EMERGING MARKET MULTINATIONALS REPORT (EMR) 2020 10 YEARS THAT CHANGED EMERGING MARKETS Lourdes Casanova, Senior Lecturer, Gail and Rob Cañizares Director Anne Miroux, Faculty Fellow 10 YEARS THAT CHANGED EMERGING MARKETS EMI REPORT 2020 ©Cornell University ©Lourdes Casanova ©Anne Miroux 2021. All right reserved. ISBN-13: 978-1-7328042-4-1 ISSN 2689-0127 No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system without prior permission of the copyright owners. ii EMI REPORT 2020 10 YEARS THAT CHANGED EMERGING MARKETS Authors Lourdes Casanova is the Senior Lecturer and Director of the Emerging Markets Institute in the Johnson School of Management, at Cornell University. Formerly at INSEAD, she specializes in international business with focus on emerging market multinationals. In 2014 and 2015, she was named one of the 50 most influential Iberoamerican intellectuals by Esglobal. She has also been a Faculty Fellow at the Atkinson Center for a Sustainable Future and was a Fulbright Scholar, earning her Master degree from the University of Southern California and her PhD from the University of Barcelona. She has been a visiting professor at the Haas School of Business, University of California at Berkeley; Judge Business School, University of Cambridge and Latin American Centre, University of Oxford; University of Zurich and Universidad Autónoma de Barcelona. She was a consultant with the Inter-American Development Bank and directed executive programs at INSEAD for senior managers including Telefónica, BBVA, Cemex and the Brazilian Confederation of Industries. Lourdes Casanova’s publications include: Entrepreneurship and the Finance of Innovation in Emerging Markets, Elsevier, 2017, co- authored with P. Cornelius and S. Dutta; the Emerging Market Multinationals Report 2016: The China Surge, co-authored with A. Miroux; The Political Economy of an Emerging Global Power: In Search of the Brazil Dream, Palgrave Macmillan 2014, co-authored with J. Kassum; and ‘Global Latinas: Latin America’s emerging multinationals’ Palgrave Macmillan 2009. She also co-authored ‘Innovalatina, Fostering Innovation in Latin America’, Ariel 2011, and has contributed articles in journals including Beijing Business Review, International Journal of Human Resource Management, Business and Politics and Foreign Affairs Latinoamérica. She is a member of Latin America Global Agenda Council and the Competitiveness in Latin America taskforce of the World Economic Forum, the B20 Task Force on ICT and Innovation in G20 summit, Los Cabos (2012), and at INSEAD was responsible for the Goldman Sachs 10,000 women initiative. She is a board member of Boyce Tompson Institute, start-up Documenta. She is a founding Board Member of the Societé des Amis du Chateau de Fontainebleau and a member of the Advisory Council of the Tompkins Public Library. She is a founding board member of the Emerging Multinationals Research Network and co-founder of the Ithaca Hub of Global Shapers. Writer of an op-ed at Latin Trade and regular contributor to CNN en español http://cnnespanol.cnn.com/. Anne Miroux is a Faculty Fellow at the Emerging Markets Institute, Johnson School of Management at Cornell University. She has over 30 years of experience in international trade and finance. She began her career in the United Nations Centre on Transnational Corporations in New-York, and later joined the United Nations Conference on Trade and Development (UNCTAD) where she specialized on developing country debt, foreign direct investment and transnational corporations, and technology and innovation policies. For several years she headed the Investment Analysis Branch in UNCTAD and directed the World Investment Reports (WIR), the United Nations flagship report on FDI and transnational corporations and served as the Editor of the UN Transnational Corporations Journal. She published a number of papers and articles and led research projects and technical assistance activities in developing countries on debt, FDI and development. Until late 2015 Anne Miroux was the Director of the Division on Technology and Logistics in UNCTAD, and Head of the Secretariat of the UN Commission on Science and Technology for Development (CSTD). She is a member of the Advisory Board of the Technology and Management Center of the Department of International Development at Oxford University. She is also a member of the Board of NetExplo. Anne Miroux has an MBA from HEC, Ecole des Hautes Etudes Commerciales, and a diploma from IEP (Institut d'Etudes Politiques – Paris). She holds a PHD in Economics from University of Paris I - Sorbonne. iii 10 YEARS THAT CHANGED EMERGING MARKETS EMI REPORT 2020 Contributors Momina Aijazuddin IFC’s Global Head of Microfinance/ Financial Inclusion and works also as Principal Investment Officer in IFC's Financial Institution Group (FIG). She covers IFC’s microfinance investment and advisory activities globally, which exceeds cumulative investments of US$6 billion worldwide with over 300 MFIs, in addition to advisory services worth $63.7 million in 68 projects across 30 countries. This includes oversight of the work in Responsible Forum (which IFC manages for the GPFI/ G20) and leading projects in digital transformation for MSME focused Banks and MFIs. She is leading IFC’s efforts to scale up private sector commitments with strategic partners in the digital finance, microfinance and fintech space committed to achieving the World Bank Group’s Universal Financial Access by 2020. She was also a core member of the drafting team for the G20 Digital Financial Inclusion Principles. She manages the IFC Boulder strategic partnership and hosts the training for Boulder- IFC Strategic Leadership in Microfinance which has trained almost 350 leaders in the financial inclusion space. Momina brings over 25 years of investment transaction experience in financial services, microfinance and manufacturing sectors in over 60 countries across Africa, Asia, Eastern Europe, MENA and LAC regions. She has spent the last four years heavily engaged with IFC’s financial inclusion efforts in China; including with leading banks and MFIs in digital transformation and fintech players. She was recognized as Global 100 top 100 women in 2019 FINTECH by Lattice80, a fintech hub. Momina has served on the Supervisory Board of the Microfinance Initiative for Asia (MIFA), a US$175 million debt fund, launched by IFC and KFW and managed by Blue Orchard and is currently on the Board of Microfinance Enhancement Facility (MEF). Veneta Andonova Associate Professor and since 1st November 2019 Dean of Universidad de los Andes School of Management in Colombia. She got her Ph.D. degree in Management from Universitat Pompeu Fabra, Spain. She had been a full-time faculty at top business schools in Latin America and at the American University in Bulgaria. Her interests are at the intersection of business strategy and institutional analysis with a focus on Latin American multinationals, non-market resources and entrepreneurial ecosystems in emerging markets. Her research was published in Entrepreneurship Theory and Practice, Journal of Business Research, Journal of Development Economics, Journal of Development Studies, Journal of Socio-economics, Telecommunications Policy, Review of Law and Economics among others. She is a regular presenter at international conferences. Her latest book is titled Entrepreneurial Ecosystems in Unexpected Places and was published in 2019 by Palgrave Macmillan. Manisha Barnwal Senior Product Manager (Tech.) at Amazon. She received her MBA from the SC Johnson Graduate School of Management, Cornell University in 2020. She has expertise in various roles spanning the tech and finance industries in India. She founded a seed-funded startup ‘Envoged’ in the consumer tech industry in India, following which she oversaw the mobile platforms in Pepperfry, a Series-F Indian ecommerce company. Manisha also has two years of experience in the Finance industry. She worked at Bank of America as an Investment Banking Analyst in the healthcare sector. She holds a degree in Metallurgical Engineering from Indian Institute of Technology, Kharagpur (2013). Limin Chen Professor in the School of Economics & Management at Wuhan University. She is also the director of Centre for Global Strategy at Wuhan University. She received her Ph.D. from Wuhan University in China, and was once a visiting professor at the Stern Business School of New York University in 2008. Her research interests are global strategy and institutional complexity, especially for Chinese multinationals. Anabella Davila (Ph. D. The Pennsylvania State University) is a Professor of Management and Strategy and the Research Chair of the Strategy and Management in Emerging Economies Group. Previously, she was the Ph.D. in Business Administration Program Director and Research Director at EGADE Business School Monterrey, Tecnologico de Monterrey, Mexico. She has co-edited several books, research chapters, and journal refereed articles on Latin American work culture and human resource management. In addition to culture and human resource management in Latin American organizations, her current research interest includes human development and social sustainability. Dr. Davila has been a guest professor and invited researcher at several national and international universities. She is currently an active member of the Academy of Management, Mexican Academy of Sciences, National