G20 in Argentina: an opportunity for the entrepreneurial ecosystem
Article by Francisco Coronel, co-founder of NXTP Labs
During the rest of 2018, Argentina will be in charge of the presidency of the G20, the forum of the world’s leading economies. This sequence of activities that take place throughout the year constitutes an institutional marketing tool that the venture capital and entrepreneurial sector should take advantage of.
The G20 is the main international forum for economic, financial and political cooperation, in which world leaders participate. It is a key space for discussion and decision-making to coordinate policies in the face of major international challenges.
Throughout 2018, Argentina will organize more than 50 meetings with top-level officials and businessmen. More than 20 thousand qualified people will visit our country to participate in different activities.
It should be noted that this is the first G-20 summit to be held in South America. Also, as the G20 is not a fixed structure organization, the host has the responsibility to channel issues and articulate coincidences.
The agenda proposed by Argentina in its role as host of the G20 assumes four priorities:
- The future of work. How technology affects the global job supply.
- Infrastructure for Development. How emerging countries execute and finance long-term impact projects.
- A Sustainable food future. How to make food production more effective and efficient in the face of global population growth. Technology for Agriculture (Agtech) as an alternative to scale up.
- General Regulatory Aspects, especially those related to Fintech and cryptocurrencies.
A few days ago I participated in the IIF G20:’The G20 Agenda under the Argentine Presidency’. I would like to highlight the following points of what happened in the event:
Tim Adams, President & CEO of the IIF said at the opening: “Argentina is back” in order to affirm that the reinsertion of Argentina into the world is a fact and not an expectation, together with David Malpass, Under Secretary for International Affairs, U.S. Department of the Treasury.
As for the future of the work, a brief question was asked to the sophisticated audience during the day: “Do you think that eventually a robot will replace you in your work? Surprisingly, almost 70% of the audience answered NO.
A problem shared by all countries was the crisis in the pension system. Some suggestions for solutions are aimed at promoting additional long-term private savings through secure financial products for this purpose.
Within the panel on policy and economics in Latin America, the level of indebtedness of emerging countries and especially Argentina was discussed. Mauro Roca, Managing Director, Emerging Markets Sovereign Research Division, TCW said something I share: “Capital Flows are much more important than Debt Stocks”.
Another topic that I found very remarkable was to hear Federico Sturzenegger, President of the BCRA, talk about cryptocurrencies. “Imagine if the BCRA could issue a crypto currency in order to achieve greater transparency among the Central Banks of the World. Will it be a decentralised centralised currency?”
On the other hand, the Cryptocurrencies and Potential Regulation panel was very interesting, led by Brad Carr, Senior Director, Digital Finance Regulation and Policy at IIF and Sylvie Goulard, Deputy Governor, Banque de France, together with Mercina Tillemann-Dick, Chief Operating Officer, Global Blockchain Business Council. “Cyber-attacks and mechanisms to prevent money laundering are the main aspects to be included in the Regulations” was emphasized in the panel.
About engagement groups:
Engagement groups are made up of civil society organizations that meet alongside the G20 to establish a fluid dialogue with leaders. Each group prepares a series of recommendations with the aim of establishing the position of the main civil society representatives on each of the issues addressed. Currently there are 7 engagement groups:
B20 – Business
The B20 is made up of business associations and leads the relationship between the G20 and the international business community. It is the affinity group with the most formal history: it was created in 2010, under the presidency of Canada, and was the first to be formally recognized.
C20 – Civil Society
The C20 is composed of non-governmental organisations and leads the relationship of this sector with the G20.
L20 – Labour
The L20 brings together the leaders of international trade unions and ensures that the perspectives of workers around the world reach the leaders of the G20.
S20 – Science
The S20 deals with science-related issues from a global perspective and during its first meeting chose global health as its working theme.
T20 – Think
The T20 brings together high-level experts from around the world to provide analytical depth to the G20 discussions and to produce ideas that can be used as a basis for the G20’s work.
The international media exposure to these kind of events provides a unique opportunity to promote the country, to publicize its natural beauties, and to give light to the Argentine talent of entrepreneurs and artists.
In order to identify the best activities I suggest to check the calendar here.
The G20 summit in Argentina is not only an institutional marketing tool but also an opportunity to integrate this New Argentina into the global context. Let us join the Venture Capital and Entrepreneur sector in this challenge.