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Business Insights on Emerging Markets 2020

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Business Insights on Emerging Markets 2020 BUSINESS INSIGHTS ON EMERGING MARKETS 2020 ASIA LATIN AFRICA AMERICA INVESTMENT SMART CITIESDIGITALISATION INFRASTRUCTURE INNOVATION SUSTAINABILITY NEW TECHNOLOGIES REGIONAL INTEGRATIONMARKETS SKILLSREGULATIONS PRODUCTIVITYTRADE INDUSTRIALISATION COMPETITIVENESS Cite this study as: OECD (2020), “Business Insights on Emerging Markets 2020”, OECD Emerging Markets Network, OECD Development Centre, Paris, http://www.oecd.org/dev/oecdemnet.htm. BUSINESS INSIGHTS ON EMERGING MARKETS 2020 OECD DEVELOPMENT CENTRE The Development Centre of the Organisation for Economic Co-operation and Development (OECD) was established in 1962 and comprises 56 member countries, of which 27 are OECD members and 29 are developing and emerging economies. The European Union also takes part in the work of the Centre. The Development Centre occupies a unique place within the OECD and in the international community. It provides a platform where developing and emerging economies interact on an equal footing with OECD members to promote knowledge sharing and peer learning on sustainable and inclusive development. The Centre combines multidisciplinary analysis with policy dialogue activities to help governments formulate innovative policy solutions to the global challenges of development. Hence, the Centre plays a key role in the OECD’s engagement efforts with non-member countries. To increase the impact and legitimacy of its work, the Centre adopts an inclusive approach and engages with a variety of governmental and non-governmental stakeholders. It works closely with experts and institutions from its member countries, has established partnerships with key international and regional organisations and hosts networks of private-sector enterprises, think tanks and foundations working for development. The results of its work are discussed in experts’ meetings as well as in policy dialogues and high-level meetings, and are published in a range of high-quality publications and papers for the research and policy communities. For more information on the Centre, please visit www.oecd.org/dev. OECD EMERGING MARKETS NETWORK Emerging Markets Network (EMnet) is an OECD-sponsored initiative dedicated to the private sector. Managed by the OECD Development Centre, the Network fosters dialogue and analysis on emerging economies and their impact on global economic and social issues. EMnet gathers top executives (chief executive officers, vice-presidents, managing directors, chief financial officers, heads of strategy, chief economists) of multinational companies from diverse sectors, willing to engage in debates with high-level policy makers, including heads of state and ministers, and OECD experts. EMnet events are closed to the public and media and operate under Chatham House rule to encourage open and dynamic discussions on doing business in Africa, Asia and Latin America. To learn more about EMnet, please consult www.oecd.org/dev/oecdemnet.htm. 2 BUSINESS INSIGHTS ON EMERGING MARKETS 2020 © OECD 2020 EDITORIAL The world is changing fast. The Coronavirus (COVID-19) crisis has impacted our lives in previously unimaginable ways. The way we choose to adapt to this new reality – together or apart, accelerating our efforts to address existing challenges or deferring them – will shape our reality in the years to come. The OECD Development Centre believes the international response to COVID-19 must combine immediate and co-ordinated efforts to confront the health crisis and protect the most vulnerable with a medium-term and long-term commitment, to enhance resilience by strengthening the local economic and industrial base and improving national health and social protection systems. As we survey current policy responses across the globe, we echo the voices from across the private sector that call for avoiding protectionism and facilitating the continuous flow of goods and services, including food, drugs and medical supplies. There are increasing concerns that as COVID-19 will continue spreading across the globe, further trade restrictions could affect badly needed medical supplies and generate supply-chain disruptions in food or other essential goods and services. The repercussions of this would be particularly severe for developing countries. Heterogeneity across developing economies and uncertainty as to the length and depth of the effect of COVID-19 make it difficult to estimate the full impact of the crisis. There is a risk that the global slowdown and the shutdown of domestic economic activities can erase years of hard-won progress towards poverty reduction and worsen pre-existing structural challenges and inequalities, compromising the already difficult trajectory to the Sustainable Development Goals (SDGs). While the situation is severe, this extraordinary context could also be an opportunity to have governments and other stakeholders work hand in hand to rebuild social trust and implement the long-term policy reforms needed to strengthen fiscal capacities, increase resilience and promote a more inclusive recovery. This edition of the Business Insights on Emerging Markets comes at a critical time and is a welcome contribution to the discussion on the policy levers that can bring about this recovery. It provides private sector perspectives on existing barriers and potential enablers for business in areas that can contribute to long-term investment and sustainable growth across emerging markets, from new technologies in Latin America and smart cities in Asia to production transformation in Africa. In spite of the pandemic, it will be more important than ever before to remain focused on pending structural reform agendas included in this report, such as improving the investment climate, promoting innovation, enhancing hard and soft infrastructure and closing the digital gap in terms of quality and coverage. BUSINESS INSIGHTS ON EMERGING MARKETS 2020 © OECD 2020 3 Even as we address aspects of immediate concern we must not lose sight of this long-term view. Once we have managed this crisis, the challenges that existed before it will remain, or will be exacerbated. The Development Centre will continue to promote a dialogue across countries at different levels of development, together with a multiplicity of economic actors, including the private sector, to design a truly global and sustainable recovery. Mario Pezzini Director, OECD Development Centre, and Special Advisor to the OECD Secretary-General on Development 4 BUSINESS INSIGHTS ON EMERGING MARKETS 2020 © OECD 2020 ACKNOWLEDGEMENTS The OECD Development Centre’s Emerging Markets Network (EMnet) prepared this publication, which includes a contribution from the Emerging Markets Institute of the Samuel Curtis Johnson College of Business at Cornell University. Bathylle Missika, Head of the Networks, Partnerships and Gender Division, and Lorenzo Pavone, Deputy Head of the Networks, Partnerships and Gender Division, guided the project. The publication was developed by Melanie Vilarasau Slade, EMnet Co-ordinator, and Robbert van Eerd, EMnet Policy Analyst. Chapter 1 “China, forging ahead on the innovation path” was written by Lourdes Casanova and Anne Miroux of the Emerging Markets Institute at Cornell’s Samuel Curtis Johnson College of Business, Cornell University. This chapter builds on a previous publication by both authors. Chapter 2 “Smart cities as engines for growth in Asia” was drafted by Robbert van Eerd and Jaya Jain of the EMnet team. The first section of this chapter was prepared with the help of Leah Zinonos, MBA student at the INSEAD business school. Kensuke Tanaka, Head of the Asia Desk, and Prasiwi Ibrahim, Economist at the OECD Development Centre’s Asia Desk also contributed to this chapter. The report also benefitted from comments from Elias Miles (Schneider Electric) and by representatives of Schréder. Chapter 3 “Leveraging the impact of new technologies in Latin America” was written by Robbert van Eerd and Martina Fattiboni Ferrara of the EMnet team, with the help of Valentine Staub. The first section of this chapter was prepared with the help of Nadine Farouq, MBA student at the INSEAD business school. Sebastian Nieto-Parra and José René Orozco of the OECD Development Centre’s Latin America and the Caribbean Desk provided insights. This chapter also benefitted from comments and inputs from Miguel Abad (MOVO) and representatives from Amazon Web Services, SUEZ and Telefónica. Chapter 4 “The future of production in Africa: The case for regional integration” was written by Robbert van Eerd and Oumar Ba from the EMnet team. The first section of this chapter was prepared with the help of Akhil Khurana, MBA student at the INSEAD business school. The report also benefitted from comments from Dr. Arthur Minsat, Head of the Europe, Middle East and Africa Desk at the OECD Development Centre; Bakary Traoré, Economist, and Francesco Napolitano, Policy Analyst, at the Middle East and Africa Desk at the OECD Development Centre; and Melanie Vilarasau Slade, EMnet Co-ordinator. The private sector insights section benefitted from comments by Dr. Patrick Ndzana Olomo from the African Union Commission, and from comments from Adam Lane (Huawei Kenya), Elisabetta Purlalli (Eni), Elzo Kannekens (MSD Animal Health), and Olga Kayayan (Boniswa Group). Views from representatives of Intesa Sanpaolo further sharpened the analysis. The team is very grateful to the OECD Development Centre’s Communications and Publications Unit, especially Delphine Grandrieux, for their support in producing this publication, as well as the copy-editors
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