, the hunger, and the integral improvement of
from the B20 agenda since it was last Sustainable Food System task force focuses people’s lives and well-being. Its achievement
included in 2012, under the title “Food on five main topics: eradicating malnutrition, faces several challenges. The main lesson
Security”. This working group also addresses undernourishment and obesity; ensuring learned is that the G20 process, and the
the economic, social and environmental environmental conservation and mitigation dialogue with and among the engagement
sustainability of food system, taking a and adaptation to climate change; fostering groups, is a key enabling institutional
holistic approach that is direly needed technology development and adoption; platform to deliver on this long term
to meet the challenge of feeding an minimizing food loss and waste; and sustainable development agenda.
increasing world population with reducing barriers to global food trade.
declining environmental resources. I honestly hope that the relevance of the Luis Pagani



44 ❙
B20 Executive Talk Series
Executive Summary

Sustainable Topics:
› Malnutrition, undernourishment and obesity
› Enviromental conservation, mitigation

Food System and adaptation to climate change

› Technology development and adoption
› Trade barriers
› Food loss and waste

ustainably increasing production
to levels required to ensure global
nutritional security is one of today’s
world greatest challenges.
According to United Nations data, by 2050,
the world’s population will reach 9.7 billion
people, with increased growth and increased
urbanization, particularly in Asia and Africa1.
This demographic shift will directly affect
consumption patterns, increasing demand
for industrial food and value-added products.
This growth comes at a time where
substantial parts of the global population still
experience food insecurity. With roughly 815
million people currently living under food
insecurity, production must also increase
to feed those that are already hungry.
Without action, the increased production
of food will entail additional use of critical
environmental resources (e.g., water, land,
energy, etc.). Amidst the global demographic
growth and changing global climate, it is
imperative to turn the food value chain into

Co-Chair: Co-Chair:
Luis Alejandro Pagani Phil O´Reilly Fernán Martínez
President of Arcor Group Business At OECD Cepas Argentinas S.A.

“The sustainability of the food we eat is one of the most “B20 SFS represents the most relevant occasion to craft
important issues for the world to tackle. Argentinian developed and emerging countries synchronized public policy
business should be congratulated for leading work in this with purpose, guaranteeing access to healthy and affordable
area at the highest level. Business @ OECD is proud to nutrition, with consciousness in the ease of implementation.”
bring its unique mandate and assistance to the table.”

Deputy Chair: Co-Chair: Co-Chair:

Cecilia Rena Gonzalo Bofill Velarde Joao Ramires
Arcor Carozzi S.A. Coca-Cola S. Latin

“The world faces the challenges of feeding an increasingly “We must propose global public policies that will “The eradication of malnutrition, undernourishment and
growing population within the context of a decling collaborate with obesity control, promote a healthy obesity; the reduction of food trade barriers, environmental
resource base. The process of dialogue and public-private life style and facilitate free trade.” conservation; the promotion of technological development to
partnerships are essential for a sustainable development. foster industry growth and the reduction of food loss and waste
We can build a better future if we work together.” are logical and mainstream thematic axes that have allowed
the setting of a common agenda, making the industry a
key actor in the acceleration of global solutions.”

46 ❙



a positive environmental actor that Alongside enhanced production, the global

sustainably utilizes and restores natural trade of food must function fluently while
resources. In order to continue feeding future minimizing waste to ensure food security.
generations, global food producers must The UN estimates that one third of food is
broadly adopt sustainable agricultural either lost in the pre-harvest, harvest, or
practices to mitigate, adapt to and increase processing stages or wasted by distributors
resilience to climate change. and end consumers. Consequently, food value
In addition to broad global adoption of chains must function more efficiently and reduce
existing agricultural best practices, new and (or find alternative uses for) lost or wasted food.
innovative technologies need to be developed Global food trade has a critical role to play
and deployed across the food value chain to in feeding the world; by matching food supply
increase yields in a resource efficient way. to global demand, efficient markets ensure
New technologies (e.g., biotechnology, that food is accessible and properly priced
digital technology, etc.) will play key across the world. Barriers to global food
roles in increasing production yields trade undermine comparative advantage
and maximizing resource efficiency and discourage investment in food
to minimize environmental impact. production and innovation. ›

Co-Chair: Co-Chair:
Francisco Camacho Laxman Narasimhan
Danone Pepsico

“A food revolution is happening and we choose to serve it, “The private sector can and must accompany well-crafted
with partners. By supporting B20’s SFS, Danone wants to public policies to ensure the availability, affordability, and
be a catalyst for change and foster healthier and more sustainability of food systems throughout the world.”
sustainable eating and drinking habits.”

Co-Chair: Co-Chair: Co-Chair:

Alberto Arizu Daniel Pelegrina Miguel Kozuszok
Luigi Bosca Sociedad Rural Argentina Unilever

“The B20 is a process to bring effective action policies to G20 “Farmers face a world with a growing demand for food and “As G20 represents developed and emerging countries, it is key
governments. The SFS Task Force is a unique opportunity for more than 800 million people under the situation of food that the Sustainable Food Systems guidelines guarantee that
relevant issues for our future. Sustainable production, global insecurity. Our commitment, in the TF on Sustainable Food safe and healthy food production is stretched to its productivity
food trade, healthy and responsible consumption; food losses System of the B20, is to lead the development of policies frontier, and that all food flows move freely globally to
and waste are fundamental pillars of the discussion.” that contribute to increase food production in a sustainable guarantee its availability and affordability.”
manner, and achieve a significant reduction of
trade barriers.”

Buenos Aires. Argentina 2018 ❙ 47


› Based on this context, the task force

working group has focused on five primary
issues for G20 leaders to address:

1. Eradicating malnutrition,
undernourishment and obesity:
In planning public policy to address
malnutrition, it is essential to consider
instances of public–private cooperation and
dialogue. Policy should aim to strengthen
regulatory frameworks and promote
nutritional and healthy lifestyle programs.
The B20’s final recommendations include
reinforcing multilateral food regulatory
frameworks, strengthening the role of the
Codex Alimentarius as an internationally
approved set of guidelines, promoting ALONGSIDE ENHANCED PRODUCTION, THE GLOBAL
consumer education, and developing food TRADE OF FOOD MUST FUNCTION FLUENTLY WHILE
value chains that ensure food availability MINIMIZING WASTE TO ENSURE FOOD SECURITY.
in developing countries.

2. Ensuring environmental conservation of food chains. These should increase or carbon sequestration).
as well as mitigation and adaptation to productivity and the efficiency of resources, Recommendations include creating
climate change & 3. Fostering technology mitigating climate change, and enhancing soil economic benefit systems that incentivize
development and adoption: conservation and ecosystem that sustain food the efficient use of resources, financing the
G20 leaders should also develop policies, production. Many of these practices already creation and adoption of new technologies,
incentives and capabilities to encourage the exist and have demonstrated their potential to developing public-private partnerships to
adoption of new technologies and practices increase yield while decreasing the negative boost ecosystem management programs, and
that increase the sustainability and resilience environmental impacts (e.g., soil conservation investing in rural productive infrastructure. ›



Buenos Aires. Argentina 2018 ❙ 49

B20 Executive Talk Series
Executive Summary


› 4. Minimizing food loss and waste:
Minimizing loss and waste can be one of the
most effective ways to achieve a more sustainable
food system that provides food security in a
resource-efficient way. In this respect, B20
recommends to incentivize investments
towards storage facilities, energy availability,
transportation, access to telecommunications
and other infrastructure to reduce food losses,
particularly in developing countries.
Educating consumers on how to reduce
food waste at the household level and
creating self-sustaining and efficient
secondary food markets or circular economies
can decrease the negative environmental
and societal effects from food waste.

50 ❙

5. Reducing barriers to global food trade:

The B20 remains committed to a
multilateral trading system that is open,
non-discriminatory, and rule-based. However,
advances are required to help achieve SDGs
throughout global food value chains. Business
as usual is not an option. The trading system
should progressively eliminate and correct
barriers and distortions in global food and
agricultural markets, enabling a greater
integration of SMEs in developing countries
into regional and global value chains. Final
policy proposals regarding trade focus on
the transparency of non-tariff measures
and reducing non-tariff barriers, minimizing
tariff barriers and distortive domestic
support, and promoting the harmonization
of regulatory frameworks, following the
international science-based guidelines
established in the Codex and in other
multilateral avenues of consensus to
prevent new NTBs. ■

1. United Nations, Department of Economic and Social Affairs,

Population Division (2015). World Population Prospects: The 2015
Revision, Key Findings and Advance Tables. Working Paper No.

PepsiCo is focused on improving the foods and beverages we sell,

protecting our planet, and empowering people around the world.
Together with our business partners and leading organizations
committed to positive change, we are determined to
contribute solutions to shared challenges.
PepsiCo is a proud participant in B20 Argentina 2018

Buenos Aires. Argentina 2018 ❙ 51

B20 Executive Talk Series


Miguel Ángel Gutiérrez

President, YPF S.A.

The ERES (Energy, Resource Efficiency and all of us industry members are working to of the Global Infrastructure Hub initiated
Sustainability) Taskforce, which I am honored identify, exchange and reach consensus on the by the Australia B20 FGI Taskforce, the
to lead, is one of the B20’s eight active best practices that allow for transition from a ERES Taskforce recommends that G20 leaders
working groups and is made up of several fossil fuel economy to a greener, sustainable establish a Global Energy Transitions Hub with
national and international representatives economy and, finally and with time, to a mandate to gather and share best practices,
from the energy industry. The working one that achieves zero-impact emissions. collaborate with countries on capacity building,
groups are currently generating proposals This debate is mainly focused on transition develop and promote appropriate standards,
for consideration by the G20 which meet acceleration; relevance of energy efficiency; and publish relevant data and reports for
the Paris Agreement and the UN 2030 access to affordable, reliable and sustainable accelerating transition readiness.
Agenda for Sustainable Development Goals. energy; promotion of resource efficiency Finally, the B20 has allowed Argentina
To tackle these challenges, we need a vision and circular economies; and adaptation to engage in fruitful debate and access
of diversity and inclusion that takes into to climate change. already tested ideas (with their strengths
account new work skills; a perspective that One of the group’s preliminary and weaknesses) and solutions to problems
is informed by the vast resources offered by conclusions is that the achievement of a associated with the transition to more
science, technology, engineering, art and sustainable energy future requires a platform sustainable energies. Tapping into this
mathematics; one that puts customers and for international cooperation to guide and learning may enable Argentina to lead a
consumers at center stage and benefits support the different transition paths that historic process for the development of
from public-private collaboration. countries are implementing. Such platform inclusive models that support increasingly
Our debate takes place in a context could facilitate and coordinate evidence-based cleaner, more accessible, and more affordable
where the main energy agencies forecast a policy making and accelerate actionable energy for a growing number of people.
30% increase in world energy consumption practices towards a low-carbon future.
between now and 2040. For this reason, Thus, based on the productive experience Miguel Ángel Gutiérrez



52 ❙
B20 Executive Talk Series
Executive Summary

Energy, Resource
› Promote energy transitions
towards cleaner technologies

Efficiency & Sustainabilty › Energy effeciency

› Affordable energy
› Promote resource efficiency
and circular economies
› Climate adaptation agenda

he B20 Argentina calls for G20
leaders to pursue accelerated transitions
towards a low carbon, sustainable and
equitable energy future as mandated by the
UN Sustainable Development Goals (SDGs).
The B20 also calls for decisive action
against climate change and the provision
of actionable roadmaps aimed at the
accelerated reduction of greenhouse gases
(GHG) emissions. B20 acknowledges that for
signatory Governments, the Paris Agreement
provides an international legal framework
capable of ensuring local and regional paths
to fight climate change at global scale.
To accomplish this goal, the B20 is
determined to cooperate with the G20 leaders
to overcome present challenges: Over 1.1
billion people worldwide still lack access
to energy, 2.8 billion are in need of clean
cooking solutions, and climate adaptation
policies only account for 7 percent of
climate impact investments.

Co-Chair: Co-Chair:
Miguel Kurt Bock Ignacio Galán
Ángel Gutiérrez BASF Iberdrola

President, YPF S.A.

“Climate protection is a global task. The business “The fight against climate change is a shared responsibility
community provides the technology needed to achieve the that must involve all agents of the economy. We all –
ambitious emission reduction targets. B20 will discuss the governments, private sector and society as a whole– need to
concepts and political frameworks required.” make a significant contribution. Now is time for action”.

Deputy Chair: Co-Chair: Co-Chair:

Sebastián Mocorrea Hugo Eurnekian Marcelo Mindlin
YPF Compañía General de Combustibles Pampa Energía S.A.

“Leading the B20 Energy, Resource Efficiency and “I am thoroughly committed to the development of “We are increasingly facing pressures to decarbonize and
Sustainability Task Force represents a unique opportunity sustainable and efficient energy systems. It is the increase the use of electricity. Cleaner alternatives and
for YPF, not only because we can contribute from our only route to the future of our societies.” increased efficiency required investments while climate change
experience, innovation and technology, but also because ads uncertainty to the decision process. We intend to arrive to
it allows us to nurture other perspectives, to generate a valuable assessment and recommendations to the authorities
rich debate for the transformation of the country´s by engaging the private sector as a significant player in the
energy model.” design of regulation and business models.”

54 ❙



At the same time, global energy-related A clean and efficient energy future
CO2 emissions grew by 1.4 percent In 2017, will entail the widespread adoption of
reaching a historic peak of 32.5 gigatons, renewable energy sources complemented
while energy efficiency improvements slowed by cleaner energy sources namely:
down. Worldwide consistent strategies to natural gas, cleaner liquid fuels,
cope with the irreversible consequences biofuels, hydrogen, nuclear and
of climate change need further conscious energy efficiency initiatives.
cooperation.  Firstly, we advise G20 leaders on the
Additionally, resources are being utilized at importance of strengthening national
an unsustainable pace, yet resource efficiency policies that augment the capacity of
still falls behind in the leaders’ agenda, hampering countries to implement energy transitions
necessary transformations from linear to while meeting growing energy demands.
circular economies. We support developing roadmaps for
The B20 has identified five actionable energy transitions, respecting national
recommendations to address these challenges: specificities; scaling financial solutions
to enable roadmap execution; promoting
1. A
 ccelerate transitions to a low carbon flexible regulatory environments and
future – The G20 should act decisively fostering just transitions. Secondly, we
on mitigation strategies, favoring the prompt the G20 to encourage accelerated
substitution of high carbon fossil fuels research, development and deployment
for low carbon, renewable sustainable of renewable energies and cleaner
and cleaner energy sources. sources, enhancing grid electrification,
re-electrification, digitalization and storage
technologies; fortifying carbon capture,
usage and storage; and developing
Co-Chair: interconnections and international trade.
Marcos Bulgheroni
Pan American Energy Group 2. I ncrease coverage and impact of energy
efficiency policies – The G20 should
“Access to energy is key for growth and development. We
foster the expansion of energy efficiency
must embrace the ongoing energy industry transformations policies, advancing standard-setting in
and work to guarantee reliable and equitable energy access energy and utility companies, businesses,
through an efficient use of the world´s resources.”
households and transportation systems
Firstly, we encourage the G20 leaders to
commit to appropriate energy efficiency ›

Co-Chair: Co-Chair:
Shu Yinbiao Teófilo Lacroze
State Grid Corporation of China Shell

“Energy transition is a long and systematic process, in “We are going through a unique energy transition. The B20
which electricity has been playing a key role. Together, provides the opportunity to discuss the best way to thrive
we will make the transition come true through clean through it with the commitment to offer energy solutions
replacement, re-electrification and building a new which we stand for, both governments and companies.”
generation of power system.”

Buenos Aires. Argentina 2018 ❙ 55

B20 Executive Talk Series
Executive Summary

› policies within energy and utility WE FIRMLY BELIEVE THAT THE ACHIEVEMENT OF A
companies and across industries´ value
chains. This includes reinforcing the global
discussion towards a harmonized global FOR INTERNATIONAL COOPERATION GUIDING AND
carbon pricing as a policy to reduce SUPPORTING THE DIFFERENT TRANSITION PATHS
energy waste and as an incentive to lower THAT COUNTRIES ARE IMPLEMENTING.
emissions. Secondly, we advocate for
efficient policies and practices for buildings
and households, implementing time-
dependent pricing and smart meters; and transition solutions to reach SDG7, models to finally decouple
mandating sustainable building design. acing the challenges of each alternative, economic growth from
Thirdly, we recommend the development such as densification and expansion of environmental issues.
of sustainable and efficient mobility on-grid solutions for urbanizations and Firstly, G20 governments should
systems setting standards for ground decentralization and off-grid solutions promote knowledge and capacity to
transportation. for rural communities, while systematically facilitate and regulate circular economy
prioritizing the provision of clean cooking development, enabling public and private
3. E
 nsure access to affordable, reliable solutions. Secondly, we encourage and sector cooperation to identify practical
and sustainable energy – The G20 support the G20 to assist countries in opportunities in: resource recovery,
leaders should support the global public policy planning and in promoting product life extension, circular design,
expansion of energy access through sustainable business models to reach shared platforms. Secondly, we prompt
on-grid, off-grid and clean cooking underserved communities. G20 leaders to develop metrics and
solutions for underserved communities methods to track and efficiently promote
striving to minimize the energy 4. P
 romote resource efficiency and circular activities in the private sector,
access gap. circular economies – The G20 should enhancing reuse, recycling and
Firstly, we encourage G20 leaders promote policies and incentives for upscaling, while strengthening
to promote rapidly implementable the adoption of circular business competitiveness and innovation.

56 ❙

5. Expand climate change adaptation

policies – The G20 leaders must improve
climate-resilience plans, evaluation
and funding of adaptation policies.
Firstly, we recommend G20 leaders
to enhance the ability to assess and
predict the impacts of climate change on
infrastructure, production and business
operations through climate modelling and
forecasting tools, emergency response and
disaster recovery plans. Secondly, we call
for innovative technological integration of
climate models and risk assessment into
development policies and plans, supported
by financial mechanisms to close the
investment gaps in adaptation.
 Finally, we firmly believe that the
achievement of a sustainable energy
future requires a platform for international
cooperation guiding and supporting the
different transition paths that countries
are implementing. Such a platform Through enhanced international climate change and advancing towards the
needs to facilitate and coordinate cooperation and the implementation of Sustainable Development Goals, delivering
evidence-based policy making and the recommended actions, the G20 leaders the promise of a shared and sustainable
accelerate actionable practices hold a unique opportunity to make progress prosperity within a low carbon and
towards a low carbon future. towards mitigation and adaptation to equitable global economy. ■

Buenos Aires. Argentina 2018 ❙ 57

B20 Executive Talk Series

Chair’s Message

By Inés Berton
CEO & Founder, Tealosophy

SMEs role in flexible and more dynamic to rapidly adapt SMEs’ constraints for scaling up, promoting
to this new era characterized by digital SMEs internalization through digital
promoting inclusive transformation and new forms of work. platforms and global value chains.
and sustainable growth The B20 community has emphasized the Digitalization is changing the economic
critical role SMEs play in achieving Sustainable landscape and creating new opportunities
Small and medium-sized enterprises Development Goals (SDGs) and promoting for SME development. Often, new and small
(SMEs) and entrepreneurs constitute the inclusive economic growth. We have identified enterprises are the leading forces of innovation
backbone of national economies. SMEs four main areas that need to be discussed in due to their ability to work outside established
are decisive for economic development order to foster SMEs birth and survival rates. paradigms, giving SMEs a competitive advantage
and account for the largest portion of Strengthening SMEs capabilities—in terms of over larger firms. Fostering entrepreneurship
employment. improving their access to finance, fostering and innovation should therefore be at the core
The B20 Argentina SMEs Development talent attraction and entrepreneurial skills of any tailored national policy that aims to
Task Force, composed of more than 150 development, providing simplified regulatory achieve creative and value-added goods and
worldwide members, defined its ambitious frameworks and promoting active participation services for their economies.
mission to identify and propose policy actions in the digital economy—remains crucial to Finally, I would like to specially highlight
that reflect Small and Medium Enterprises’ reduce social inequalities. the role of SMEs in bridging social and gender
needs while stressing their relevance as Identifying SMEs’ challenges according to divides. I believe SMEs have a special role
the backbone of national economies in their development stage has been a substantial to foster women’s involvement in the labor
every G20 country. step towards a better understanding of SMEs market. Tackling informality is one way to
From the start, I have encouraged SMEs heterogeneity, as well as the critical success promote women’s access, since the informal
members to think outside the box as SMEs’ factors and failure risks they face at each level economy is generally associated with unsafe
own dynamics are often disruptive and of growth. The micro, small and medium conditions, limited rights for workers, very low
innovative. As a driver of economic growth enterprises sector is dynamic and ever-changing. payment and stronger gender segmentation.
and job creation, SMEs potential cannot As its composition varies across countries and As entrepreneurs, SMEs task force members
afford to remain stagnant. sectors, a comprehensive view needs to be have been bold in proposing new ways
We are living in a world where business, undertaken when designing national policies forward as we feel the responsibility to
technology, politics and societies quickly that enhance SMEs opportunities. provide our unique perspective in the
intersect with each other. This poses To unleash SMEs’ positive impact on design of policies that contribute to
challenges but also new opportunities societies, SMEs’ main barriers for growth, sustainable and inclusive growth.
to SMEs development. It is important to particularly political and institutional settings,
emphasize that SMEs need to be more should be targeted and redefined to address Inés Berton



58 ❙

Small & Medium Topics:

› Policies to promote talent attraction
and entrepreneurial skills

Enterprises Development › Develop finance facilitation programs

› Facilitate an effective and timely transition
from the informal to the formal economy
› Promote simplified and SME-friendly
regulatory frameworks
› Innovative inclusion through
digital transformations
› Bridge the gender gap

Small and Medium Enterprises (SMEs)

account for over 95% of enterprises,
60-70% of employment and 55% of the
gross domestic product and are essential
to strengthening productivity and
delivering more inclusive growth. ›

Graciela Fresno
Federación Empresaria Hotelera
Gastronómica de la República Argentina

“B20 favors the improvement of coordination between

governments and companies to face the challenges of
the current technological revolution by guaranteeing
sustainability and global inclusion.”

Co-Chair: Co-Chair:
Inés Berton Victor Dosoretz Luca Donelli
CEO & Founder, Tealosophy Cámara Argentina de Comercios y Servicios European Confederation
of Young Entrepreneurs

“The business community is ready and willing to support “We need a novel approach for sustainable growth &
small business growth, SMEs are the backbone of the employment, particularly amongst the youth. Topics
global economy and it´s development will therefore result discussed at SMEs Development task force are pivotal in
in economic growth, job creation and a more prosperous promoting enterprises startup and scale up by spurring
future for all.” innovation via access to GVCs and cooperation with
research centers.”

Co-Chair: Co-Chair: Co-Chair:

Martin Castelli Pedro Cascales Mary Vermeer Andringa
Blue Star Group Confederación Argentina Vermeer Corporation
de la Mediana Empresa

“In a world that changes exponentially, SMEs have the “The SME issues are crossborder with almost all the “When SME’s languish, countries languish. When SME’s
ability and dynamism to adapt to the environment. It’s chapters of the B20, participation in this task force allow thrive, countries thrive. We are not just talking about
an honor to be part of the SME’s taskforce where we work |us to bring light and public focus to many of the problems impersonal concepts of SME’s and countries, we’re talking
creating a framework for a more virtuous growth.” the G20 needs to address regarding SMEs in order to about people. A few solid recommendations offered and
have a strong and sustainable economy.” implemented would be a success.”

Buenos Aires. Argentina 2018 ❙ 59

B20 Executive Talk Series
Executive Summary


› ven though there is a wide
acknowledgement of SMEs importance
to national economies, they yet face
already identified roadblocks such as informality,
low productivity and scarce access to finance RECRUITMENT AND KNOWLEDGE PARTNERS THROUGH
that need to be addressed with a fresh impetus. NEW COMMUNICATION CHANNELS AND BY ENABLING
While SMEs heterogeneity in terms of their DISRUPTIVE WAYS FOR BUSINESS MODELS TO SUCCEED.
diversity, ecosystem and life cycle need to be
properly considered, policy makers should
focus on advancing concrete actions for each
of SMEs’ stages of development: creation,
survival and growth. When grouped around 1. Entrepreneurship is at the core of the 2. Equally relevant is the fact that SMEs need
their stage of growth, it quickly becomes SMEs formation, their survival and to develop capabilities to attract and
apparent that SMEs face common barriers growth. Governments should aim at maintain talent. Even if this is an issue
that therefore should be tackled promoting entrepreneurship skills transversal issue is common to enterprises
comprehensively. through education and training broadening of all sizes, SMEs often find this task
In order to foster SMEs generation, the funding alternatives and financial particularly troublesome due to a lack of
G20 leaders should focus on ensuring a assistance and introducing special resources, that typically tied to their ability
necessary competitive and stable economic entrepreneurship programs that may, to compete with larger firms in terms
environment to start their business for instance, temporarily reduce of salaries, recruitment and on the job
and thrive. tax burden. training opportunities.

60 ❙

Argentine Commerce
and Services for growth

3. The B20 also encourages the development

of clusters and innovation networks to
provide SMEs with an alternative way
of sharing knowledge and best practices.
Cooperation between different stakeholders
-namely industries, research institutions, and
universities- can improve SMEs’ productivity,
competitiveness and foster innovation.

4. Across all stages of their life cycle,

SMEs require access to sources of
financing to start-up, survive and grow.
SMEs’ “financing gap” is increasingly
becoming one of the main challenges to
development, particularly in developing
countries. Since SMEs are often the most
vulnerable link in national economies,
financial inclusion should be at the center
of any SMEs policy. While bank lending
is the most common source of external
financing for SMEs, other forms of ›

Buenos Aires. Argentina 2018 ❙ 61

B20 Executive Talk Series
Executive Summary

› funding should be considered. Public-

private investment to reduce the risk of
business failure or crowd funding could
be some of the alternative financial
instruments to be encouraged. In addition,
enhancing financial literacy of SMEs
simplifying capital market procedures and
lowering the accessibility cost structure
especially for the unbanked, is key.

5. Similarly, institutional and regulatory

settings are fundamental to ensure that
all businesses compete on a level playing
field. As complex regulatory frameworks
inflict higher burden for small enterprises
than larger businesses, tailored policies
that advance regulation simplification
schemes should also be implemented.
Increasing tax burdens and high
administrative costs impacts negatively
is on job creation reduction and/or rises
informality. Administrative simplification,
regulatory coherence and reduction of
tributary weight is necessary for SMEs
to scale up. An effective regulatory
framework can help SMEs to improve
their productivity and competitiveness,
inclusion in global value chains
becoming a part of the global economy.

6. Internalization offers opportunities to

SMEs expansion as it allows firms to
specialize and benefit from knowledge
spillovers from participation in Global
Value Chain. In order take full advantage
of internalization potential, G20 leaders
should promote SMEs upscaling by investing
in skill development, management
organization and processes. In these
respect Digital economy offers new
opportunities for SMES inclusion

62 ❙


7. Digital transformation also opens

new opportunities for SMEs scaling
up, reducing the cost of access to skill,
talent, enhancing recruitment and
knowledge partners through new
communication channels and by
enabling disruptive ways for business
models to succeed, typically referring to
e-commerce platforms. Furthermore, the
use of digital tools grants SMEs access
to global value chains and international

8. Finally, a large number of SMEs have not

been able to take advantage of the benefits
of the digital economy. Adoption of digital
technologies has not been equal between
SMEs and larger firms. To narrow this
gap, policies should target not only
connectivity and digital infrastructure,
but access to digital-enabled platforms,
e-commerce and mobile applications.
Can a question
The B20 SMEs Cross-Thematic Group is start a ripple that
confident that the implementation of the
recommended actions will allow for SMEs will help the world
to deliver valuable contributions towards work better?
inclusive growth sustainable economic
development. ■ #BetterQuestions

The better the question.

The better the answer.
INTERNALIZATION The better the world works.

Buenos Aires. Argentina 2018 ❙ 63

B20 Executive Talk Series
Chair’s Message

George Mandelbaum
President, CIPPEC

The Integrity and Compliance Cross- team of local experts and the extremely to these guiding principles this promotes
Thematic Group that was put together valuable help of well over a hundred an environment that values integrity and
under the umbrella of the B20 Argentina participants from all over the world that were supports ethically sound behaviour.
2018 was indeed challenged by what willing and able to give us their input and In time, the governments and markets
became very evident too soon: a lot has critical eye. Communication flowed, not should give priority contracting (public
been written about this subject over the without some difficulties, but smoothly sector) or market share (private sector) to
past few years, very specifically for the enough to produce a substantial paper those who have adhered to the CIES over
different G20 encounters, but not much that is now available. those who have not, thereby creating
was concretely acted upon. What is new in this proposal is the the virtuous cycle mentioned above.
This perception posed the challenge creation of the concept of a COMMITMENT This idea has been the result of
of coming up with something new, TO INTEGRITY AND ETHICAL STANDARDS an interesting, intense and creative
fresh, concrete and - above all - doable. (CIES) which in essence requires adherence exercise which hopefully will contribute
Some challenge!!! to promote an essential starting point to to future G20 meetings to follow
We did have a couple of crucially promote a virtuous cycle of integrity by the and improve.
important assets going for us: a really public and private sectors, including SOEs
knowledgeable and experienced small to a basic set of principles. By committing George Mandelbaum



64 ❙

Integrity & Topics:

› I&C for State-owned & State Owned Enterprises
› Transparency in public Infrastructure

Compliance projects Beneficiary Ownership

› Commitment to integrity and
Ethical Standards for all (CIES)
› Education and Rule of Law to foster
a culture of integrity
› Emhance integrity in public procurement,
especially in infrastructure
› Implement high standards of ethics
and integrity for SOEs
› Insist on Beneficial Ownership Transparency

orruption is a major barrier to
prosperity and equality, erodes trust
in government, affects economic and
financial stability, threatens investment and
curtails the basic rights of citizens. When
corruption intervenes, it affects the whole
investment ecosystem and, in the end,
society pays social and development
Chair: costs that are difficult to evaluate.
Co-Chair: Strong national anticorruption policies
George Mandelbaum Jacqueline Donaldson build through collective action are positive
President, CIPPEC Nestlé for business and society as a whole. The
Business 20 underscores the urgency of
“Corruption is a multidimensional problem that needs to be
effectively advancing the anti-corruption
confronted at every level, including the private and public agenda and expresses its readiness to
sectors, and society at large. We all have a role to play.” work with relevant stakeholders to
carry it through. ›

Co-Chair: Co-Chair: Co-Chair:

María Elena Casasnovas Marc Firestone Klaus Moosmayer
Asociación Cristiana de Philip Morris International Siemens AG
Dirigentes de Empresa

“To work in favor of integrity in business requires of “Business has a clear role to play on matters of global “Integrity is the basis of sustainable business and
participants -first and foremost- a personal commitment trade and investment – and a responsibility to make its responsible conduct, but it is not a given. We need to
to maintain a clear and responsible behaviour founded on voice heard and its views considered. Through dialogue promote it every day and strive for it together with both the
solid values, setting a model for the enterprise itself and with the G20, we can ensure our countries lead on public and private sectors. The implementation of effective
an example for society.” trade and investment to promote global progress Compliance systems in both the private and public sector
and inclusive prosperity.” is key for clean business and fair competition. It should
be recognized and rewarded.”

Co-Chair: Co-Chair: Co-Chair:

Sujata Dayal Corinne Lagache Paula Morrone
Johnson & Johnson Safran Unilever

“Integrity and compliance are fundamental to establishing “I have the honor to co-chair the Integrity & Compliance “The B20 represents a unique opportunity to reach public
trust with the many stakeholders who are counting on task force at B20 Argentina. The G20/B20 process is a great & private cooperation for a responsive and responsible
us, and that is why I am delighted to be a co-chair of the way to foster the dialog between business, government, leadership, addressing corruption and rebuilding trust
Integrity & Compliance Task Force of the Argentina B20. civil society and media on Integrity & Compliance. into the system.”
The B20 helps us all advance effective compliance systems We will not combat effectively the poverty, waste of
and build cultures that embed integrity throughout our resources and erosion of trust inherent to corruption
practices and operations.” if we fight separately.”

Buenos Aires. Argentina 2018 ❙ 65

B20 Executive Talk Series
Executive Summary

› A public-private commitment to Integrity

and Ethical Standards (CIES) towards a
set of common values and standards, that
promotes a culture of integrity, transparency,
accountability and social responsibility,
consistent with G20 High-Level Principles and
international conventions related to integrity
and anti-corruption would provide a common
basis on which to hold the public and private
sectors to account. It would thereby ensure
a level playing field and create an enabling
environment that upholds education, the rule
of law and digitalization as the foundation
of its execution.
In this sense, we welcome the principles
and tools developed by the G20 Anti-Corruption
Working Group (ACWG), especially on asset
recovery, beneficial ownership transparency,
asset disclosure by public officials, open
data and integrity in public procurement, as
valuable starting points. It is urgent to fully
put them into practice, and track whether these
commitments are having the expected impact.
Following prior B20 recommendations,
B20 Argentina focused in three pillars:

1. Enhancing integrity and transparency

in public procurement with a focus
on infrastructure projects:
'To address the susceptibility to
corruption in infrastructure projects,
this recommendation promotes integrity
enhancement by transparent access to
relevant information, by streamlining
procedures, by applying integrity standards
requirements to all stakeholders in the
procurement cycle and by building
reporting mechanisms, maximizing
the use of digitalization for this purpose.
 It also proposes establishing incentives
for companies that adhere to high-quality
standards of integrity and compliance
in the form of an eligibility requirement
or affirmative competitive preference,
ensuring the participation of all
stakeholders in the procurement process.

2. Implementing high standards of

ethics and integrity with a focus
on State-Owned Enterprises (SOEs):
BUILD THROUGH COLLECTIVE ACTION ARE POSITIVE should be the champions of integrity
and transparency. This recommendation
FOR BUSINESS AND SOCIETY AS A WHOLE. THE BUSINESS therefore looks upon high implementation
20 UNDERSCORES THE URGENCY OF EFFECTIVELY standards of integrity and compliance
EXPRESSES ITS READINESS TO WORK WITH RELEVANT -establishing programs adopted by the
STAKEHOLDERS TO CARRY IT THROUGH. private sector customized to consider

66 ❙

specific risks of State enterprises, ensuring

accountability through information,
transparency and public account reporting,
as well as promoting collective action
between SOEs and the private sector
to develop integrity initiatives.

3. Pursue the implementation of

beneficial ownership transparency:
To deter the wrongful use of legal persons
and arrangements, this recommendation
focuses on the full implementation
of beneficial ownership action plans,
the mandating of public registers of
beneficial ownership information, and the
development of rules for its effective and
efficient data handling and exchange.

Recognizing the need to monitor advances

in the implementation of previous and current
G20 commitments related to integrity and
anti-corruption, the B20 calls on G20 leaders
to entrust the task of developing and applying
specific indicators for monitoring progress and
measuring impact, as well as publishing results.
We remain fully committed to contribute with THE WHOLE INVESTMENT ECOSYSTEM AND, IN THE
governments and international organizations END, SOCIETY PAYS SOCIAL AND DEVELOPMENT
in the fight against corruption. ■ COSTS THAT ARE DIFFICULT TO EVALUATE.

Buenos Aires. Argentina 2018 ❙ 67

CAT Company


68 ❙
Trade with
Taiwan Matters.
So does international recognition.

As the United States, the United Kingdom,

Japan and all members of the G-7 rethink
their trade relationships with each other
and the world, it is important to remember
that trade with Taiwan matters, as does
international recognition.

With over 70,000 members, including

business leaders from all sectors, the
Taiwan Civil Government (TCG) seeks a
diplomatically recognized Taiwan with an
even stronger relationship with the United
States. As politics and foreign policy in Asia
heat up, the world has a strong partner in
the TCG and Taiwan. And, it matters.


US’s tenth largest goods 11th largest economy Trade between Taiwan and the Trade in services with
trading partner with $65.3 in the world EU-28 reached US$ 48.8 billion in Taiwan totaled
billion in total goods traded. 2016, an increase by 5,0 % in $19.4 billion in 2016.
comparison to 2015

Materials distributed by Global Vision Communications on behalf of the Taiwan Civil Government. | Additional information is available at the Department of Justice, Washington, DC.
B20 Executive Talk Series
Welcome Message

John Denton
Secretary General, ICC

Building a world trade (WTO) ministerial conference ended without The pace of this remarkable
any multilateral outcome. Across the map, the transformation of the global economy,
system fit for the future decline in tariff rates that was a feature of the however, has unsettled many and the
pre-financial crisis world has come to a net positive impact of global economic
In reading the headlines on world trade “standstill”, according to a European Central integration has not been felt uniformly by
over the past year, it would be easy to think Bank analysis, while new discriminatory all. Trade is often blamed for the loss of
the current tensions are a new phenomenon, actions announced by G20 economies industrial jobs in advanced economies
given life by a particular set of political have increased since 2012. despite the fact that new technologies and
personalities and fresh economic angst. automation—not overseas competition—
There is no doubt that the strain on the A whole new world are responsible for 80% of jobs lost.
international trading system is now reaching These trends reflect that open trade is, in Moreover, the perceived inability of the
a critical point, but concerns over the world many ways, a victim of its extraordinary WTO to adapt to emerging technological
trade order and the uneven spread of its success. According to World Bank figures, and geopolitical trends has given centre
benefits have, in fact, been building for a time. the number of people living in extreme poverty stage to voices claiming that the system
In 1995, 50 preferential trade agreements was cut from two billion to 700 million in a has failed. The e-commerce revolution is,
were signed. In 2017, the number dropped single generation—from 1990-2015—largely for example, fundamentally changing the
to three. The kind of ambitious trade due to the liberalisation of world trade. Trade nature of trade as we know it, but global
agreement that once characterised the global has also dramatically increased global living trade rules still largely reflect 20th
economy now seems increasingly elusive. standards, bringing an unprecedented range century patterns. The WTO’s emphasis
The US withdrew from the Trans-Pacific of new products to marketplaces at lower costs. on consensus-based decision-making
Partnership in early 2017 before it was later Researchers at the International Monetary between its 164 members has also
repackaged and agreed by the remaining 11 Fund calculate that a one percentage point made it increasingly challenging
members, the North American Free Trade increase in trade openness tends to raise to broker ambitious multilateral trade
Agreement remains in renegotiation and real per capita income by 3-5% in the agreements as more divergent views
the most recent World Trade Organisation long run. are asserted. ›



70 ❙
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B20 Executive Talk Series
Welcome Message

John Denton
Secretary General, ICC

› The call for world trade reform the very beginning. As early as 1927, ICC ensuring trade and climate policies advance
The reality is that even the WTO’s strongest submitted a 150-page report to the League of in lockstep; that small businesses have the
proponents recognise the need for reform. Nations on lowering tariff barriers that was information and financing they need to
French President Emmanuel Macron has widely regarded as the “conceptual origin of expand into global markets; and that
called for a “complete overhaul” of the the General Agreement on Tariffs and Trade”, female traders can reach their full
organisation and suggested talks between which itself was succeeded by the WTO. potential free from discrimination.
the EU, US, China and Japan to develop a Nevertheless, we also recognise that the
roadmap. The Canadian Government is WTO must adapt to a rapidly changing world Setting a new course together
working on a blueprint to “strengthen and and believe that input from the private sector ICC is already fostering a dialogue
modernise” the WTO and the EU recently is essential to ensuring reforms make around a reformed multilateral trading
released proposals for a “comprehensive” meaningful change. The global business system through a ‘second track’ initiative
modernisation of the institution. At a community holds vast pools of knowledge that builds on what has worked well over
meeting between G20 trade ministers on based on real-world experience trading across the past 70 years, identifies what needs
14 September, the joint statement noted borders and is thus well-placed to offer ideas preserving and addresses areas that must
the “urgent need” to improve the WTO and solutions on dealing with contentious be improved. This second track platform, to
and encouraged ideas for world trade issues, from the conduct of state-owned launch officially in October 2018, will host
reform from “other interested parties”. enterprises to protecting intellectual property. live debates among businesses, think tanks,
As the world’s largest business But as Mr Macron stated in his call for WTO and multilateral organisations to formulate
organisation—covering over 45 million reform, we must also move beyond a simple concrete recommendations to feed into the
companies and more than a billion revamp of trade rules. The future of world intergovernmental ‘first track’ process.
workers—ICC represents more users of trade demands a commitment to ensuring The multilateral trading system has taken
the international trading system than any that the benefits of trade are shared more decades to build and would not have been
other and our commitment to rules-based widely and that trade contributes to broader possible without the enduring support and
multilateral trade has been pivotal from sustainable development goals. This means expertise of the global business community.
Our current aim of building a multilateral
trading system that is fit for the 21st century
and works for everyone is no less ambitious
and will require input, knowledge and
backing from all of society’s stakeholders.
ICC’s founders were referred to as the
“Merchants of Peace” for recognising
the powerful role trade plays in fostering
peaceful relations between nations. Today,
as the menace of a full-blown trade war
grows ever nearer, the ICC calls on world
leaders to work constructively with business
to help set a new course for a sustainable
HAS WORKED WELL OVER THE PAST 70 YEARS, IDENTIFIES General of the International Chamber of
WHAT NEEDS PRESERVING AND ADDRESSES AREAS Commerce, the world’s largest and most
THAT MUST BE IMPROVED. representative business organisation.

72 ❙
G e n e r a l i G l o b a l A s s i s t a n c e - I D P. c o m / G 2 0
B20 Executive Talk Series
Authored by: Hon. Dr. h.c. Dirk Niebel

The G20 Citizens - Defining the Digital Economy

cross the world, Small and Medium
Enterprises (SMEs) are the main
drivers of the global economy,
providing up to 80% of employment in
countries and comprising nearly 50% of
the world’s GDP. Yet, these businesses are
faced with numerous challenges to stay
competitive, reduce costs, secure finance
and insurance, as well as reach new markets.
In Germany alone, 99% of German
businesses are SMEs providing nearly 60%
of all jobs. These companies form a dynamic
group providing products and services across
all kinds of sectors. Therefore, if we are to
strengthen and grow the economic base
in Germany, and in the rest of the world,
we have to support SMEs with innovative
policies and tools to ensure their prosperity.
While globalization during the past 30 years
has lifted many people out of extreme poverty,
we still have much work ahead of us to create
greater economic prosperity at every level of
society. It is our responsibility to find new
innovative ways to generate the 600 million
jobs needed over the next 15 years. This
sentiment is shared today by the G20 leaders
through the establishment of the Digital
Economy as a key policy directive towards
achieving greater sustainable economic

Hon. Dr. h.c. Dirk Niebel

Federal Minister of Economic Cooperation
& Development, Germany (2009-2013)

74 ❙
During the past few years, numerous WE MUST FOCUS OUR
experts have provided their definition of the
Digital Economy. From their own experiences
and perspectives, they have devised several
promising innovations towards creating B2B MARKETPLACE.
greater efficiency and productivity capturing
the headlines in the media we view every
day. These innovations include Artificial
Intelligence, Blockchain, and Robotics. While The first step has begun. More than 90 G20
these themes within today’s digital era are ministries, industry associations, academia
important, we must focus our efforts in the and private sector experts have conducted
areas where we can deliver the greatest the G20 Nations Case Study, known as the
positive impact. “Voice of the G20 Citizens”. This Case Study,
It is now an imperative for public and involving comprehensive trade efficiency
private sector leaders around the world to assessments based on what technology makes
re-envision the future of our global economy possible today, collected nearly 1.2 million
and to work together by embracing the data points through face to face interviews
Digital Economy to transform it into one across 19 B2B industry clusters. The Case
that truly connects and serves us all. Study results concluded that the use of new
Therefore, we must ask ourselves the digital tools within the B2B marketplace can
following question: Where can we apply produce a paragdim shift in the growth and
today’s technology in a holistic manner to efficiency of the G20 nations’ domestic and
deliver the required sustainable economic international trade, while creating millions of
growth benefiting organizations of all new jobs. Furthermore, 94.5% of the G20 real
types and sizes in today’s interdependent economy participants surveyed have defined
global economy? and demand the Digital Economy Platform -
To answer this question and address the providing new digital tools for use within
ongoing economic challenges, we must focus their global value chains, available at no cost
our efforts on the tremendous global B2B to the end-user, to improve competitiveness
marketplace in order to maximize on the at the ground level.
power of today’s technology, delivering greater In Germany alone, the Case Study findings
economic prosperity for all nations. This revealed that by digitizing its global value
immense marketplace encompasses the real chains, Germany can reduce annual excess
economy of manufacturing and agriculture, trade costs, increase trade and create millions
as well as the services industries that of jobs by 2030. This will further strengthen
support them. Germany’s perennial top world ranking in
While the public sector aims to do what trade efficiency and leadership as one of the
is best for their citizens, the real economy largest exporters among the G20 Nations.
participants know best what kind of tools Recognizing the importance of a Digital
they need to be more competitive. Give Economy Platform, Germany’s largest SME
entrepreneurs the right resources and association has committed to deploy the
they will create productive digital tools defined by its members in order
communities committed to to achieve greater economic integration
business excellence, setting among Germany’s trade partners.
the foundation for a secure The world’s leaders have long recognized
and prosperous future. the importance of “economic integration” ›

Buenos Aires. Argentina 2018 ❙ 75

B20 Executive Talk Series


Continued from page 75

› as a foundation to sustain global The initial challenge to achieve optimal 94.5% OF THE G20 REAL
economic growth when rebalancing the economic integration is to properly match
world economy. Historically, the approach buyers and sellers based on the products
to economic integration has been dominated and services to be exchanged. Current B2C
by preferential trade agreements, free trade e-Commerce systems match buyers and AND DEMAND A DIGITAL
areas, customs unions, common markets, sellers primarily based on “like and dislike” ECONOMY PLATFORM.
and economic and monetary unions. behavior, uncorroborated ratings, and
However, for real economic integration highly reactive keyword searches.
to achieve sustainable growth, the B2B However, the B2B marketplace has
participants that conduct commerce must far more demanding requirements.
play a central role. The more integrated our Once buyers and sellers find each other,
economies become, greater coordination it is then necessary for them to have the
is required between the respective B2B right information at the right time to
participants. In today’s fast-paced world, maximize the probability of concluding smart matching of buyers’ and sellers’
the B2B participants need to find each other the business transaction. Today’s business product and service attributes based on
quickly, make proper decisions to conduct environment relies primarily on single historic, real-time and planned commercial
transactions, secure financing and insurance, source, non-validated data, resulting activities. Buyers and sellers can now
as well as implement efficient logistics to in a higher level of risk which often efficiently find, and be found by, the right
execute business transactions for the negates the completion of a potential trade partners globally and continue the
benefit of all parties. business transaction. process to complete the intended
Technology is a great conduit for For example, consider a global business transaction.
connecting our government and business manufacturer that procures on a regular A Digital Economy Platform, fueled by
communities together, but by itself, it will basis the high quality materials needed for UDQ, also applies sophisticated algorithms
not do the job. Otherwise, the Internet would making furniture. Its procurement officer to generate a dynamic scoring mechanism
have been sufficient, as it does provide a form may search for suppliers online and be that rates the performance of a potential trade
of integration. The Internet has changed the presented with thousands of potential party. This scoring matrix rates product and
face of entertainment, communications, and vendors. How can the buyer decide which service quality, probability of finance and
business for consumer trade, but it has supplier to choose and how can their insurance, reliability and dependability of
not yet created the necessary economic integrity be validated? How can the logistics pipelines, as well as the level of
integration environment connecting buyer ensure the reliability of logistics integration of a trade party within the global
business-to-business and business-to- on time delivery, and secure the required value chains. All of the above “dynamic and
government that the world requires. financing and insurance? smart information” are a must at the moment
So where does real economic integration For professional buyers to make buyers and sellers evaluate each other to
start? Real economic integration starts with informed purchasing decisions, they de-risk trade and dynamically facilitate
matching the needs of buyers and sellers of must conduct significant due diligence to proper decision making.
products and services, where this matching evaluate supplier proposals. This is a time The foregoing will encourage actions to
is predicated on the quality of information consuming and rather subjective process be taken with greater confidence and deliver
available to them, as well as its proper use due to the lack of available high quality unprecedented conversion ratios of seeing a
for businesses to make the right decision data generated from the transactions in product or service online to its acquisition,
at the right time. the normal course of business in real-time. thereby delivering digitally enhanced
Today’s world of information technology A Digital Economy Platform ecosystem efficiencies to the B2B participants.
has moved forward to harness high quality big represents a paradigm shift to resolve the Upon implementation of the Digital
data, but the results have had their limitations. inefficiencies in the way commerce is Economy Platform tools demanded by the
There are two extremes of data quality; the initiated and completed today. This real economy participants, we will then be
lower extreme is the Non-Validated Data ecosystem captures big data with UDQ able to achieve the required efficiency and
(NVD), provided by a single source without through the use of Artificial Intelligence, Big transparency to de-risk doing business, reduce
validation, and with a high degree of Data Analytics, and Blockchain technologies excess trade costs, and ease access to finance
dependency on unsubstantiated behavior. across the global value chains within the and insurance, thereby substantially growing
More than 90% of data in use today is based B2B marketplace. Mission critical tools for the global economy. In all, the Digital
on NVD. The other extreme is information the B2B participants are then delivered Economy Platform will create the required
with Ultimate Data Quality (UDQ), generated through thousands of business apps that real economic integration needed to generate
from data entered into a system to perform real are easily integrated across the e-Logistics, more high-paying quality jobs, meeting the
life actions, then continuously validated by e-Commerce, e-Finance, e-Insurance, and economic aspirations of our youth for
multiple parties in the same pipeline. In the e-Grants dimensions provided by the generations to come.
B2B market place, the logistics industry is platform. Global experts believe that by
the gold mine of high quality data which can Utilizing the UDQ information with a maximizing on the power of today’s 21st
empower the commerce, finance, and insurance high degree of veracity, this ecosystem can century technology to digitize the B2B
industries to reach their full potential. create specific behavioral and contextual global value chains, we will integrate our

76 ❙
economies more efficiently, leading us to a
new wave of economic growth.
The innovation described herein has
been embraced by more than 150 countries
through their pan-regional organizations, 26
IGOs/ NGOs and the world’s most prominent
firms that service more than 60% of the
world’s GDP. These organizations have
collectively confirmed that the digitization
of our global value chains will have a large,
tangible, and quantifiable impact on the
global economy, delivering global market
expansion and job creation resulting in
sustained economic growth. This innovation
encompasses defined goals, a roadmap to
achieve the economic targets, the required
tools for use on the roadmap, and the
necessary global consensus to secure
its success.
Since the Digital Economy involves trade
and trade data which is of national security
importance to all nations and businesses,
not one organization, nor one country
can deploy a global solution alone due to
geopolitical, monopolistic, and data privacy
concerns. Therefore, a global Digital
Economy Platform must be deployed by a
global trusted network involving all forms
of organizations from the public, non-profit,
and private sectors working in concert and
capitalizing on each other’s capabilities and
jurisdiction. This introduces an independent
global monitoring mechanism ensuring
rapid global deployment, while providing
benefits to all participants at no cost to
the end user.
Historically, innovation has been a driving
force towards connecting and growing our
societies. Now that the G20 Citizens have
defined what the Digital Economy should
look like, its implementation represents
one of the largest and the most influential
innovations in the past century, paving
the way for greater economic prosperity
that the world demands. ■
B20 Executive Talk Series

Continued from page 77


from multiple touchpoints across the global
value chains needs to be aggregated into
information that SMEs around the world can
benefit from, and that can be used to provide
a smart scoring matrix to de-risk transactions
and for the introduction of greater efficiency
within the commerce, finance, insurance,
and logistics industries.

The Smart Digital Scoring Tools

These new digital tools provide a composite
score of operational performance based on
validated high quality data dynamically captured
across the global B2B value chain transactions.
The composite performance score represents an
aggregation of component scores related to the
following 5-key “QFILI” attributes.

(Q) Quality of Product/Service: Assesses

the user’s quality based on product, product
components and company quality. The quality
is verified through many factors including
certifications, awards, longevity of the
parties, and product performance.

ince the advent of the internet in the In the Business-to-Business space,
1970’s, information technology has however, the proliferation of information (F) Finance-ability of the Transaction: Measures
been a major driver of change affecting has not produced the same efficiencies. the credit worthiness of a borrower and the
most aspects of our daily lives. As digitized Experts estimate that 44 billion gigabytes financial institution’s ability to provide them
information-based environments are applied of data are created per day and predict this with compliant and robust services.
to global challenges, disruptive innovations to reach 463 billion gigabytes by 2025. Still,
have transformed industries and changed 90% of the data created is not structured and (I) Insurability of the Transaction: Provides
how we communicate, how we access does not follow a predefined data model. an objective method for risk evaluation and
information, and how we behave as In fact, it has produced a cluttered insurance coverage pricing based on various
consumers. environment where feedback is generated factors including claims history, country risk
With the proliferation of data from from subjective single-entry points harvested ratings, the ratings of the involved parties in
the 23 billion internet connected devices from like/dislike opinions of individuals. the transaction, and the value of the goods.
worldwide, the challenge has shifted Data from transactions across the value
from the availability of information, to its chain is scattered and uncorroborated; and (L) Logistics Reliability and Dependability:
reliability, usability, and authenticity. In the the opportunity to optimize international Measures the ability of the parties to deliver
Business-to-Consumer space, algorithms trade from the digitization of information shipments on time on a regular basis including
monitoring consumer behavior are from business transactions remains elusive. their resilience to meet future demand.
increasingly enabling suppliers and service Here lies the true opportunity for
providers to provide more customized sustainable global growth and for the (I) Integration: Considers the ease, cost and time
services to target customers effectively and re-balancing of the disparity between high, to integrate a trade partner into the supply chain.
efficiently. Industries that are able to digitize medium, and low-income countries. For the
information experience exponential growth digitization of the global B2B marketplace The overall score can be viewed in a multi
from software-enhanced management that is necessary for it to achieve a paradigm dimensional manner based on the priority
of data, allowing for game-changing shift, a new way of managing data needs of the attributes that are most important for
transformation benefiting consumers to be developed and implemented. Reliable, a party to make the correct decisions in
and suppliers alike. timely, and authenticated data harvested accordance with its business requirements.

78 ❙
Through the implementation of a robust digitized Similar to the financial industry, insurance
scoring system for B2B participants based on firms can also use the smart digital scoring
the QFILI attributes, a new era of e-Commerce, tools to build customized product offerings PROLIFERATION OF DATA
e-Finance, e-Insurance and e-Logistics will that meet their risk criteria related to products, FROM THE 23 BILLION
trigger the expansion of the digital B2B values, shipment modes, industries, and INTERNET CONNECTED
marketplace through greater transparency geographies, among others, thereby DEVICES WORLDWIDE, THE
and efficiency, similar to the transformation lowering costs and increasing revenues. CHALLENGE HAS SHIFTED
of B2C e- Commerce, and much more. The information technology necessary for
the creation of a global Digital Economy has
The Future of e-Commerce been maturing since the advent of the internet.
By utilizing the powerful prioritized combination While the Internet connected the world and RELIABILITY, USABILITY,
of the multi-dimensional QFILI attributes, revolutionized the B2C marketplace, it lacked AND AUTHENTICITY.
businesses can increase the conversion ratio the required engine to power the Digital
from seeing a product/service on-line, to its Economy and deliver the sustainable
selection and acquisition based on reliable economic boost that the world needs.
information catered to their particular needs. Now that the G20 Citizens have defined
This capability can achieve several benefits the required tools to digitize the global B2B
including: Improvement in the quality of marketplace, we can catalyze a new wave
products/services, easier access to financing, of innovation through a Digital Economy Captain Samuel Salloum
greater insurance coverage, enhanced reliability Platform that capitalizes on the use of Co-Chairman, Global Coalition
and dependability of shipment delivery, and optimized data from across the globe. ■ for Efficient Logistics (GCEL)
improved levels of integration among the
global value chains. This is the starting
point of real economic integration.

The Future of e-Finance

The smart digital scoring tools also allow
financial institutions to reduce underwriting
risk, mitigate transactional risk, and lower
collateral risk by providing dynamic visibility
into the global value chains.
These tools also allow financial institutions to
automatically build customized product offerings
for potential customers. A financial institution
can set pre-defined performance criteria of all
participants involved with the movement of a
shipment including buyers, sellers, points of
loading/discharge, carriers, and logistics service
providers. This criterion can then be simultaneously
linked with credit enhancement providers
such as import/export banks and trade finance
credit insurers to determine the loan terms
and conditions included in customized offers
submitted to prospective customers.
A financial services provider can also
monitor the performance of the loan offerings
and loan portfolio though a dynamic dashboard
to efficiently modify product offerings based on
commodity, geography and loan terms, among
other factors, to meet market penetration and
loan portfolio performance objectives.

The Future of e-Insurance

The QFILI attributes also provide the dynamic
scoring level needed to mitigate trade insurance
risk, minimize underwriter risk, maximize
global coverage, model risk accumulation,
and expedite claims processes.
Similar to the financial industry, insurance
meaningful experiences
S un, crystal clear water, swaying palm trees and
sugary white sands—is available in abundance in
the Dominican Republic’s Cap Cana. The exclusive
Châteaux property Eden Roc at Cap Cana, a collection
of luxury suites in a dreamy setting. Surrounded by
lush greenery, awe-inspiring panoramas, verdant
community on the island’s easternmost tip has become gardens and lagoon-style pools, this resort is one
legendary for beachfront beauty, and some of the of the most sought-after spots in the entire region.
most desirable resort experiences in the Caribbean Discover a gateway to meaningful experiences,
today. The premier vantage point from which to enjoy an intimate hideaway where senses are awakened,
the sweet seduction of Cap Cana is the Relais & spirits are restored and celebrations are elevated.
At Eden Roc, the very private and posh pools extend the living spaces and complete
accommodations are at the heart of the resort’s the tableau. When it’s time to leave the beautiful
fundamental promise to its visitors: cherished digs, a golf cart is at your disposal.
intimacy for all. Thirty-four luxurious,
stand-alone suites feature vaulted ceilings, More like a private village than a hotel, the
floor-to-ceiling windows and generous interiors “European glamour with a Caribbean twist” resort
in addition of the twenty-six oceanfront suites has facades painted in vibrant colors inspired
and their romantic beachside settings. by Dominican country houses. The architecture
Expansive verandas or patios and private incorporates traditional elements and influences.

A GASTRONOMIC JOURNEY The dinner menu is inspired by Japanese and Its intensely blue color is derived from the
Peruvian techniques Robatayaki and Nikkei deeply pigmented minerals below. Named the
European glamour with a Caribbean twist: that culinary fusion at its finest. With its show-stop Best Golf Course in the Caribbean and Mexico,
phrase not only captures the spirit of the hotel, ping bar, wine showcase and cigar cellar, BLUE intricate layout of the Jack Nicklaus Signature
but of its signature fine dining restaurant, is also the center of Eden Roc’s alluring nightlife. Punta Espada, engages golfers with breathtaking
Mediterraneo. Italian-born Chef Gianluca scenery of cliffs, beaches and waterfalls, while
Re Fraschini calls on his travel and cooking challenging them with every swing and putt.
experiences in Europe to provide authentic You’re also steps from the marina and excursions
flavors and an exceptional dining experience to scenic Saona Island (sail in your private yacht
combining Continental techniques with the and bring a chef along to create a lobster lunch on
freshest Dominican produce and seafood to your own private beach) and Altos De Chavón,
create some of the finest food in the Caribbean. a replica of a 16th century medieval Italian
artists’ village with an archaeological museum.
Romantic dinners can also be enjoyed in the History aficionados can also visit the walled and
Garden of Eden, Eden Roc’s lush natural cobblestoned historic area, the Zona Colonial
grotto, or in the cozy wine cellar, (La Cava). of Santo Domingo one of the oldest cities in the
For these occasions, allow Chef Re Fraschini Americas located only two-hours car ride away
to tailor a special menu just for you, with wine from Eden Roc at Cap Cana. Admire buildings
pairing from Mediterraneo’s master sommelier. from the 1500s, including Cathedral Santa
María la Menor, the first cathedral built in the
To dine at La Palapa at the Eden Roc Beach New World. Fitting for a place where heavenly
Club is to be surrounded by 360-degree views EVERYTHING YOU DESIRE FROM native rum, chocolate and coffee scent the air.
of the Caribbean on one side and the picturesque A WARM-WEATHER PARADISE
18-hole Punta Espada golf course on the other. The Dominican Republic is a collection of
Here, the spotlight is on seafood, and delectable landscapes begging to be explored. Discover the
If you can pull yourself away from your Dominican Republic and Caribbean majestic
red snapper is king. To savor it like the locals, suite you’ll find on property a private Beach
ask for it boca chica style with a side of plantains. from the sky and embark on a helicopter or a
Club, an exceptional infinity swimming pool, private jet tour direction Caribbean pristine
The oceanfront BLUE Grill + Bar at the Eden the world-class Solaya Spa wellness facility
Roc Beach Club serves an array of healthy, beaches or cascading waterfalls. Unwind the
offering luxury treatments based on the Eden Roc way.
international dishes. Lunch on the grill terrace island’s native traditions and fragrances, and,
is casual; sample the rustic brick oven pizzas nearby, a 100-foot cenote called Hoyo Azul.
created by the Neapolitan pizzaiolo.
B20 Executive Talk Series
Branded Story_ AkzoNobel
Authored by: Pamela Phua

Smart Facades for a

Sustainable Future

What are some of the most pressing to take ownership and establish national exposed to increasingly unhealthy air.
challenges that we face today? framework to implement the actions. As a The latest air quality report from the WHO

ccording to the United Nations (UN) leading global paints and coatings company in May 2018 has announced that the world’s
Chronicle, energy consumption and with a strong commitment to sustainability, top 10 most polluted cities all reside in India.
pollution are two critical issues faced AkzoNobel supports these goals, which is Residents in India’s capital, New Delhi,
by urban communities, which account for in line with our purpose to create everyday which has been ranked the sixth most
half of the humanity or 3.5 billion people. essentials to make people’s lives more polluted, are taking the brunt of the health
About 60 to 80 % of the world’s energy, which liveable and inspiring. We have been at the crisis due to vehicle emissions and burning
is a dominant contributor to climate change, top of the Dow Jones Sustainability Index of crops and woods. The air has become
is consumed by cities. The air quality in cities rankings for the fifth time in six years. so smoggy and severely toxic that Delhi’s
has deteriorated to such an alarming level that At AkzoNobel, we believe that we can address government had to declare public health
about 92% of the world’s population breathe some of these challenges with the innovative emergency and school closure last year. It
unsafe air and more than 7 million die annually, solutions that we have developed. With a also unveiled 26 new programmes with a
according to World Health Organization (WHO). focus on India and China, we highlight the budget of US$ 8.2 billion to clean its air
major problems faced by these two populous with such initiatives as electric buses and
What can we do to change the situation? countries and the solutions that we can offer. vehicles, tree planting, switching from
In the “2030 Agenda for Sustainable coal-fired to electric or gas ovens.
Development”, United Nation has established India How can AkzoNobel help Indian cities
17 Sustainable Development Goals with a While India’s economy continues to expand combat pollution? We have developed an
comprehensive list of targets to be achieved at the world’s fastest growth rate of about air-cleansing paint based on photocatalytic
by 2030. Individual countries are expected 7.5% annually, millions of its citizens are technology that can degrade major

82 ❙

atmospheric pollutants like nitrogen oxides high quality and performance. Public urination has been a major issue
and sulphur oxides. These gases not only We can help to mitigate soil pollution in India. The Government has launched a
pose health implications themselves but in India by controlling the release of biocide nationwide campaign called “Swachh Bharat
also contribute to the formation of PM2.5 used in our paints. Biocide is a film Abhiyan” to promote public cleanliness. To
particulate matter that can penetrate deep preservative added within the regulatory address this problem, we have developed a
into lungs and bloodstream causing diseases compliant amount in an exterior paint to superhydrophobic coating with extreme liquid
such as stroke, heart disease, lung cancer and help protect building facades against the repellency that can protect walls by resisting
respiratory infections. With sunlight exposure growth of fungus and algae, which is the adhesion of urine, spit and other stains.
and moisture, our paint will generate radicals especially important for tropical and Our product will be able to help transform
that can decompose these pollutants. subtropical climates in India. Conventional and maintain cleanliness of many cities
A large-scale field trial is currently being types of biocide may not be able to release and towns across India, thus providing
planned to quantify the efficacy of our effectively from the paint over its lifetime the communities with more liveable
paint in improving the air quality in Delhi. and they may also be washed off by rain and neighbourhoods and inspiring surroundings.
To help improve air quality in India through can contaminate the soil. Encapsulating the
reduction of the emission of volatile organic biocide allows for its controlled release at its China
compounds (VOC), we have launched our optimum level, therefore safeguarding our According to the International Energy
strategic programme called Waterway. Our paint for better durability in terms of Agency (IEA), China has surpassed the United
aim is to drive the transition of solvent-based film protection while minimizing the States as the world’s biggest energy consumer
products currently offered in our portfolio environmental impact due to soil pollution. in 2009. This has definitely taken a toll on
for wood care and metal care applications Our researchers also continuously strive to air quality due to China’s predominantly
to water-based products with equally explore biocide-free or low-biocide solutions. coal-based energy production. ›

Buenos Aires. Argentina 2018 ❙ 83

B20 Executive Talk Series
Branded Story_ AkzoNobel

› Key major economic zones such as winter with our Thermal Insulation prohibitive to use in conventional exterior
Beijing and Shanghai have been marred Decorative Board systems and reducing wall paint. This solution essentially allows
with pollution and notorious thick the heat gain in the building in summer us to provide a better and higher quality
choking smog in recent years. through our Keep Cool offerings. alternative to building insulation and
In China, buildings account for a large Thermal Insulation Decorative Boards hence effective energy management.
part of China’s energy consumption. In order are prefabricated boards constructed in the Another contribution from AkzoNobel
to promote building energy conservation, factory setting where the insulation and concerns the energy savings brought about
the Chinese government has developed a decoration layers are assembled together. by specialised coatings. Other than improving
sophisticated policy system in recent years. These boards are made with a controlled our existing Keep Cool offerings to chase
These include building energy codes which quality unlike the traditional Exterior the ever tighter standards, we have also
state the minimum standards for the energy Insulation and Finish Systems (EIFS) which extended our Keep Cool offerings to Texture
efficiency of building components such are highly subjected to the reliability and products in China. Keep Cool coatings reflect
as envelope; heating, ventilation, air quality of workmanship. They can be easily heat by reflecting in Infra-Red (IR) and Near
conditioning (HVAC), and the power system. secured on the exterior façade of a building Infra-Red (NIR) radiation of the solar energy.
These codes are mandatory for residential just like a jigsaw puzzle with a smart system This is achieved by careful pigment
and commercial buildings in urban areas, of bracket and screws. The system also management and the use of special IR-
and voluntary for rural residential buildings incorporates Air-vent plug to prevent reflective pigments. With less heat built-up
but are promoted through incentives. moisture built-up that leads to cracking on the building façade and less heat transfer
How is AkzoNobel going to contribute and peeling issues we see in traditional to the inside of a building, less energy is
positively to better the country’s energy insulation systems. Factory fabrications also then required to maintain a comfortable
efficiency and adapt in this storm of policy allow us access to a much wider technology temperature. Based on the simulation
changes? We approach this by providing platform such as UV-curing systems and results from external parties, energy
solutions for suppressing heat outflow in sol-gel processes, which would have been savings are quite substantial.

84 ❙
Beyond Innovation: People
Proposing true and sustainable technical
solutions is one aspect of our contribution.

We also firmly believe in improving ROOTED IN AKZONOBEL’S more than 20 years’

experience in Research,
everyday life through our Corporate CULTURE. OUR HUMAN Development and
Social Responsibility. CITIES INITIATIVE IS Innovation (RD&I) in
Giving back to communities is deeply OUR COMMITMENT TO the coatings industry.
In her current role as
rooted in AkzoNobel’s culture. Our Human REGENERATING AND Director of RD&I for
Cities initiative is our commitment to
regenerating and energizing urban
ENERGIZING URBAN AkzoNobel, she drives new technology

communities across the world. We use

COMMUNITIES ACROSS development and product implementation
across the South East, South Asia and
our products and expertise to help cities THE WORLD. Middle East regions.
deliver a stronger sense of community Ms Phua was instrumental in setting
up the global research and laboratory
purpose, pride and happiness.
operations for AkzoNobel Decorative Paints
For instance our global “Let’s Colour” (Global Exterior Wallpaint Expertise Group)
program has been revitalizing urban areas in 2011. In her global capacity, Ms Phua
all over the world, with almost 70 million implements the functional and product
people benefiting from 2000 projects and innovation strategy for Exterior Wallpaint.
12000 volunteers. The 100th mural of the She spearheads the RD&I functional
excellence, standards and capability and
100 ‘Let’s Colour Walls of Connection’,
the efficient delivery of processes as the
created by AkzoNobel and global peace approved Standards & Processes across
movement MasterPeace, took place last the globe. Her efforts enabled AkzoNobel’s
November in a school in Badshahpur in businesses to roll out new products and
India. The project transformed the lives of services across the region in a fast and
more than 5,000 children by getting them coordinated manner, supported by an
agile supply chain, efficient sourcing
back to school and ensuring they continue
and robust quality control.
their education and improve their grades. Some leading innovations launched
AkzoNobel has also partnered with SOS by Ms Phua and her team included interior
Children’s Village to train the next generation and exterior emulsion paints such as Dulux
of painters and drive local economic growth Weathershield Powerflexx, Dulux Pentalite,
through painting training and business Dulux Wash & Wear / Easyclean, and
Dulux Catylac / Inspire. Her expertise and
development knowledge, thus contributing
experience has been instrumental in the
employability of young people coming setting up of industry standards in Singapore.
from a difficult background. This successful She is the Technical Chairperson for the
partnership has been rolled out in countries Singapore Paint Industry Association and
like Brazil, Nigeria, South Africa, Indonesia, a committee member in the Chemical
and will be extended to up to 10 countries Standards Council of Singapore.
She has helped to set up several Singapore
such as India in 2018. ■
Standards, including SS345, SS150, SS500
and SS494. She is an industry consultant to
regulatory bodies such as Spring Singapore,
Singapore Green Label, the Housing and
Development Board, Singapore Green
Building Council, National Environment
Agency and the Singapore Institute of
Architects. She is also an A*Star certified
auditor for accredited testing laboratories
in Singapore.
Pamela took part in various series of
United Nation Climate Change Conferences,
last being COP23 in Germany Bonn in 2017
where she shared innovative solutions to
combat challenges around Climate change
and contributing to developing smart
cities for better tomorrow.

Pamela Phua
T : +65 90279663
E :

Buenos Aires. Argentina 2018 ❙ 85

B20 Executive Talk Series
Branded Story_The Ungasan Clifftop Resort

The Ungasan Clifftop Resort:

Exclusivity Up High
mpressively perched high up on the cliffs fringed by stylish lounges and pavilions. by acclaimed Australian chef James Viles,
of Bali’s Bukit peninsula, The Ungasan These expansive outdoor living spaces owner of the two-hatted Biota Dining in
Clifftop Resort is an exclusive, all-villa seamlessly merge with contemporary, Bowral, New South Wales. This award-
destination on the Island of the Gods. A true open-plan interiors, where five-star luxuries winning chef has brought a wealth of
masterpiece of boundary-pushing design, this like al-fresco bathtubs and lounge terraces international and local knowledge to The
cliff-edge resort teeters 50 metres high above continue to blur the lines between indoor Ungasan’s world-class culinary offerings,
the Indian Ocean, fronted by a spectacular and outdoor living. particularly within the resort’s in-villa dining
collection of architecturally designed villas. With privacy and exclusivity at the resort’s experiences, like the daily Morning Harvest
Comprised of 7 five-bedroom villas, The core, The Ungasan prides itself on its in-villa breakfast offering and the optional in-villa
Ungasan is widely recognised as Bali’s most experiences, ensuring every guest lives life to Biota BBQ.
iconic clifftop resort. Panoramic views of the absolute fullest without stepping outside Delivered fresh each day from The Ungasan
vast ocean meet the absolute luxury of of their own private villa if they so choose. Kitchen direct to the villas, every guest is
The Ungasan’s five-bedroom abodes, where In-villa indulgences range from five-star spa treated to the Morning Harvest breakfast
spectacular infinity pools appear to defy treatments in the comfort of open-air gardens, spread - a bountiful array of the finest
gravity as they stretch out toward the to gourmet dining experiences like group homemade confectionery, pastries, conserves,
distant horizon. barbecues and poolside bites for spreads, cheeses and tropical fruits. Guests
Each five-bedroom villa is set among 2,500 celebratory occasions. can also arrange the exceptional in-villa Biota
square-metres of manicured gardens, boasting The gourmet offerings at The Ungasan BBQ; an optional dining experience ideal for
30 metres of stunning clifftop frontage that’s Clifftop Resort have been expertly crafted clifftop get- togethers or special occasions,

86 ❙
whereby fresh local produce is barbecued THE GOURMET OFFERINGS AT THE UNGASAN
poolside and served up in utmost seclusion,
overlooking the spectacular panorama.
Chef James Viles is also responsible for ACCLAIMED AUSTRALIAN CHEF JAMES VILES, OWNER
the refined cuisine at the resort’s signature OF THE TWO-HATTED BIOTA DINING IN BOWRAL,
restaurant, Selatan, serving a refined menu NEW SOUTH WALES.
of pan-Asian cuisine. Yet perhaps his most
famed culinary contribution at The Ungasan
can be found on the seaside-inspired menu
of Sundays Beach Club – the resort’s very
own beachfront destination.
Beautifully hidden at the bottom of the resort’s own inclinator. As this open-air romantic couple’s escape, Bali’s most
cliffs and tucked away in a pristine white carriage reaches the powdery white sands, stunning clifftop resort is wholeheartedly
sand bay, Sundays Beach Club is the beating a sun-soaked day of beachfront extravagance complemented by exemplary service, firmly
heart of The Ungasan. This multi award- awaits, from bespoke cocktails and sophisticated positioning The Ungasan at the forefront
winning destination has helped shine an cuisine from Chef James Viles, to the fully of Bali’s hospitality industry. ■
international light on the resort’s five-star -staffed sunbeds, water- sport attractions and
offerings, drawing in a global audience of evening bonfires that burn as the sun sets.
luxury aficionados and sun worshippers Complementing The Ungasan’s exclusive
alike who share a mutual appreciation for experiences and five-star destinations, is the
private, beachfront hedonism. resort’s Balinese hospitality. Centred around The Ungasan Clifftop Resort
Whilst Sundays Beach Club is open to a “service from the heart” concept, the
the general public, villa guests staying at The passionate team of private butlers and service +62 811 942 1110
Ungasan can enjoy complimentary VIP access staff are dedicated to curating a personalised
to the beach club, including a breathtaking experience for every guest. Be it a special Jalan Pantai Selatan Gau, Ungasan 80362 Bali, Indonesia
decent down the rugged cliff-face on the family celebration, a corporate event or a

Buenos Aires. Argentina 2018 ❙ 87

B20 Executive Talk Series
Branded Story_Generali Global Assistance

Data Globalization Accordingly, we launched identity theft

resolution services via a business to business
(B2B) offering, becoming one of the first

Gives New Meaning

identity protection providers to focus on
helping the person behind the data.
Monitoring services alone simply alert

to the Ever-Evolving
customers of suspected fraud incidents and
stop there, leaving the victim to pick up the
pieces and attempt to restore their identity on

Identity Theft Threat

their own. As a company firmly rooted in the
mantra “We care,” our goal was, and still is
today, to go above and beyond for each one
of our client’s customers. For those dealing
A Review of the Evolution of At this stage, fifteen years ago, Generali with the aftermath of identity theft, we attend
the Identity Protection Industry Global Assistance (GGA) took a different to the time-consuming and stressful tasks of

t’s 2003, and the United States Federal approach. contacting and following up with creditors,
Trade Commission (FTC) has just released Being owned by the company that credit bureaus, law enforcement, and other
some scary findings about this new crime invented the concept of real-time care third-parties on their behalf, while also
called identity theft. There’s not much you assistance over 50 years ago (Europ providing compassionate assistance and
can do to prevent it, and its effects are Assistance), providing compassionate expert advice to help put their mind at ease
alarming – the FTC reports that the average assistance to people in times of need is in – something most other identity protection
victim in the U.S. spends about $1,200 and 60 our DNA. Today, we remain a global provider providers weren’t doing at the time and,
hours trying to fix their identity theft issue.1 of assistance services to people in the fields frankly, some still struggle with today.
At this time, almost any type of identity theft of health, home and family, automotive, Nevertheless, identity protection as a
protection or prevention service is solely and travel, helping thousands of companies consumer product was very much still
focused on credit or data monitoring – which, protect their customers and employees emerging a decade and a half ago, and most
as we know today, is just a single component from life’s difficulties. Thus, the protection people held a false sense of security that
in safeguarding one’s identity. Indeed, the and restoration of identities was a natural something so life-changing could never
concept of identity theft was still in its fit for us as we came to know and understand happen to them. It’s different though today,
infancy in the U.S., and, at a global level, the devastating ramifications that identity in that our current climate has almost
it was barely being discussed. theft can have on people’s lives and families. normalized large-scale data breaches
and compromised personal information.
Undeniably, awareness levels have increased
since 2003 – and whether that’s good or bad
is up to interpretation. What is certain is that
the identity protection landscape has also
evolved to keep up with the ever-advancing
crimes of identity theft and fraud.

Today’s Identity Protection Services

The need for identity protection across
the board has become increasingly apparent,
and, as a result, more and more players are
entering the identity protection space. The
current landscape is varied, with some
companies monopolizing the direct-to-
consumer market, others operating more
behind the scenes in the B2B realm like
GGA, and even major credit bureaus and
credit card companies have found opportunity
to capitalize on the growing industry. The
types of services offered by these players
also run the spectrum, with some merely
tacking on complimentary credit or identity
monitoring services to a core offering and
others offering an entire suite of identity
protection services that make up a
more comprehensive program.

90 ❙

Today, GGA’s offerings have certainly

expanded but are still firmly rooted in
full-service resolution services. Between 2008
and 2014, we added identity monitoring and
alerts, 3-bureau credit monitoring and alerts,
and an Online Data Protection Suite with
anti-keylogging and anti-phishing software.
In addition, GGA’s resolution team became
Certified Identity Theft Risk Management
Specialists (CITRMS) and FCRA-certified by
the Consumer Data Industry Association. In
2016, we launched our most robust identity
protection product yet – a 360° platform with
a single, easy-to-use online dashboard – and
we’ve since expanded our offering globally
to also include smartphone protection with
secured browser and keyboard. Today, GGA’s
identity and digital protection product offering
is pinned around four pillars: experience,
solutions, technology, and service –
none of which should be compromised.
We don’t offer our products and services
simply because they’re popular – for us, it’s
the result of consistent research and continual
awareness of a need that continues to grow.
Looking back, we started offering identity
protection services for a very simple reason:
there was a genuine need to help people that
wasn’t being fulfilled. Today, that need has
evolved (e.g., IoT, data globalization, etc.)
and become a global concern, and we’re
leveraging our resources to address it.
Our offering has naturally evolved and
advanced over the years – to better protect
our customers – and we’re sure it will
continue to change and evolve as the
identity theft landscape will as well.
No matter what, our mission will
always remain the same – to protect
and help people.

The Future of the Identity

Protection Space & Its Influencers
The more devices that ask us to input our
data, customize to our personal preference,
and access remotely, the more gateways ›

Buenos Aires. Argentina 2018 ❙ 91

B20 Executive Talk Series
Branded Story_Generali Global Assistance

› there are to identity theft. Indeed, the RECOGNIZING THAT With so much information being shared,
digitalization of even the most ordinary of THERE ARE SOME THINGS downloaded, and accessed cross-continentally,
objects has taken us to a place that’s more there should be a global platform seeking
opportunistic than ever for identity thieves.
CONSUMERS HAVE CONTROL identity and cyber protection for all. We’re
But it’s not all bad. Our highly-digitalized OVER AND OTHERS THAT still a long way from such an idealistic
lives have afforded us opportunities and THEY DON’T, CONSUMERS approach, but the European Union’s
conveniences that some of the greatest MUST USE THEIR VOICES induction of the General Data Protection
engineers could have never fathomed several TO CREATE CHANGE. Regulation (GDPR) was a major step in
decades ago. Digital globalization has given the right direction. Having officially gone
power to small one-man shops, allowing them into effect on May 25, 2018, its goal is to
to compete globally and sell to quite literally fundamentally protect all EU citizens, no
anyone in the world. matter where they are in the world. Thus,

AT A GLANCE: GGA and the Identity Theft Landscape

2003-2005 2006 2007 2008

GGA launches identity theft TJX data breach of U.S., UK-based financial company, GGA adds identity
services and adds 1 bureau Puerto Rico, Canadian Nationwide Building Society, monitoring services
credit monitoring services customer transaction data. has an unencrypted laptop
California data breach There were 45.6 million records stolen from a companyemployee
law became effective stolen, making this the worst that held the personal data
(2003) ever breach involving of 11 million members
PII up to this point

92 ❙
the new data privacy regulation will apply to to help foster consumer education. By fast-tracked and the market now a bit more
any company that does business with an EU participating in and partnering with various mature – and applying those lessons globally.
citizen. As more countries start looking at identity-focused organizations such as the The U.S. identity protection market has, in
data privacy and protection like this for their University of Texas Center for Identity and a way, been reactive to the identity theft
citizens, it won’t be such a big leap to the Identity Theft Resource Center, and issues that have transpired over the last
start talking about personal identity speaking at industry events, such as the two decades. GGA has launched identity
protection for all. U.S. Federal Trade Commission’s Conference protection services in Canada and is in the
With half of the world’s traded services on Identity Theft, we understand our process of launching across Europe and in
delivered digitally,2 businesses are no longer responsibility to remain engaged in the India; these are unique products that meet
confined to serving local customers; the world industry so that we can, ultimately, help each specific market’s identity protection
is their consumer now. And yet, today, most shape it for the better. needs, and, first and foremost, they’re
businesses abide by only their country’s (or, Additionally, GGA is continuously exploring proactively addressing the rising issues
for those in the U.S., their state’s) legislation new products and solutions to stay ahead present in each country.
regarding data privacy and breach of identity thieves. One of the most popular In the U.S., we’ve seen the identity
notification. Unfortunately, most laws are trends we’re seeing right now is the use of protection industry go through many
inadequate at best, leaving consumers’ Blockchain technology, which essentially is phases and stages, with different protection
identity and digital protection primarily a way to better protect and isolate data from components getting different levels of
their responsibility – even while it’s potential hackers. We’re also seeing the use attention throughout the 2000s. With data
oftentimes out of their hands. of biometrics becoming increasingly popular, breaches now a mainstay in societies across
Recognizing that there are some things particularly in consumer technology. As a the world – and so much information being
consumers have control over and others that means of identity validation, biometrics made available to fraudsters – it’s only a
they don’t, consumers must use their voices may be another great advancement in matter of time until that manifests into larger
to create change. They can begin by putting thwarting fraudsters. issues for vast numbers of people. We predict
increased pressure on their local legislators this will ultimately put resolution services
to encourage them to play a bigger role in GGA as a Global Player into the industry spotlight and when it does,
putting more global regulations in place. And As a global company, we’re constantly resolution services will become necessary
because every country has their own unique keeping our finger on the pulse of the to participate in the global identity market
challenges in the identity protection realm, market to adapt and evolve with it. We’re in a as a true player. It is at that point that other
governments need to listen closely so that unique position to help people and companies companies will then follow suit, but we
they can best meet their citizens’ needs. all over the world. It’s an advantage that we have been there all along providing caring,
Consumers should also feel empowered to take seriously and will use to truly be a part compassionate assistance – the foundation
force the companies that they do business of the growing challenge to provide identity upon which our services are built.
with (locally and abroad) to provide more and digital protection globally – which we Today, we’re exploring the future of identity
transparency into how their data is know we can’t do alone. The identity from a global perspective while maintaining
being protected. protection space itself is still rapidly evolving local considerations and keeping white-glove
Clearly though, data privacy and consumer and perhaps will always continue to do so. service and the “We care” mentality close
protection isn’t going to change overnight, Intrinsically tied to technology, there may be to heart. We hope others follow us in that –
and we know it’s going to be an uphill battle no end in sight – the identity theft problem, sooner rather than later. ■
– that’s why we’re doing our part too. At instead, will just expand, or morph, or
GGA, we recognize that education is a key develop, into different issues that are Resources
piece in better protecting consumers; after unknown to us today. For this reason, reports/federal-trade-commission-identity-theft-program/
all, they are their own best identity advocate. we are always looking ahead. synovatereport.pdf
Education is a key component in the products Today, we’re taking the lessons learned 2
we offer, and we’re also present in the space in the U.S. – where the issues have been more-about-data-and-less-about-stuff

2009-2011 2012-2015 2016-Present

GGA add 3 bureau GGA adds anti-phishing & anti-keylogging tools, GGA launches new 360° identity protection
credit monitoring enhanced identity monitoring services, and family plans services in the U.S., Canada, Europe and India
services and GGA • Target is breached with 70 million U.S. and Canadian customers affected (2013) GGA launches smartphone protection
Identity Resolutions
Specialist become • Year of the Breach: Korea Credit Bureau, AOL, eBay, UPS, Home Depot, • Alabama became the last U.S. state to enact data breach legislation,
certified Gmail, JPMorgan Chase, Sony Pictures Entertainment were all breached (2014) completing the nationwide patchwork of state data breach laws. (2018)
• Canadian Digital Privacy Act amends Personal Information Protection • Equifax data breach of 145+ million U.S. consumer records (2017)
and Electronics Documents Act (PIPEDA) to include breach • NetEase data breach of 1.2 billion subscriber records in China (2017)
notification requirements (2015)
• EU’s GDPR is enacted (2018)

Buenos Aires. Argentina 2018 ❙ 93

100 km south of Munich. Tucked deep in
the calm of the Bavarian Alps. Listen to the
deafening sound of silence & rushing streams.
A Luxury Spa Retreat & Cultural Hideaway.

Relax in six separate spas & pools for adults &

families. Practice Yoga, Pilates or Taiji. Sports
Unlimited yearround. Edutainment for Kids.
Restaurants for gourmets & cosmopolitans.
Bookstore & concerts with great artists
on the pulse of time.
Phone: +49 (0) 8823 18 0
B20 Executive Talk Series
Branded Story_Liechtenstein Bankers Association
Authored by: Simon Tribelhorn

A New Era: D
igitalisation is one of the hottest topics
nowadays for politicians, the media,
companies and the general public.

More Digital and

Customers are used to long data availability
at all times. Their needs have completely
changed as the new digital world has

More Sustainable
emerged. Already in the past, technology
has been a key driver in the financial services
sector for decades but digitalization based on
new technologies such as cloud computing,
Digitalisation and sustainability are currently big data analytics, artificial intelligence (AI),
dominating public debate and will transform the Distributed Ledger Technology (DLT)
including blockchain, offers new dimensions
landscape in financial services matters dramatically. and opportunities that could foster radical
We are clearly at the beginning of a new wave of change in the financial sector. It is universally
agreed that digitalisation will revolutionize
globalisation where cooperation across industries, the finance world, breaking up value
generations and physical borders will be key chains and totally altering business models.
Digitalisation holds tremendous potential
in order to overcome the challenges at stake. for many financial service providers for
increasing efficiency, improving customer
relationships and turning services into
a customer experience. Regulators are
struggling to keep up with the torrid pace
of developments. The European Commission
has responded to calls to fill the current
regulatory gap. Its Fintech action plan
published in March this year sets out a range
of measures aiming to encourage and simplify
the emergence of new solutions and to enable
innovative business models to scale up, while
increasing cyber-resilience, preserving the
integrity of the financial system and helping
the financial sector cope with the dramatic
change and manage risks.

“Values” regain significance

The other equally highly important issue
increasingly occupying the financial sector
industry is sustainability. Our society is facing
major challenges from an environmental,
social, technological and political perspective.
After the Paris Climate Agreement and the
United Nations’ adoption of the Sustainable
Development Goals (SDGs) in 2015 and its
17 goals for sustainable development the
discussion on sustainability undoubtedly took
on a new dimension. With the SDGs for the
first time, combating poverty and sustainable
development have been combined in a single
agenda. It aims to achieve an all-round
improvement of the future of our planet.
“No one shall be left behind,” emphasised
the UN Secretary-General Ban Ki-moon.
The holistic dimension of this sustainability
approach shows that new ways of thinking
and acting are urgently necessary - a
compromise between sustainability

96 ❙
and development. In this context and nearly constraints preventing relevant investment THE MOBILISATION
in parallel with the FinTech Action Plan, the entities and private investors from integrating
European Commission presented its strategy sustainability factors in their investment
for a more sustainable financial system, decision-making. In order to further CRUCIALLY IMPORTANT
outlining the need for roughly 180 billion disseminate sustainable investments, we need FOR REACHING THE
euros in additional investment in the EU to raise awareness and acceptance of the fact SUSTAINABILITY GOALS.
alone to meet the agreed climate targets. that environmental and social returns do not ACCORDING TO DEUTSCHE
PWC has estimated the global annual mean renouncing economic returns. This BANK, THE GLOBAL
investment required to meet the SDGs at a erroneous belief is still rooted in the minds WEALTH OF PRIVATE
hefty 7 trillion US dollars. However, the true of investors and product providers – even
test is yet to come – implementation. The UN though numerous studies have shown that
can only achieve these goals if all play their sustainable investments even lead to better TO A TOTAL OF USD 250
part: states, businesses, local communities, financial returns in the long run. TRILLION IN 2015.
each individual. Governments are currently
only spending one-seventh of this amount, Next-Gen plays an important role
most of which will have to come from the Considering that 460 billionaires will be
private sector. leaving some 2.1 trillion in wealth to the next
To overcome the diverse challenges be it in generation within the next 20 years, it is clear
social or ecological matters, we not only need that the evolution of financial sector toward
a strong political system, but also businesses greater sustainability requires great small national economies can make an
which act sustainably and make their own responsibility, not only on the part of important contribution to reaching the
contribution with structural changes and financial intermediaries as creators and SDGs, as well as to stability and sustainability
technological innovations. We must all fulfill brokers of sustainable investment products in general. With its 38,000 inhabitants,
our responsibilities to a sustainable future. but also among ‘high-net worth individuals’ Liechtenstein offers the institutional
In this process, the financial sector has (HNWIs), particularly of the younger framework for sustainable development:
significant responsibilities, and an important generation. For that generation is less economic growth at a high level, low CO2
role in the necessary transformation and motivated by material wealth, being more emissions, fast unbureaucratic channels to
when allocating capital. driven by values and interest in changing the allow capable and adaptable behaviour. With
environment and society for the better. It is these indicators alone, Liechtenstein has an
A question of allocation the same generation for whom use of digital advantage over larger economies in terms of
The mobilisation of private wealth is crucially technologies is a matter of course in everyday initiating and realising sustainability. With
important for reaching the sustainability life. Digitalisation and sustainability are its balanced, debt-free national budget and
goals. According to Deutsche Bank, the global thus more than just trends, they are issue a AAA country rating Liechtenstein is one of
wealth of private households amounted to a complexes which the financial firms the most stable global countries. The country
total of USD 250 trillion in 2015. Juxtaposed absolutely have to come to grips with to has proven to be a reliable partner to the
with this figure, the Brookings Institution survive in the marketplace in the longer term. international community over the years. This
expects that USD 5 to 7 trillion will be needed Neither is more pertinent than the other, for can be seen in its participation in exchange
each year to finance the SDGs. The assets both will be substantially determining the of information, effective measures against
managed worldwide by institutional investors industry agenda over the next several years. money laundering and terrorist financing, and
such as pension schemes, investment funds, This demonstrates that there is a need for implementation of international regulations.
insurers, etc, are about USD 83 trillion action, information and education. The All this demonstrates that Liechtenstein is
according to OECD estimates. financial industry plays an essential role in a small country that acts sustainably. With
Both investments of private wealth and this regard. It is apparent that to overcome more than 1,300 non-profit foundations
investments by institutional investors tend these obstacles leadership at the top of every and many years of experience and expertise
to have a long-term orientation, as do the financial institution is needed, driving the in wealth management, the Liechtenstein
sustainability goals themselves. Both could change and accepting responsibility – for financial centre has the ideal preconditions
accordingly be employed worldwide to end ourselves and for future generations. The for accepting a significant role in the
hunger, ensure education, promote health, ongoing digitalisation opens up new responsible investments of assets and thus
secure access to affordable and clean energy, opportunities to tackle all these issues, be to serve as an important bridge between
support innovation and infrastructure it having correct data available, everywhere investors who want to invest their money
projects, and fund climate protection. at anytime, be it new educational tools and in a meaningful way and the existing
Sufficient capital is available; it is merely working models, but also to reach out to new financing gap for sustainable investment. ■
a question of the right allocation. generation clients via innovative channels.
The majority of institutional investors
are convinced that sustainable investments Seize doesn’t matter
Simon Tribelhorn, is CEO of the
increase risk-adjusted yield. Sustainable The example of Liechtenstein – a financial Liechtenstein Bankers Association.
investments are increasingly important for centre in the heart of Europe with an
private investors. However, there are still international orientation – shows that

Buenos Aires. Argentina 2018 ❙ 97

B20 Executive Talk Series
Branded Story_Charlevoix

Welcome to

© Tourisme Charlevoix, Steve Deschênes

harlevoix is like no place else on earth, highest vertical drop east of the Canadian are all perfectly in tune with its surroundings.
with its breathtaking mountain vistas, Rockies. Here, winter enthusiasts have a Baie-Saint-Paul has many more painters,
unique natural habitats and fascinating wide range of outdoor activities to choose sculptors and artisans than one might expect
history that is intimately linked with the from, including the famous sled run! The for its size. But there’s a good reason for this:
majestic St. Lawrence River. Boasting an explorer in you will love the Sentier des Caps the city offers the perfect environment to
exceptional terroir, the region’s charming trails, a main feature of Petite-Rivière. Once pursue a creative calling. Its natural setting,
villages are home to a people with a singular the snow falls, the hiking paths transform inspiring landscapes and exceptional quality
fondness for the good life. Everything sets into a winter paradise of frosted fir trees, of light are a magnet for artists – so much so
Charlevoix apart – even its climate! From offering snowshoers and cross-country that Saint-Jean-Baptiste Street now boasts
sea to taiga, an extraordinary experience skiers extraordinary panoramic views. the highest concentration of art galleries in
awaits you at the heart of the Charlevoix the country. These establishments vie with
Biosphere Reserve. Baie-Saint-Paul – at your service each other in an art scene that goes well
Baie-Saint-Paul is a destination in and of beyond pictorial representations of the
Petite-Rivière-Saint-François – itself. Beautifully integrated with its natural surrounding nature. In fact, it was here that
the gateway to Charlevoix environment, this remarkable city is sure Cirque du Soleil was born in 1982 as a group
This village is nestled along a narrow to impress you with its brightly coloured of street performers, known then as the Club
six-kilometre strip of land between the St. centennial homes and undeniable charm. de talons hauts (high heels club). Strolling
Lawrence River and the mountains. Dating Amazingly, this town of 7,000 inhabitants through the city centre, visitors can admire
back to 1675, Petite-Rivière-Saint-François was named the Cultural Capital of Canada public art works as they sample the wares
is the site of the region’s first modern-day in 2007! But it won’t take you long to of regional chocolate makers and explore
settlement. Without a doubt, this is the understand why: to use a current buzz unique local shops such as the Shamâne
best place to start your trip. phrase, Baie-Saint-Paul is the archetypal soap boutique and Charlevoix Pure
For nature lovers, it’s hard to beat the organic city, whose history, heritage Laine weavers. Here, creativity
Massif de Charlevoix, which boasts the and architecture reigns supreme!

98 ❙
the magic happens! Don’t let its unassuming
name fool you: the celebrated St. Lawrence
Route is considered one of the most beautiful
and panoramic roads in eastern North America.
Route 362 could also be called the
“Cultural Highway”. With each mile, you’ll
travel deeper into the fascinating history,
know-how and traditions of the farming
communities that are still shaping the region
today. Be sure to stop in the village of
Saint-Joseph-de-la-Rive, a true cultural gem.
Then, follow the road to the ferry and take a
ride to the Isle-aux-Coudres, where you can
© Rêves d’automne - Festival de peinture sample cider at Vergers Pedneault or explore
the famous flour mills. If you decide to stay
on the mainland, drop by the Papeterie
BAIE-SAINT-PAUL IS Saint-Gilles for some handcrafted paper
A DESTINATION IN AND products, or spend an afternoon at the
OF ITSELF. BEAUTIFULLY Charlevoix Maritime Museum and tour
INTEGRATED WITH ITS its schooners and shipyard.
THIS REMARKABLE CITY Saint-Irénée – picturesque by nature
It’s impossible not to stop at Saint-Irénée’s
IS SURE TO IMPRESS famous Jetée des Capelans pier, with its
YOU WITH ITS BRIGHTLY eye-catching red buoy and anchor embedded
COLOURED CENTENNIAL in the ground. During the winter holidays, the
HOMES AND UNDENIABLE site becomes aglow with a captivating display
CHARM. of multi-coloured lights. Once you’ve crossed
the railway tracks, there’s nothing separating
you from the St. Lawrence. Winter visitors
can catch sight of immense ships travelling up
© Tourisme Charlevoix, Caroline Perron and down the river beyond the cape, against
the backdrop of an Arctic-hued lunar landscape.
During the summer, Saint-Irénée’s sandy
Baie-Saint-Paul has been so successful in mountain, peak and valley, rock and vegetation. beach is one of the most beautiful and
fanning the flames of art that it has become It’s hard to resist the call of the mountaintops popular in Québec – and you can even
a de facto cultural capital. The Museum of as they recede ever farther into the distance. go horseback riding! Charlevoix loves its
Contemporary Art organizes internationally But just how far can you go? As far as your beaches, and Route 362 passes alongside
renowned exhibitions and events, including feet – and hiking boots – will take you! In many notable examples as it follows the
the popular Symposium of Contemporary Art, summer or winter, you can continue your shoreline all the way to Cap-aux-Oies.
which each year showcases 12 visual artists adventure along one of Québec’s most
and their creative processes. Among Baie- beautiful natural paths, the legendary La Malbaie – so much to offer
Saint Paul’s many cultural events, you won’t Traversée de Charlevoix. This 105-kilometre La Malbaie is the perfect jumping-off place
want to miss Le Festif! music festival and the trail between Saint-Urbain and Mont for the region, with water and mountain
dazzling celebration of colour that is the Grand-Fonds offers the ultimate activities within reach all year long. From
Rêves d’automne painting festival. backcountry experience. here, you can easily arrange for a tour of
Hautes-Gorges-de-la-Rivière-Malbaie Park
Mountain Road St. Lawrence Route by snowmobile or dog sled, or hit the slopes
Get ready for a few surprises and some This road is a bit easy to miss the first time, and trails at Mont Grand-Fonds ski resort.
friendly encounters as you discover the food but once you discover it you’ll readily find But it’s La Malbaie’s hotel and entertainment
producers along the top of routes 138 and your way back! The St. Lawrence Route’s offerings that are its true calling card. The
381. Here you’ll find an abundance of local appeal lies in its unique mix of familiar Fairmont Le Manoir Richelieu is worth the
products with which to build your own picnic comforts and unexpected surprises. You can trip alone, with four restaurants featuring
basket or simply enjoy along the drive! take a mere 40 minutes to drive the short locally sourced products, an indoor/outdoor
Mountain Road’s elevation offers some of (and sometimes bumpy!) 58 kilometres spa and a multi-award-winning 27-hole golf
the best views of Charlevoix’s breathtaking from Baie-Saint-Paul to La Malbaie, enjoying course. Speaking of restaurants, the area’s
landscapes. You’ll be astonished by the spectacular river views along the way. But if Flavour Trail offers foodies the ultimate
surreal interplay between river and you opt for a more leisurely pace, that’s when farm-to-table experience. ›

Buenos Aires. Argentina 2018 ❙ 99

B20 Executive Talk Series
Branded Story_Charlevoix

Isle-aux-Coudres – full of surprises

There’s something fascinating about Isle-aux-
Coudres. Although this tiny island appears
rather peaceful at first glance, it plays host
to a dizzying array of sports and cultural
events, gastronomical experiences and
holiday activities.
Upon disembarking from the Saint-Joseph-
de-la-Rive ferry, there are two things you
should know. First, the islanders’ nickname
– Marsouins – pays homage to their beluga
fishing heritage. Second, it’s possible to
explore the 23-kilometre island entirely on a
© Tourisme Charlevoix, Caroline Perron © Fairmont Le Manoir Richelieu bike. But by the time you leave, you’ll have
made many more discoveries along the way.
The island has not one but two
› The Trail includes four inns between river meets the horizon. The effect is even economuseums, both of which bear the
Saint-Irénée and Cap-à-l’Aigle, in addition more striking in winter, when the sun breaks imprint of the surrounding terroir and reflect
to the Manoir Richelieu itself. There is no through the wind-swept snow clouds and the rich local history. The first museum is
shortage of opportunities to indulge your mist rolls over the jagged ice on the not far from the pier as you arrive and can be
inner gourmet in and around La Malbaie! frozen St. Lawrence. visited on foot or bicycle; this is the Cidrerie
No visit to La Malbaie would be complete et Vergers Pedneault, where you can go apple
without a trip to the famous casino. It’s Baie-des-Rochers – a well-kept secret picking in season. The second, the Moulins
much more than your typical gambling Located directly across from Île aux de l’Isle-aux-Coudres, immerses visitors in the
establishment, offering a wide variety of Lièvres, Saint-Siméon is also the gateway world of milling and traditional flour-making.
shows, concerts and activities that perfectly to the beautiful Baie-des-Rochers Park. This After visiting these two must-see attractions,
complement the local scene. One of the municipal park offers three exceptional be sure to leave room for pie at the Boulangerie
casino’s must-see events – and no doubt the hiking paths, including the Anse de Sable Bouchard, where the signature pâté croche
most spectacular – is Ode à l’hiver (ode to trail which starts where the road ends at (a savoury meat turnover) will no doubt
winter), a music and fireworks extravaganza Baie-des-Rochers’ quay. Then again, you tempt your taste buds.
set against the backdrop of the beautiful might choose to arrive by water instead, Isle-aux-Coudres offers a number of
Pointe-au-Pic wharf. following a two-day kayak trip from Cap-à- beautiful walks with exceptional panoramic
l’Aigle. Baie-des-Rochers offers the adventure views of the St. Lawrence. A good example
From river to sea of a lifetime. Here, you’re at the edge of the can be found at the Parc de la Roche à Caya
Once you pass La Malbaie, the St. Lawrence Saguenay-St. Lawrence Marine Park, (Caya’s Rock), which features an interpretation
slowly starts to surrender to the Atlantic so chances are good you’ll cross paths trail that takes visitors alongside a series of
Ocean. The air suddenly changes, becoming with a few seals – and maybe even beaches and sand bars. At Pointe-de-l’Islet,
more and more saturated with sea spray, whale! you can clamber over the coastal granitic
and on windy days you can even taste rocks at low tide amid refreshing sea spray.
the salt on your lips! Baie-Sainte-Catherine – a calm retreat Don’t be surprised if you see a few large,
The most striking thing about Baie Saint- multi-coloured sails zigzagging across the sky
Port-au-Persil – pure magic Catherine is its utter tranquility. Located – Isle-aux-Coudres is one of Québec’s most
The Association des plus beaux villages du in the heart of the Saguenay-St. Lawrence popular kitesurfing destinations. In winter,
Québec (Most Beautiful Villages of Québec) Marine Park, it’s the last village before the the main event is still La Grande Traversée,
has four members in Charlevoix; of these, ferry to Tadoussac and, further east, the a thrilling canoe race across the ice between
Saint-Siméon and Port-au-Persil hamlet are mythical North Shore. Isle-aux-Coudres and Saint-Joseph-de-la-Rive.
arguably the most stunning. Head up the road Here, the marine biodiversity is unlike
to check out the donkeys at the Ferme de anywhere else on the planet. And exploring The road back
l’Âne du Saint-Laurent. Keep an eye out here the waters of the St. Lawrence and the Marine As you cross back to the mainland, take
for one of the most beautiful views of the St. Park is the best way to discover it. You have a some time to enjoy the exceptional view of
Lawrence! A short drive later, you’ll find wide range of options to choose from: if you Mount Éboulements, the site of an ancient
yourself crossing a small stream, signalling prefer to remain above water, you can go meteorite impact that shaped the region some
your arrival at Port-au-Persil. In summer kayaking, take a Zodiac, or board a whale- 400 million years ago. By all measures an
and winter alike, visitors flock to the pier to watching boat. But if you’re feeling more historic event – just like the 2018 G7 Summit.
admire the white McLaren Chapel and the adventurous, you can try diving in the Although your visit to Charlevoix may be
colourful houses that dot the cove. Words unique, cold saltwater environment winding down, the memories you’ve made
can’t describe the feelings evoked by the of the St. Lawrence Estuary and will last a lifetime, as will the desire to
beautiful views on display here, where the Saguenay Fjord. come back again! ■

100 ❙

I N T E G R I T Y. Q U A L I T Y. R E L I A B I L I T Y.


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• High Level Elevator Security with braXosTM Integration • Mobile Initiated Incident Response:
• Can Use Mobile Ready Readers Smart Phone Credentials Emergency Lockdown
• Now Standard Software Features: AES-256 Encryption/DVR Email/Text Notification
“Who’s In/Muster” Reporting
Integration Redundant Comm-Server (SQL Only)
• Backward Compatible:
• No ““Per Seat” Licensing In System Pricing Hardware
• New User Interface Tabbed Organization Virtual Environment Friendly

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