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Colombia's president-elect Ivan Duque during a campaign rally in Cali, Colombia earlier this month. His victory should support economic policy continuity, Fitch argues. (Photo: Duque Campaign).
Wednesday, June 20, 2018
Trade Talk

Latin America: Buenos Aires Most Competitive City


Argentine capital more competitive than Dubai, Frankfurt and Miami.

 

BY LATINVEX STAFF


Buenos Aires is the most competitive city in Latin America for companies, followed by Brazilian business hub Sao Paulo and Mexican capital Mexico City, according to the latest Global Cities Report from A.T. Kearney.

 

The ranking looks at which cities are best at attract the best companies, the top talent, and the most investment dollars and includes 135 cities worldwide, including 13 in Latin America. It looks at such factors as business activity, human capital, information exchange, political engagement, and cultural experiences that help organizations and people to thrive.


Interestingly enough it excludes Panama City, home to a growing number of multinationals in Latin America and the regional headquarters for such companies as Denmark-based Maersk (the world’s largest shipping line) and Germany-based sportswear manufacturer Adidas.


According to A.T. Kearney, Buenos Aires is more competitive than cities like Dubai, Frankfurt and Miami.

Meanwhile, Sao Paulo is more competitive than cities like Munich, Zurich, Atlanta and Geneva, while Mexico City is more competitive than cities like Stockholm, Milan and Houston.


Colombian capital Bogota (55) and Rio de Janeiro, Brazil (56) are more competitive than cities like Tel Aviv and New Delhi, according to the index from A.T. Kearney.

 

 

Most Competitive Cities

LatAm Rk

Gl Rk

Ch

City

1

25

1

Buenos Aires, Argentina

2

31

Sao Paulo, Brazil

3

38

-4

Mexico City, Mexico

4

55

Bogota, Colombia

5

56

-4

Rio de Janeiro, Brazil

6

60

Santiago, Chile

7

61

Lima, Peru

8

81

-2

Caracas, Venezuela

9

93

-5

Porto Alegre, Brazil

10

95

-6

Belo Horizonte, Brazil

11

98

-4

Guadalajara, Mexico

12

99

-4

Monterrey, Mexico

13

101

-8

Salvador, Brazil

14

122

2

Puebla, Mexico

Sources: A.T. Kearney Global Cities Index 2018; Latinvex (LatAm ranking)

 

 

 

COLOMBIA: POLICY CONTINUITY AMIDST CHALLENGES

 

The victory of Ivan Duque in Colombia's presidential election should support economic policy continuity, including the inflation-targeting and flexible exchange rate regimes, but boosting growth and fiscal consolidation will be key challenges for his administration, says Fitch Ratings.

 

The election of Duque, who was elected Sunday with 54 percent of the vote, was welcomed by the country's top business group ANDI, Portafolio

reports. Alberto Carrasquilla, Colombia's finance minister 2003-07, will likely play a key role in economic policy, El Tiempo reports. The results come after investors had been alarmed by Duque's leftist rival's promise to overturn Colombia's orthodox economic model, Reuters reports.

 

“Consistent and credible macro policies are a rating strength for Colombia and the continuation of fiscal adjustment as per Colombia's fiscal rule will be important for sustaining policy credibility,” Fitch argues.

The presidential result follows congressional elections earlier in the year where center and center-right parties, including Duque's own Centro Democratico (CD) party, made significant gains in the House of Representatives. The CD also holds the largest number of seats in the Senate.

 

“The political alignment of the congress should support governability in the
new presidential administration,” Fitch says. “The legislature is likely to be generally supportive of the policy agenda, though its composition remains fragmented, with no single party holding a majority of seats in either house, and will require coalition building.”


The 2019 budget will be a key fiscal test for the new government, especially as Duque campaigned on a platform to cut corporate income taxes, which, if implemented, would make it more difficult to achieve the 2019 deficit target, Fitch adds.

 

“The oil sector is a particular bright spot for the economy and should bolster capital investment this year and next,” it says.

MOSAIC CEO WINS BRAZIL-FLORIDA AWARD

 

James "Joc" O'Rourke, President and Chief Executive Officer at the Mosaic Company, has been awarded the 2018 Brazil-Florida Business Award from the Brazil-Florida Business Council.

 

“O'Rourke was selected as awardee by the Brazil-Florida Business Council (BFBC) for his continued contributions to the economic and social lives of both Brazil and Florida,” BFBC says.

O'Rourke has been Mosaic's Chief Executive Officer and President since August 2015. Prior to that, he served in the roles of Chief Operating Officer and Executive Vice President of Operations since joining the company in 2009. He has over 25 years of experience in operating global mining enterprises and has spearheaded a variety of large scale expansion projects. 

The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients for the global agriculture industry. Florida is the home of Mosaic's phosphate operations headquarters. Mosaic's recent acquisition of Vale Fertilizantes in Brazil, is the next step in its global growth strategy and expands the company's market access to one of the key agricultural economies in the world. The acquisition doubled the size of Mosaic's global workforce and grew its output in the Americas by adding 4.5 million tons of phosphate production capacity in Brazil.

O’Rourke will be formally honored at the Brazil-Florida Business Award Luncheon, which will be held at the Tampa Marriott Waterside Hotel & Marina on November 7, 2018, with a special introduction by Jose Luis Cutrale, Chairman of the Board at the Cutrale Group and the 2017 Brazil-Florida Business Award honoree. 


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