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Spanish Direct Investment in Latin America: Challenges and Opportunities William Chislett

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Spanish Direct Investment in Latin America: Challenges and Opportunities William Chislett William Chislett Spanish Direct Investment in Latin America: Challenges and Opportunities William Chislett Challenges and Opportunities Spanish Direct Investment in Latin America: William Chislett was born in Oxford in 1951. He reported on Spain’s 1975-78 transition to democracy for The Times. Between 1978 and 1984 he was based in Mexico City for The Financial Times, covering Mexico and Central America, before returning to Madrid in 1986 as a writer and translator. He has written books on Spain, Portugal, Chile, Ecuador, Panama, Finland, El Salvador and Turkey for Euromoney Publications. The Writers and Scholars Educational Trust published his The Spanish Media since Franco in 1979. Banco Central Hispano published his book España: en busca del éxito in 1992 (originally published that same year by Euromoney), Spain: at a Turning Point in 1994, and Spain: the Central Hispano Handbook, a yearly review, between 1996 and 1998. Banco Santander Central Hispano published his dictionary of economic terms in 1999 and his Spain at a Glance in 2001. He wrote the section on Latin America for Business: The Ultimate Resource (Bloomsbury, 2002), and in 2002 the Elcano Royal Institute published his book The Internationalization of the Spanish Economy. He is married and has two sons. Praise for previous books on Spain One of the great attractions is the author’s capacity to gather, analyze and synthesize the most relevant economic information Spanish Direct Investment and explain its implications concisely and directly. in Latin America: Guillermo de la Dehesa, Chairman of the Centre for Economic Policy Research (CEPR), El País Challenges and Opportunities Stylish and impressive. Eric Hobsbawm William Chislett My staff found it to be an extremely valuable resource. Richard Gardner, former US Ambassador to Spain A triumph of selection, concision and exposition. Professor Alex Longhurst, University of Leeds, International Journal of Iberian Studies For up-to-date information and perceptive analysis presented in an elegant and incisive style, academics, economists, journalists and Hispanophiles in general are in William Chislett’s debt. Paul Preston, Professor of International History, London School of Economics Most skilful in combining information with readability … my vade mecum for contemporary Spain. Sir John Elliott, former Regius Professor of Modern History, University of Oxford No one surveys the data more comprehensively, digests it more efficiently, relates it more lucidly or presents it with more critical intelligence. Felipe Fernández-Armesto Spanish Direct Investment in Latin America: Challenges and Opportunities William Chislett Published by the Real Instituto Elcano de Estudios Internacionales y Estratégicos The information contained herein has been compiled from sources believed to be reliable but, while all reasonable care has been taken to ensure that the information is not untrue or misleading at the time of publication, the Real Instituto Elcano de Estudios Internacionales y Estratégicos makes no representation that it is accurate or complete and it should not be relied upon as such. All opinions and any mistakes are solely those of the author. www.realinstitutoelcano.org © William Chislett Design and layout: Olivé | López | Lara Printed by: Gráficas Monterreina, S.A. Legal number: Free copy. No sales allowed. For my sons Tomás and Benjamin, born in Mexico, residents of Spain, university students in the United Kingdom… citizens of the world. Spain was the first multinational. Henry Kamen, author of Spain’s Road to Empire, The Making of a World Power, 1492-1763. Our country —our countries— are in a deep sense more a fiction than a reality. Mario Vargas Llosa, writing on Latin America. Acknowledgements This book follows on from The Internationalization of the Spanish Economy, which was published by the Real Instituto Elcano in September 2002, and explores in much greater detail Spanish direct investment in Latin America. In order for the reader to better understand the factors behind this investment drive, which has enabled Spain to join the select ranks of net investor countries and represents a significant structural change in the economy, I look at investment in the broadest context possible. This book is thus as much about Latin America as it is about Spain. I am particularly grateful to Emilio Lamo de Espinosa, the Institute’s director, for his continued confidence in me, to Paul Isbell, the Institute’s Senior Analyst for International Economics and Trade, and Carlos Malamud, Senior Analyst for Latin America, for their support and guidance, and to Javier Noya, Analyst for Perception and Foreign Image of Spain. I would also like to thank the following people: Mónica Algaba, press office, ICEX; Alfredo Arahuetes, Professor of International Economics, Faculty of Economic and Business Sciences, Universidad Pontificia Comillas, Madrid; Anthony Axon; Terry Baker- Self, research editor of The Banker; Manuel Balmaseda, Chief Economist, Spain, Banco Bilbao Vizcaya Argentaria; Cristina Bergón, analyst, Santander Central Hispano Bolsa; Jorge Blázquez, senior economist, Banco Bilbao Vizcaya; Alvaro Calderón, Economic Affairs Officer, Unit on Investment and Corporate Strategies, Economic Commission for Latin America and the Caribbean (ECLAC); Ramón Casilda; Antonio Cortina, deputy head of the research department of Santander Central Hispano; Andrew Crawley, Integration, Trade and Hemispheric Issues Division at the Inter-American Development Bank; Julián Cubero, economist, Banco Bilbao Vizcaya Argentaria; Thomas Dauterman for copiously editing the text; Carlos Doussinague, manager, industrial portfolio of Santander Central 5 Hispano; Felipe Fernández-Armesto, for sending me the manuscript of his book The Americas, a Hemispheric History (Phoenix Press, 2003); Fernando Fernández, Rector of the European University of Madrid, for reading the manuscript; Carlos Manuel Fernández- Otheo, Complutense University, Madrid; Domingo García, head of the Madrid Stock Exchange’s research department; Lola González, Strategic Planning Director, Y&R, Spain; Keith Grant; Steve H. Hanke, Professor of Applied Economics at Johns Hopkins University; Carmen Hernansanz, Chief Economist Banking and New Economy, Banco Bilbao Vizcaya Argentaria; Edward Holland, manager, international media relations of Telefónica Móviles; Mariano Morcate, Santander Central Hispano; Carmen Moyano, Banco Bilbao Vizcaya Argentaria; Antonio Pareja, General Manager of Planning and Resources, Endesa; Emilio Ontiveros, Dean of Business Studies, Universidad Autónoma, Madrid; Raúl Peralba, Chairman of Positioning Systems; Paolo Passerini, Eurostat; Rodrigo Park, Banco Río (Grupo Santander); Dr Rogelio Ramírez De la O, President of Ecanal, Mexico; María Ritter, press office, Repsol YPF; Javier Santiso, Chief Economist, Latin America, Banco Bilbao Vizcaya Argentaria; Miguel Sebastián, Chief Economist of Banco Bilbao Vizcaya Argentaria; Luciana Taft, economist, Banco Bilbao Vizcaya Argentaria; José Luis del Valle, Director of Strategy, Iberdrola; Claudio Véliz; Katharine Venus, Standard & Poor’s, London; and Carlta Vitzthum, Madrid correspondent of the Wall Street Journal. Lastly, I would like to thank Bloomsbury Publishing Plc for permission to quote from the country profiles of Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela which I wrote for inclusion in Business: The Ultimate ResourceTM and which are © Bloomsbury Publishing Plc 2002. I found the following publications particularly useful: Foreign Direct Investment in Latin America, the Role of European Investors (Inter-American Development Bank, 2001); Foreign Direct Investment for Development, Maximizing Benefits, Minimizing 6 Costs (OECD, 2002); International Investment Perspectives (OECD, 2002); Integration and Trade in the Americas (Inter-American Development Bank, 2002); Foreign Investment in Latin America and the Caribbean, 2001 (Economic Commission for Latin America and the Caribbean); Latin America at a Glance (Economist Intelligence Unit, 2003 edition); Americas Review 2002/03 (The World of Information); Latin Watch (Banco Bilbao Vizcaya Argentaria); Empresas Multinacionales Españolas (ICE 799, April-May 2002, Spanish Ministry of Economy); Economía Exterior (Number 22, Autumn 2002); La Década Dorada, Economía e Inversiones Españolas en América Latina 1990-2000 by Ramón Casilda (University of Alcalá, 2002) the magazine Latin Finance; and Palapa, a web guide on what the international press says about Latin America, published by Ronald Buchanan. For general economic and political history I recommend Edwin Williamson’s The Penguin History of Latin America (Penguin, 1992), Carlos Fuentes’ The Buried Mirror (André Deutsch, 1992) and Hugh O’Shaughnessy’s Latin Americans (BBC Books, 1988). William Chislett Madrid and Buendía, March 2003 [email protected] 7 Contents Preface, Eduardo Serra, Chairman of the Real Instituto Elcano Chapter 1 Overview Changes in Latin America, 25; Factors Determining Investment Decisions, 33; Main Recipients of Spanish Investment in Latin America, 37; Trade with Latin America and Competition between the European Union and the United States, 38; Impact of Argentina’s Crisis, 43. Chapter 2 The Players Telefónica, 52; Repsol YPF, 59; Santander Central Hispano, 60; Banco Bilbao Vizcaya Argentaria, 64; Endesa, 66; Iberdrola, 69; Unión Fenosa, 69; Gas Natural, 71; Dragados, Ferrovial Agroman, SACYR and OHL, 71; Empresa Nacional de Celulosa, 72; Aguas de Barcelona, 74; Mapfre, 74; Iberia, 74; Sol Meliá,
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