4. 4
Over the course of the last two decades, the
corporate map of Latin America has been
drawn by an irruption of a new generation of
multilatina companies, whose performance
has placed the region in the forefront of world
business.
To better understand this new reality, including
the role that political, financial and social
developments have played in this process,
PPU has begun preparing its “Barometro
Multilatinas” report, which summarizes a series
of strategic discussions with business leaders
at some of the most important companies, with
some of the fastest growth in Latin America.
During these conversations, which took place
during the second semester of 2017, leading
executives from companies with a presence in
Chile, Colombia and Peru spoke honestly and
openly on the business environment in Latin
America and their perspectives on where and
how they may grow in the region, as well as
the risks and milestones they foresee in their
expansion processes.
This report summarizes the results of these
discussions, during which executives provided
an interesting perspective on upcoming
business opportunities in the region. This
discussion also included a discussion of
certain challenges their businesses will face
and the strategic direction they intend to
execute in the short and medium term.
The feedback we gathered has allowed us to
understand how political and financial shifts in
all countries throughout the region are
impacting companies' decisions.
LOG BOOK
5. 5
We expect this discussion will open a window
of opportunity for governments in the region to
continue adjusting and improving their public
policies, in order to ensure an adequate
environment for investment and business. In
any case, it seems that the interviewees are of
the opinion that the political and economic
outlook is better than people´s perception,
which is often skewed by recent corruption
scandals, which affect the business mood in
the region.
These findings provide us an insight into the
thoughts of corporate leaders as to why
multilatina companies are now sailing towards
nearby ports in waters that appear calmer.
Our conversations indicate that many of them
believe that the storms have died down and
that at this point in time it is better to consolidate
in the region rather than to venture into new
paths.
Barometro Multilatinas is an ambitious exercise
that has been prepared with the purpose of
understanding where the winds are blowing from
and to, how this impacts the waters of the
business environment in the region, and what
influence this has on the decisions of those
steering companies in Latin America.
As the legal counsel for many of the most
important companies in the region, PPU has also
included the viewpoints of its partners in the
region, with the aim of providing a broader and
deeper view of this topic.
6. 6
1
5
2
6
SAILING THROUGH THE REPORT
MAIN FINDINGS
The result of our interviews with multilatinas'
corporate leaders will be presented in a
statistical and infographic manner, and will be
complemented by some of the most
interesting observations and related points of
view.
Stable and moderate perspectives for
economic growth in the region in the
short term and a notable optimism
regarding business growth in the medium
term.
Latin America´s appeal remains strong
for international investors, thanks to
demographic fundamentals and
favorable operating and supply costs.
Energy and infrastructure are seen as
interesting sectors for M&A businesses in
2018. Chile, Peru, Colombia and Mexico
remain the focus of growth.
Capital sources funding growth and M&A
activities continue to be conservative in
comparison with other regions in the
world. Deeper capital markets and higher
government collaboration is necessary to
fill this gap.
The interviews are based on 25 questions on
several thematic axes, which provide an
understanding as to business perspectives,
growth, and current and future opportunities in
the region, and, more generally, the climate
impacting changes in Latin America over the
last few years.
7. 7
3
7
4
We have grouped the main results into four
chapters that address the growth and
confidence perspective of corporate leaders
in the region, who are facing both challenges
and opportunities, winds that generate
investment and funding risks and finally,
recommendations for being a successful
multilatina.
We want this report to stimulate a continuous
conversation with all readers, clients and the
media on several of the topics presented
herein, which are important to the
strengthening of multilatinas, including their
business and development in the region.
The main growth components for a
multilatina are its sources of internal
funding, a deep knowledge of local
markets and high performance
executives.
Corruption, unforeseen events and strong
corporate tax regimes, as well as a weak
rule of law are the main risks for
multilatina companies.
Successful multilatinas recognize Latin
America as a diverse region, where
differences may have an impact on
entrance to new markets.
9. 9
IN SPITE OF THE
UNCERTAINTY,
multilatinas intend to
grow their businesses
Although Colombia has seen a consumer slow-
down, the economy is expected to bounce back
in the upcoming years. The IMF for ecasts GDP
growth of over 2.8% for 2018.
Peruvian executives see the recent political
change as positive and continue being
optimistic as to the perspectives in their country.
This adds to the IMF's macroeconomics
expectation survey that for esees a significant
growth of 3.8% for the Peruvian economy in
2018.
When talking about confidence in the region,
optimism is evident considering the behavior of
the Peruvian and Chilean economies and the
possible recovery of Brazil. There is also a new
approach to confidence in Argentina as a
possible source for businesses and investment
opportunities after several years of economic
and political uncertainty. Executives do not focus
on Venezuela, since most of them understand
that the political situation will keep its economy
at a minimum level for years to come.
Many corporate leaders
are optimistic for 2018, and
in general, for the future.
Executives in the region are on "stand-by". There
is no short-term economic growth expectation,
and most of them believe their countries'
environment will be, at a minimum, stable.
However, many corporate leaders are optimistic
for 2018, and in general, for the future.
Despite the shor t-term uncertainty, multilatinas'
executives are looking to actively grow their
businesses. The search for mergers and
acquisitions continues and executives and
consultants see investment opportunities in the
region.
There is evidence of some significant regional
differences in perception, in regards to the
economic and corporate context, such as:
Chile's executives, who had seen a considerable
deterioration of the general economic situation,
are now more optimistic regarding changes that
may be introduced with the arrival of a new
government, which has opened a new window of
opportunities, and in general, they are willing to
bet on the economy's reactivation. According to
the International Monetary Fund (IMF), growth is
expected to be over 2.5%, in the case of Chile,
for 2018.
Executives in Colombia are very cautious in the
short term. Uncertainties in respect to the costs
associated with implementing the peace
process, in combination with lower consumer
confidence are having an impact. Nonetheless,
the perspective over the next three years is more
positive.
10. GROWTH PERSPECTIVE: STABLE
AND MODERATE IN THE SHORT
TERM AND OPTIMISTIC IN THE
MEDIUM TERM
Do you think Latin America´s economic
growth will improve, remain the same or
decrease in the following 18 months?
"Growth will improve, because the external
crashes have been absorbed and the
adjustment policies resulting from such
crashes have already been implemented
in those countries, and this makes you
think the worst is past."
Felipe Áristizabal, Grupo Argos
"Latin America´s growth will continue to be the
same as there is no important growth engine.
There is a level of political uncertainty in the
entire region, derived from all corruption issues
that have significantly paralyzed the public
agenda; there will be some economic stagnation
on that matter."
Darío Durán, Altra Inversiones
"The executives' confidence index in the region
is battered due to factors such as a lack of
political transparency and credibility. This loss
of confidence may limit growth"
Client interviewed
Improve
55%
35Remain
the same
%
10
11. MULTILATINAS' CONFIDENCE
FROM THE COMPANY´S POINT
OF VIEW,WILL MODERATELY
INCREASE IN THE MEDIUM TERM
Level of Confidence
Executives in the region predict minimal
growth in their economies for the following
12 months, as the conditions and the
climate, in general, are not very positive.
The economic growth is stuck and the
political uncertainty derived from the coming
elections in many countries, in addition to
corruption scandals, generate less
confidence for businesses in the short term.
"According to recent projections, the average growth expected this year for the countries of
the Pacific Alliance overcomes the projection of the Organization for Economic Co-operation
and Development -OECD- proving the tremendous comparative potential we have, reaffirming
that, despite the problems faced by our countries, these economies are healthier than
portrayed by the media. Our clients have started to realize that, as demonstrated by the slow
but increasing acceleration in M&A operations that present important movements, especially
in companies in the health sector and players in the energy market. If the due diligence
processes that have already begun materialize into effective transactions, our economies will
have a very productive first quarter in 2018".
Felipe Cuberos, Partner Colombia
Executives in the region see a little more
positive growth, albeit moderate, of their
companies in the medium term, as many
of the current obstacles are expected to
be cleared, such as the economic
slowdown and political uncertainty, which
will in turn incentivize local and foreign
investment.
year years
11
13. 13
THEOPPORTUNITIES
CONTINUE
Amid a scenario where cautiousness is
predominant, multilatinas' executives continue to
see oppor tunities to grow and consolidate their
brands in the local markets where they operate.
Others are planning to expand their regional
presence and consolidate their businesses,
preferably in Latin America and not in other
international markets such as the United States,
Europe or Asia.
Although they recognize that certain countries
promote the arrival of investment more than
others, they still believe there is no joint effort to
promote the deals across countries. This may
represent a significant challenge for regional
integration processes, such as the one
promoted by the Pacific Alliance.
Multilatinas' executives believe the sectors that
will experience the highest M&A activity
(mergers and acquisitions) will be energy, retail,
infrastructure and financial services.
In addition, construction and energy are key
sectors that offer significant opportunities in Latin
America and have been subject to significant
investment by European and American investors.
Latin America is still a very attractive region for
international investors, based on demographics
and low entry costs.
It is believed that the sectors
with the highest M&A
activity will be energy,
retail, infrastructure and
financial services.
14. EXECUTIVES SEE
LATIN AMERICA AS THE
BESTBUSINESS DESTINATION
Latin America is still an appealing region for executives, with big investment and development
opportunities, thanks to its growing markets and developing economies.
Is it easier for my company to do business
with companies in another Latin American
countries than with companies from Europe
or the United States?
"It is easy to do business with companies in
Latin America. It is a matter of idiosyncrasy".
Bernardo Vargas, ISA
"We will always be in Latin America. It
is our favorite niche. We do not see ourselves
going to Europe, the United States or Brazil".
Jaime Sarmiento, Bodytech
"The world is watching the attractive economic
growth, opportunities and political
stability in Latin America, except for Venezuela.
Apparently, things have quieted down. There
is a lot to be done here on scale economies,
risk reduction and work well-done".
Alberto Dale, United Cargo
Agree
72%
Disagree
12%
14
15. 55
55
30
15
45
20
20
25
%
%
%
%
%
%
%
%
15
MULTILATINAS INTEND TO
CONSOLIDATE THEIR PRESENCE
AND EXPAND IN THE REGION
Consolidation of businesses and expansion in
and outside of Latin America
Preferred countries for
expansion and growth
Multilatinas are focusing on consolidating
their home markets and expanding in Latin
America.
Most will focus on consolidating their activities
over the course of the next 18 months, while
they grow in the countries where they
currently operate. While those with expansion
plans focus on reaching other Latin American
countries, a minority plans to do so outside
the region.
"We want to grow in the countries and the
businesses that are already in Latin America.
We are looking outside, but the growth focus
will be in the region".
Bernardo Vargas, ISA
"Leaving Latin America is not part of our
strategy; we want to consolidate ourselves
in the countries we are in".
Eduardo Gómez, Credicorp
In Latin
America
There are no
expansion plans
In and outside
of Latin America
The most attractive countries include Colombia,
Peru, Mexico and Chile.
16. CONSERVATIVE
OUTLOOK REGARDING THE
PROFITABILITY BOOST
Mergers and acquisitions will be key
Executives are focusing on consolidating in countries where they already have a presence, such
consolidation will first utilize an organic growth strategy, followed by a strategy of pursuing mergers and
acquisitions.
Outsourcing is another option always on the table; it is used for non-strategic services, that allow a
company to be more efficient and to be able to dedicate itself to the core business.
What is most interesting is the significant number of times that "research and development" was
mentioned, which demonstrates an intention to strengthen and explore such aspect as a source of
profitability.
100
50
0
%
%
%
16
Mergers and
acquisitions
Organic
growth
Cost
reduction
Research and
development
Outsourcing
Joint
ventures
Leave a
market
Partial
sale
Other
17. 171717
"Outsourcing is something we are
working on as much as we can, not
only in Peru, but in general in the
countries where we have a presence,
mostly for efficiency purposes and not
trying to over extend ourselves".
Guillermo Morales,
Banco de Crédito, BCP
"There is a generalized feeling of crisis
that is resulting in many corporate
restructuring processes, aimed at
accommodating the financial
environment, mostly in the private
sector, which will entail mergers and
acquisitions, particularly in the
consumer, construction and oil sectors".
Darío Durán, Altra Inversiones
"Operational efficiency, having a robust
innovation plan, investment in
technology and being alert to new ways
of reaching the consumer; this is going
to make a difference".
Claudia Di Terlizzi, Alpina
"Our experience is with organic growth
within our own business areas. A
successful growth strategy goes along
with sustainable competitive
advantages; not just to grow with no
purpose. It has to be related to the
degree of expertise in the segment to
be expanded".
Patricio de Solminihac, SQM
What is most interesting
is the significant number
of times that "research
and development" was
mentioned, which
demonstrates an
intention to strengthen
and explore such aspect
as a source of
profitability.
18. SECTORS WITH THE MOST
MERGERS AND ACQUISITIONS
ACTIVITY
"The infrastructure and concessions sector
will have a very important impact, because
there are many players that will have to
obtain liquidity and this will make them
divest assets".
Client interviewed
"We are seeing that the investment horizon for private equity funds is coming to an end,
generating M&A activity and opportunities for new funds looking for regional presence and
other strategic investors aiming at more consolidated companies".
Rafael Boisset, Partner Perú
"I think the world of electric power will have
very active and robust mergers and
acquisitions activity. There will be huge
activity particularly in Brazil during the next
year, as well as with the Chinese players
who will arrive in the region".
Bernardo Vargas, ISA
100
50
0
%
%
%
18
Executives see interesting activities in
energy, infrastructure, mining and retail.
Infrastructure
Energy
Retail
Mining
Mass
consumption
Financial
services
Oil
& gas
Construction
Chemicals
Agriculture Health
19. COUNTRIES WITH THE HIGHEST
RISK FOR M&A AGREEMENTS AND
EXPANSION
Countries considered to have a higher risk when
carrying out mergers and acquisitions.
Venezuela
Ecuador
Bolivia
"Political instability and legal uncertainty
undermine the confidence of investors, who
prioritize cautiousness in jurisdictions where
such instability and insecurity are
perceived. This is why we see investors
willing to take positions in Latin America
keeping jurisdictions like Venezuela, Bolivia
and Ecuador under observation. This is a
call to our region to work hard in maintaining
rule of law that is capable of receiving
foreign investment".
Claudia Barrero, Partner Colombia
1719
20. OPPORTUNITY TO STRENGTHEN
INTEGRATION
There are countries that promote growth more than others, but executives do not see a joint effort to
promote cross-border businesses.
Some of the challenges that Latin America is still facing revolve around regional integration processes that,
despite being abundant (MERCOSUR, CAN, CARICOM, UNASUR, SICA, ALBA, the Pacific Alliance,
CELAC, among others), have not reached the level of integration in financial terms that could be
comparable to the achievements of NAFTA, the European Union, and ASEAN. Consequently, intra-regional
trade does not exceed 20%, as opposed to the experience of those regions where it surpasses 50%.
Could Latin American governments
collaborate more to promote the conditions
where multilatina companies like mine can
grow?
"I think there are issues where some
governments could provide better conditions.
But there is a lot to be done, for instance on
environmental regulatory topics".
Bernardo Vargas, ISA
"We have a very high tax load; the number
of procedural hurdles results in several
obstacles, and sometimes, we lose the
option of being competitive; deals take too
long.
There is no evidence of a clear policy to
strengthen the private sector; there is a lack
of awareness that the country´s
development is economic as well as social.
We need to find such balance".
Claudia Di Terlizzi, Alpina
“The Pacific Alliance has been successful because, in the end, it has a private-public
collaboration model, where the governments of the member countries have recognized the
relevance of executives. A dialog has been set among the public and private sectors without
the well-known bureaucratic structures that are usually created in the world of
international relationships; we have worked intensely, obtaining concrete results"
Martín Carrizosa, Partner Colombia. Chairman of Colombia' s
Chapter of the Business Council of the Pacific Alliance
Agree
93%
20
21. LATIN AMERICA AS THE FOCUS OF
FOREIGN INVESTMENT IN THE
LAST 3 YEARS
The region presents a legal framework with
relative stability in comparison to some other
regional markets facing certain financial and
political uncertainties.
A low cost base for labor, combined with monetary
advantages, provides profitable structural
opportunities in many countries. Similarly, this
results in good capital returns for investors, both in
and outside the region.
A new middle class in development, and a
young population with changes in their
preferences and ambitions represent significant
long-term opportunities that may be met by
multilatina companies and foreign investors
arriving in the region.
Following a few years where oil and other
commodities experienced a dramatic value drop,
after an extended period with high prices, there are
indicators that the sector will recover.
“For the first time in 2014, the middle class in Latin America surpassed the number of people
living in poverty. This is key to understanding the multilatinas phenomenon, which will depend on
them being able to provide services and products to a new group, empowered to
demand quality and diversity".
Manuel Ugarte, Partner Perú
1721
Good confidence level, high returns, and
great potential, create interest.
Demographics, consumer changes Profitability
CommoditiesLegal Framework
23. 23
THE BIG CONCERNS
Corruption, tax load
and little legal certainty
The main risks mentioned by multilatinas'
executives are: corruption, which has crossed
borders, generating financial uncertainty,
lower legitimacy of governments, and red flags
for private and foreign investors, as well as a
lack of confidence in the business
environment.
A higher tax load is an important concern and
it makes investments less appealing in certain
countries in the region. Recent changes and
probable future changes in tax regimes make
taxes a more significant risk for multilatina
companies.
It is hard for executives to forecast the future
and calculate the risks, because there is little
legal certainty. On the other hand, the lack of
legal predictability is compromising corporate
activity, particularly in some specific sectors,
such as mining, where licenses have been
retrospectively revoked.
Skilled labor and human talent are important
for growth, but executives do not currently
consider them as high risk, because talent is
available in most markets in the region.
Recent changes and
probable future changes
in tax regimes, make
taxes more of a risk .
Corruption
Lack of skilled labor
Social instability
Reduction of ac cess to raw materials
Economic instability
Inadequate trade agreements
Political instability
Changes in consumer behavior
Exchange rate volatility
Lack of confidence in the business environment
Climate change
Little legal certainty
Higher tax load
Extremely
concerned
A little
concerned
Not
concerned
24. 24
TAX REGIMES
The most attractive and the most complex.
Chile and Peru are seen as countries with tax
regimes that work relatively well, despite
some setbacks in the last few years.
Executives consider that Colombia is widely
regarded as a complicated regime
for managing their businesses.
There is significant opportunity for tax
regimes in the region to be clearer,
fairer and become more predictable.
Do you think the corporate tax
regimes your company is subject to will
become easier or harder to comply with
during the next 12 months?
Will remain
the same
Considerably
harder
Moderately
easier
Considerably
easier
11
33
45
11%
%
%
%
"There is a concern due to the lack of clear and defined rules regarding international
reorganizations (merger, spin-off) and the indirect disposal, which are essential tools for
economic groups.Tax planning and norms regulations on evasion are pertinent aspects to be
considered, as well as judicial experience on such matter".
Walker Villanueva, Partner Perú
25. DISPUTE RESOLUTION AND
ARBITRATION
The most common controversies are internal,
with employees and shareholders.
Arbitration in Latin American countries is the preferred dispute resolution mechanism in many sectors,
including mining, construction and energy, and it is also preferred in certain types of contracts, such
as acquisitions, partnership agreements, joint ventures and shareholders agreements.
Given the international nature of many transactions, arbitration provides a neutral forum, in addition to
a specialized one, which is flexible and much faster at resolving controversies, than our judicial
forums.
Has your company faced any of the
following disputes in the last 3 years?
Controversies
with shareholders
Internal
controversies
Controversies
with partners
joint ventures
Environmental
demands
Controversies
with partners
in a M&A
Controversies
with banks /
lenders
27
38
16
16
11
11
25
26. 26
EXECUTIVES PREFER
ARBITRATION BECAUSE
THEY PERCEIVE THAT:
It is more
effective
Arbitrators
have more
training
It is less
costly
timewise
It is faster It is
easier
"Companies must nowadays consider the mechanisms for the resolution of controversies as
means of control and distribution of risks and instances to resolve disputes in a phased
manner before they come to be addressed in long and costly processes. Based on
specialized assessment, it is possible to implement mechanisms like the assisted negotiation,
mediation, expertise or dispute boards, among others. Similarly, the preventive and continued
assessment to protect yourself from disputes becomes every day more recurrent
in long-term contracts with a high litigation component".
Cristián Conejero, Partner Chile
27. 27
MULTILATINAS ARE
CONSERVATIVE IN
FINANCING METHODS
Low development of capital markets
Capital sources to fund growth and M&A continue to be conservative in comparison with other regions in
the world. Capital markets are necessary, but so too is higher collaboration by governments to try close the
gap in financing sources.
Executives believe that commercial bank loans will continue to be the preferred source for funding growth
for the next 3 years. This is evidence of continuity in the historical financing pattern in Latin America that
occurs mainly because companies tend to be family owned businesses and are too small to consider
raising funds through capital markets.
Private capital is relatively new in many Latin American countries. There is a great opportunity for it to
become a funding source subject to the ability of the financial investors.
Which of the following operations has
your company used to fund growth
and development in the last 3 years?
Commercial bank loans
Private investors
Private capital
Joint ventures
Public offer
Yes No 0 50 100
"Multilatinas with a higher level of income tend to obtain diverse funding methods, including
the capital markets and banking financing. We have recently seen companies of smaller size
turning to private capital funds and securitizations to raise new capital flows. Funds are taking
minority positions and help the companies to accelerate their growth by means of acquisitions
and better capital structures. Banking continues to be the easiest and fastest financing
method for multilatinas, but they do not discard other sources that require a higher
degree of sophistication".
Hernando Padilla, Partner Colombia
29. 29
Strategic
planning
Develop a strategic growth
plan that includes an
investment and
diversification program.
Solid business
basis
Build a solid basis and a
powerful financial muscle
that allows financing
proposed investments
and developing a business
strategy.
Human
Talent
Maintaining high
performance teams that
strengthen businesses
and contribute with
solutions and
innovative, quality ideas.
Know the market
Know the market and the
differences in each
country. Latin America
does not behave as a
single region; each
country has its own
culture.
Legal and tax
certainty
Invest and do business in
countries that have legal
and tax certainty. It is
important to know the
rules of the game and to
know the environment we
are playing in.
Efficient
operations
Create efficient processes
that promote productivity
for the company's
operations that may
reduce the cost margin.
KEY SUCCESS
FACTORS
30. 30
EXECUTIVES’
RECOMMENDATIONS
"High respect for each country´s culture,
because we are not the same. The fact
that we speak the same language does
not mean that our cultures are the same,
or that business is done in a similar
manner".
Diana Margarita Vivas,
Grupo Energía Bogotá
"To have clear rules in legal, economic,
fiscal and tax terms, in order for the
shareholder´s return expectations to be met
and to operate in secure environments with
legal and political certainty".
Client interviewed
"An environment with political stability and
adequate macro-economic management by
the government in power, and attracting and
retaining talent to manage the business,
which has become more complex due to
the fact that young talent, the so-called
"Millennials" generation, has different
interests and drivers".
Guillermo Morales,
Banco de Crédito BCP
“Every time you enter a new market, it is
necessary to analyze not only the tangible
variables, but also the soft variables in each
country. The decision is not only numerical,
legal, cultural and service management
risks must be considered".
Jaime Sarmiento, Bodytech
"You have to understand that Latin America
does not exist as a single region; they are
very different countries from each other. You
need to be very clear on each market; as
well as what is necessary to operate well
and be profitable in each context".
Client interviewed
"It is necessary to have a world-class
company vision to compete with the best,
have income diversification in other
geographies, and understand the size of
what is required to grow, because growing
is painful. You need to be prepared with the
strategy and the financial muscle".
Client interviewed
"Investment in research and development
and service customization".
Alberto Dale, United Cargo
“Having a Corporate Governance
separated from political influences and
focused on the adequate order of the
business".
Bernardo Vargas, ISA
"In our experience, a successful multilatina company is one that is capable of implementing an
adequate business model, understanding its particularities and taking advantage, as best as
possible, of the human and technical resources in each country under a
common direction and full respect for the legal and social environment".
Juan Pablo Wilhelmy, Socio Chile
31. 31
HOW TO CONTRIBUTE TO
MULTILATINAS' SUCCESS
From the M&A Consultant role
Context
Resources
Experience
Strategy
Executives look for consultants that have an understanding of
the business and knowledge of the industry they are going to
work in, as well as the countries where the transaction will take
place.
Executives look for consultants that have their own resources
and human talent in diverse areas and countries, since this
produces peace of mind when doing business in various
jurisdictions.
Consultants with experience and solid knowledge, not only in
the legal arena, but also from a financial, fiscal and regulatory
perspective from each country.
In order to select a consultant, executives look for a person that
manages projects in a strategic and efficient manner, with the
ability to analyze situations, as well as someone who can carry
out a closing that will generate the best results.
33. 33
DATA SHEET
Latin American corporate leaders
that represent companies with
presence in at least three countries in
the region.
In depth interviews conducted
during the second semester of 2017.
Questions on: confidence and
growth, risk and opportunities,
planning and tax implications,
foreign investment and resolution of
disputes and arbitration.
The sectors involved
Mass
consumption
Financial
services
Transport
& logistics Industrial
Chemicals
Construction
& real estate
development
Energy &
public
utilities
Health
Infrastructure Oil & gas