# Our World See this report at worldfolio.co.uk Wednesday September 24, 2014

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ince its citizens over- derivatives that speculate like threw a brutal mili- vultures on defaulted countries. tary regime three de- This is the story of Argentina; cades ago, Argentina however, it could also become has transformed itself the story of any other country into a thriving democracy that in no time at all. For that reason Splaces a high value on human we need to come up with new rights and inclusive economic rules that regulate the global policies. Despite the shocks of market and that allow for more economic crises and the pain- intervention. The G20 brought ful struggle to overcome this fantastic statements concern- legacy of repression, Argen- ing tax havens, rating agencies tina has emerged as a potent and capital flows; but the truth force advocating for freedom, is that the world needs global fairness and accountability, rules for global governance. We while forging strong ties with would like to see the same re- its neighbors in the Americas spect for countries’ sovereignty, and across the globe, to share with respect for their economy its story and promote these im- and finance, as we see for the portant principles. Security Council’s resolutions. Argentina’s progression from a military dictatorship What is your vision for the to an open society took place future of Argentina in eco- through the collective action of nomic and political terms? its citizens, who in the country’s Without a doubt whoever be- three most recent elections comes president in 2015 will have shown increasing support inherit a better country. Ar- for the economic and political gentina stands on solid pillars policies currently being carried not only in terms of economic out by Cristina Fernández de aspects, but also on a social Kirchner. Beginning with the level. The process that started election of her predecessor and with Néstor Kirchner in 2003 fellow Peronist Party member, has created a more equitable former president Néstor Kirch- country with more rights and ner, each successive election opportunities for the people. has brought about a stronger Argentina is now a fairer coun- popular mandate, starting with try with no pending debts re- Mr. Kirchner’s victory in 2003 garding our past. with 22% of the electorate, in- I am also convinced that Ar- creasing in 2007 when Cristina gentina has enormous poten- Fernández de Kirchner won tial in the three driving forces 45% of the vote, and culminat- that will determine the world’s ing with her re-election in 2011 progress in the 21st century: with a record-high 54% of pop- Cristina Fernández de Kirchner, energy, food, and science and ular support. technology. The way to em- Essential to the process of power them, to combine them moving forward and establish- in an intelligent and virtuous ing good governance mecha- manner, will be the key to our nisms, the government of Nés- future development. tor Kirchner began the difficult yet critical task of bringing How do you assess the busi- accountability to members of An inclusion-based ness climate in Argentina the military dictatorship who and what does the country played a part in human rights offer for companies that atrocities that led to the torture look at Latin America as an and disappearance of 30,000 investment destination? Argentineans. model for growth Argentina offers important Since 2003, Argentina has President Cristina Fernández de Kirchner explains Argentina’s economic opportunities for investment, held a series of criminal trials particularly in mining, hydro- to identify and prosecute the development story, the leading role of the country in terms of regional carbons and food industry. actors who ordered and carried integration, and her views regarding the global financial system We are at a historic moment out human rights violations in which traditional oil states during the military rule of the are reviewing their strategies 1970s and 1980s, commonly “there is no you that measures Argen- someday those who voted comply with the UN’s resolu- and potential. This is done in a referred to as the “Dirty War”. sustainable tina is planning will help against the resolution will real- tions. A clear example of this is global context where conven- This process marked a new be- growth without to change the current para- ize that we need a fairer, well- the dispute between our coun- tional reserves are declining. ginning for Argentina, ending peace and security, digm? balanced world, with more try and the UK with respect to Argentina is the second coun- more than 20 years of impunity. and there will be I am convinced that there is doves and fewer vultures in all the Islas Malvinas. Since 1965 try to develop unconventional The new legal process also con- no sustainable growth without resources after the United no sustainable stituted a significant break with peace and security, and that States. I believe this could be the government’s policy vis-à- growth without there will be no sustainable “The “I am convinced the key to future energy de- vis perpetrators of state crimes, a change in the growth without a change in the is currently the that Argentina velopment, and the gateway to ushering in a healing process current economic current economic and finan- second largest has enormous our unconventional resources that continues to this day. and financial cial world order. investor in potential in the is our state-owned oil com- Now, under the leader- world order” We have often considered, in Argentina; there three driving pany, YPF. There are already ship of Cristina Fernández de various forums, the imperative are more than forces that will several projects with Chevron Kirchner, Argentina has placed need for the reform of multilat- 500 American determine the and Petronas in our reservoirs the pillars of truth, memory resulted in the consolidation of eral credit agencies. We should companies world’s progress of shale oil and shale gas. and justice at the center of its MERCOSUR and the creation understand that we live in a operating here in the 21st century: There are business opportu- national strategy, which aims of UNASUR and CELAC. The multi-polar world, different and 60% of energy, food, nities with China for $50 billion to extend the universal rights strengthening of regional ties to the one that existed in 1989 in six strategic sectors. The sec- the largest U.S. and science and of education, economic well- has been very beneficial for all when many believed that our tor that represents the largest being, social inclusion and of us. For instance, UNASUR’s story had ended. However our companies have technology. The amount is oil and gas, which welfare, health, political and intervention was fundamental story continues because our been growing way to empower requires a $37 billion invest- cultural participation, national to peacefully overcome diffi- people keep evolving. Emerg- and developing them, to combine ment mainly in Vaca Muerta. identity, and independence cult situations. ing countries in South America continuously” them in an Furthermore, we have poten- to underrepresented groups Another constant in our and in the rest of the world intelligent and tial investments in the heavy regardless of their age, sexual foreign policy is that we have were able to overcome difficult virtuous manner, metallurgic sector of $5.3 bil- orientation, race or ethnic always expressed a firm de- situations and provide millions fields. What kind of sustain- will be the key lion, while in the mining sector identity. fense of multilateralism. We of people with health, educa- ability can the world have if two to our future we signed more than 30 invest- In an exclusive interview believe that true multilateral- tion, housing, and basic rights. or three billionaires, pressuring development” ment agreements in mining with United World, the Presi- ism is the only way to live in Since 2003 we have been the judiciary system, ensure fa- projects for $3.8 billion, many dent discusses regional integra- a fairer and safer world. Every requesting the amendment of vorable rulings that give them of which are passed their initial tion, the global financial sys- single speech we have deliv- multilateral lending agencies extortionate profits of nearly many subsequent resolutions phase. tem, Argentina’s international ered before the UN General and the implementation of 1,680%? How much longer can of the Assembly and the Decol- The United States is current- relations and her vision of its Assembly includes this idea. reforms in the global financial the world last with this kind of onization Committee required ly the second largest investor future. Within this framework of di- system. Argentina is a true ex- behavior? Argentina and the United in Argentina; there are more plomacy and multilateralism, ample of how the monitoring Kingdom to dialogue and settle than 500 American companies How would you define Ar- we have always defended the of the economy by the IMF What is your assessment the existing dispute regarding operating here and 60% of the gentina’s foreign policy issue of the Islas Malvinas, a contributed to the economic regarding the contribution the sovereignty of the islands. largest U.S. companies have model and what have been principle we will not aban- and financial collapse of 2001. of the UN General Assem- However, the United Kingdom been growing and develop- the main achievements in don. We ask for all countries, As usual, when the economy bly and which topics will be has not complied with this ing continuously. In addition, this matter over the past de- regardless of their size, to re- implodes the political system is introduced by Argentina in resolution. China has moved from being cade? spect the ’ res- affected. this Assembly? Furthermore, I will reiter- the 29th investor in the country The election of Néstor Kirch- olutions. Therefore, we ask the I am convinced that we will It is of the utmost impor- ate, as I mentioned during last to taking third place. Obviously ner as President in 2003 United Kingdom to sit down reach the necessary consen- tance to reconsider the way year’s Assembly, that we are we are an attractive country. brought a new orientation in and enter into dialogue with sus to achieve the changes we global institutions function, also serial victims of those un- terms of Argentina’s foreign us, as provided in one of UN’s have been asking for, because especially the UN and its Secu- written rules of lobbyists, of For the full interview, visit policy. We have achieved many resolutions. We shouldn’t have we are not alone in this claim. rity Council. rating agencies, and financial www.worldfolio.co.uk objectives in this sense. Firstly, double standards. The UN Resolution 68/304 is During the 69th UN General we were able to consolidate and an example: it was approved Assembly we will insist on the A UNITED WORLD SUPPLEMENT PRODUCED BY: strengthen regional integration What is your vision regard- by a large majority of 124 posi- need to put an end to double Project Director, Iris Oliveros. Editorial Director, Leandro thanks to the collaboration of ing the global financial sys- tive votes, 11 negative and 41 standards. We must ensure Cabanillas. Regional Director, Gemma Gutiérrez. our sister nations. Such effort tem and how confident are abstentions. I also believe that that all nations, large or small,

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content 2 Wednesday, September 24, 2014 Distributed by USA TODAY ARGENTINA Future growth prospects: robust, sustainable, diversified Though the current local and international landscape present some challenges for Argentina’s economy, the country sits on a solid base that can boost future growth. This will be driven by investment in infrastructure, energy, industry and ICT

ew countries can real, long-term income gains.” internal competitiveness, private companies. There are match Argentina’s Per capita income To help achieve this goal, diversify Argentina’s produc- American companies, from record of economic has climbed 245% Argentina has put in place tive base, and strengthen its the industrial and financial and social prog- over the last 10 an ambitious plan to attract economy as a whole. sectors, who have business ress over the past years, raising investment and foster devel- “We have seen that this interests in the country. It is decade. Beginning back in opment in its energy, manu- stimulus to the regional econ- a myth that Argentina is iso- Argentineans’ 2003, when then-president facturing and telecommuni- omies favors certain types of lated from the world and that F standard of Néstor Kirchner introduced cations sectors. products, from apples, pears, it doesn’t have any foreign a new set of policies focused living and Government policies, op- olives and vineyards to cotton participation in its economy.” on economic development purchasing erating in concert with private and other types of regional “We are open to all those and social inclusion, South power. Argentina sector activities, helped foster crops that are showing a sig- who want to take chances in America’s third-largest econ- now has the past decade of advances, nificant uptick in activity and omy has expanded at an aver- the highest and will be essential to stimu- export requests,” Mr. Capi- Government age annual rate of 7%, while lating future economic activ- tanich explains. consumption policies, operating “The challenge also seeing record gains in its ity, , Argentina’s Altogether, the regional index in the Latin in concert with is to continue domestic industry and a dou- America Minister of Economy and economies initiative has part- increasing bling of the size of its middle Public Finance, argues. nered 36 distinct value chains private sector the speed of class, according to figures “No country in the world with 146 organizations work- activities, helped industrialization” from the World Bank. has been able to develop or ing on providing financial foster the past While the country’s short become industrial without backing totaling more than decade of , Chief of the term prospects may have Capitanich says, “is to contin- the State’s decisive participa- $1 billion. “The first projects advances, and Cabinet of Ministers dampened, the legacy of the ue increasing the speed of in- tion,” he explains. “Not over are being implemented and will be essential program begun by Néstor dustrialization in order to re- the private sector, or instead we achieved agreements with to stimulating Kirchner, and continued to- duce imports, boost exports of it, and not drowning it, provincial governments, leg- future economic day by current president Cris- and achieve a new framework but a decisive participation. islatures and industrial sec- activity, tina Fernández de Kirchner, that allows for the creation When there are problems like tors to promote sharehold- Argentina’s has given Argentina a solid of more jobs and even better poverty, lack of infrastruc- ing arrangements, structured foundation for stable and salaries.” ture, housing, etc. that affect financing, and interest rate Minister of long-term growth. Argentina has made sig- not only the quality of life but subsidies to encourage pri- Economy and “We are faced with three nificant gains on this front also the economy’s competi- vate investment and job cre- public finance main challenges going for- as well. Per capita income tiveness, the direction of the ation,” Mr. Capitanich adds. argues ward,” explains Jorge Capi- has climbed 245% over the State’s policies is essential.” Foreign investment repre- tanich, Chief of the Cabinet of last 10 years, raising Argen- This directive helped Ar- sents another area of strength Ministers. “The first is achiev- tineans’ standard of living gentina boost private invest- that policymakers are look- ing energy independence.” and purchasing power. Ar- ment to the highest levels of ing to build on. “The strong Argentina and make genuine After the discovery of Vaca gentina now has the highest the past 50 years, averaging growth rate that Argentina and productive investments,” Muerta, a shale formation the consumption index in Latin 21% growth since 2003. has shown… is something Mr. Kiciloff concludes. “They size of Maryland that holds at America, averaging 7.2% In line with the strategy that the private sector in will find a government that “It is a myth that least 23 billion barrels of oil, compared to Brazil’s 3.7% and of fostering a more dynamic general and the foreign com- will support those invest- Argentina is and the inking of multimil- Mexico’s 2.8%. business climate, the Fernán- panies in particular have ments and that will give them isolated from the lion-dollar deals with Chev- “The third big challenge,” dez de Kirchner government benefited from,” Mr. Kicillof, all the guarantees they need world” ron and Petronas, Argentina’s Mr. Capitanich adds, “is to launched an initiative that the Economy Minister, notes. to keep on working, as long as hydrocarbons sector has set ensure macroeconomic sta- aims to increase the profile “Argentina has been a very the activities that benefit the AXEL KICILLOF, Minister of the stage for a new chapter of bility based on integrated and capacity of Argentina’s profitable business space private investor, whether lo- Economy and Public Finance exploration and production. infrastructure, to strengthen diverse regional economies. where there has been a lot of cal or foreign, also benefit the “The second challenge,” Mr. competitiveness and attain The goal is to incentivize investment from foreign and Argentinean people.”

The nation’s deleverage history After the hampering default of 2001, Argentina implemented a successful debt management strategy under the premise that it was necessary to resume economic growth in order to be able to service debt

n a rare showing of China, 134 countries have package for its controlling lateral credit institutions,” kets and institutions like the consensus in the global decisively and decidedly sup- Earlier this year, stake in YPF. Mr. Capitanich affirms. “It World Bank and Interna- financial community, ported Argentina’s position,” the government “It’s very important meets them regularly and tional Development Bank to the International Capi- says Jorge Capitanich, Chief settled a $9.7 to underline that since will continue to do so.” help finance the infrastruc- tal Market Association of the Cabinet of Ministers. billion debt to the leadership of Néstor This commitment will ture and development proj- – a group representing more The international ground- the Paris Club of Kirchner, the Republic of be essential, as Argentina ects that will help to boost Ithan 400 of the world’s largest swell comes in the face of creditor nations, Argentina never stopped looks to open itself back up its economy and raise its citi- banks, investors and issuers increasing litigation from and reached paying its debt to multi- to international capital mar- zens’ standard of living. of debt – agreed in August groups of investors with of- “We have reduced our an amicable to a new framework for sov- tentimes narrow agendas, debt so much that our exter- ereign defaults that would but who nonetheless can agreement with nal debt doesn’t stop us from avoid a repeat of the current place a country’s financial Spanish oil implementing other poli- impasse between the Argen- future at risk and jeopardize company Repsol cies,” Mr. Kicillof continues. tine government and a small the global economy. by agreeing “We have liberated ourselves group of vulture funds. In recent years, 50% of to a $5 billion from external debt as the The plan speaks volumes sovereign restructurings trig- compensation main factor that guides the about the nature of the dis- gered lawsuits, according to package for its economy’s main policies.” pute, which has increased a 2013 study. Demonstrating controlling Yet the problem posed by economic hardship on mil- the dangerous precedent that stake in YPF sovereign creditor litigation lions of Argentineans and this sets for cash-strapped na- remains, and poses a serious sent ripples across the global tions, small groups of private threat to countries that may economy. The new rules investors in countries such face fiscal difficulties in the set a precedent that would as Greece, Congo, Ecuador, future. “We aren’t going to make it much more difficult Iraq, Peru and Poland have “The Republic of Argen- risk the future of the Argen- to undermine large debt re- rejected debt restructuring tina has paid $190 billion of tine people and we aren’t structuring deals, such as the plans, instead demanding full principal and interest on its going to choose the easy ones offered by Argentina in repayment, according to a re- debt over the past 11 years, path that can bring negative 2005 and 2010 and agreed port in the Financial Times. reduced its external debt held or unexpected consequenc- to by the vast majority of its “In 2001, Argentina experi- by foreign private investors es to the next government bondholders. enced the largest default in the to 9% of GDP, regularly meets and population,” Mr. Kicillof The ruling by a New York history of mankind, and we are its financial obligations with concedes. court in July of this year that still working hard to reverse multilateral credit institu- “We trust the world will do barred Argentina from mak- that situation and we are deal- tions as well as regularly ser- its part to reach a reasonable ing payments on this restruc- ing with things we inherited vicing its restructured debt,” solution to the problem and tured debt has been widely from that time, like the vulture adds Mr. Capitanich. so that it may go on record criticized by economists such funds,” says Axel Kicillof, Ar- Argentina’s policymakers that negotiating sovereign as Nobel Prize winner Joseph gentina’s Minister of Economy frequently point to these and debts from a speculative Stiglitz – who likened the and Public Finance. other significant strides that point of view isn’t viable and court’s decision to “throwing “This government has been the country has made since that it generates extraordi- a bomb into the global eco- able to solve everything ex- its 2001 default. Earlier this nary profitability for a tiny nomic system”. cept for that problem, which year, the government settled group of people and, what “We have received broad would constitute the last link a $9.7 billion debt to the Par- is worst, it creates the risk support from the interna- in the general reorganization is Club of creditor nations, of undermining the general tional community, from the that came after the 2001 de- and reached an amicable financial health of a country. meeting of representatives of fault and the normalization agreement with Spanish oil Argentina won’t give in to the Organization of Ameri- of Argentina’s international company Repsol by agreeing speculative attacks and it will can States, to the G-77 plus financial situation.” to a $5 billion compensation Argentina has paid $190 billion of principal and interest on its debt over the last 11 years solve this problem.”

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content Distributed by USA TODAY Wednesday, September 24, 2014 3 ARGENTINA Clear, categorical and broad international support for Argentina While enjoying strong international support for its stance in its dispute with speculative funds’ holdouts, Argentina’s government is working towards strengthening business and trade ties with world

éctor Timer- ing cycle of inflation and pov- that share the same struggle who was appointed to the post Uruguay and Argentina) and man – a for- erty that developing countries but international organiza- of Minister of Foreign Affairs BRICS (Brazil, Russia, India, mer journalist find themselves in. tions like the OAS and coun- and Worship in 2010. China and South Africa). and human “Our dispute with the vul- tries like China and Russia. Mr. Timerman takes pride “Venezuela and Bolivia are rights advo- ture funds is defined by the “China understands and in the leadership role Argen- two countries that contribute cate, and now Minister of broader context that pits the supports Argentina’s debt re- tina has taken in unifying Latin a surplus power grid to the ForeignH Affairs and Worship culture of production against structuring case and we hope America and the Caribbean block,” says Mr. Timerman. – is gaining strong interna- the culture of speculation, the situation will be solved ad- on economic and political “MERCOSUR has gone from tional support for his stance which with the 2008 crisis mo- equately,” said Xi Jinping, Presi- matters, while respecting the a strictly economic link to a against speculative funds that tivated the G20 governments dent of China. unique voices of each country. political and social link. We he says impede Argentina’s to organize themselves to try Russian President Vladi- “Argentina’s foreign policy vi- have been able to establish economic recovery. – with relative success – to de- mir Putin joined the chorus, sion is to achieve as many agree- social standards and a com- “Vulture funds see the situ- activate a financial system that “Despite the current compli- ments as possible in all of Latin mon identity.” ation strictly as a legal dispute, offers more encouragement cated developments in world America and the Caribbean,” These relationships have analysts see it from an eco- for speculation than it does economy, we have managed he says. “Our regional integra- helped Argentina achieve nomic perspective,” says Mr. for productive investment,” to retain the positive trend in tion should be interpreted not greater visibility and strength “Argentina’s Timerman. “But for Argen- says the Minister. “Like the trade turnover between both just as a natural consequence on the world stage. foreign policy tina it is, first and foremost, a President said, who could be countries, it has grown 16% of our cultural and historical “We began thinking openly vision is to political matter that naturally interested in investing in the over the past year,” he said. similarities, but linked to our and creating relationships achieve as many encompasses the two. It’s a real economy when vulture “Argentina is a very comfort- need for development to avoid with countries that were go- matter of foreign policy.” funds obtain profits of 1,600% able partner for Russia.” being trapped in a model that ing through processes similar agreements as While vulture funds seek without even working?” “When you challenge the condemns us to only being raw to ours,” says Mr. Timerman. possible in all of repayment for the face value Argentina has been fac- sovereign debt restructuring materials producers without “Argentina used to be linked Latin America and of Argentine debt purchased ing off with some of its debt system we aren’t only talking any added value.” to Africa and Asia through the Caribbean” at a greatly reduced rate, holders in U.S. courts, and about money; we are talking Argentina has taken a more Europe or the United States; Mr. Timerman is seeking to the country’s tough stance is about millions of jobs and about active role in its economic al- today we communicate di- HECTOR TIMERMAN, Minister of change the rules for repaying gaining support not just from the education and health of the liances with MERCOSUR rectly with them on political Foreign Affairs and Worship the debt to escape the crush- the Latin American countries children, “ says Mr. Timerman, (Brazil, Paraguay, Venezuela, and commercial matters.”

“we developed our internal market and made it more dynamic thanks to a macroeconomic policy oriented towards production”

DEBORA GIORGI, Minister of Industry

President Cristina Fernández de Kirchner was an invited guest at the 2014 BRICS summit held in Brazil last July, a sign of Argentina’s close ties with the group

Over the past decade, even as cluding some of the biggest the world economy suffered American corporations, have the shocks of the financial Government aims to increase made substantial bets on Ar- crisis, Argentina has contin- gentina’s economy. Walmart ued to improve its economic increased its presence in the prospects through a bold “re- country nearly tenfold, from industrialization” plan that and diversify the export base 11 branches to 100, invest- has seen manufacturing ac- The revival of the domestic industry based on an import-substitution and export promotion model has created over ing $800 million over a six- tivity expand at an impressive seven million jobs, reducing the unemployment rate to one digit year period. Similarly, P&G, 7.5% annual rate from 2003- DirecTv, IBM, Ford, GM 2012, while helping to create oriented towards production 229,000 new small and me- nesses by helping them to and John Deer have all made millions of jobs and to lower and not the development of Currently, 60% dium enterprises created, build high-tech capabilities multi-million dollar invest- the overall unemployment financial speculation.” of new SME’s out of which 23,000 operate through various initiatives, ments in Argentina in recent rate from a peak of over 22% The development of small in argentina in the industrial sector. To like the one that provides years, which together total in 2002 to about 7% currently. businesses has taken on spe- are owned by help accomplish this, added incentives for experienced well over $1 billion. “A reindustrialized Argen- cial significance within this young people, priority was placed on the industrial designers to join “An Argentina with a tina is the center of a political framework, as the public and 33% of these empowerment of young small businesses, helping to booming internal market, decision that began recover- sector seeks to promote eco- are focused on people and entrepreneurs, spread their knowledge and which creates employment ing jobs, improving people’s nomic inclusion and tackle which are seen as the key to expertise for the benefit of and increases the workers’ purchasing power, giving income disparity while grow- medium to high have a vibrant small busi- the sector and the economy productivity, [has] appeared,” new value to science and ing the economy. To facilitate tech goods and ness sector. Currently, 60% as a whole. emphasizes the Industry technology and developing these key areas of growth and services of new small and medium “This is an inclusive indus- Minister. “A strong presence a federal concept regarding development, state-backed enterprises in Argentina are trial process,” adds Ms. Gior- of the State in terms of in- investment,” explains Débora financing has proven to be owned by young people, gi, “not only because of the 6 vestment creates a public- Giorgi, Argentina’s Minister an effective tool. Since 2011, five years. This program, and 33% of which are focused on million jobs it generates, but private link that is indispens- of Industry. “We developed the National Support Pro- other similar initiatives, has medium to high technology also because certain sectors able to achieve the industrial our internal market and gram for Young Businessmen helped foster a new entrepre- goods and services. In addi- have diversified.” level we’ve got. The private made it more dynamic thanks financed 3,988 projects at a neurial spirit in Argentina. tion to financing, the govern- In another encouraging sector’s support and com- to a macroeconomic policy 0% interest rate to be paid in Since 2003, Argentina saw ment supports small busi- sign, foreign investors, in- panionship was key.”

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content 4 Wednesday, September 24, 2014 Distributed by USA TODAY ARGENTINA

ADuring the last decadefocus the national government has invested on heavily in modernizing infrastructure national infrastructure in order to support the country’s economic growth. Now is the time to form PPPs that pave the way for energy independence

ormer president of consumption doubled between Argentina Néstor 2003 and 2014… a clear indica- Kirchner saw gov- tion that the quality of life for ernment investment Argentineans has improved,” in infrastructure as says , Minister of a key tactic for encouraging Federal Planning, Public Invest- jobF creation and alleviating ment and Services. poverty. His successor, Cris- In 2009, Argentina’s Con- tina Fernández de Kirchner, gress passed a law categoriz- continued this policy, and the ing nuclear energy projects national government invested as being a matter of national heavily in the modernization interest, showing the govern- of Argentina’s infrastructure, ment’s commitment to the particularly roads and elec- peaceful use of nuclear energy. tricity production and distri- Two nuclear power stations, bution. It also fostered a cli- Atucha I and Embalse, have mate in which business could been in operation for decades. “the quality of life thrive. A third station, Atucha II (re- of Argentineans These measures helped the named “Presidente Néstor has increased country’s economy grow for Kirchner”), produced energy since 2003” 10 consecutive years. Now for the first time on June 3 the nation is poised for the this year; already at 50% of its JULIO DE VIDO, Minister of Federal formation of public-private capacity, it’s expected to reach Planning, Public Investment and partnerships to pave the way 100% very soon. Services Mr. de Vido and Axel Kicillof, the Minister of Econ- the Two nuclear omy and Public Finance, are power stations working to secure funding, National Route 40, or Ruta 40, spans more than 3,100 miles and connects 11 provinces Atucha I and equipment and service pro- Embalse have visions for construction of a been in operation for energy independence and and in response the Fernández And Argentineans in 11 prov- fourth nuclear power station, for decades. A greater competitiveness. de Kirchner administration inces are connected by the Atucha III, which will use One sign of Argentina’s eco- has rebuilt nearly 24,000 miles 3,100 miles of National Route a CANDU reactor, natural third station, nomic recovery is the amount of the national road network. 40, sometimes called the uranium, and heavy water to Atucha II (renamed of cars on the nation’s roads. The Rosario-Córdoba country’s backbone. create a capacity of approxi- “presidente In 10 years, the number of Highway, which is 255 miles Due to the revitalization mately 800 megawatts. Néstor Kirchner”), cars has more than doubled, long, was planned in 1960 to of domestic industry and the With modernized infra- produced energy from 5 million to 12 million. connect the country’s sec- increase in citizens’ purchas- structure and increasing for the first time With this increase it is evident ond- and third-largest cities, ing power, the government is nuclear power potential, Ar- in June this year that road and highway devel- but not until recently was the addressing an energy deficit. gentina is positioned well for opment is continually needed, highway completed, in 2010. “Argentina’s household energy public-private partnerships. “The business climate has been and still is very good”

FLORENCIO RANDAZZO, Minister of The transport revolution begins Interior and Transportation The Ministry of Interior’s successful digitalizing of the national registry puts Argentina on the highway towards a transport revolution

hen Cristina away. Previously, to receive a The new minister’s suc- the SUBE card, a prepaid card the most heavily used lines in Fernández passport or an ID card, citizens cess with the national registry valid for all public transit. , is the target of de Kirchner of Argentina had to visit of- led him to tackle Argentina’s The next bull to take by the the largest share of this invest- appointed fices and wait in line for hours transportation sector. In 2012 horns was the nation’s railway ment. However, the Ministry’s Florencio for paperwork to be handled President Fernández de Kirch- system. Around 400 rail cars focus goes beyond the capital; Randazzo as Minister of the manually. In 2009, the Min- ner transferred the Secretariat were in service at the time; the it has also started a revolution WInterior in 2007, Mr. Randaz- istry of Interior introduced of Transport’s responsibilities system acquired 1,260 more, in railways that connect Bue- zo knew he had a challenging the new digitized ID system, over to the Ministry of the In- essentially tripling transporta- nos Aires with crucial hubs road ahead. The country’s called Nuevo DNI, which pro- terior, thus forming the Minis- tion capacity and improving such as Rosario or Mar del previous president, Néstor cesses paperwork much more try of Interior and Transport. comfort and security. The gov- Plata, both for passenger and Kirchner, had made consid- quickly. Moreover, as of June Among the first things the ernment is also in the process cargo transportation. erable progress in improv- this year, Argentineans can ap- newly expanded ministry did of repairing deteriorating rail- A similar process has been ing the country’s economic ply for the Nuevo DNI online. was to create the Metropolitan ways neglected by prior pri- underway at Aerolíneas Ar- status and addressing hu- More than 32,000 people got Transport Authority, coordi- vate owners. Rail stations and gentinas, a privately-managed man rights violations, but their new ID on the very day nating work by the ministry, signaling systems are being airline President Fernández many areas still demanded the service was launched. the Province of Buenos Ai- upgraded, and security mea- de Kirchner nationalized in “We determined attention. Citizens can also acquire res, and the Buenos Aires city sures such as the installation of 2008 when the company was that the solution Argentina’s national reg- the New Passport, which has government for maximum cameras in operators’ cabs, are near bankruptcy. Dr. Fernán- was not to try to istry was one such area, and world-class security including efficiency and efficacy. Next, being implemented. dez de Kirchner appointed as the Minister tackled it straight a microchip, with little waiting. came the implementation of The Sarmiento line, one of President and General Direc- cut our costs but tor Dr. Mariano Recalde, who to enlarge the decided that investing, rather company” Seven rail lines, totaling more than 500 than cutting costs and services, miles, serve the greater Buenos Aires region would lead to profitability. His Dr. Mariano Recalde, President five-year plan had three goals: of Aerolíneas increase the airline’s opera- tions; be cost-efficient; and in- crease the level of service. an average age of five years. Thanks to its fleet of 65 “I am convinced that we are new planes, up from 26 air- doing a good job and that it is craft (with an average age of productive for the country,” 20 years) under private man- says Dr. Recalde. agement, passenger numbers “I am a true optimist,” adds jumped from 5 million in Mr. Randazzo. “As Argentin- 2008 to over 8 million in 2013. eans, we have to make a per- Meanwhile, the state budget al- sonal effort, each one of us, to located to maintaining the flag- respect the law and recover ship airline was cut in half. Dr. our values, and we will then Recalde says that the goal for be capable of facing challenges 2018 is to add yet another 17 and resolving them in the best airplanes to the fleet, giving it possible way.”

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content Distributed by USA TODAY Wednesday, September 24, 2014 5 ARGENTINA A paradigm shift in the energy sector After the 2012 nationalization and under the management of Miguel Galuccio, YPF is showing consistently solid, positive results

he re-nationaliza- has generated a lot of employ- tion of Argentina’s ment, production and, there- flagship oil compa- fore, profit for the company, ny, in 2012, brought which favorably affects those about much specu- who have supported YPF and lation and hand wringing in the country in general.” Tthe media. After two years Despite sitting atop a state- however, it’s hard to argue with owned company, Mr. Galuc- the results. In its quarterly fi- cio has aimed to bring a pri- nancial report released in early vate sector mindset to YPF, August, YPF showed significant evaluating personnel first and and sustained improvements foremost according to results in production as well as in its and raising the bar for expec- bottom-line. Profit for the quar- tations. Today, YPF remains “We are working ter rose nearly 40%, compared as indispensable to the coun- on modifying to the previous year, reaching try’s energy future as it has $184 million, while both oil ever been. After taking over the hydrocarbon and gas production increased Apache Corporation’s Argen- bill, which will for the fifth consecutive quar- tinean operations in February make things more ter. Meanwhile, oil production As of March 2014, YPF accounts for 41% of hydrocarbon production in Argentina this year, YPF now represents foreseeable in ticked up nearly 6% and natural 41% of the hydrocarbon pro- fiscal and legal gas output jumped by about center of the country’s political company had suffered from exploration and production, duction in Argentina, and ac- terms” one-third over 2013, bringing and economic landscape. a management strategy, they YPF’s spending rose 67% in counts for more than half of overall hydrocarbon output up Founded in 1922 under argued, that lacked a vision the second quarter of 2014, the fuel sold in the country. Miguel Galuccio, CEO of YPF nearly 16%. President Hipólito Yrigoyen, and focus for Argentina. compared to the previous “Because YPF is a national YPF has posted impressive YPF was the first oil company So in 2012, President Cris- year. “The government un- company, it is engaged in profit growth in the past sev- established as a state enter- tina Fernández de Kirchner derstands and feels the need changing the country’s energy eral quarters. In the first quar- prise outside of the Soviet moved to place the firm back to stimulate the oil and gas paradigm,” Mr. Galuccio adds. “The country is deficient ter of this year, profits soared Union, and the first state oil under the leadership of the industries,” Mr. Galuccio ex- “We are working on modi- in terms of energy and it 129%, compared to the same company to become vertically public sector. plains. “Argentineans have fying the hydrocarbon bill, costs the State a lot of mon- period in 2013, while in the integrated. YPF was priva- The plan proved politically the need to stop importing which will make things more ey – money that could be fourth quarter of 2013, profits tized in 1993 and bought by popular, with the Argentine and start producing our own.” foreseeable in fiscal and legal used for other things,” Mr. climbed 88% over the previ- the Spanish firm Repsol S.A. parliament approving the Taking over at the behest terms, and in the transpar- Galuccio emphasizes. “Our ous year. in 1999. The resulting merger measure in overwhelming of President Fernández de ency of the bids.” job is to revert that situation, The solid financial numbers produced Repsol YPF. numbers, while opinion polls Kirchner in 2012, Mr. Galuc- Energy security has be- to be leaders in the changes buoyed sentiments among in- After a period of stagnant showed broad public support cio immediately began work- come a central question for the oil industry must make.” vestors in particular, as com- production, Repsol YPF as well. Currently, the share- ing to change the mindset of the health of the Argentine With the hopes of a nation pany shares on the New York came under increasing fire, holder structure of YPF has the company and to establish economy. Strong growth, the wrapped up in its projects, Stock Exchange traded at as critics claimed the com- 51% belonging to the federal a sense of common purpose. increase in workers’ purchas- YPF has determined to post more than double price levels pany failed to adequately government and 49% held “When we took over YPF we ing power, and the revival of quantifiable achievements. from this time last year. But for invest in new sources of out- in free float (the company had to redefine the company’s domestic industry have all “Everyone who supported YPF’s nearly 16,000 direct em- put. A number of prominent trades in the NYSE as well as DNA to revert the previous placed escalating pressure YPF is now getting positive ployees – a number that swells figures in Argentina’s public the Buenos Aires Stock Ex- 10 years of disinvestment,” on energy sources. While results,” Mr. Galuccio goes to 44,000 when including peo- sector, including the Presi- change), in this new era as a the chief executive continues. Argentina once exported pe- on. “We have destined most ple employed indirectly – as dent, federal lawmakers and mixed company. “The capacity of generat- troleum products, in 2011, of our profits to new invest- well as for its executives and governors from oil producing So far, YPF’s new leader- ing value is the capacity for it became a net importer of ments, and at the same time for a great number of Argen- provinces, contended that ship, headed by CEO Miguel investment; it is the engine energy for the first time since we have paid dividends of tineans, the turnaround has the company’s strategy had Galuccio, has made good that makes us grow. We have 1984, and the country now 5% and 8% in the past two helped restore a sense of hope focused too much on short- on its pledge to develop fu- doubled the amount of our spends upwards of $10 billion years, which is a good figure and a deep pride in the com- term profits, at the expense ture prospects. A sign of its investments and tripled the each year bringing in supplies for a company that is begin- pany that has long been at the of long-term growth. The renewed commitment to perforation teams, and that from faraway producers. ning to grow.”

YPF to lead the development of unconventional energy Argentina sits on America’s second largest reserves of shale gas. While the global energy landscape is shifting towards unconventional resources and offshore drilling, the industry looks at Argentina as a sound investment opportunity

As YPF looks forward to a new tant source of new energy in Sheet with YPF to develop a to add Petronas as a strate- chapter in its history, it does so the hemisphere, and the site of shale oil pilot project in the gic partner, a company with at a time of historical transfor- significant investment activity. 187-square kilometer La Am- world-class standards and mation in the global oil and gas Argentina ranks second in arga Chica block in Neuquén one of the largest producers industry, as producers move to the world behind China in province, with a joint invest- of oil and gas in the world, to tap the tremendous potential potentially recoverable shale- ment of up to $550 million. boost the development of un- of so-called unconventional gas reserves, with 802 trillion Initially, during the pilot stage conventionals in Argentina.” sources of oil and gas that lie cubic feet, according to the – expected to commence in The Loma Campana men- trapped in shale deposits. One U.S. Energy Information Ad- the first quarter of 2015 – tion refers to YPF’s partner- of just a handful of countries ministration. It ranks fourth more than 30 horizontal and ship with U.S.-based Chev- to possess such resources, Ar- in shale oil with an estimated vertical wells will be drilled, ron Corp. In July of 2013, the gentina boasts one of the larg- 27 billion barrels, making it and based on the results, it world’s third-largest oil com- est unconventional oil and gas one of the largest such basins is estimated that the project, pany, signed an agreement formations in the world. in the world and the most once in factory mode, will re- with YPF to invest $1.2 billion As many oil producing promising anywhere outside quire an investment of over $1 in the first year in shale devel- countries witness stagnant of North America. billion in the first five years. opment, becoming the coun- or declining production at YPF has just begun to bring For YPF, this move repre- try’s largest foreign producer mature conventional fields, these resources to the market. sents its first collaboration of shale oil and natural gas. the focus has shifted toward Its production of shale oil and with a national oil company in In April of this year, Chev- offshore and unconventional gas topped more than 32,000 shale exploration. ron confirmed its decision prospects. The ability to tap barrels per day, after the drill- On the new project, YPF’s to continue the joint venture shale formations with new ing of more than 245 wells in Mr. Galuccio says, “We’re with YPF in order to advance technology has already revo- Vaca Muerta, where it has 21 putting into production a re- to the large-scale development lutionized the hydrocarbons active rigs working. In addi- source that can change the of unconventional hydrocar- industry in the U.S., helping tion, YPF in partnership with energy future of our country. bons in Vaca Muerta, after the country to add nearly 3 Dow Chemical will have also Unconventional activity re- successfully finishing the pilot. million barrels of oil per day drilled around 16 wells in quires a large capital invest- This year alone, both com- to its total production. It has the El Orejano block in Vaca ment and a strong develop- panies will have invested also placed the U.S. on track Muerta, in a shale gas pilot ment of human resources and around $1.8 billion and have to surpass Saudi Arabia as the project with an initial invest- technology and this partner- drilled more than 200 wells, in world’s largest oil producer, ment of $188 million. ship represents a new support addition to the dozens of wells according to the International Yet with such a vast deposit for this activity led by YPF, drilled last year in the Loma Energy Agency, while adding that has only recently been ex- particularly for the huge po- Campana area inside Vaca an estimated 2 million jobs plored, this represents a frac- tential that the country has.” Muerta Formation. and $300 billion to its econ- tion of the overall potential. After the signing, Mr. Ga- The investment represents omy, according to market re- “Vaca Muerta is 30,000 luccio said: “In line with our an initial step in a joint $15 search firm IHS. square kilometers of which Strategic Plan and following billion plan, which aims to As this technology and ex- YPF has 12,000,” notes Miguel the success we are achiev- generate up to 75,000 barrels pertise makes its way to the Galuccio, YPF’s CEO. ing in Loma Campana, we of oil per day and 3 million rest of the world, Argentina In late August this year, Ma- believe it is a huge opportu- cubic meters of gas by drilling stands to become an impor- laysia’s Petronas signed a Term nity for YPF and the country 1,400 wells.

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content 6 Tuesday, September 23, 2014 Distributed by USA TODAY ARGENTINA A nation for innovation – from brain drain to brain gain The newly created Ministry of Science, Technology and Productive Innovation is heading the transition to a knowledge-based economy, as Argentina’s brightest minds come home to support the country’s renewed focus on innovation and technology

Technopolis is Latin America’s largest permanent science, technology, industry and art exhibition

fter decades of technology to preserve and “We know very little about brain drain, Ar- maximize its abundant natu- the sea and the information gentina is mov- ral resources and in the pro- we had was outdated and scat- ing to establish cess address global challenges tered,” explains Dr. Barañao. itself as fertile that loom ahead. “By 2050 “We have to raise awareness ground for innovation and there will be 2 billion more by making our presence visible researchA with the creation of people on the planet, which and at the same time work to a Ministry of Science, Tech- means production will have make the most of the resourc- nology and Productive In- to increase by 70%. To make es from the sea, such as energy novation that is playing a key that possible we will have to and food (fishing). We want to role in the country’s econom- increase productivity, make establish that Argentina has ic development. it more efficient, or increase the responsibility of watching “Traditionally politics had arable land by 70%, which is over all of the valuables in the pushed science into the back- completely unfeasible. South Atlantic.” ground,” says Dr. Lino Bara- “Therefore, we have two With a vision of becoming “we send scientists ñao, who was appointed to the main challenges. First, how to a world-class research facility to the U.S. to do newly created post in 2007. work to make industrial agri- for Ocean Science, the Pam- Establishing the ministry was culture sustainable and then to pa Azul project is about as ex- research and they a milestone for a nation whose promote quality work in small pansive as it is ambitious. “It come back with politics once drove their scales of new products, and to encompasses several areas of great added value brightest minds to study and find appropriate markets for government and it’s the first and an experience work elsewhere. these new products.” interdepartmental project that contributes “There were alternative pe- Energy is another area that of this magnitude,” says Dr. significantly to riods like in the last military the country is looking to de- Barañao. the projects we’re dictatorship where scientists velop for its future needs. Spearheaded by the Min- developing here” were considered dangerous, While there’s no shortage istry of Science, the program or dismissible and pointless of traditional energy as the also hopes to develop sea- DR. LINO BARAÑAO, Minister of as they were thought of in the based industries, and includes Science, Technology and Productive 90s. There was also a migra- participation from several Innovation tion wave for economic rea- “Our vision is ministries including Tourism, sons,” says Dr. Barañao. “Today that by having Foreign Affairs, Agriculture, Argentina has reversed that a society based Defense, Environment and trend; we have the highest on knowledge, Sustainable Development, as number of scientists per 1,000 we will be able well as from a number of sci- that it’s open to everybody.” inhabitants in Latin America.” to reach a more entific organizations and na- Argentina’s initiatives have With the creation of the just, equal and tional universities. the scientific community tak- Ministry, came significantly democratic Argentina hopes to build on ing notice. The World Acade- increased funding to its public society” these initiatives by generating my of Sciences, an internation- universities and scientific in- productive relationships with al organization that monitors stitutions. Between 2004 and DR. LINO BARAÑAO, Minister international partners like science and technology in the 2014, support tripled, helping of Science, Technology and the United States. “It’s advan- developing world, held its gen- to not just stem the brain drain Productive Innovation tageous to work together to eral meeting in Buenos Aires of the 1990s, but also create an attract the number of profes- last year and touted Argentina environment in which science sionals we need,” says Dr. Bara- as an appealing place for sci- could flourish. ñao. “We send scientists to the entists, calling it a “model for The government is cur- country has rich deposits of United States to do research scientific growth in the devel- rently looking at creating a fossil fuels; it is looking to de- and they come back with great oping world” in one of its news bureau dedicated to managing velop its portfolio of renew- added value and an experience publications. patents, a potential source of able energies. that contributes significantly More recently, Argentina significant revenue. “We are working on wind, to the projects we’re develop- turned the heads of the inter- “Our job is not only to pro- geothermal, solar, and ther- ing here.” national aerospace and ICT tect what has already been mal,” says Dr. Barañao. “We One of those scientists is Al- community when it became produced but to let it be clearly have a diversity we have berto Kornblihtt, a molecular the first Latin American known that even the most to attend to, each with its own biologist with the University of country – and seventh glob- basic research, if original, can technology but always keep- Buenos Aires and one of Ar- ally – to produce a geosta- bring the country great eco- ing in mind that the continued gentina’s six foreign associates tionary satellite. nomic and social benefits” says production of energy, together with the U.S. National Acade- On August 31, Arsat-1 (the Dr. Barañao. with foodstuff, is one of hu- my of Sciences. Dr. Kornblihtt first of three Made in Argen- The renewed commitment manity’s greatest challenges.” credits Argentina’s public edu- tina satellites that will eventu- to science is integral to Argen- Among the Ministry’s other cation system for the country’s ally take up positions in orbit) tina’s future, says the Science major initiatives is the Pampa strength in biochemistry and was shipped to French Guiana, and Technology Minister. Azul project, which focuses on medical sciences. from where it will be launched “The President’s political exploration and conservation “Our university system is into space this fall. decision was that the Ministry activities surrounding the Ar- an open one,” he says. “There Designed and built by wouldn’t only have a cultural gentine Sea, one of the country’s are no fees for students; all Bariloche-based firm INVAP, or intellectual purpose, but most valued natural resources. throughout there is a principle the satellite will improve that it would also contribute communications throughout to the country social and eco- Argentina, while providing nomic development.” open access and digital tele- Last year, the Minister along vision, according to President with Argentinean President Fernández de Kirchner. Cristina Fernández de Kirch- Hector Otheguy, Gen- ner launched “Innovative eral Manager of INVAP, re- Argentina 2020”, a national marked that Arsat-1 has been research and development made possible because “in strategy aimed at raising R&D the 40 years of INVAP, never spending from .65% to 1.65% has there been such support of GDP, with more focus on for science and technology stimulating activity in six stra- as there has been in the past tegic sectors: energy, industry, decade”. health, agribusiness, social The country that once dis- development, and environ- missed its scientists as “point- mental and sustainable devel- less,” is now embracing them opment. The plan also called as architects of a new world. for increasing the number of “Our vision is that by having researchers in the country a society based on knowledge, from three to five per 1,000 of ARSAT-1 is the first satellite of the Argentine Geostationary Satellite Telecommunications we will be able to reach a more economically active adults. System, a plan that involves the design and manufacturing of three satellites and just, equal and democratic so- The country is looking to their orbit commissioning and operation by Argentina ciety,” concludes Dr. Barañao.

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content Distributed by USA TODAY Wednesday, September 24, 2014 7 ARGENTINA A plan that leaves nobody behind Argentina has been recognized by the World Bank as one of Latin America’s top countries in the fight against inequality. Through a number of initiatives aimed at social inclu- sion, the government is reaching out to those left behind by previous administrations. The creation of AUH (Universal Child Allowance), for example, has pushed overall poverty down more than three percentage points in its first year

hile most plants up to 20 from just eight western in 2003. countries Meanwhile, building a sus- view social tainable pension system is also programs a top priority for the State. as government or public spend- “One of our first objectives ing,W Dr. prefers is retirement, making sure that to call it “social investing”. every Argentinean eligible for Dr. Kirchner heads Argen- retirement can actually retire,” tina’s Ministry of Social Devel- says Diego Bossio, Executive opment, a department that has Director of ANSES, the na- the challenge of improving the tional social security adminis- lives of average Argentineans tration. “Today our rate is 93% – no small task when just over we want to make that 100%.” a decade ago, 50% of the coun- Mr. Bossio suggests that try’s 40 million-plus population key to the sustainability of the lived below the poverty line. country’s social security pro- “In terms of human devel- gram is designing a sound tax “A country’s opment we hold the fifth posi- policy and applying controls to economy should tion amongst Latin American compel contributions. be social; it should and Caribbean countries. This “Society is more aware of exist for the people” means there has been a con- the significance of contribut- siderable qualitative improve- AUH, which covered about 4 the triple bacterial vaccine, “We have one ing. This is a result of a long DR. ALICIA KIRCHNER, Minister of ment compared to our coun- million children in 2012, has which protects against teta- the highest tradition of being true to peo- Social Development try’s situation in 2003,” says Dr. drastically reduced poverty nus, diphtheria and whooping percentages of ple and winning their trust,” Kirchner, who was appointed among the country’s poorest cough. Overall, spending on investment in explains Mr. Bossio, noting Minister of Social Develop- citizens: one year after the vaccines has shot up from $18 children, with that since the government ment that year. program was launched, the per person in 2003 to $155, 10 nationalized private pension Argentina stands out among nation’s overall poverty rate years later. a rate of 8.5% funds in 2008, its assets have the developing countries for its fell from 26 to 22.6%. Children aren’t the only of GDP. It has to grown from $25 billion to $50 public education system, pro- The stipends are contin- beneficiaries of the govern- do with loving billion. viding children free education gent upon their attendance in ment’s programs; in August the country and “A country’s economy from primary school to under- school and keeping up with 2012, the President launched leaving future should be social; it should graduate college. health care checkups and vac- the SUMAR program, an ex- governments a exist for the people. And up “We have one of the highest cines. In fact, part of the gov- tension of NACER – two plans better legacy” until 2003 it existed for the percentages of investment in ernment’s social agenda has that provide free health cover- banks, for credits,” concludes children, with a rate of 8.5% of been to increase the number of age for up to 9.5 million citi- Dr. Kirchner. “We have a com- Dr. Alicia Kirchner Minister of GDP. It has to do with loving free and compulsory vaccines. zens, from newborns to the el- prehensive and interdisciplin- “Argentina has the country and leaving future “When we took office, we derly. And Argentineans seem Social Development ary way of addressing our historically been governments a better legacy,” had six vaccines. We have in- to share in the spirit of helping policies. We believe in social she says. corporated 10 more and today one another; the country tops investment instead of public sensitive to the Furthermore, since the we have added another three the Latin American list for or- inhabitants, the number of spending. We try to go fur- protection of 2009 rollout of the AUH (Uni- to the national calendar,” says gan donations and transplants, transplants has also shot up ther than just supplying food; social rights” versal Child Allowance), fam- President Cristina Fernández according to Spain’s National thanks to the government’s we also aim for employment, ilies receive payments equiva- de Kirchner. Moreover, Ar- Transplant Organization. investment in public hospitals, so that families may organize DIEGO BOSSIO, Executive Director lent to $55 a month, per child gentina is the first country in While today there are which has brought the number themselves with dignity and of ANSES for up to five children. The Latin America to incorporate 42.7 donations per million of hospitals carrying out trans- progress.”

Social housing fuels construction PRO.CRE.AR is a program which looks into solving the housing deficit while also breathing new life into the construction sector

rgentina is pur- our solidarity standard and period of up to 30 years. suing an eco- now the State spearheads a “Argentineans want their nomic model social inclusion system that own home; it’s part of our that includes a is completely different from cultural heritage,” says Mr. policy of social the privatized and individu- Bossio. “Owning a home is inclusion to stimulate its ally focused system that we a way that families and soci- Aeconomy while improving used to have.” ety are strengthened, while the lives of Argentineans. ANSES is behind PRO. more jobs are created.” Diego Bossio is the Ex- CRE.AR, a project that ex- Not only are the loans ecutive Director of ANSES, emplifies the State’s ideal of intended to help Argen- Argentina’s national social using social programs as an tineans build and improve insurance agency, which economic stimulus. Work- their homes, the State also oversees one third of the ing with Banco Hipotecario had in mind that PRO.CRE. national budget and the (the national mortgage AR would drive economic administering of the coun- bank), ANSES is serving as activity in the construction try’s most important social an escrow fund to help fi- sector and generate more initiatives, including unem- nance home building. jobs directly and indirectly. ployment insurance and the Through PRO.CRE.AR, It’s the same philosophy AUH, or Universal Child the government aims to that determines and shapes Allowance, a program that grant 400,000 low-interest ANSES funding strategy. pays children from poor loans to help Argentineans While government bonds families a monthly stipend – who would otherwise be are still the main invest- “Argentineans Mr. Bossio. “Investments employment, because jobs for as long as they remain in ineligible for a mortgage – ment vehicles, Mr. Bossio want their own were previously directed at turn into worker contribu- school. to build, enlarge and repair says his team of young, the financial market, which tions.” home; it’s part “Argentina has histori- their homes, or to purchase educated economists look doesn’t generate jobs. Today The economist is confi- cally been sensitive to the homes being built under to public works and the en- of our cultural our funds go toward proj- dent that the country is on protection of social rights, the project’s own urban de- ergy sector for its medium heritage” ects that go hand in hand the right track. “By working there was a time when we velopment scheme. to long-term investments. with the country’s devel- with this inclusion model abandoned that, but we The loans can reach up “This has meant a trans- diego bossio Executive Director opment. We work towards and betting on energy de- made up for it in 2003,” says to 500,000 pesos ($60,000) formation at the core of our of ANSES a profitable portfolio, but velopment, we will be very Mr. Bossio. “We recovered and can be paid back over a investment strategy,” adds we want profits that create successful,” he says.

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content 8 Wednesday, September 24, 2014 Distributed by USA TODAY ARGENTINA Experience the wonders of Argentina Argentina has seemingly unlimited tourist attractions that leave travelers wanting to come back, and the Ministry of Tourism is enacting policies to help ensure visitors do repeat

rom the verdant gish recovery in Europe and mer by the website TripAd- has cemented its position ings, incentives, conventions rainforest sur- the United States, while an visor, for the price of just one as a top business destina- and exhibitions) tourism rounding Iguazu expanding middle class, night’s lodging in New York, tion, with the government’s for a broad range of sectors Falls – one of the which makes up the bulk of you could sleep for three marketing plans helping to and industries, Argentina is seven natural won- tourist demand, continues nights in Buenos Aires – and bring the number of interna- also a popular destination ders of the world – to the pri- to be visible throughout the use the savings to indulge in tional congresses and con- for world-class events, in- Fmordial landscape that gave region, but especially in Bra- a meal of world-renowned ferences up to 223 last year, cluding the Rally Dakar and birth to the Perito Negro zil, one of Argentina’s largest Argentinean steak and wine. from a mere 17 in 2003. Ac- Moto GP. glacier, a UNESCO World markets. For travelers with an ap- cording to the International “We have all the potential Heritage Site, Argentina of- Since 2010, Argentina preciation for architecture, Congress and Convention to develop a great tourist fers up a array of captivating has been South America’s the city of Córdoba – home Association’s (ICCA) 2013 activity,” the Tourism Min- experiences for any traveler top international destina- to another one of Argentina’s findings, Argentina ranked ister emphasizes. “We have to enjoy. Within its borders tion, accounting for nearly World Heritage sites, the 17th globally in terms of the worked to organize that, lie more than 3,000 miles of a quarter of all international Jesuit Block and Estancias number of meetings held, starting with the legislation. stunning coastline, tower- “the number of tourists in the region. How- of Córdoba – vibrates from with Buenos Aires coming We didn’t only work on the ing, snow-capped Andean local tourists ever, about seven out of ev- the ringing of more than 80 in first among North and National Tourism Bill but peaks, lush wine-producing traveling our ery 10 international tourists magnificent bell towers. In Latin American cities. Next also on others that contrib- valleys, historical towns and territory has arriving in Argentina come addition to the wonders of year, in fact, the capital city uted positively; at the same bustling cosmopolitan cities increased from countries in the sur- Iguazu and Los Glaciares, will host the ICCA Confer- time worked on training, that keep visitors longing to notably” rounding region, meaning Argentina has more than ence, beating out contend- excellence in our quality and return for more. that the largest tourism mar- 30 national parks, as well ers Houston and Dubai. planning. Also, the situation Each year, some 5.7 mil- enrique meyer, Minister of Tourism kets in North America, Eu- as Aconcagua, the tallest While Córdoba, Mar del in Argentina has improved lion international tourists rope and Asia remain largely mountain in all of the Amer- Plata, Rosario, La Plata, and so the number of local converge on South Ameri- untapped. icas, measuring 22,841 ft. Bariloche and Salta are other tourists traveling our terri- ca’s second-largest country, Although traveling to Ar- Meanwhile, the country choice sites for MICE (meet- tory has increased notably.” buoying its economy with Brazil. Last year, Aerolíneas gentina requires just a short $4.4 billion in spending, Argentinas, now a member amount of additional flight Cafayate, Salta according to the United of SkyTeam, reopened the time, compared to a typi- business tourism Nations World Tourism non-stop service from Bue- cal trans-Atlantic trip, the is a strong Organization. But while it nos Aires to New York City’s country offers an outstand- and growing remains the top destination JFK. ing competitive advantage, sector. Buenos on the continent, Argen- “Aerolíneas Argentinas in terms of its affordability, Aires ranks 14th tina’s size, its rich historical went from carrying 5 million its world-class tourism and internationally and cultural heritage and passengers in 2008 to a fore- hospitality resources, and its stunning geography re- casted 10 million this year. the quality of experiences and 1st within main untrammeled, offering No other South American that it offers. Consider Bue- North and Latin a multitude of unique and airline has ever grown that nos Aires, which ranks 86th America in terms truly authentic experiences. fast,” boasts Mariano Re- this year on Mercer’s list of of the number of To help tap this potential, calde, airline president, who the world’s most expensive meetings held the country’s public and adds that the company has cities, behind Chicago and private sector have made managed to lower costs and White Plains, NY, despite a concerted effort over the raise income by 80% since earning a place as one of the past decade. This new focus, coming under state control. seen as vital to the country’s Another factor that has progress, has helped bring helped propel the country’s Glacier Perito Moreno, Santa Cruz about fundamental changes tourism market is the dy- to the travel industry’s tra- Camino de los Siete Lagos, Neuquén jectory. Since 2010, “On December 16 of 2004 the lower house [of parlia- Argentina has ment] approved the new been South National Tourism Bill. That America’s top bill marked a turning point,” international explains Enrique Meyer, Ar- destination, gentina’s Tourism Minister. accounting for “The Public-Private Institute nearly a 25% of for the Promotion of Tour- all international ism (Inprotur) was created, tourists in the an organization that pro- region motes Argentina in foreign countries. A key factor to emerge from this effort is the rise in the overall number of Ar- gentineans who now travel, particularly within their own country. The share of the population that took at least one leisure trip in the previous year rose from 35% to 43% between 2006 and 2012 and tourism officials are hopeful that it will soon represent a majority of the country’s population. Like- wise, the number of tourist arrivals at domestic destina- tions rose from 28 million in 2003 to 44.9 million in 2013. The Argentinean flagship carrier’s new domestic and international routes have also given tourism an extra boost. Aerolíneas Argentin- as – formerly under Spanish Glacier National Park, Santa Cruz private management and re- nationalized in 2008 when it was on the verge of disap- namic growth taking place top destinations in the world pearing – flies to 35 desti- in the region. The South for its unrivaled nightlife nations within the country, American economy as a and entertainment, gastron- 22 of which are served by whole has shown enviable omy, culture and architec- no other airline, and offers economic progress, espe- ture. Similarly, according to Iguazu Falls, Misiones 85 weekly connections to cially compared to the slug- a survey released this sum- www.aerolineas.com.ar

Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content