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INVESTING IN THE NEW COLOMBIA 7 June 2013 Mandarin oriental hotel London
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INVESTING IN THE NEW COLOMBIA
Dear Guest, On behalf of the Financial Times, it is our great pleasure to welcome you to the FT Investing in the New Colombia Summit. Colombia is enjoying an economic surge. In the past few years, Colombia has been experiencing solid economic growth and has become one of the main Latin America’s investment hotspots. The stabilisation of internal security, recent policy reforms, prudent macroeconomic management and the commodities boom have been the main factors leading to the rise of this Andean country. Boosted by business-friendly policies and a long track record of regulatory stability, foreign direct investment inflows have soared and the country has gained investment grade credit ratings. Despite these current positives, in order to ensure sustainable and inclusive growth, Colombia must address key challenges. These include developing infrastructure, reducing income equality, adjusting to the commodities boom and solidifying the peace process. Will Colombia succeed in tackling these challenges? What structural reforms are under preparation? What measures are needed to boost competitiveness and ensure longrun growth? What are the most promising opportunities and key considerations for businesses looking to establish or expand their operations in Colombia? Taking place at a crucial time for Colombia, this strategic summit – featuring Colombia’s President Juan Manuel Santos – has brought together investors, Colombian and international business leaders and senior policy makers for a forward looking and insightful discussion about Colombia’s economic prospects, key areas of growth and emerging investment opportunities. We encourage you to join the discussion and participate in the dialogue and networking to the fullest. We thank you for joining us this morning, and we very much hope you enjoy what promises to be a highly informative event. Best regards
Jayne Van Hoen Managing Director Financial Times Live I Global Conferences & Events
agenda 08:00 Registration and Breakfast 09:00 Opening Remarks John Paul Rathbone Latin American Editor Financial Times HE Mauricio Rodríguez Múnera Ambassador of Colombia to the United Kingdom
09:20 Introductory Remarks Orlando Cabrales Segovia Vice Minister of Mines and Energy Colombia
09:30 P anel discussion: Driving and Consolidating Growth – Priorities, Policies and Strategies The Government of Colombia has undertaken wide ranging reforms to attract foreign investment, bolster competitiveness and address structural bottlenecks to growth. In this session, senior government officials will discuss the prospects in key sectors, such as energy, mining and infrastructure. What opportunities have been created and how can they be explored in the coming years? Which infrastructure projects will have the biggest impact on the Colombian economy? What progress has been made on transport infrastructure? How can the government infrastructure plan be financed? What are the next steps on structural reforms? What economic, social and environmental challenges are posed by the resource boom and how are they being addressed? What are the necessary policies to boost productivity, protect the environment and reduce income inequality? PANELLISTS Luis Fernando Andrade Moreno President National Infrastructure Agency (ANI) Germán Arce Zapata President National Hydrocarbons Agency (ANH) María Constanza García President National Mining Agency (ANM) ModeratED BY Javier Blas Commodities Editor Financial Times
10:30 F T Interview: Colombia’s Free Trade Agreement with the EU Gabriel André Duque Mildenberg Vice Minister of Foreign Trade Colombia
INTERVIEWED BY John Paul Rathbone Latin American Editor Financial Times
10:50 Networking Break 11:10 P anel Discussion: Banking and Capital Markets – Colombia as a Regional Player A business-friendly environment, political and regulatory stability and tough security policies have made Colombia safer and spurred a solid growth of domestic capital markets. In this panel discussion, Colombian business leaders will debate on Colombia’s banking and capital markets, outlining the opportunities and challenges ahead. What is the role of the capital markets in ensuring long term growth? Where are the new areas of opportunity? What are the prospects for foreign listings? How are investors’ interests protected? How does Colombia compare to other high-growth markets and what is its position in the region? PANELLISTS David Emilio Bojanini García Chief Executive Officer Grupo de Inversiones Suramericana - Grupo Sura Juan Pablo Córdoba Garcés Chief Executive Officer Colombian Securities Exchange (BVC) Roberto Junguito Executive President Colombian Federation of Insurance Companies – FASECOLDA ModeratED BY Jonathan Wheatley Deputy Emerging Markets Editor Financial Times
12:10 K eynote Address: The Transformation of Colombia HE Juan Manuel Santos Calderón President Republic of Colombia MODERATED BY Lionel Barber Editor Financial Times
12:10 Chair’s Remarks John Paul Rathbone Latin American Editor Financial Times
INVESTING IN THE NEW COLOMBIA
biographies MODERATORS Lionel Barber Editor Financial Times Lionel Barber is the Editor of the Financial Times. Since his appointment in November 2005, the FT has been pioneering the concept of the integrated newsroom, where reporters and editors work seamlessly across print and digital formats. During Mr Barber’s tenure, the FT has won numerous global awards for its quality journalism, including three newspaper of the year awards (2008), which recognised the FT’s role ‘as a 21st century news organisation’. As Editor, Mr Barber has interviewed many of the world’s leaders in business and politics including: President Barack Obama, Premier Wen Jiabao of China, President-elect Dmitry Medvedev of Russia, Chancellor Angela Merkel of Germany, and President Thabo Mbeki of South Africa. During his career, Mr Barber has received several distinguished awards. In 1998, he was named one of the 101 most influential Europeans by Le Nouvel Observateur and in 2009, he was awarded the St George Society medal of honour for his contribution to journalism in the transatlantic community.
Javier Blas Commodities Editor Financial Times Javier Blas has been the Commodities Editor of the Financial Times since 2010, having joined the newspaper in 2007. He leads a team of reporters based in London, Beijing and New York covering oil, metals and agricultural commodities markets. Previously, he reported on the international economy for the leading Spanish business daily, Expansion. Mr Blas was born in Spain and graduated from the University of Navarra. He also studied at Sheffield University in the UK.
John Paul Rathbone Latin American Editor Financial Times John Paul Rathbone is the FT’s Latin American editor, having previously edited the Lex column. He is the author of the New York Times bestseller, “The Sugar King of Havana: the rise and fall of Julio Lobo, Cuba’s last tycoon” (The Penguin Press, 2010). Educated at Oxford, where he read anthropology, and Columbia, where he took a masters in economics, he has worked as an economist at the World Bank, and a journalist throughout the Americas and Europe.
Jonathan Wheatley Deputy Emerging Markets Editor Financial Times Jonathan Wheatley is the FT’s deputy emerging markets editor. He was Brazil correspondent from 2005 to 2011, when he moved to London. He lived in São Paulo from 1992, writing for the FT, Business Week, the Economist Intelligence Unit and many others. He previously worked in television news, current affairs and documentaries in London.
SPEAKERS HE Juan Manuel Santos Calderón President Republic of Colombia President Santos was born in Bogota on August 10, 1951. He was a cadet at the Navy Academy in Cartagena; he studied Economics and Business Administration and carried out graduate studies at the London School of Economics, Harvard University and the Fletcher School of Law and Diplomacy. He was Chief of the Colombian delegation before the International Coffee Organization (ICO) in London; he was the most recent Designate to the Presidency and Colombia’s first Foreign Trade Minister. He has also been Finance Minister and National Defense Minister. During this last position, he was in charge of leading the implementation of the government’s Democratic Security Policy. He created the Good Government Foundation (Fundación Buen Gobierno) and founded the political party Partido de la U in the year 2005, currently Colombia’s largest political party. As a journalist he was a columnist and Deputy Director of the newspaper El Tiempo, he was awarded the King of Spain Prize and was president of the Freedom of Expression Commission for the Inter American Press Association (IAPA). He has published several books, among which the most significant are The Third Way, co-written with the former British Prime Minister Tony Blair, and Check on Terror (Jaque al Terror), where he describes the most important actions against the Farc terrorist group during his tenure as head of the Ministry of Defense. On June 20th 2010 (after obtaining the largest vote during the first round of the presidential elections which took place on May 30 of the same year) at the second round of the presidential elections, he was elected President of the Republic of Colombia for the four year period between August 7th, 2010 and August 7th, 2014. He obtained more than 9 million votes, the highest amount obtained by any candidate in the history of Colombian democracy. During his campaign, he promised to lead a government of national unity that would carry out the transition from Democratic Security to Democratic Prosperity.
biographies SPEAKERS HE Mauricio Rodríguez Múnera Ambassador of Colombia to the United Kingdom Ambassador Rodríguez has been the current Ambassador of Colombia to the United Kingdom of Great Britain and Northern Ireland since October 2009. He is the founder and former director of Portafolio, Colombia’s most prominent economic and financial newspaper; was founder and host of the weekly television programme “Sala de redacción” (Newsroom); and has been a journalist for Caracol Radio, El Tiempo, El Espectador and Poder Magazine, amongst other media. He has served as member of the executive committees and boards of directors of several organizations within the media, business, health and cultural sectors in Colombia, including El Tiempo newspaper, the Museum of Modern Art, La Fundación Santafe, “Colombia is Passion” and the Silva House of Poetry. Prior to his career in media, Mr Rodríguez was with Dow Chemical where he held several directive positions within the department of finance in Colombia, Venezuela, the United States, Switzerland and Italy. Mauricio Rodríguez is also a former President and Professor of several of Colombia’s most prominent academic institutions (Universidad de los Andes and CESA Business School). He holds a degree in Business Administration from CESA and is the author of six books on management, economics and leadership.
Orlando Cabrales Segovia Vice Minister of Mines and Energy Colombia Orlando Cabrales Segovia is an attorney graduated from Javeriana University in Bogota, Colombia, and holds a Master’s in Philosophy from Boston College in the United Stated of America. He has held important executive positions at British Petroleum Company, including Legal Vice President for Latin America and Legal Director. Previously, he worked at Ecopetrol, where he was an assistant to the Director. Mr Cabrales has acted as member of the Board of Directors at several companies in Colombia, such as Malterias de Colombia, Aluminio Reynolds, Astilleros Vikingos, BP Gas Colombia, Central Oilpipeline, El Tiempo, and Corporacion Excelencia a la Justicia.He held the position of President of the National Hydrocarbons Agency until 2013, when he was appointed Vice Minister of Mines and Energy.
Gabriel André Duque Mildenberg Vice Minister of Foreign Trade Colombia Gabriel Duque was appointed as the Vice Minister of Foreign Trade in 2009. Prior to this, he was the Deputy Director of Competitiveness at the Andean Development Corporation. He also served as International Negotiator at the Ministry of Commerce, Indusry and Tourism and as Director of Enterprise Development at the National Planning Department in Colombia. Previously, Vice Minister Duque was also the Director of the Industrial Engineering Department at the Universidad de los Andes, a visiting professor at the Universitat Pompeu Fabra in Barcelona and a graduate professor and research assistant at New York University. Vice Minister Duque holds a BA in Industrial Engineering from Universidad de Los Andes, a MSc in Economics from London School of Economics, and a PhD in Economics from New York University.
Luis Fernando Andrade Moreno President National Infrastructure Agency (Agencia Nacional de Infraestructura - ANI) Luis Fernando Andrade Moreno is the President of the National Infrastructure Agency of Colombia (Agencia Nacional de Infraestructura). Mr Andrade was appointed to this role in 2011 by President Juan Manuel Santos, after having presided successfully the consultancy Mckinsey & Company Colombia for almost 17 years. In that period, Mr Andrade advised on the reorganisation of the most important companies in the country. He has also been partner of Mckinsey & Company in Sao Paulo, Brazil, and associate consultant for the same firm in New York. His career includes also an opinion column on management and business reorganization for the magazine Dinero, the most important of Colombia on the issues of finance and business. He is an industrial engineer from the University of Florida, with an MBA from Wharton School of the University of Pennsylvania.
INVESTING IN THE NEW COLOMBIA
Germán Arce Zapata President National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos - ANH)
Juan Pablo Córdoba Garcés Chief Executive Officer Colombian Securities Exchange (Bolsa de Valores de Colombia - BVC)
Germán Arce Zapata is an economist from University of Valle, Colombia and holds a Master in International Securities, Investment and Banking from the ISMA Centre at the University of Reading in the United Kingdom. Mr Arce is a professional with extensive experience in the domestic and international capital markets, as well as in the structuring of investment banking transactions. Mr Arce has worked for 18 years in various national and international institutions and has acted in several boards and executive councils. In the public sector, Mr Arce has led public policy initiatives, such as the financing strategy for the 2010-2011 winter emergencies, the law of public-private partnerships, and has directed very important reforms within the overall system of royalties, among others. Mr Arce took office as Deputy General of the Colombia Ministry of Finance in 2011, after being General Director of Public Credit and National Treasury in 2010. He is currently the President of Colombia’s National Hydrocarbons Agency.
Juan Pablo Córdoba Garcés holds an MA and PhD degrees in Economics from the University of Pennsylvania. During his professional career, he has worked for the Inter-American Development Bank, the Ministry of Finance and Public Credit of the Republic of Colombia, the International Monetary Fund and the Deposit Insurance Corporation of Colombia FOGAFIN. His achievements include the modernization of the Colombian Securities Exchange and MILA: the market integration with Chile and Peru.
David Emilio Bojanini García Chief Executive Officer Grupo de Inversiones Suramericana - Grupo Sura David Emilio Bojanini García was born in 1956. Mr Bojanini holds a degree in Industrial Engineering from the Universidad de los Andes and a Master’s degree in Business Administration majoring in Actuary Studies from the University of Michigan. He also attended the CEOs’ Management Program at the Northwestern University’s Kellogg School of Management. He has been the Chief Executive Officer of Grupo de Inversiones Suramericana S.A. since September 2006 and was the CEO of Administradora de Fondos de Pensiones y Cesantías “Protección S.A.” from 1991 to September 2006. Before that time, he was Actuarial Manager in Suramericana de Seguros S.A. Currently, he sits on the Board of Directors of Suramericana S.A., Sura Asset Management, Grupo Bancolombia, Grupo Nutresa and Grupo Argos. He is also part of the National Board of Directors of the Private Council for Competitiveness. He is a member of the Consejo Empresarial de América Latina – CEAL (Business Council for Latin America) as well as the Board of Trustees of the Suramericana Foundation, the Empresarios por la Educación Foundation and El Cinco Foundation, among others.
María Constanza García President National Mining Agency (Agencia Nacional de Minería ANM) María Constanza García is an industrial engineer with a degree from the Technological University of Pereira. Ms García holds Master’s degrees in Urban and Regional Development Administration & Public Policy from Ohio State University and in Qualified in Economics focused on Project Evaluation from Los Andres University. Maria has also studied Public Policy, Management and Law at George Washington University. She has worked in public finance, urban development, infrastructure, mining, energy, and public / private partnerships as an advisor or at various management level positions in the National Planning Department, the Ministry of Finance and the National Hydrocarbons Agency. Ms García has been the Deputy Minister of Infrastructure at the Ministry of Transport. She previously worked as a consultant for the InterAmerican Development Bank and World Bank. Today Ms García is the President of the National Mining Agency.
Roberto Junguito Executive President Colombian Federation of Insurance Companies – FASECOLDA Mr. Roberto Junguito is an economist from Los Andes University with graduate studies at Princeton University and London School of Economics. He has been Member of the Board of the Colombian central bank, Banco de la República, President of the Colombian Agricultural Society, Minister of Agriculture and Minister of Finance of Colombia, Director to the IMF Board and, presently, member of the board of the Bolsa de Valores de Colombia, BVC and Executive President, Colombian Federation of Insurance Companies – FASECOLDA.
sponsors & organisers organised by
Financial Times Live, the global conferences and events arm of the Financial Times newspaper, gathers pre-eminent public and private sector decision-makers, visionaries and strategists from the world’s most important economies and industries for a wide range of interactive, agenda-setting programmes that combine the power of on-site discussion and networking with the flexibility of live-streamed and on-demand broadcasting. Chaired by senior journalists from the Financial Times and its group publications, the summits, conferences, awards and strategic forums organised by FT Live provide audiences with the opportunity to listen to and interact with speakers of the highest calibre in lively and stimulating debates that cover the key issues of our time. www.ft-live.com
The Financial Times in 2013 celebrates 125 years as one of the world’s leading global business news organisations. With more than 600 journalists worldwide, the FT has a combined print and online average daily readership of 2.1m people worldwide and a combined paid print and digital circulation of more than 600,000. FT.com has over 5m registered users. www.ft.com
IN ASSOCIATION WITH
Colombia Inside Out is the institutional event aimed at promoting the internationalization of the Colombian Capital Market and attracting new investors, with the purpose of transforming Colombia into a relevant destination for global investments. Colombia Inside Out brings together Colombian business leaders, securities issuers and senior government representatives, and investors will have a closer look of Colombia’s wide investment opportunities, economic general prospects, challenges and key growth sectors. Learn everything about the Colombian economy and its main issuers, and find out all the opportunities that the Colombian Capital Markets has for you. www.colombiainsideout.net
INVESTING IN THE NEW COLOMBIA
PLATINUM SPONSOR
The ANH is the authority responsible for promoting the optimal and sustainable development of the country’s hydrocarbons resources, through an integral management approach that harmonises the interests of society, the State, and the companies of the sector. www.anh.gov.co
MAIN SUPPORTING PARTNERS
The Colombian Securities Exchange (BVC) is a listed company in the securities market and manages securities trading platforms for the Equity, Fixed Income and Standardized Derivatives markets. Also, through branch offices which have been created as a result of strategic alliances with other companies, it operates the Energy Commodities and Foreign Exchange markets. www.bvc.com.co
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Please visit: www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
sponsors & organisers GOLD SPONSOR
Proexport is Colombia’s tourism, foreign investment and exports promotion agency. It offers business opportunities for foreign investors and develops non-traditional exports to the world, as well as positioning Colombia as a world-class tourism destination. Through its worldwide network, Proexport offers support and assistance to its customers in developing business opportunities. This includes providing custom made market research, legal advice, public and private sector contacts, organising business meetings in Colombia, as well as offering a wide range of support to companies already operating in Colombia. Proexport’s services are free of charge and follow strict confidentiality measures. For further information visit: www.proexport.com.co/en
SILVER SPONSOR
Claro Colombia is the mobile telecommunications operator with the best coverage in Colombia. It offers 2G and 3G service in 1.112 municipalities with a network of 3,500 base stations. It has over 30 million users who have chosen Claro as their voice and data mobile operator. It also offers land line telephone services, broadband Internet and pay television. Claro Colombia is a subsidiary of América Móvil, SAB de CV BMV: AMX [NYSE: AMX]. [NASDAQ: AMOV] [LATIBEX: XAMXL], the leading provider of telecommunications services in Latin America, with operations in 18 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico and Uruguay. América Móvil is the leading provider of integrated telecommunications services in Latin America. By March 2013, the company had 262.9 million wireless subscribers, 30.3 million landlines, 17.8 million broadband accesses and 17.2 million Pay TV clients. www.claro.com.co
INVESTING IN THE NEW COLOMBIA
SUPPORTING PARTNERS
The Colombian-British Chamber of Commerce is a non-profit organization that promotes trade and investment between the UK and Colombia. Over the last 32 years the CBCC has been working in deep cooperation with the British Embassy in Bogotá, the Colombian Embassy in the UK and various organizations to encourage trade between the two nations. The main objective of the CBCC is to provide detailed information and tailor-made advice regarding business trends, statistics and investment opportunities. This cooperation has opened the doors to business projects which have turned into benefits and revenues for our members. www.britishandcolombianchamber.com
LatinAmerican Forum
The Latin American Forum (the LatAm Forum) is the first multinational, private sector-led initiative that encompasses different sectors and industries, countries and organisations to create a common space in the UK for the discussion of business and current affairs affecting Latin America and the UK, in a senior and professional environment, with the sole objective of enhancing the relationship between Latin America and the UK and for the benefit of all its participants and stakeholders. www.latinamericanforum.org.uk
UK Trade & Investment is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s dynamic economy – acknowledged as Europe’s best place from which to succeed in global business. UK Trade & Investment offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. www.ukti.gov.uk
10 years committed to Colombia,
as the technical authority responsible for promoting the optimal and sustainable development of the country’s hydrocarbons. The National Hidrocabons Agency (ANH) was created in 2003 as the administrative and regulator body for Colombia’s hydrocarbon resources. Since its origins, the ANH has been focused on designing strategies to increase the sector’s competitiveness and the prospectivity index, looking into attracting private investors to develop the local hydrocarbon industry. A decade has passed and the ANH is today a fully operational and efficient organization that invests a significant part of its resources in the acquisition of geological information. This, in turn, allows the agency to identify new business opportunities to help place Colombia higher up in the world’s petroleum map. With current oil production standing at over one million barrels per day and oil reserves of 2.4 million barrels, Colombia has become an attractive investment destination for large global energy companies in the region by offering attractive contract terms, economic stability as well as sound policies.
Agencia Nacional de Hidrocarburos
Avenida Calle 26 No. 59-65 Piso 2, Bogotá D.C., Colombia Teléphono: (571) 593 17 17 | Fax: (571) 593 17 18 | National Hotline 018000 953 000 | e-mail: info@anh.gov.co www.anh.gov.co
Cartagena de Indias.
PROEXPORT COLOMBIA promotes exports of non-traditional goods and services, international tourism, and foreign investment through a board net of offices in Colombia and abroad for identification, following, and crossing of opportunities.
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INVESTING IN THE NEW COLOMBIA
Financial Times Live One Southwark Bridge London SE1 9HL UK T: +44 (0) 20 7873 6653 F: +44 (0) 20 7873 4204 E: finance.event@ft.com www.ft-live.com/investcolombia www.ft-live.com