-VOFT EF TFQUJFNCSF EF 6OB QVCMJDBDJØO EF -" 3&16#-*$" XXX MBSFQVCMJDB DPN DP
$BMEBT $0/ .*- .*--0/&4 '035"-&$&/ */7&/5"3*0 563¶45*$0
&- .&+03 4*5*0 1"3"
*/7&35*3
1:.&4 -& 4"$"/ 1"35*%0 " -"4 36&%"4 %& 46#$0/53"5"$*»/
130:&$504 %& (&/&3"$*»/ &/&3(²5*$" #64$"/ 40$*04
)JHVFSJMMB PQDJØO QBSB QSPEVDJS CJPEJÏTFM
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5 /81(6 '( 6(37,(0%5(
&TUSFOBO Pm DJOB EF DPNQFUJUJWJEBE
(
Q 0DQL]DOHV TXLH UHQ UHSOLFDU HO PR GHOR QDFLRQDO GHO &RQVHMR 3ULYDGR GH &RPSHWLWLYLGDG \ HV WDEOHFHU HQ HVWH WHUULWRULR XQD RILFLQD FRQ IXQFLRQHV VHPHMDQWHV OLGHUDGD SRU ORV HPSUHVDULRV /D SURSXHVWD VXUJLy GHO &RPLWp ,QWHUJUHPLDO GH HVWH 'HSDUWDPHQWR &,& \ WLHQH FRPR REMHWLYR GLMR HO SUHVLGHQWH GH OD HQWLGDG ÐVFDU 9LOOHJDV WHQHU XQD RUJDQL]DFLyQ GHVGH GRQGH ORV HPSUHVDULRV SULRULFHQ ODV HVWUDWHJLDV TXH ORV OOHYHQ D FRPSHWLU HQ HO PXQGR ´7HQHPRV DGHODQWDGR XQ HVWXGLR FRQ XQ SODQ GH WUDEDMR \ XQ PRGHOR ILQDQFLHUR SDUD FRQYRFDU OD DVDPEOHD GH FRQVWLWXFLyQ GHO &RQVHMR 3ULYDGR GH &RPSHWLWLYLGDG GH &DOGDV (V OD IRUPD GH VHU ~WLOHV \ SUiFWLFRV GHQWUR GH OD &RPLVLyQ 5HJLRQDO GH &RPSHWLWLYLGDGµ LQGLFy 9L OOHJDV (O REMHWLYR HV WHQHU HQ RFWXEUH OD HQWLGDG FRQV WLWXLGD \ GHVGH DOOt MDORQDU SRU HMHPSOR OD FUHDFLyQ GH XQD RILFLQD TXH VH GHGLTXH D FDSWDU LQYHUVLRQLVWDV /D LQLFLDWLYD SULYDGD OOHJD HQ PRPHQWRV HQ TXH 0DQL]DOHV DERQD WHUUH QR SDUD DWUDHU FDSLWDOHV IUHVFRV (O ~OWLPR HVWXGLR 'RLQJ %XVLQHVV GHO %DQFR 0XQGLDO XELFy D 0DQL]DOHV FRPR OD VHJXQGD FLXGDG GHO SDtV GRQGH HV PiV IiFLO KDFHU QHJRFLRV SRU RWRUJDU EHQHILFLRV HQ WUiPLWHV LPSXHVWRV \ HVWDELOLGDG MXUtGLFD D ORV LQYHUVLRQLVWDV 3RU HMHPSOR KD\ H[FHSFLR QHV WULEXWDULDV HQ LPSXHV WRV ORFDOHV /D UHVSXHVWD D HVR VH
KD YLVWR HQ HO FDPSR GH OD LQGXVWULD GHO FRQRFLPLHQ WR +DFH XQ DxR OD ILUPD +HLQVRKQ 6RIWZDUH +RXVH GH &RORPELD PRQWy XQD SODQWD SDUD OD IDEULFDFLyQ GH VRIWZDUH HQ 0DQL]DOHV \ KDFH SRFR OD HVSDxROD 1HZVKRUH LQLFLy RSHUDFLR QHV HQ HVWH WHUULWRULR SDUD DWHQGHU GHVGH OD FDSLWDO FDOGHQVH ODV QHFHVLGDGHV GH VRIWZDUH HQ (XURSD /DV GRV ILUPDV JHQHUDQ MXQWDV FHUFD GH HPSOHRV GLUHFWRV FDOLILFDGRV
-B JOJDJBUJWB QSFUFOEF RVF MPT FNQSFTBSJPT DPOP[DBO FTUSBUFHJBT QBSB DPNQFUJS 5HFLHQWHPHQWH OD FDQDGLHQVH %)' *URXS RI &RPSDQLHV &RUS DQXQFLy TXH HPSH]DUi HQ QRYLHP EUH SUy[LPR XQ SURFHVR GH H[SDQVLyQ HQ &RORPELD D WUDYpV GH WLHQGDV SRU GHSDUWDPHQWRV YHQWDV PLQRULVWDV FX\D EDVH GH RSHUDFLyQ \ GLVWULEXFLyQ SDUD HO SDtV VH KDUi GHVGH 0DQL]DOHV < H[LVWH OD H[SHFWDWLYD GH TXH LQGXVWULDOHV YHDQ D &DOGDV FRPR HO SXQWR SURSLFLR SDUD GLVWULEXLU SURGXFWRV D ORV SULQFLSDOHV PHUFDGRV GHO SDtV \ GH QDFLRQHV YHFLQDV SRU VX XELFDFLyQ JHRJUiILFD SDUD JHQHUDU XQD QXHYD ROD GH WUDFFLyQ GH LQYHUVLRQHV
$1É/,6,6
&DPOPNÓB DBMEFOTF DPO .*/*45&3*0 %& )"$*&/%" 4 0 $ : $3²%*50 1Á#-*$0
'
H DFXHUGR FRQ ODV FLIUDV FRQVLJQDGDV HQ ODV &XHQWDV 'HSDUWDPHQWDOHV GHO 'HSDUWDPHQWR 1DFLRQDO GH (VWDGtVWLFDV '$1( HO 3URGXFWR ,QWHUQR %UXWR 3,% D SUHFLRV FRQVWDQWHV GH GHO GHSDUWDPHQWR GH &DOGDV UHJLVWUy XQ FUHFLPLHQWR UHDO GH SRU FLHQWR HQWUH ORV DxRV DO SDVDU GH ELOORQHV GH SHVRV HQ D ELOORQHV HQ $GLFLRQDOPHQWH OD VHULH SHUPLWH FRQFOXLU TXH OD SDU WLFLSDFLyQ GHO 3,% GH &DOGDV HQ HO WRWDO QDFLRQDO QR KD SUHVHQWDQGR PRGLILFDFLRQHV VXVWDQFLDOHV GHVGH FRQ XQ FUHFLPLHQWR SURPHGLR GH DSUR[LPDGDPHQWH SRU FLHQ WR SDUD HO SHUtRGR DQDOL]DGR OR FXDO VXJLHUH TXH OD HFRQR PtD FDOGHQVH KD HVWDGR D OD SDU GHO GLQDPLVPR HFRQyPLFR TXH KD PDQWHQLGR HO SDtV /RV VHFWRUHV PiV GLQiPL FRV TXH JHQHUDQ HO PD\RU YDORU DJUHJDGR SDUD &DOGDV SDUD ORV DxRV \ IXHURQ HO DJURSH FXDULR HO LQGXVWULDO HO GH WUDQVSRUWH \ FRPXQLFDFLRQHV \ GH VHUYLFLRV
(QWUH \ ORV VHFWRUHV TXH SUHVHQWDURQ ORV DYDQFHV PiV VLJQLILFDWLYRV IXHURQ L WUDQVSRUWH \ FRPX QLFDFLRQHV SRU FLHQWR LL LQGXVWULD SRU FLHQWR LLL FRPHUFLR \ UHSDUDFLRQHV SUR FLHQWR LY HO UHVWR GHO VHFWRU DJUtFROD SRU FLHQWR \ Y HO VHFWRU GH HOHFWULFLGDG JDV \ DJXD SRU FLHQWR 3RU VX SDUWH HO VHFWRU GH FDIp VH KD GHELOLWDGR SUHVHQWDQGR XQD YDULDFLyQ QHJDWLYD GH SRU FLHQWR HQ HO PLVPR SHUtRGR 'HO DQiOLVLV GH ODV FLIUDV VH SXHGH FRQFOXLU TXH DXQTXH D SULQFLSLRV GH OD GpFDGD GH ORV QRYHQWD HO FDIp HUD HO SULQFLSDO SURGXFWR GH OD HFRQRPtD UHJLRQDO FRQ XQD SDUWLFLSDFLyQ GH SRU FLHQWR SDUD HVWH VHFWRU KD VLGR GHVSOD]DGR SRU RWURV FRPR HO LQGXVWULDO TXH KD JDQDGR WHUUHQR DO LQWHULRU GHO GHSDUWDPHQWR WUD\HQGR FRQVLJR JUDQGHV EHQHILFLRV HFRQyPLFRV \ VRFLDOHV 6HJ~Q FLIUDV GH OD &iPDUD GH &RPHUFLR GH 0DQL]DOHV DFWXDOPHQWH YDULDV HPSUHVDV GHO GHSDUWDPHQWR FXHQWDQ FRQ LQYHUVLyQ GH FDSLWDO H[WUDQMHUR SURYHQLHQWH GH 0p[LFR (VSDxD %pOJLFD \
QBTP TFHVSP GHVDUUROOR H LQQRYDFLyQ GH ODV H[SRUWDFLRQHV /D &iPDUD GH &RPHUFLR GH 0DQL]DOHV HQ VX LQIRUPH ´0RYLPLHQWR GH 6RFLHGDGHVµ UHJLVWUy TXH OD LQYHUVLyQ QHWD > @ SDUD HO GHSDUWD PHQWR WXYR XQ FUHFLPLHQWR VLJQLILFDWLYR GHO SRU FLHQWR HQWUH \ DO SDVDU GH PLOORQHV GH SHVRV D PLOORQHV UHVSHFWLYDPHQWH 3RU UDPDV GH DFWLYLGDG HFRQyPLFD VH REVHUYD TXH HQ ORV VHFWRUHV TXH PDV FRQWULEXtDQ HQ HO WRWDO
GH OD LQYHUVLyQ HUDQ HO GH FRQVWUXFFLyQ \ HGXFDFLyQ PLHQWUDV TXH HQ HO ORV VHFWRUHV OLGHUHV VRQ HO FRPHUFLR OD FRQVWUXFFLyQ \ OD LQGXVWULD (O DSR\R GHO *RELHUQR 1DFLRQDO D OD HFRQRPtD GH &DOGDV \ D ORV GHSDUWDPHQWRV GHO (MH &DIHWHUR HV LUUHVWULF WR \ DVt HVWi SODVPDGR HQ ORV GLIHUHQWHV SUR\HFWRV HMHFXWD GRV HQ ORV ~OWLPRV DxRV 3RU HMHPSOR HQ ORV ~OWL PRV PHVHV VH HPSUHQGLy D QLYHO QDFLRQDO XQ SURJUDPD GH UHQRYDFLyQ GH PLO
/81(6 '( 6(37,(0%5(
(VWDGRV 8QLGRV HQWUH RWURV SDtVHV (VWD SDUWLFLSDFLyQ VH HQFXHQWUD HQWUH SRU FLHQWR \ FLHQWR SRU FLHQWR /D PD\RUtD GH HVWDV HPSUHVDV GHVWLQDQ HQWUH SRU FLHQWR \ SRU FLHQWR GH VX SURGXF FLyQ DO PHUFDGR H[WHUQR 8QR GH ORV EHQHILFLRV GH OD PD\RU LQYHUVLyQ H[WUDQMHUD HQ HO GHSDUWDPHQWR HV OD JH QHUDFLyQ GH HPSOHR 'H KH FKR ODV HPSUHVDV H[WUDQMHUDV LQVWDODGDV HQ &DOGDV JHQHUDQ DSUR[LPDGDPHQWH XQRV HPSOHRV GLUHFWRV TXH VH KDQ PDQWHQLGR JUDFLDV DO
KHFWiUHDV SDUD DSR\DU D ORV SHTXHxRV FXOWLYDGRUHV GH FDIp FRQ XQD LQYHUVLyQ DQXDO VXSHULRU D ORV PLO PLOOR QHV GH SHVRV $Vt PLVPR HO SDVDGR GH VHSWLHPEUH HO *RELHUQR 1D FLRQDO \ OD )HGHUDFLyQ 1DFLR QDO GH &DIHWHURV VXVFULELHURQ XQ DFXHUGR SRU DxRV SDUD HIHFWXDU LQYHUVLRQHV VXSHULR UHV D ELOORQHV GH SHVRV GH ORV FXDOHV PLO VHUiQ DSRUWDGRV SRU HO (VWDGR (O *RELHUQR VLJXH DGH ODQWH FRQ OD FRQVWUXFFLyQ GHO $HURSXHUWR GHO &DIp 3DUD HOOR VH FRPSURPHWLy D LQYHU WLU ORV UHFXUVRV SURYHQLHQWHV GH OD YHQWD GH OD SDUWLFLSD FLyQ GHO (VWDGR HQ OD &HQWUDO +LGURHOpFWULFD GH &DOGDV &KHF \ VH PDQWLHQH HO DSR\R GHO *RELHUQR (VSDxRO PHGLDQWH XQ FUpGLWR SRU PLOORQHV GH GyODUHV /RV HPSUHVDULRV FDOGHQ VHV WLHQHQ TXH PDQWHQHU OD IUHQWH HQ DOWR XQ HVStULWX RSWLPLVWD \ GHEHQ HVWDU FRQYHQFLGRV TXH SHVH D ODV GLILFXOWDGHV TXH VH SUHVHQ WDQ D UDt] GH ORV SUREOHPDV ILQDQFLHURV LQWHUQDFLRQDOHV &RORPELD \ &DOGDV VHJXL UiQ DGHODQWH \ FRQ XQ SDVR VHJXUR
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5 /81(6 '( 6(37,(0%5(
0DIP FNQSFTBT RVJFSFO
/
D ,QGXVWULD /LFRUHUD GH &DOGDV ,/& VH OH PLGLy D LPSXOVDU XQD ]RQD IUDQFD SDUD &DOGDV /D GHVWLOHUtD EXVFD FRQYHUWLUVH HQ XQD HVSHFLH GH HPSUHVD DQFOD GH XQ GHVDUUROOR IUDQFR XELFDGR HQ HO VHFWRU GH 0DOWHUtD HQ 0D QL]DOHV YtD D %RJRWi GRQGH OD SURSLD ,/& WLHQH VX VHGH 6H WUDWD GH XQ SUR\HFWR TXH HVWi DSDODQFDQGR OD $OFDOGtD GH 0DQL]DOHV \ OD *REHUQDFLyQ GH &DOGDV PHGLDQWH ORV LQVWLWXWRV GH ILQDQFLDPLHQWR \ SURPRFLyQ GH GHVDUUROOR ,QILV SURPR WRUHV GH OD LQLFLDWLYD \ TXH EXVFD VHU HO HSLFHQWUR GH OD DWUDFFLyQ GH LQYHUVLyQ HQ HVWH GHSDUWDPHQWR FDIHWHUR (O SURSyVLWR KD GLFKR HO JHUHQWH JHQHUDO GH OD ,/& &DUORV $UWXUR )HKy HV WHQHU HQ HVH WHUULWRULR HQ FXDWUR DxRV LQYHUVLRQHV SULYDGDV LQGXVWULDOHV VXSHULRUHV D PLOORQHV GH GyODUHV FRQ XQD JHQHUDFLyQ GH PiV GH QXHYRV HPSOHRV ´(VWH HV HO SUR\HFWR LQGXVWULDO PiV LPSRUWDQWH GH ORV ~OWLPRV DxRV HQ &DOGDV \ 0DQL]DOHV \ EXVFD VHU HO PRWRU GH DWUDFFLyQ GH QXHYDV LQYHUVLRQHVµ VRVWXYR /D ]RQD IUDQFD VHxDOy HO VHFUHWDULR GH 'HVDUUROOR (FRQyPLFR \ &RPSHWLWLYL GDG GH 0DQL]DOHV 0DXULFLR 2VRULR DSXQWD D SURPRYHU XQD QXHYD ROD GH DWUDFFLyQ GH FDSLWDO IUHVFR DSURYHFKDQGR HVFHQDULRV LQWHUQDFLRQDOHV FRPR ORV WUDWDGRV GH OLEUH FRPHUFLR GRQGH WHUULWRULRV FRPR &DOGDV MXHJDQ XQ SD SHO LPSRUWDQWH SRU VXV YHQWD MDV HQ ORFDOL]DFLyQ \ EXHQDV FRQGLFLRQHV HQ IDFWRUHV FRPR HO UHFXUVR KXPDQR (O OtGHU GH 0HMRUDPLHQWR ,QVWLWXFLRQDO GH OD ,/& +HUQ\ 6iQFKH] GLMR TXH HO SUR\HF WR HVWi FRQFHELGR SDUD XQ GHVDUUROOR PXOWLXVXDULR HV GHFLU SHUPLWH OD LQVWDODFLyQ GH LQGXVWULD GH GLYHUVRV VHF WRUHV HQ XQ iUHD GHWHUPLQDGD
&M QSPQÃ&#x2DC;TJUP Q Q
FT UFOFS JOWFSTJPOFT TVQFSJPSFT B 64 NJMMPOFT HQ KHFWiUHDV /D YHQWDMD GH HVWH WHUULWRULR HV TXH FXHQWD FRQ LQIUDHVWUXFWXUD GH VHUYLFLRV S~EOLFRV \ HVWi OR FDOL]DGD HQ OD ]RQD LQGXVWULDO GH 0DQL]DOHV /D GHVWLOHUtD HV OD SURSLHWDULD GH EXHQD SDUWH GH HVRV WHUUHQRV \ VHUtDQ VX DSRUWH DO SUR\HFWR ´'H HQWUDGD VH HVWi FXPSOLHQGR FRQ OD /H\ GH =RQDV )UDQFDV TXH H[LJH XQ iUHD PtQLPD GH KHFWiUHDV (Q HVWH PRPHQWR VH HVWiQ KDFLHQGR ORV HVWXGLRV GH WtWXOR GH SURSLHGDG TXH HV RWUR UHTXLVLWR H[LJLGR SRU OD QRUPD SDUD GHFODUDU XQD ]RQD FRQ UpJLPHQ IUDQFRµ SXQWXDOL]y HO GLUHFWLYR
(O FURQRJUDPD GH DFXHU GR FRQ 6iQFKH] LQGLFD TXH HQ RFWXEUH GH VH GHEH FRQWUDWDU OD ILUPD FRQVXOWRUD TXH UHDOLFH HO HVWXGLR WpFQLFR GH IDFWLELOLGDG \ GH PHUFD GHR GH OD LQLFLDWLYD GRFX PHQWR TXH VHUi FODYH SDUD WUDPLWDU DQWH HO *RELHUQR 1DFLRQDO OD GHFODUDWRULD GH ]RQD IUDQFD
3RU DKRUD OR FODUR HV TXH VH GHEH FRQIRUPDU XQD VRFLHGDG SURPRWRUD GRQGH DSDUHFHQ ORV ´,QILVµ FRQ VXV DSRUWHV VH HVWLPDQ HQ PLOORQHV GH SHVRV TXH VH HQFDUJDUi GH KDFHU HO GHVDUUROOR ORJtVWLFR \ GH PHUFDGHDU HO SUR\HFWR (Q SDODEUDV VHQFLOODV FRQVHJXLU ORV LQYHUVLRQLVWDV
(VWH SURFHVR GHEH WDUGDU DOUHGHGRU GH VHLV PHVHV OR TXH LQGLFD VHJ~Q ODV FXHQWDV GH 6iQFKH] TXH VREUH HO SULPHU VHPHVWUH GH HO *RELHUQR WHQGUtD VREUH VX HVFULWRULR OD VROLFLWXG GH &DOGDV \ SRU OR WDQWR OD ~OWLPD SDODEUD
-04 13*7"%04 -0 "10:"/
(O SURSLR JHUHQWH JHQHUDO GH OD ,/& KD PDQLIHVWDGR TXH \D KD\ HQ HO DEDQLFR RFKR HPSUHVDV TXH HVWDUtDQ LQWHUH VDGDV HQ LQVWDODUVH HQ OD ]RQD IUDQFD GH &DOGDV /D ,/& VH FRQYHUWLUtD HQ DFFLRQLVWD GH OD QXHYD VRFLHGDG \ DO PLVPR
$BMEBT -&: 26*.#":" FTQVÏT EF MB -FZ FYQFEJEB QBSB FTUJNV MBS MB JOWFSTJØO FO MB [POB BGFDUBEB QPS MB FSVQDJØO EFM 7PMDÈO /FWBEP EFM 3VJ[ FO MB DBQJUBM DBMEFOTF OP IB UFOJEP EFTEF FOUPODFT VOB EJOÈNJDB EF OVFWBT JOWFSTJPOFT -B -FZ
%
2VJNCBZB RVF PGSFDJØ CFOFm DJPT USJCVUBSJPT Z FOUSØ FO WJHFODJB USBT FM UFSSFNPUP EF OP UVWP FGFDUPT QPTJUJWPT QBSB BUSBFS DBQJUBMFT -B OPSNB DVZB WJHFODJB QBSB BD DFEFS B MPT CFOFm DJPT FYQJSØ FO FO $BMEBT TØMP DPCJKØ B $IJODIJOÈ MB MPDBMJEBE NÈT BGFDUBEB DPO
FM TJTNP " KVJDJP EF BMHVOPT MFHJTMBEPSFT FOUSF FMMPT FM TFOBEPS "VSFMJP *SBHPSSJ GVF VO FSSPS OP IBCFS JODMVJEP B .BOJ[BMFT EFOUSP EF MPT UFSSJUPSJPT CFOFm DJBEPT DPO MBT FYFODJPOFT JNQPTJUJ WBT DPOUFNQMBEBT QPS EJDIB -FZ 1PS FMMP FM QSPZFDUP EF -FZ RVF IBDF USÈOTJUP FO FM
$POHSFTP EF MB 3FQÞ CMJDB DPO FM RVF TF QSFUFOEF QSPMPOHBS MPT CFOFm DJPT USJCVUBSJPT EF MB OPSNB CVTDB TFS BQSPWFDIBEP QBSB JODMVJS B .BOJ[BMFT FO FTF QBRVFUF &TUP TF FTUÈ BOBMJ[BOEP MFHBM NFOUF QFSP SFRVJFSF EFM DPODVSTP Z FM MPCCZ EF MBT GVFS[BT WJWBT EF $BMEBT
%"504 1"3" %&45"$"3
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
FTUBS FO MB [POB GSBODB EF
-B EFDJTJØO EF VCJDBS FM QSPZFDUP EF MB [POB GSBO DB QBSB $BMEBT FO FM TFDUPS EF .BMUFSÓB WJOP EF MB QFUJDJØO EF MPT QSPQJPT FNQSFTBSJPT JOUFSFTBEPT FO JOTUBMBS TF FO FTUF EFTBSSPMMP GSBODP
-B [POB DVFOUB DPO JOGSBFTUSVDUVSB EF TFSWJDJPT QÞCMJDPT FTUÈ VCJDBEB FO VO TFDUPS JOEVTUSJBM Z TPCSF MB WÓB FOUSF .BOJ[BMFT o #PHPUÈ QPS EPOEF $BMEBT NVFWF QPS DJFOUP EF MB DBSHB RVF HFOFSB QBSB BCBTUFDFS FM NFSDBEP EFM DFOUSP EFM QBÓT Z EFM FYUFSJPS QSJODJQBMNFOUF QBÓTFT BOEJOPT
/81(6 '( 6(37,(0%5(
&TUÈ QSFWJTUP MB DPOTUSVDDJØO EF VOB EPCMF DBM[BEB FOUSF MB &TUBDJØO 6SJCF WÓB RVF DPOEVDF B .F EFMMÓO Z BM TVSPDDJEFOUF EFM QBÓT Z .BMUFSÓB "EFNÈT FYJTUF VO QSF TVQVFTUP EF NJMMPOFT EF QFTPT EFM (PCJFSOP /BDJPOBM EFM QSPHSBNB WÓBT QBSB MB DPNQFUJUJWJEBE QBSB NFKPSBS MBT DPOEJDJPOFT EFM USBZFDUP .BOJ[BMFT .BSJRVJUB
WLHPSR SRGUtD VHU XVXDULR /D JHUHQWH GH OD $QGL &DO GDV 0DUtD &DUROLQD *LUDOGR GLMR TXH OD DJUHPLDFLyQ DSR\D WRGRV ORV SUR\HFWRV IUDQFRV TXH VH TXLHUDQ GHVDUUROODU HQ HO 'HSDUWDPHQWR HVWR WHQLHQGR HQ FXHQWD TXH QR VH KD GHVFDUWDGR PRQWDU XQ SDUTXH LQGXVWULDO HQ HO VHFWRU GH (O 5RVDULR HQWUH 0DQL]DOHV \ &KLQFKLQi FHUFD DO FRUUHGRU
KDFLD %XHQDYHQWXUD \ DO SUR \HFWDGR 3XHUWR GH 7ULEXJi 3RU VX SDUWH HO SUHVLGHQWH GHO &RPLWp ,QWHUJUHPLDO GH &DOGDV &,& ÐVFDU 9LOOH JDV GLMR TXH HO SUR\HFWR GH 0DOWHUtD WLHQH HO DSR\R FRPR SURPRWRU GHO VHFWRU S~EOLFR TXH IXH OR TXH IDOWy HQ XQD LQLFLDWLYD TXH HO &,& OLGHUy \ TXH QR SURVSHUy SRUTXH QR VH HQFRQWUy HQWUH ORV SULYDGRV
HO SXQWR GH HTXLOLEULR SDUD PRQWDU XQ SDUTXH LQGXVWULDO ´(Q HVWH SUR\HFWR HVWiQ ORV WHUUHQRV \ KD\ YROXQWDG SROtWLFD HVR HV XQD YHQWDMD TXH KDFH DWUDFWLYD OD LQLFLDWLYD (O VHFWRU GH 0DOWHUtD PXFKRV HPSUHVDULRV OR KDQ SHGLGR SRUTXH HVWi PiV FHUFD GH %R JRWi \ D ORV PHUFDGRV TXH HQ HO H[WHULRU DEDVWHFH &DOGDVµ VRVWXYR HO GLUHFWLYR
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5 /81(6 '( 6(37,(0%5(
-B JOEVTUSJB NBOUJFOF
DSFDJNJFOUP 3
DUD PXFKRV OD FDOL GH] \ HPSXMH GH ORV FDOGHQVHV HVWi UHSUH VHQWDGD HQ OD FXOWXUD FDIHWHUD TXH ORV GLVWLQJXH HQ HO PXQGR 6LQ HPEDUJR DO REVHUYDU GHWHQLGDPHQWH HO FRPSRUWDPLHQWR HFRQyPLFR GHO SDtV &DOGDV HV XQD GH ODV SRFDV UHJLRQHV TXH KD OR JUDGR PDQWHQHU HO GLQDPLV PR HQ OD LQGXVWULD SHVH D ORV YLHQWRV GH GHVDFHOHUDFLyQ TXH VRSODQ HQ &RORPELD 0LHQWUDV WDQWR GHSDUWD PHQWRV FRPR &XQGLQDPDUFD \ $QWLRTXLD TXH HQ DOJ~Q PRPHQWR MDORQDURQ HO FUHFL PLHQWR HQ &RORPELD HPSH ]DURQ D TXHGDU UH]DJDGRV HQ OD HFRQRPtD QDFLRQDO (Q OD (QFXHVWD GH 2SL QLyQ ,QGXVWULDO &RQMXQWD (RLF GH OD $QGL OD UHJLyQ VH XELFy HQWUH ORV FXDWUR SUL PHURV OXJDUHV HQ FUHFLPLHQ WR GH SURGXFFLyQ \ YHQWDV 'H HQHUR D MXOLR GH FRPSDUDGR FRQ HO SULPHU VHPHVWUH GH OD SURGXF FLyQ HQ &DOGDV FUHFLy SRU FLHQWR GDWR TXH VHJ~Q ORV HPSUHVDULRV GH OD UHJLyQ HV DOHQWDGRU SDUD HO VHFWRU HQ JHQHUDO WHQLHQGR HQ FXHQWD TXH HO LQGLFDGRU SDUD HO SDtV IXH QHJDWLYR (O GHSDUWDPHQWR VyOR IXH VXSHUDGR SRU %ROtYDU FRQ SRU FLHQWR \ &DXFD SRU FLHQWR HQ SURGXFFLyQ \ PDQXIDFWXUD 5HJLRQHV FRPR %RJRWi &XQGLQDPDUFD \ $QWLRTXLD WXYLHURQ XQD UHGXFFLyQ HQ OD SURGXFFLyQ GH SRU FLHQ WR \ SRU FLHQWR UHVSHFWL YDPHQWH (Q FXDQWR D ODV YHQWDV WRWDOHV &DOGDV VH PDQWXYR HQ HO WHUFHU OXJDU FRQ WUHV SRU FLHQWR SXHV D SHVDU GHO DOWR FRVWR GHO WUDQVSRUWH \ ODV PDODV FRQGLFLRQHV GH ODV YtDV OD FRPHUFLDOL]DFLyQ GH
"6.&/5" *.1035"$*»/ %& 130%6$504 VSBOUF MPT QSJNFSPT TFJT NFTFT EFM B×P MBT JNQPSUBDJPOFT EF $BMEBT BVNFOUBSPO QPS DJFOUP DPO SFTQFDUP BM NJTNP QFSJPEP EF SFQSFTFOUBSPO VO UPUBM EF NJMMPOFT EF EØMBSFT -PT JNQPSUBEPSFT EF MB SFHJØO TF WJFSPO CFOFm DJBEPT QPS MB SFWBMVBDJØO TJO FNCBSHP MB BMUB EFNBOEB EF DIJOB F JOEJB Z FM JODSFNFOUP FO FM QSFDJP EFM QFUSØMFP QSPWPDBSPO TPCSFDPTUPT FO FM USBOTQPSUF
%
SURGXFWRV IXH ySWLPD VREUH WRGR HQ HO PHUFDGR H[WHULRU /D JHUHQWH GH $QGL 6HF FLRQDO 0DUtD &DUROLQD *LUDO GR H[SOLFD HVWD VLWXDFLyQ HQ TXH OD GHPDQGD H[WHUQD QR SUHVHQWD UHVWULFFLRQHV VLWXD FLyQ TXH IDYRUHFH D OD LQGXV WULD ORFDO TXH WLHQH YRFDFLyQ H[SRUWDGRUD (VWR VRVWXYR ODV YHQWDV WRWDOHV TXH HQ HIHFWR FUHFLHURQ PHQRV IUHQWH DO PLVPR SHUtRGR GH ´(O DQiOLVLV TXH KLFLPRV HQ OD $QGL QRV VHxDOy TXH HO PHQRU ULWPR GH FUHFLPLHQWR GHO VHFWRU SURGXFWLYR VH GLR SRU XQD GLVPLQXFLyQ GH OD GHPDQGD LQWHUQD 3HUR HQ WpUPLQRV JHQHUDOHV HO LQGL
FDGRU OR VRVWXYR HO PHUFDGR H[WHUQRµ SXQWXDOL]y (Q YHQWDV HVWiQ SRU HQFLPD GHO GHSDUWDPHQWR &DXFD FRQ SRU FLHQWR \ %ROtYDU SRU FLHQWR 3DUD OD &iPDUD GH &R PHUFLR GH 0DQL]DOHV &&0 HO ULWPR GH OD LQGXVWULD FDOGHQVH VH KD VRVWHQLGR GHELGR DO JUDGR GH LQYHUVLyQ TXH VH UHDOL]y HQ SULQ FLSDOPHQWH HQ OD FRPSUD \ HQVDQFKDPLHQWR GH ODV IiEUL FDV VLWXDFLyQ TXH VH KD YLVWR UHIOHMDGD HQ ODV PHGLFLRQHV GH HVWH DxR (O SURIHVLRQDO GHO iUHD GH LQYHVWLJDFLRQHV VRFLRHFR QyPLFDV GH OD &iPDUD -RVp
5"4" %& $".#*0 6/ %0-03 %& $"#&;" 1"3" &91035"%03&4 4FHÞO MB FODVFTUB EF MB $ÈNBSB EF $PNFSDJP EF .BOJ[BMFT EVSBOUF FM QSJNFS TFNFTUSF EFM B×P QPS DJFOUP EF MBT FNQSFTBT FYQPSUBEPSBT EF MB SFHJØO NBOJGFTUBSPO RVF TF IBCÓB SFEVDJEP MB SFOUBCJMJEBE EF TVT OFHPDJPT EFCJEP B MB CBKB DPUJ[BDJØO EF MB EJWJTB QPS DJFOUP EF MPT JOEVTUSJBMFT EJKP RVF QFSEJØ PQPSUVOJEBEFT EF JOHSFTP B PUSPT NFSDBEPT " QF TBS EFM JODSFNFOUP RVF IB UFOJEP FM EØMBS MPT FNQSFTBSJPT OP TPO PQUJNJTUBT DPO FM UFNB $OEHLUR 6iQFKH] LQGLFy TXH D SHVDU GHO HVIXHU]R GH ORV HPSUHVDULRV SRU VRVWHQHU HO ULWPR GH FUHFLPLHQWR OD UHJLyQ KD WHQLGR XQ IUHQR HQ HO GHVDUUROOR GHO VHFWRU SULYDGR SURGXFWR GH OD GHV DFHOHUDFLyQ GHO SDtV 'XUDQWH HO ~OWLPR WULPHV WUH DXPHQWy HO GHVHPSOHR HQ HO GHSDUWDPHQWR OD LQIOD FLyQ FUHFLy FLQFR SRU FLHQWR \ QHJRFLRV FRPR OD FRQV WUXFFLyQ H[SRUWDFLRQHV \ HO FRQVXPR GH HQHUJtD DXQTXH FUHFHQ QR VH PDQWLHQHQ FRPR HQ (Q HO WULPHVWUH HQWUH DEULO \ MXQLR GH &DOGDV IXH OD VHJXQGD FLXGDG FRQ PD\RU GHVHPSOHR ´/D UHGXFFLyQ HQ HO Q~PHUR GH RFXSDGRV H[SOLFD HO FRPSRUWDPLHQWR GH OD LQGXVWULD TXH HV XQD PXHVWUD GH OR TXH SDVD HQ &RORPELDµ DVHJXUy 6iQ FKH] 6HJ~Q OD $QGL XQD GH ODV PD\RUHV GLILFXOWDGHV GH ORV HPSUHVDULRV HV OD WDVD GH FDPELR TXH GHELGR D OD YRODWLOLGDG GHO GyODU GLVPL QX\y OD UHQWDELOLGDG GH ODV LQGXVWULDV \D TXH JUDQ SDUWH GH OD DFWLYLGDG LQGXVWULDO HQ OD UHJLyQ VH FRQFHQWUD HQ ODV H[SRUWDFLRQHV 'HQWUR GH OD LQGXVWULD FDOGHQVH ORV VHFWRUHV TXH VH GHVWDFDQ VRQ OD YHQWD GH UHIULJHUDGRUHV FDIp FRQILWHUtD DOLPHQWRV \ EHEL GDV DXWRSDUWHV DVEHVWR \ FHPHQWR \ KHUUDPLHQWDV R PDTXLQDULD
/
R TXH VH YLHQH D SDUWLU GH HV XQ PDQR D PDQR HQWUH GRV HPSUHVDV GH 0DQL]DOHV SRU HO PHUFDGR GH ODV SODFDV GH \HVR LQVX PR EiVLFR SDUD OD FRQVWUXF FLyQ OLYLDQD HQ &RORPELD \ HQ SDtVHV DQGLQRV 6H WUDWD GH 7RSWHF GH FDSLWDO FLHQWR SRU FLHQWR FRORPELDQR \ GH OD EHOJD &RORPELW TXH UHDOL]DURQ FXDQWLRVDV LQYHUVLRQHV MXQ WDV VXSHUDQ ORV PLOORQHV GH GyODUHV HQ HO PRQWDMH GH
SODQWDV SDUD OD IDEULFDFLyQ GH SODFDV GH \HVR HQ ODV ]R QDV IUDQFDV GH %DUUDQTXLOOD \ &DUWDJHQD UHVSHFWLYDPHQWH (VWDV PRYLGDV HPSUHVD ULDOHV WLHQHQ VX VXVWHQWR HQ HO FUHFLPLHQWR GH OD GH PDQGD SRU HVWH LQVXPR HQ HO SDtV \ HO H[WHULRU 3DUD HO FDVR FRORPELDQR OD PD\RU SDUWH GH OR TXH VH FRQVXPH VH LPSRUWD 7RSWHF HFKy D URGDU OD SODQWD KDFH XQRV GtDV FRQ XQD LQYHUVLyQ GH PLOORQHV GH GyODUHV SDUD SURGXFLU
LQLFLDOPHQWH PLOORQHV GH PHWURV FXDGUDGRV /D IDFWR UtD JHQHUDUi HPSOHRV HQWUH GLUHFWRV H LQGLUHFWRV /D SURGXFFLyQ LQLFLDO VH FRORFDUi SRU FLHQWR HQ HO PHUFDGR ORFDO \ HO UHVWDQWH HQ SDtVHV DQGLQRV &HQWUR $PpULFD \ HO &DULEH UHJLyQ TXH QR HV GHVFRQRFLGD SDUD OD HPSUHVD SRUTXH DOOt OOHJD FRQ RWURV SURGXFWRV TXH IDEULFD HQ 0DQL]DOHV &RORPELW WLHQH SUHYLVWR VDFDU OD SULPHUD SURGXFFLyQ GH SODFDV GH \HVR HQ DEULO
&TUF TJTUFNB DPOTUSVDUJWP IB FOUSBEP DPO GVFS[B FO DFOUSPT DPNFSDJBMFT Pm DJOBT F JOTUJUVDJPOFT
GH HQ XQD SODQWD FRQ XQD FDSDFLGDG LQVWDODGD GH PLOORQHV GH PHWURV FXD GUDGRV /D LQYHUVLyQ VXSHUD ORV PLOORQHV GH GyODUHV FRORFDGD SRU HO *UXSR (WH[ GH %pOJLFD TXH WLHQH HQ &RORPELD HO FLHQWR SRU FLHQ WR GH OD HPSUHVD \ SRU FLHQWR UHVWDQWH SRU HO *UXSR /DIDUJH *\SVXP GH )UDQFLD SULPHU SURGXFWRU PXQGLDO GH FHPHQWR $PEDV HPSUHVDV FRLQ FLGHQ HQ TXH OD GHFLVLyQ GH XELFDUVH FHUFD GH ORV SXHU WRV HVWi VRSRUWDGD HQ TXH EXHQD SDUWH GH ORV LQVXPRV SDUD IDEULFDU SODFDV GH \HVR VH LPSRUWDQ \ SRUTXH XQ SRUFHQWDMH DOWR GH OD SURGXF FLyQ LUi SDUD H[SRUWDFLyQ
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
*OTVNP QBSB DPOTUSVDDJÃ&#x2DC;O MJWJBOB BOJNB NJMMPOBSJBT JOWFSTJPOFT
/81(6 '( 6(37,(0%5(
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
&YQPSUBEPSFT
/81(6 '( 6(37,(0%5(
/
EFKBSPO EF UFNFSMF B MB SFWBMVBDJØO
D SUHVLyQ TXH VLQWLH URQ ORV LQGXVWULDOHV GH &DOGDV HQ HO SULPHU VHPHVWUH GHO DxR GH SRU OD GUiVWLFD FDtGD HQ HO SUHFLR GHO GyODU QR VH YLR UHIOHMDGD HQ ODV H[SRUWDFLRQHV &DOGDV HV XQ GHSDUWD PHQWR H[SRUWDGRU SRU YRFD FLyQ \ ODV FLIUDV ODV VXVWHQWDQ HPSUHVDV GH WUD\HFWRULD TXH KDQ FRQFHQWUDGR EXHQD SDU WH GH VX PHUFDGR HQ SDtVHV DQGLQRV \ HVSHFLDOPHQWH HQ 9HQH]XHOD $FWXDOPHQWH &DOGDV HV HO GHSDUWDPHQWR PiV H[SRUWDGRU GHO (MH &DIHWHUR FRQ SRU FLHQWR GH ODV H[ SRUWDFLRQHV LQGXVWULDOHV GH OD UHJLyQ VHJ~Q GDWRV GHO 'DQH DO FLHUUH GH 6L ELHQ DOJXQDV HPSUH VDV WXYLHURQ TXH GHMDU GH H[SRUWDU SRU ORV EDMRV PiU JHQHV GH UHQWDELOLGDG RWUDV DSUHQGLHURQ D FRQYLYLU FRQ OD UHYDOXDFLyQ \ DMXVWDURQ VXV SODQWDV \ FRVWRV SDUD FRPSHWLU HQ HO PHUFDGR LQWHUQDFLRQDO /DV FLIUDV GH 3URH[SRUW (MH &DIHWHUR VHxDODQ TXH HQ HO SULPHU VHPHVWUH GHO DxR ODV YHQWDV H[WHUQDV WRWD
OHV LQFOXLGR FDIp GH HVWH GHSDUWDPHQWR IXHURQ GH PLOORQHV GH GyODUHV (O FUHFLPLHQWR GHO LQGLFDGRU IUHQWH D FXDQGR H[SRU Wy PLOORQHV GH GyODUHV HQ HO PLVPR SHUtRGR HV GH SRU FLHQWR SRU PD\RUHV YRO~PHQHV H[SRUWDGRV 'H DFXHUGR FRQ HO GLUHFWRU GH 3URH[SRUW HQ OD UHJLyQ FDIHWHUD (GXDUGR $QGUpV 6iQFKH] HO VHFWRU GH OD DJURLQGXVWULD OLGHUD ODV YHQWDV HPSUHVDULDOHV FRQ FHUFD GH PLOORQHV GH GyODUHV DO FRUWH GHO S SULPHU VHPHVWUH VXVWHQ
WDGDV SRU HPSUHVDV /D PD\RUtD VRQ JUDQGHV FRPR OD )iEULFD GH &DIp /LRILOL ]DGR 6~SHU GH $OLPHQWRV 3URJHO /XNHU )RRGH[ ,Q GXVWULD /LFRUHUD GH &DOGDV \ 3DVVLFRO 3HUR DSDUHFHQ WDPELpQ S\PHV FRPR &R PHVWLEOHV 0DS\ ´+D\ TXH WHQHU HQ FXHQWD TXH GHO WRWDO GH ODV YHQWDV H[WHU QDV GH OD DJURLQGXVWULD OD )iEULFD GH &DIp /LRILOL]DGR H[SOLFD FDVL OD PLWDG (VWR GHPXHVWUD XQD QHFHVLGDG GH GLYHUVLILFDU ODV YHQWDV LQWHUQDFLRQDOHV GH &DOGDV HQ HO Q~PHUR GH LQGXVWULDV SDUD IRUWDOHFHU OD RIHUWDµ SXQWXDOL]y $ HVWH UHQJOyQ OH VLJXH ODV PDQXIDFWXUDV FRQ FHUFD GH PLOORQHV GH GyOD UHV PRYLGR HQ HO SULPHU VHPHVWUH SRU HPSUHVDV H[SRUWDGRUDV $XQTXH OD WHQGHQFLD HV VLPLODU D OD UHJLVWUDGD SDUD OD DJURLQGXVWULD 6iQFKH] GHVWDFy TXH HVWH VHFWRU HV PiV GLYHUVLILFDGR SRU Q~PHUR GH HPSUHVDV $TXt HO OtGHU FODUR HV 0DEH IDEULFDQWH GH QHYHUDV /RV GHPiV VHFWRUHV HQWUH HOORV SUHQGDV \ VHUYLFLRV S \
%"504 1"3" %&45"$"3 &O MBT FNQSF TBT FYQPSUBEPSBT EF $BMEBT GVFSPO &O MB DJGSB BVNFOUØ B MP RVF TF×BMB VO JODSFNFOUP EF QPS DJFO UP &O FM QSJNFS TFNFTUSF EF GVFSPO MBT JOEVTUSJBT RVF WFOEJFSPO QSPEVDUPT BM FYUFSJPS
-PT NFSDBEPT B MPT DVBMFT MMFHBO MPT QSPEVDUPT EF $BMEBT TF DPODFOUSBO FO MPT QBÓTFT BOEJOPT Z &TUBEPT 6OJEPT QFSP BQBSFDFO PUSPT DPNP $BOBEÈ +BQØO *TSBFM "MFNBOJB #ÏMHJDB 3FJOP 6OJEP 3VTJB QBÓTFT EFM Q «GSJDB .ÏYJDP FOUSF PUSPT
UHJLVWUDURQ SDUWLFLSDFLRQHV SHTXHxDV ´8QD GH ODV SUHRFXSDFLR QHV TXH KD WHQLGR &DOGDV HV HO WHPD GH OD GLYHUVLILFDFLyQ 3RGHPRV PLUDU TXH HQ OD DJURLQGXVWULD KD\ HPSUHVDV TXH KDQ KHFKR HO HVIXHU]R GH HQWUDU D RWURV PHUFDGRV QR WUDGLFLRQDOHV /R TXH VH QHFHVLWD HV TXH PiV LQGXVWULDV OOHJXHQ D PXFKRV GHVWLQRV SRUTXH HQ HO FDVR GH ORV QLFKRV HXURSHRV SUiFWLFDPHQWH VyOR OOHJDQ ODV GH FDIpµ GLFH HO GLUHFWRU GH 3URH[SRUW HQ OD UHJLyQ S J
(
CJPEJÏTFM
" DPNJFO[PT EF FTUF B×P EFCJØ FNQF[BS B SFHJS FO $PMPNCJB MB OPSNB RVF PCMJHB B NF[DMBS IBTUB FO VO QPS DJFOUP CJPDPNCVTUJCMF DPO EJÏTFM GØTJM &TP OP TF IB DVNQMJEP
&O $PMPNCJB FYJTUFO QSPZFDUPT QBSB MB QSPEVDDJØO EF CJP EJÏTFM B QBSUJS EF BDFJUF EF QBMNB -B EF $BMEBT TFSÓB MB QSJNFSB QMBOUB EF BDFJUF EF IJHVFSJMMB %F FTUF WFHFUBM FO $PMPN CJB OP IBZ NÈT EF IFDUÈSFBT TFNCSBEBT
-B 6OJWFSTJEBE /B DJPOBM TFEF .BJ[BMFT FTUÈ FYQMPSBOEP MB VUJMJ[BDJØO EF BDFJUFT HBTUBEPT SFTJEVPT QBSB QSPEVDJS CJPEJÏTFM RVF MF BZVEFO BM BDFJUF EF IJHVFSJMMB
&OUSF Z QFTPT QBHBO FO $P MPNCJB FM LJMP EF BDFJ UF EF IJHVFSJMMB Z QSPEVDJSMP QVFEF DPTUBS BMSFEFEPS EF QFTPT
UPOFMBEBT BOVBMFT EF IJHVFSJMMB TF SFRVJFSFO QBSB GBCSJDBS NÈT EF MJUSPT EF CJPEJÏTFM QPS EÓB
/RV FRUHDQRV TXLHQHV UHSUHVHQWDQ D OD ILUPD 6PSRW &R /WG FRQ H[SHULHQFLD HQ SODQWDV SDUD OD SURGXFFLyQ GH FRPEXVWLEOH ELROyJLFR HVWiQ GLVSXHVWRV D FRORFDU OD WHFQRORJtD \ D FRQVWUXLU OD IiEULFD &RQ HVH YLVWR EXHQR ORV DVLiWLFRV FRPHQ]DUtDQ D EXVFDU LQYHUVLRQLVWDV SULYDGRV HQ &RORPELD SDUD H[SORWDU OD SODQWD &DOGDV SRU VX SDUWH EXVFD JDUDQWL]DU HO PDWHULDO SDUD DEDVWHFHU OD PDWHULD SULPD SURPRYLHQGR FRPR DOWHUQDWLYD OD VLHPEUD GH OD KLJXHULOOD
(Q &DOGDV HO YHJHWDO FUH FH HQ SLVRV WpUPLFRV HQWUH \ PHWURV VREUH HO QLYHO GHO PDU VH GD HQ IRUPD VLOYHVWUH SHUR QR HV SRVLEOH OOHYDUOR VLQ HVWXGLRV SUHYLRV KDFLD XQD VLHPEUD PDVLYD SDUD H[SORWDFLyQ LQGXVWULDO VLQ FRUUHU HO ULHVJR GH TXH OH GHQ SODJDV 3RU HOOR FRRUGLQDGR SRU OD 6HFUHWDUtD GH $JUL FXOWXUD GHO 'HSDUWDPHQWR VH LQLFLDUi XQDV VLHPEUDV SLORWR HQ SDUFHODV GH YDULRV PXQLFLSLRV ´(O SULPHU SURSyVLWR HV H[SORWDU HO DFHLWH \ VH HVWi KDFLHQGR HO
HVWXGLR GH IDFWLELOLGDG GH TXp QLYHOHV GH SURGXFFLyQ VH QHFHVLWD \ D TXp SUHFLRV DO SURGXFWRU SDUD KDFHU XQD WUDQVIRUPDFLyQ LQGXVWULDO (O ELRGLpVHO HV VyOR XQD GH ODV RSFLRQHV SRUTXH HO iFLGR VH EiFLFR XWLOL]DGR SDUD KDFHU Q\ORQ \ SOiVWLFRV ELRGHJUD GDEOHV WDPELpQ WLHQH PXFKR SRWHQFLDOµ GLMR 2UUHJR /R TXH TXLHUH OD *REHU QDFLyQ GH &DOGDV HV TXH HQ VH LQLFLH OD FRQVWUXF FLyQ GH XQD SODQWD GH ELR GLpVHO GH WRQHODGDV SRU DxR TXH VH HVWLPD FXHVWD PLOORQHV GH GyODUHV
/81(6 '( 6(37,(0%5(
PSUHVDULRV FRUHD QRV \ OD *REHU QDFLyQ GH &DOGDV ILUPDURQ D SULQFL SLRV GH HVWH DxR XQ PHPR UDQGR GH HQWHQGLPLHQWR FRQ HO TXH EXVFDQ FRQVROLGDU XQ SUR\HFWR SDUD SURGXFLU ELRGLpVHO HO SULPHUR HQ &RORPELD D SDUWLU GHO DFHLWH GH KLJXHULOOD %XHQD SDUWH GH HVDV LQ WHQFLRQHV \ HO ORJUR GH HVRV REMHWLYRV GHSHQGHQ GH XQ HVWXGLR TXH HVWi UHDOL]DQGR OD 8QLYHUVLGDG 1DFLRQDO GH &RORPELD VHGH 0DQL]DOHV HO FXDO GHWHUPLQDUi VL HO QHJR FLR HV YLDEOH 1DGLH GXGD GH ODV ERQGD GHV GHO DFHLWH GH KLJXHULOOD FRPR PDWHULD SULPD SDUD IDEULFDU VXESURGXFWRV ²VH GLFH TXH KD\ PiV GH XVRV FRPHUFLDOHV SHUR HQ &DOGDV VH HVWiQ GHWHUPLQDQ GR ²JUDFLDV D XQ HVWXGLR TXH HVWi KDFLHQGR &RUSRLFD ORV WLSRV GH VHPLOOD TXH VH GHEHQ VHPEUDU SDUD ORJUDU Pi[LPRV UHQGLPLHQWRV 3DUD XQD SODQWD GH ELRGLpVHO VH UHTXLHUHQ QR PHQRV GH WRQHODGDV DQXDOHV SDUD SURGXFLU HQWUH \ OLWURV GH FRPEXVWLEOH SRU GtD ´8QD SODQWD SRU GHEDMR GH HVD FDQWLGDG GH SURGXF FLyQ QR HV YLDEOH (VR OR KDQ GLFKR ORV SURSLRV FRUHDQRVµ DGYLUWLy HO SURIHVRU &DU ORV (GXDUGR 2UUHJR XQR GH ORV OtGHUHV GHO HVWXGLR (VR LPSOLFD TXH VH GHEH WHQHU FRPR PtQLPR XQ iUHD VHPEUDGD HQ KLJXHULOOD GH KHFWiUHDV ,QFOXVR ORV SULPHURV UHVXOWDGRV GHO HVWXGLR HPSH]DURQ D UHYHODU TXH VHUtDQ HQWUH \ KHFWiUHDV VHJ~Q HO UHQGLPLHQWR GH OD VHPLOOD
%"504 1"3" %&45"$"3
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
&YQMPSBO QPUFODJBM EF MB IJHVFSJMMB QBSB QSPEVDJS
)BZ PQPSUVOJEBE EF TFS EFTQFOTB EF
BMJNFOUPT
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5 /81(6 '( 6(37,(0%5(
6
L OD HVFDVH] PXQGLDO GH DOLPHQWRV TXH KD HOHYDGR HO SUHFLR GH ORV SURGXFWRV EiVLFRV GH FRQVXPR HV XQD SUHRFXSDFLyQ TXH KD WRFDGR ODV HVIHUDV GH ORV OtGHUHV GHO SODQHWD HQ &RORPELD HVH QHUYLRVLVPR SXHGH SDVDU D VHU XQD RSRUWXQLGDG GH QH JRFLRV $Vt OR KD FRQFHELGR &DOGDV TXH EXVFD FRQYHUWLU VH HQ OD GHVSHQVD PXQGLDO GH DOLPHQWRV (O WUDEDMR QR HV IiFLO \ UHTXLHUH GH WLHPSR PiV D~Q FXDQGR HVWDGtVWLFDV GH OD SURSLD 6HFUHWDUtD GH $JUL FXOWXUD GHO 'HSDUWDPHQWR LQGLFDQ TXH SRU FLHQWR GH ORV SURGXFWRV TXH FRQVXPHQ ORV FDOGHQVHV VRQ LPSRUWD GRV GH RWUDV UHJLRQHV (V GHFLU HVWD ]RQD FDIHWH UD SHVH D SRVHHU ULTXH]D HQ SLVRV WpUPLFRV TXH SHUPLWH VHPEUDU FDVL GH WRGR QR DSURYHFKD VX VXHOR HQ OD SURGXFFLyQ GH FRPLGD SDUD VX FRQVXPR HO GH &RORPELD \ HO GHO PXQGR (VR HV OR TXH SUHFLVD PHQWH TXLHUH UHYHUWLU OD DGPLQLVWUDFLyQ VHFFLRQDO \ SRU HOOR HPSUHQGLy XQ SODQ SDUD LQFUHPHQWDU HO iUHD GH SURGXFFLyQ GH DOLPHQWRV GLVWLQWRV DO FDIp VREUH WRGR HQ KRUWDOL]DV \ IUXWDV SDQHOD SURGXFFLyQ GH OHFKH DXPHQ WDQGR OD SURGXFWLYLGDG SRU KHFWiUHD FRQ LQYHUVLRQHV HV WLPDGDV GHO RUGHQ GH PLOORQHV GH SHVRV (O SUHVXSXHVWR IUHQWH DO UHWR VH TXHGD FRUWR SHUR VH J~Q HO VHFUHWDULR GH $JULFXO WXUD +HUPDQ =XOXDJD HVDV LQYHUVLRQHV VH EXVFDQ IRU WDOHFHU FRQ DSRUWH SULYDGR 3RU HMHPSOR HQ XQ SUR\HFWR GH ]RQD IUDQFD DJURLQGXVWULDO TXH OD $GPLQLVWUDFLyQ EXVFD PRQWDU HQ HO EDMR RFFLGHQWH 9LWHUER %HODOFi]DU 6DQ -RVp HQWUH RWURV FRQ PXQLFLSLRV GHO 'HSDUWDPHQWR GH 5LVD UDOGD FDEH OD LQYHUVLyQ SUL YDGD SDUD HO SURFHVDPLHQWR GH DOLPHQWRV DEDVWHFLpQGRVH GH SURGXFWRUHV GH OD ]RQD ´(O REMHWLYR HV SURFHVDU DOLPHQWRV SDUD ORV PHUFDGRV H[WHUQRV HV GHFLU TXH QR VDOJD VyOR OD PDWHULD SULPD 6H HVWiQ KDFLHQGR FRQWDF WRV FRQ LQYHUVLRQLVWDV GH OD
UHJLyQ TXH SRGUtDQ DFFHGHU D EHQHILFLRV WULEXWDULRVµ VRVWXYR HO IXQFLRQDULR 6LQ HPEDUJR FRQYHUWLU D &DOGDV HQ XQD RSRUWXQLGDG GH QHJRFLRV HQ OD SURGXF FLyQ GH FRPLGD UHTXHULUi GH HVIXHU]RV DGLFLRQDOHV (QWUH \ OD SURGXFFLyQ HQ WRQHODGDV GH ORV FXOWLYRV WUDQVLWRULRV \ SHUPDQHQWHV VH LQFUHPHQWy HQ OD PD\R UtD GH ORV FXOWLYRV SHUR HQ SRUFHQWDMHV SHTXHxRV TXH QR DOFDQ]DQ D DEDVWHFHU GHPDQGDV JUDQGHV
(O GLUHFWRU GHO &HQWUR 5H JLRQDO GH (VWXGLRV &DIHWHURV \ (PSUHVDULDOHV &UHFH -RVp /HLERYLFK VRVWLHQH TXH VL OD WLHUUD HVWXYLHUD PHMRU XWLOL]DGD VH SRGUtD SURGXFLU PiV DOLPHQWRV (VWR HQ HO HQWHQGLGR GH FRQYHUWLU HQ &RORPELD EXHQD SDUWH GH ODV KHFWiUHDV GH WLHUUD KR\ XVD GDV FRPR HQJRUGH SDUD DFWL YLGDG JDQDGHUD ²DOUHGHGRU GH PLOORQHV GH KHFWiUHDV SDUD PLOORQHV GH FDEH]DV HQ HO SDtV HQ SURGXFFLyQ GH DOLPHQWRV
&DOGDV QR HVWi OHMRV GH HVD VLWXDFLyQ 6HJ~Q GDWRV GH OD 6HFUHWDUtD GH $JUL FXOWXUD HO 'HSDUWDPHQWR WLHQH KHFWiUHDV GH ODV FXDOHV SRU FLHQWR VH GHGLFDQ D OD SURGXFFLyQ GH DOLPHQWRV SRU FLHQWR D OD DFWLYLGDG SHFXDULD SRU FLHQWR VRQ ERVTXHV \ SRU FLHQWR WLHQH RWURV XVRV 6yOR HQ SDVWRV VH HVWLPD H[LVWHQ PiV KHFWiUHDV SDUD FDEH]DV GH JDQDGR OR TXH GD XQD UHODFLyQ GH PHQRV GH XQ DQLPDO SRU KHF WiUHD HV GHFLU KD\ EDMD SUR GXFWLYLGDG 3HVH DO SRWHQFLDO GH KHFWiUHDV &DOGDV H[SRUWD HVHQFLDOPHQWH SOiWDQR HQ SHTXHxDV SURSRUFLRQHV ´6L VH ORJUDUD FDPELDU HO XVR GH OD WLHUUD VHUtD RWUD OD KLVWRULD (VR VH SXHGH KDFHU FRQ XQ FDPELR JUDQGH HQ OD UHJXODFLyQ FRQ LPSXHVWRV SDUD TXH VH JUDYH GH PDQHUD LPSRUWDQWH OD WLHUUD TXH QR VHD SURGXFWLYD (VWR FRQ HO REMHWLYR GH PRYLOL]DUOD KDFLD OD SURGXFFLyQ GH DOLPHQWRVµ VRVWXYR
(
.*&- ** 1"3" 13*.&3 53*.&453& %& B &NQSFTB EF &OFSHÓB EFM 1BDÓm DP &QTB UJFOF QMBOFBEP JOJDJBS MB DPOTUSVDDJØO EF MB )JESPFMÏDUSJDB .JFM ** FO FM QSJNFS USJNFTUSF EF &TUB m SNB EFM HSVQP FTQB×PM 6OJØO 'FOPTB FT EVF×B EFM QPS DJFOUP EFM QSPZFDUP Z FTUÈ EJTQVFTUB B DPMPDBS IBTUB FM DJFOUP QPS DJFOUP EF MPT SFDVSTPT EFM WBMPS EF MB JOWFSTJØO NJMMPOFT EF EØMBSFT TJ MPT TPDJPT SFHJPOBMFT SFQSFTFOUBEPT QPS
-
(FOTB OP DVFOUBO DPO MPT BQPSUFT &M HFSFOUF EF MB 1SPNPUPSB .JFM ** 4 " & 4 1 +PSHF *HOBDJP (PO[ÈMF[ EJKP TJO FNCBSHP RVF IBZ NVOJDJQJPT EFM ÈSFB EF JOn VFODJB EF .JFM ** RVF NBOJGFTUB SPO JOUFODJØO EF JOWFSTJØO KVOUP DPO MB (PCFSOB DJØO .JFM ** TF DPOTUSVJSÈ B m MP EF BHVB DPO VOB HFOFSBDJØO EF NFHBWBUJPT EF QPUFODJB &TUÈ MPDBMJ[BEP FO FM PSJFOUF DBMEFOTF DFSDB EF MB )JESPFMÏDUSJDB .JFM * EF *TBHFO
-" 1"53*"
QiXWLFRV \ DOJXQRV PiV GH UHJXODFLyQ GH DJXDV H[SORWDFLyQ GH PDWHULDO GH DUUDVWUH \ DPELHQWDO ´$O (VWDGR OH FRUUHVSRQ GH SRVWHULRUPHQWH FRQVH JXLU XQ RSHUDGRU LQYHUVLR QLVWD SULYDGR TXH KDJD OD IDFWLELOLGDG \ HO GHVDUUROOR SRVWHULRU DO SUR\HFWRµ GLMR &DUORV 9pOH] IXQFLR QDULR GH *HQVD (Q IRUPD SUHOLPLQDU VH HVWLPD TXH OD LQLFLDWLYD FXHVWD PLOORQHV GH GyODUHV \ VREUH pO \D KD\ KRPEUHV GH QHJRFLRV LQWHUHVDGRV
&M PCKFUJWP K
(O SUR\HFWR GH (QFLPD GDV \ &DxDYHUDO HVWi VREUH HO FDXFH SULQFLSDO GHO UtR $UPD HQ OtPLWHV HQWUH $QWLRTXLD \ &DOGDV SRU HO QRUWH GH HVWH GHSDUWD PHQWR (V D ILOR GH DJXD YD HQ FDVFDGD \ SHUPLWH XQD JHQHUDFLyQ HQ HO VHFWRU GH (QFLPDGDV GH PHJDYD WLRV \ HQ &DxDYHUDO GH /DV LQYHUVLRQHV VH HVWLPDQ HQ PLOORQHV GH GyODUHV ´(O SUR\HFWR HVWi HQ QL YHO GH IDFWLELOLGDG DYDQ]D GD WLHQH OLFHQFLD DPELHQWDO RWRUJDGD SRU &RUSRFDOGDV
FT RVF TBMHB VO QSPZFDUP DPO DBQBDJEBE QBSB HFOFSBS NFHBWBUJPT EF QPUFODJB B m MP EF BHVB
/D LGHD HV GHMDUORV D SXQWR HQWUH pVWH \ HO SUy[LPR DxR SDUD EXVFDU HO VRFLR HVWUDWpJLFR TXH KDJD OD LQ YHUVLyQµ GLMR HO GLUHFWRU GH SODQHDFLyQ GH *HQVD -RVp %HUQDUGR $O]DWH (O KHFKR FLHUWR HV TXH HO 'HSDUWDPHQWR GH &DOGDV QR TXLHUH VHU FRQYLGDGR GH SLHGUD HQ HVWH GHVDUUROOR \ SRU HOOR VX DSRUWH HQ ODV LQL FLDWLYDV OH UHSUHVHQWDUi XQD SDUWLFLSDFLyQ PLQRULWDULD HQ ODV HPSUHVDV HQHUJpWL FDV ´6H GHVWLQDUiQ PLOORQHV GH SHVRV SDUD ¶FD ]DU· SDUWLFLSDFLRQHV HQ HVRV SUR\HFWRV /D *REHUQDFLyQ TXLHUH VHU DFFLRQLVWD GH ODV HQHUJpWLFDV SDUD FDSWDU SRVWHULRUPHQWH XWLOLGDGHVµ VRVWXYR HO VHFUHWDULR GH GHVDUUROOR HFRQyPLFR GH &DOGDV -RUJH ,YiQ *DOOHJR
/81(6 '( 6(37,(0%5(
O SRWHQFLDO HQHUJp WLFR GH &DOGDV QR VyOR HVWi DO RULHQWH GHO 'HSDUWDPHQWR $XQTXH HQ HVWD ]RQD VH KDQ LGHQWLILFDGR PiV GH SR VLEOHV SUR\HFWRV HQWUH SH TXHxDV \ PHGLDQDV FHQWUD OHV GRV LQLFLDWLYDV XELFDGDV HQ ORV OtPLWHV FRQ 5LVDUDOGD \ $QWLRTXLD VXUJHQ FRPR LPSRUWDQWHV DOWHUQDWLYDV HQ SURFHVR GH HVWXGLRV GH SUHIDFWLELOLGDG TXH QHFHVL WDUiQ HQ HO PHGLDQR SOD]R XQ VRFLR LQYHUVLRQLVWD 6H WUDWD GHO 3UR\HFWR (PEDOVH 0XOWLSURSyVLWR GHO 5tR 0DSD \ OD +LGURHOpFWUL FD (QFLPDGDV &DxDYHUDO (O SULPHUR HVWi ORFDOL]DGR HQ XQ YDOOH HQWUH ORV PXQLFL SLRV GH 9LWHUER &DOGDV \ 6DQWXDULR 5LVDUDOGD OR TXH KD SHUPLWLGR TXH ORV GRV GHSDUWDPHQWRV WUDEDMHQ MXQWRV FRPR QR OR KDEtDQ KHFKR HQ GpFDGDV /RV HQWHV WHUULWRULDOHV KLFLHURQ ORV DSRUWHV PLOORQHV GH SHVRV FDGD XQR SDUD UHDOL]DU HVWXGLRV GH SUHIDFWLELOLGDG GHO SUR\HF WR (VWRV DQiOLVLV ORV HVWi UHDOL]DQGR OD ILUPD PDQL]D OHxD *HVWLyQ (QHUJpWLFD 6 $ *HQVD TXH QR HPSLH]D GH FHUR \D TXH OD LQLFLDWLYD VH HVWXGLD GHVGH KDFH DxRV (O REMHWLYR HV TXH GH DOOt VDOJD XQ SUR\HFWR PXOWLSUR SyVLWR HQ HQHUJtD FRQ FDSD FLGDG SDUD JHQHUDU FXDWUR PHJDYDWLRV GH SRWHQFLD D ILOR GH DJXD WHQGUi XQ HPEDOVDPLHQWR GH KHFWiUHDV \ GD XQ HVSHMR GH DJXD GH WUHV NLOyPHWURV 2WUR HV GH WLSR LQPRELOLDULR GHVDUUROOR GH DORMDPLHQ WRV XQR WXUtVWLFR GHSRUWHV
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
3ÓP .BQB Z &ODJNBEBT $B×BWFSBM CVTDBO JOWFSTJPOJTUBT
HBOBO FO MBT SVFEBT EF TVCDPOUSBUBDJÃ&#x2DC;O
/81(6 '( 6(37,(0%5(
&O FM QSJNFS TF NFTUSF EFM BÃ&#x2014;P MBT QZNFT EF $BM EBT DSFDJFSPO QPS DJFOUP &M JOEJDBEPS FT JOGFSJPS BM SFHJTUSBEP FO FM NJTNP QFSÃ&#x201C;PEP EFM BÃ&#x2014;P QBTBEP QFSP TF BKVTUB B MB EJTNJOVDJÃ&#x2DC;O EF SJUNP RVF TF QFSDJCF FO MB FDPOPNÃ&#x201C;B DPMPN CJBOB FO FM
%FM UPUBM EF FNQSFTBT NJDSP QFRVFÃ&#x2014;BT Z NF EJBOBT TF FTUJNB RVF QPS DJFOUP EF FMMBT SFHJTUSBO WFOUBT BM FYUFSJPS &M QSJODJQBM NFSDBEP FT 7FOF[VFMB
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
-BT QZNF QZ
%"504 1"3" %&45"$"3
0
LHQWUDV OD UHYD OXDFLyQ KL]R GH ODV VX\DV FRQ ORV H[SRUWDGRUHV HQ HO ~OWLPR DxR \ PHGLR ORV SHTXHxRV \ PHGLDQRV HPSUHVDULRV FDOGHQVHV TXH WDPELpQ YHQGHQ HQ HO H[WH ULRU VH HFKDURQ DO EROVLOOR XQRV UHFXUVRV DGLFLRQDOHV TXH KDFH XQ SDU GH DxRV QR HVWDEDQ HQ ODV FXHQWDV GH QDGLH (O SXQWR TXH GLR HQ HO FODYR IXH OD UXHGD GH VXEFRQWUDWDFLyQ TXH GHVGH UHDOL]D OD $VRFLDFLyQ &RORPELDQD GH 3HTXHxDV \ 0HGLDQDV (PSUHVDV $FRSL VHFFLRQDO &DOGDV \ TXH DO FRUWH GH GHMDUi YHQWDV WRWDOHV HVWLPDGDV HQ PLOORQHV GH SHVRV
HQ ORV WUHV DxRV GH WUDEDMR /DV UXHGDV GH VXEFRQ WUDWDFLyQ TXH UHDOL]D $FRSL FRQ HO DSR\R GHO 0LQLVWHULR GH &RPHUFLR ,QGXVWULD \ 7XULVPR QR VyOR OHV KDQ SHUPLWLGR D ODV S\PHV FRQYHUWLUVH HQ SURYHHGRUHV GH JUDQGHV LQGXVWULDV TXH RSHUDQ HQ HO SDtV ²PXFKDV GH ODV FXDOHV LPSRUWDEDQ ORV SURGXFWRV TXH KR\ OHV VXPL QLVWUDQ ODV S\PHV FDOGHQ VHV VLQR TXH DGHPiV OHV SHUPLWLy UHVLVWLU D SXQWD GH PHUFDGR LQWHUQR OD SpUGLGD GH UHQWDELOLGDG SRU FXHQWD GH OD FDtGD GHO GyODU +DVWD HO PRPHQWR VH KDQ UHDOL]DGR UXHGDV GH VXEFRQWUDWDFLyQ HQ HO 'HSDUWDPHQWR FDIHWHUR \ VHJ~Q HO JHUHQWH GH OD 5HG
&RORPELDQD GH &HQWURV GH 6XEFRQWUDWDFLyQ GHO 0LQLV WHULR (GXDUGR 6DODV HO FDVR GH ODV S\PHV GH &DOGDV HV HMHPSOR QDFLRQDO (O IXQFLRQDULR UHFRUGy TXH OD SULPHUD HPSUHVD TXH DSR\y HO SURFHVR GH VXEFRQWUDWDFLyQ LQLFLDGR KDFH XQD GpFDGD IXH 0DEH IDEULFDQWH GH UHIULJHUDGR UHV FRQ VHGH HQ 0DQL]DOHV TXH D VX YH] ORJUy GHVDUUR OODU DOUHGHGRU GH HOOD XQ JUXSR GH HPSUHVDV TXH OH SURYHHQ SDUWHV \ PDWHULDV SULPDV ´6yOR HQ OD UXHGD GHO VHFWRU HQHUJpWLFR GRQGH OOHYDPRV D OD UHJLyQ HPSUH VDV GH SHVR DO RWUR GtD GH KDEHU UHDOL]DGR HO HYHQWR \D ODV JUDQGHV HVWDEDQ
KDFLHQGR HO SULPHU SHGLGR D ODV HPSUHVDV GH 0DQL]D OHVµ H[SOLFy /RV UHVXOWDGRV GH HVWRV HMHUFLFLRV VRQ SRVLWLYRV /D GLUHFWRUD HMHFXWLYD GH $FRSL &DOGDV *ORULD 0DWLOGH (FKH YHUUL GLMR TXH GHO WRWDO GH ODV S\PHV TXH KDQ SDUWLFLSDGR HQ ODV UXHGDV GH VXEFRQWUD WDFLyQ SRU FLHQWR ORJUD URQ KDFHU QHJRFLDFLRQHV HQ HO VHFWRU PDQXIDFWXUHUR 6LQ HPEDUJR RWUR HV HO SDQRUDPD GH ODV S\PHV FRQ ODV JUDQGHV VXSHUILFLHV ´7HQHPRV HO UHSRUWH TXH VyOR SRU FLHQWR GH ODV HPSUHVDV FDOGHQVHV TXH WX YLHURQ FLWDV \ FRQWDFWRV FRQ JUDQGH FDGHQDV GH DOPDFH QHV KLFLHURQ QHJRFLRV (V XQ SRUFHQWDMH EDMR \ DOOt KD VLGR GLItFLO SHQHWUDUµ VRVWXYR OD GLUHFWLYD (QWUH ORV SURGXFWRV TXH SURYHH OD LQGXVWULD ORFDO D JUDQGHV LQGXVWULDV HVWiQ SDUWHV SLH]DV FRPSRQHQWHV LQVXPRV GRWDFLRQHV VHUYLFLR GH PDQWHQLPLHQWR DOLPHQWRV HQWUH RWURV ´/RV HPSUHVDULRV KDQ ORJUDGR FRPSHQVDU ODV H[SRUWDFLRQHV TXH QR SX GLHURQ KDFHU FRQ OD EDMD GHO SUHFLR GHO GyODU \ SRU HOOR QR GHVSLGLHURQ HPSOHDGRV /RV KDQ PDQWHQLGRµ H[SUHVy (FKHYHUUL
(
NJMMPOFT EF QFTPT FT MP RVF TF JOWFSUJSÈ FO $BMEBT Z .BOJ[BMFT FO GPSUBMFDFS FM JOWFOUBSJP UVSÓTUJDP EF MB SFHJØO
-PT QBSRVFT UFNÈUJ DPT Z MPT FDPQBSRVFT BQBSFDFO DPNP MB QSJPSJEBE &O .BOJ[BMFT IBZ VO UPUBM EF FDPQBSRVFT
&M UFSNBMJTNP DPNP QSPEVDUP FT VOB EF MBT BQVFTUBT GVFSUFT .BOJ[BMFT RVJFSF DPOWFSUJS TF FO FM QVOUP EF SFGFSFO DJB EF MBT BHVBT UFSNBMFT EF "NÏSJDB -BUJOB
/D $OFDOGtD GH 0DQL]DOHV SRU VX SDUWH EXVFD FRQFUHWDU OD PD\RU SDUWH GH ORV UHFXU VRV HQ HO IRUWDOHFLPLHQWR \ GHVDUUROOR GH OD UHG GH ORV HFRSDUTXHV GRQGH KD\ XQ LQYHQWDULR GH VLWLRV $ HVWR VH VXPD OD SDYLPHQWDFLyQ GH OD YtD D ORV QHYDGRV \ OD FRQVROLGDFLyQ GHO SURGXFWR GH WHUPDOLVPR /D $VRFLDFLyQ 7XUtVWLFD (PSUHVDULDO GH &DOGDV $WHF XQD HQWLGDG SULYDGD IXH PiV DOOi \ EXVFD GH OD PDQR FRQ HO VHFWRU S~EOLFR FRQVROLGDU XQ SDTXHWH GH
SURGXFWRV SDUD WRGRV ORV JXVWRV (VR VH KD FRQRFLGR FRPR XQD SROtWLFD WXUtVWLFR GH OD UHJLyQ TXH DSR\D HO 0LQLVWHULR GH &RPHUFLR ,QGXVWULD \ 7XULVPR 6HJ~Q H[SOLFy HO JHUHQWH GH $WHF &DUORV 2FDPSR HQ &DOGDV VH YDORUDURQ ORV DWUDFWLYRV \ UHFXUVRV WXUtVWLFRV GH FDGD 0XQLFLSLR \ HVR SHUPLWLy GH WHUPLQDU WLSRORJtDV HVSHFLD OL]DFLRQHV UXWDV \ FLUFXLWRV ´(O DWUDFWLYR HV HO HOH PHQWR TXH VH HQFXHQWUD HQ HO PHGLR \ TXH VH SXHGH
LQWURGXFLU D XQ SURGXFWR WXUtVWLFR SDUD YHQGHU (O UHFXUVR WXUtVWLFR HQ FDPELR UHTXLHUH DOJXQRV HOHPHQ WRV SDUD YHQGHUORµ GLMR 2FDPSR (O HMHUFLFLR KD SHUPL WLGR HVWDEOHFHU SURGXFWRV GLIHUHQFLDOHV FRPR OD UXWD GHO FDXFKR HQ 9LFWRULD OD GH OD ODQD HQ 0DUXODQGD ODV DFWLYLGDGHV DFXiWLFDV VREUH HO UtR &DXFD HQ 3DOHVWLQD $QVHUPD \ 5LVDUDOGD EDOVD MH VREUH HO UtR /D 0LHO HQ HO RULHQWH GHO 'HSDUWDPHQWR \ ORV FOXEHV GH DYLVWDPLHQWR GH DYHV HQ SRU OR PHQRV PXQLFLSLRV $ MXLFLR GH 2FDPSR pVWH ~OWLPR SXHGH FRQYHUWLUVH HQ HO SURGXFWR HVWUHOOD
/81(6 '( 6(37,(0%5(
O 3DUTXH 1DFLRQDO 1DWXUDO GH OR V 1HYDGRV 3QQQ HV OD MR\D GHO WXULVPR HQ &DOGDV 3HUR TXLHQHV HVWiQ GHWUiV GH HVWH VHF WRU S~EOLFRV \ SULYDGRV VH GLHURQ D WDUHD GH HVFXGULxDU \ VDFDU D IORWH XQ LQYHQWDULR GH SURGXFWRV \ DWUDFWLYRV SRU PXQLFLSLR TXH LQGLFD TXH HO WXULVPR HQ &DOGDV YD PiV DOOi TXH HO SDUTXH GH ORV QHYDGRV $XQTXH ORV UHFXUVRV SDUD SRQHU D SXQWR ORV VLWLRV \ SURPRFLRQDUORV VLHPSUH TXHGDQ FRUWRV OD $OFDOGtD GH 0DQL]DOHV \ OD *REHUQDFLyQ GH &DOGDV PXOWLSOLFDURQ SRU GLH] OD LQYHUVLyQ TXH VH KDUi HQ HO SUy[LPR FXDWULHQLR HQ WXULVPR /D FLIUD DVFLHQGH D PLOORQHV GH SHVRV (O VHFUHWDULR GH 'HVDUUR OOR (FRQyPLFR GH &DOGDV -RUJH ,YiQ *DOOHJR GHVWD Fy TXH EXHQD SDUWH GH OD LQYHUVLyQ LUi D IRUWDOHFHU ORV SDUDGRUHV WXUtVWLFRV HQ HO iUHD GHO 3QQQ \ SDUTXHV WHPiWLFRV (QWUH HOORV ORV SDUDGRUHV GH /D (VSHUDQ]D \ )UDLOHMRQHV XELFDGRV HQ HO VLWLR GH GHVYtR KDFLD HO 3DUTXH GH ORV 1HYDGRV HQ OD YtD DO 0DJGDOHQD 0HGLR FDO GHQVH \ HO SDUTXH WHPiWLFR GH ODV IORUHV TXH VH KDUi HQ FRQYHQLR FRQ HO PXQLFLSLR GH 9LOODPDUtD
6 $ $» 6#*$"$*»/ &453"5²(*$" 1"3" -" */7&34*»/
&$/'$6 (/ 0(-25 6,7,2 3$5$ ,19(57,5
3FDVSTPT QBSB UVSJTNP TF NVMUJQMJDBO QPS EJF[