/DVFDGHQDVGH

VXPLQLVWURFRUWDVGHO
SURGXFWRORFDOHQWUDQ
HQHVFHQD
(QWUHYLVWDFRQHOSUHVLGHQWH
GH1XHYD&DQDULDV5RPiQ
5RGUtJXH]

%LRGLJHVWRUHVORVVLVWHPDV
TXHFRQYLHUWHQORVUHVLGXRV
HQPDWHULDSULPD

/DVRUJDQL]DFLRQHVDJUDULDV
EXVFDQHQ%UXVHODVPHMRUDU
ODVGHILFLHQFLDVGHO326(,


U  $JURUHSRUWDMH
VXPDULR

$OLPHQWRVDNLOyPHWURFHUR/OHJDQODVFDGHQDV
GHVXPLQLVWURFRUWDVGHOSURGXFWRORFDO

 7RPDWHURV
/DUHVXUUHFFLyQGHOWRPDWHDQWLJXRFDQDULR

 )ORUHV\SODQWDV
/DVDURPiWLFDVVHIUHQDQ+LHUEDV(O7HLGH
EXVFDHQWUDUHQODD\XGDDOWUDQVSRUWH
GHPHUFDQFtDVSDUDQRFHVDUVXDFWLYLGDG

 +DEODPRVFRQ«
(QWUHYLVWDFRQHOSUHVLGHQWHGH
1XHYD&DQDULDV1&5RPiQ5RGUtJXH]

 ,'L
8QUHVLGXRFRQYHUWLGRHQPDWHULDSULPD
/RVELRGLJHVWRUHVSHUPLWHQJHQHUDUHQHUJtD
\IHUWLOL]DQWHVRUJiQLFRV

 $FWXDOLGDG
/DVRUJDQL]DFLRQHVDJUDULDVEXVFDQHQ
(GLWD
$VRFLDFLyQGH$JULFXOWRUHV\*DQDGHURV
GH&DQDULDV$6$*$&DQDULDV$6$-$

'LUHFFLyQ\5HGDFFLyQ
0DLWH'tD]

'LVHxR\5HDOL]DFLyQ
GLVHxR&2081,&$&,Ð1HYHQWRV
$OEHUWR9DOOHMR&DUUDVFR

,PSUHVLyQ
*UiILFDV7HQHULIH

)RWRJUDItD
5REHUWR5tRV\0DLWH'tD]

&RODERUDGRUHV
-DYLHU*XWLpUUH]

$62&,$&,Ð1'($*5,&8/725(6<*$1$'(526
'(&$1$5,$6$6$*$&DQDULDV$6$-$

&5DPyQ\&DMDO
6DQWD&UX]GH7HQHULIH
7HOpIRQRV
)D[

%UXVHODVPHMRUDUODVGHÀFLHQFLDVGHO326(, &RUUHRHOHFWUyQLFR
VHFUHWDULD#DVDJDDVDMDFRP
FDPSRFDQDULR#DVDJDDVDMDFRP
 $FWXDOLGDG +25$5,2'(/$62),&,1$6
(OFDPSREODQFRGHURERV '($'(/81(6$-8(9(6
/269,(51(6'($

 (QWUHFDOGHURV
5HVWDXUDQWH6WUDWYV7HUUD]D*ULOO ZZZDVDJDHV
XQYROFiQGHVDERUHV
'HSyVLWR/HJDO7)

&5DPyQ\&DMDOQž6DQWD&UX]GH7HQHULIH
7HOpIRQRV

G *ROLDWK'DYLGR

'
YLFHYHUVD
HGLWRULDO

HVGHHOVXUJLPLHQWRGHODJUDQGLVWULEXFLyQHOFRPHUFLRORFDO
DJURDOLPHQWDULRVHKDTXHGDGRHQODWUDVWLHQGDUHOHJDGRDXQSHTXHxR
VHJPHQWRGHSREODFLyQILHODODFRVWXPEUHGHFRQVXPLUORVSURGXFWRVGH
OD WLHUUD 0LHQWUDV HO JLJDQWH *ROLDWK SRU VX SRVLFLyQ SUHSRQGHUDQWH VX
FDSDFLGDGSDUDGLULJLUJXVWRV\QHFHVLGDGHVDOFRQVXPLGRU\VXVSUHFLRVPiVEDUDWRVFHQWUDGRVRORHQVX
FXHQWDGHUHVXOWDGRVFRQLQWHUpVHQODVJUDQGHVSURGXFFLRQHVLQWHUQDFLRQDOHV\ODDPSOLDFLyQGHPDUFDV
SURSLDVFRQODVTXHSRGHURIHUWDUXQDPSOLRDEDQLFRGHDOLPHQWRVGXUDQWHWRGRHODxRKDFRQVHJXLGR
GHVGHODySWLFDFRPHUFLDOXQDSRVLFLyQSULYLOHJLDGD$FDSDUDHOJUXHVRGHORVFRQVXPLGRUHV\REWLHQH
XQRVHOHYDGRVEHQHILFLRVTXH\DTXLVLHUDSDUDVtDXQTXHIXHUDXQDSHTXHxDSDUWHHOVHFWRUDJUDULRHO
'DYLGGHOPHUFDGR
6LQHPEDUJRFRPRHQODKLVWRULDODVDSDULHQFLDVSXHGHQVHUHQJDxRVDV\PLHQWUDVVHGDSRU
VHJXURHLQDOWHUDEOHVFLHUWRVKHFKRVODVFLUFXQVWDQFLDVFDPELDQ\HOUHVXOWDGRDYHFHVHVLPSUHYLVLEOH
6DOYDQGRGLVWDQFLDVSRUTXHDTXtQDGLHYDDYHQFHUDQDGLHORFLHUWRHVTXHGHVGHKDFHXQWLHPSRSDUD
DFiGHVGHHO1RUWHGH(XURSDKDGHVSHUWDGRXQPRYLPLHQWRLQWHQVRHQHOTXHVHUHFXSHUD\VHHVWUHFKD
ODUHODFLyQHQWUHHOSURGXFWRU\XQFRQVXPLGRUFDGDYH]PiVSUHRFXSDGRSRUODFDOLGDG\IUHVFXUDGHVX
DOLPHQWDFLyQSRUODSURWHFFLyQGHOPHGLRDPELHQWHDVtFRPRSRUODVLWXDFLyQHFRQyPLFDGHVX]RQDGH
LQIOXHQFLD(QWUDQHQHVFHQDODVOODPDGDVFDGHQDVGHVXPLQLVWURFRUWDVPHUFDGRVGHODJULFXOWRUWLHQGD
HVSHFLDOL]DGDYHQWDHQODSURSLDH[SORWDFLyQHQYtRVDGRPLFLOLR8QDWHQGHQFLDTXHYLHQHDDOWHUDU
OD KHJHPRQtD TXH KD FDUDFWHUL]DGR D ORV SRGHURVRV VXSHU H KLSHUPHUFDGRV D PHQRV FODUR HVWi TXH
WHQJDQODYLVLyQ\FDSDFLGDGGHDSRVWDUSRUHOSURGXFWRORFDO
0HQWLUtDPRV VL GLMpUDPRV TXH QR KD KDELGR QLQJ~Q DFHUFDPLHQWR SRU SDUWH GH OD JUDQ
GLVWULEXFLyQ KDFLD ODV SURGXFFLRQHV DJUDULDV GH &DQDULDV SRUTXH Vt OR KD KDELGR SHUR VH WUDWD GH XQ
FRQWDFWR HQ XQRV FDVRV WtPLGR TXH SDUHFH QR WHUPLQDU GH FXDMDU \ HQ RWURV GHVGH XQD SRVLFLyQ
GRPLQDQWH\GHVSyWLFDTXHDVIL[LDQDOTXHSLOOHQ/RPLVPRVXFHGHFRQHOVHFWRUKRWHOHURRODUHVWDXUDFLyQ
6HKDQLQWURGXFLGRDOJXQRVSURGXFWRVKRUWDOL]DVIUXWDVYLQRVSDSDV«SHURQRVRQVXILFLHQWHV\DKtHV
GRQGHWHQHPRVTXHLQVLVWLU1HFHVLWDPRVPiVGHFLVLyQ\YROXQWDGUHDOSDUDTXHORV*ROLDWKVFRPHUFLDOHV
\ VHFWRULDOHV HQWLHQGDQ FyPR IXQFLRQD OD DFWLYLGDG DJUDULD HQ XQ WHUULWRULR FRPR HO QXHVWUR 6RPRV
SURGXFWRUHV GH DOLPHQWRV DOJXQRV GH HOORV GH WHPSRUDGD \ RWURV FRQ SURGXFFLyQ WRGR HO DxR 6RPRV
WDPELpQVXPLQLVWUDGRUHVGHPDWHULDVSULPDVSDUDSRGHUGHVDUUROODUDJURLQGXVWULDTXHWUDQVIRUPH\DSRUWH
YDORUDxDGLGRDQXHVWURVSURGXFWRV1XHVWUDVSURGXFFLRQHVVLPSOHPHQWHSRUFHUFDQtDVRQPiVIUHVFDV
PiVVDQDVGHPD\RUFDOLGDGPHGLRPELHQWDOPHQWHPiVSURWHFWRUDVGLQDPL]DQODDFWLYLGDGHFRQyPLFD
FUHDQGRGHVDUUROORHQQXHVWUDUHJLyQ\WRGRHVRVXSRQHXQDULTXH]DLPSRUWDQWHTXHGLItFLOPHQWHSXHGHQ
FXPSOLUODVSURGXFFLRQHVIRUiQHDV3HURHVWRQREDVWDSDUDHO*ROLDWKGHODGLVWULEXFLyQ6LJXHKDELHQGR
UHWLFHQFLDVKDFLDHOSURGXFWRORFDO6HGLVFXOSDQFRQORVDUJXPHQWRVWtSLFRVTXHQRWHQHPRVVXILFLHQWH
FDQWLGDGSDUDVXVQHFHVLGDGHVRVRPRVPX\FDURVFRQUHODFLyQDSURGXFWRVVLPLODUHVTXHHOORVFRQVLJXHQ
IXHUDPXFKRVGHHOORVFRQD\XGDV5($RFRQD\XGDVDOWUDQVSRUWHGHPHUFDQFtDVRDPEDV
1XHVWUDDFWLYLGDGYLQFXODODVSURGXFFLRQHVFRQODLGLRVLQFUDVLDODFXOWXUD\ORVVDERUHVGH
QXHVWUDWLHUUD7HQHPRVFDSDFLGDG\PDUJHQGHFUHFLPLHQWR3RGHPRVGHVDUUROODUXQDDPSOLD\YDULDGD
RIHUWDDOLPHQWDULDFRQODTXHDEDVWHFHUXQDEXHQDSDUWHGHOPHUFDGRORFDO7RGRHVRGHSHQGHSULPHUR
GHQRVRWURVFRPRSURGXFWRUHVSHURWDPELpQGHTXHODVDGPLQLVWUDFLRQHVORFUHDQDSXHVWHQ\UHVSDOGHQ
FRQDFFLRQHVUHDOHVTXHQRHVORPLVPRTXHDSRUWDUGLQHUR'HSHQGHUiGHTXHODJUDQGLVWULEXFLyQWHQJD
YROXQWDGUHDOGHSHUPLWLUQRVHVWDUGHTXHODLQGXVWULDDOLPHQWDULDH[LVWHQWHDGTXLHUDXQDSDUWHGHVX
PDWHULDSULPDDTXtGHTXHKRWHOHV\UHVWDXUDQWHVXVHQHOSURGXFWRORFDO\ILQDOPHQWHWDPELpQGHTXH
ORVFRQVXPLGRUHVFRPLHQFHQDH[LJLU\GHMHQGHVHUVXPLVRV\UHVLJQDGRVDORTXH´HOORVµOHRIUHFHQ
6LHIHFWLYDPHQWHVHGDQDFRQRFHU\VHSURPRFLRQDQORVDOLPHQWRVTXHDTXtVHSURGXFHQ
VH JHQHUDUi XQD GHPDQGD TXH QRV REOLJDUi D HVIRU]DUQRV SDUD VHJXLU SURGXFLHQGR \ DXPHQWDQGR HO
DXWRDEDVWHFLPLHQWRDFUHFHU\GHVDUUROODUQRVFRPRVHFWRUSDUDKDFHUQRVPiVIXHUWHVDSRWHQFLDUODV
]RQDV UXUDOHV JHQHUDU ULTXH]D HPSUHQGHGXUtD FUHDU HPSOHR DVHQWDU D ODV SREODFLRQHV PiV MyYHQHV
\ SURWHJHU QXHVWUR SDLVDMH /R TXH EXVFDPRV HV HVWUHFKDU OD]RV HQWUH VHFWRUHV SDUD EHQHILFLDUQRV
PXWXDPHQWHSRUTXHSDUDQRVRWURVTXHHOSURGXFWRORFDOWHQJDPD\RUUHSUHVHQWDFLyQHQORVOLQHDOHVGH
ORVJUDQGHVSXQWRVGHYHQWD\HQODVFDUWDVGHORVKRWHOHV\UHVWDXUDQWHVLPSOLFDTXHUHFXSHUDPRVXQD
SRVLFLyQSHUGLGDTXHKDVWDDKRUDVHOHKDRWRUJDGRDOSURGXFWRIRUiQHR<HVWRGHDOJXQDPDQHUDHV
XQDYLFWRULDFRPRODGH'DYLG




 $OLPHQWRVD
NLOyPHWURFHUR
/DVFDGHQDVGHVXPLQLVWUR
FRUWDVDEUHQXQDQXHYDIRUPD
GHFRPHUFLDOL]DFLyQGHORV
SURGXFWRVORFDOHVDJUDULRV
HOLPLQDQGRLQWHUPHGLDULRV

/OHJDXQDWHQGHQFLD
DOLPHQWDULDGH(XURSD
TXHEXVFDUHFXSHUDUHVD
UHODFLyQPDVGLUHFWDHQWUHHO
SURGXFWRU\HOFRQVXPLGRU
/DVOODPDGDVFDGHQDVGH
VXPLQLVWURFRUWDV&6&
HPSLH]DQDHQFHQGHU
FRQFLHQFLDVREUHHOYDORUGH
ORVDOLPHQWRVGHFHUFDQtD
3ULPDHOFRQVXPLGRU
FRPSURPHWLGRTXHGHPDQGD
IUHVFXUDVHJXULGDGFDOLGDG
\UHVSHWRSRUHOPHGLR
DPELHQWH(Q&DQDULDVHO
GHVDUUROORGHHVWHWLSRGH
H[SHULHQFLDVHVWRGDYtDEDMR
SHURHOPRYLPLHQWRHVWiHQ
DO]D+DEUiTXHVXELUVHDO
FDUUR

/ DV WHQGHQFLDV VRQ SDWURQHV GH FRPSRUWDPLHQWR
PRYLPLHQWRV TXH RVFLODQ HQ XQD X RWUD GLUHFFLyQ VHJ~Q ORV
JXVWRV GHO PHUFDGR $ YHFHV VRQ URPSHGRUDV SHUR RWUDV
FtFOLFDV HQ ODV TXH VH LPSRQH OD UHFXSHUDFLyQ GH DOJR TXH
VHDxRUDGHOSDVDGR+DFH\DDOJ~QWLHPSRTXHHQ(XURSDVH
KDQGDGRFXHQWDGHODLPSRUWDQFLDTXHVXSRQHODSURGXFFLyQ
GH DOLPHQWRV ORFDOHV SDUD HO WHMLGR VRFLRHFRQyPLFR GH ODV
GLIHUHQWHV]RQDV/DFDGDYH]PD\RUGHPDQGDGHDOLPHQWRV
IUHVFRV VHJXURV GH FDOLGDG \ UHVSHWXRVRV FRQ HO PHGLR
DPELHQWH XQLGD D OD QHFHVLGDG GH ORV SURGXFWRUHV GH
YDORUL]DU VXV VLVWHPDV GH SURGXFFLyQ \ FRPHUFLDOL]DFLyQ KD
SURSLFLDGRODDSDULFLyQGHODVOODPDGDVFDGHQDVGHVXPLQLVWUR
KRUL]RQWDO\YHUWLFDOPHQWHDORODUJRGHODFDGHQDDOLPHQWDULD
FRQORTXHQRVRORVHSHUPLWHODREWHQFLyQGHPiVEHQHILFLRV
HFRQyPLFRV VLQR HO VXUJLPLHQWR \ OD FRQVROLGDFLyQ GH
LQLFLDWLYDV HPSUHVDULDOHV SHUPLWLHQGR OD JHQHUDFLyQ GH
HPSOHRHODVHQWDPLHQWRGHORVMyYHQHVHQODV]RQDVUXUDOHV\
HOGHVDUUROORGHODHFRQRPtDORFDO\UHJLRQDO$GHPiVPXFKRV
GHORVDJULFXOWRUHVTXHSDUWLFLSDQHQHVWDVUHGHVGHDOLPHQWRV
ORFDOHV SURPXHYHQ OD UHFXSHUDFLyQ GH YDULHGDGHV GH FXOWLYRV
WUDGLFLRQDOHVPHMRUDGDSWDGDVDODVFRQGLFLRQHVDJURHFROyJLFDV
GHOOXJDU\FRQPHQRVH[LJHQFLDVGHLQVXPRVHQFXDOTXLHUFDVR
HVWUDWpJLFDV SDUD HO PDQWHQLPLHQWR \ OD FRQVHUYDFLyQ GH OD
ELRGLYHUVLGDGGHFDGDUHJLyQ
FRUWDV&6&HQODVTXHHOQ~PHURGHLQWHUPHGLDULRVHVLJXDOR
LQIHULRUDFHUR6HLQWHQWDGHHVWDIRUPDUHVFDWDUODUHODFLyQ
GLUHFWD HQWUH HO FRQVXPLGRU \ HO SURGXFWRU DOJR TXH KDEtD
TXHGDGR UHOHJDGR D XQVHJXQGRRWHUFHUSODQRGHELGR D ORV
HIHFWRVGHODJUDQGLVWULEXFLyQVREUHODFDGHQDGHSURGXFFLyQ
DOLPHQWDULD PiV IDYRUDEOH D XQ FRQVXPR JOREDOL]DGR
FRQWLQXRPRQyWRQRHLQYDULDEOH
/DV LQLFLDWLYDV HXURSHDV UHODFLRQDGDV FRQ ODV &6&
TXHKDQVXUJLGRHQODVUHJLRQHVFRPXQLWDULDVDEDUFDQGHVGH
PHUFDGRV GHO DJULFXOWRU SDVDQGR SRU YHQWD GLUHFWD HQ
H[SORWDFLRQHV HQYtRV D GRPLFLOLR WLHQGDV GH YHQWD GLUHFWD
JUXSRV GH FRQVXPR FRPHGRUHV FROHFWLYRV GLVWULEXFLyQ
PLQRULVWD GHO SURGXFWR ORFDO R LQFOXVR SODWDIRUPDV RQOLQH
(QWUHORVEHQHILFLRV
PD\RUUHQWDELOLGDGSDUD
HOSURGXFWRU\PHQRV
FRQWDPLQDFLyQDPELHQWDO
&DGD XQD GH HVWDV H[SHULHQFLDV KD HYROXFLRQDGR HQ IXQFLyQ
GHO FRQWH[WR HQ HO TXH VH GHVDUUROOD GH ORV SURGXFWRV TXH
FRPHUFLDOL]D\GHODVFDUDFWHUtVWLFDV\ORFDOL]DFLyQGHVXEDVH
GHFRQVXPLGRUHVSHURWRGDVWLHQHQXQGHQRPLQDGRUFRP~QHO
GHVDUUROORGHOVHFWRUGHORVDOLPHQWRVORFDOHV\ORVEHQHILFLRV
TXH GHMD HQ HO RUGHQ HFRQyPLFR PHGLRDPELHQWDO \ VRFLDO
/RV HMHPSORV VRQ PXFKRV GHVGH XQD PD\RU UHQWDELOLGDG
SDUDORVDJULFXOWRUHVHOIRUWDOHFLPLHQWRGHODV]RQDVUXUDOHV
OD GLVWULEXFLyQ GH OD ULTXH]D HQ ODV ]RQDV GH LQIOXHQFLD OD
YLDELOLGDG GH ODV H[SORWDFLRQHV OD UHGXFFLyQ GH OD KXHOOD
GH FDUERQR GHULYDGD GH XQD GLVWULEXFLyQ PiV FHUFDQD OD
SURWHFFLyQ\FRQVHUYDFLyQGHODELRGLYHUVLGDGGHFDGDUHJLyQ
\ODVDOXGGHODSREODFLyQDOSRVLELOLWDUHODFFHVRDDOLPHQWRV
GHWHPSRUDGDIUHVFRVVHJXURV\VDQRV
/RTXHVHSUHWHQGHFRQHVWDVFDGHQDVGHVXPLQLVWUR
FRUWDV \ DQWH ODV SRVLFLRQHV H[FOX\HQWHV SURSLFLDGDV HQ VX
PD\RUtD SRU OD JUDQ GLVWULEXFLyQ HV TXH SDXODWLQDPHQWH
HO FRQVXPR GH SURGXFWRV ORFDOHV YD\D JDQDQGR SUHVHQFLD \
TXH ORV VLVWHPDV GH SURGXFFLyQ TXH OR JHQHUDQ HV GHFLU OD
DJULFXOWXUD\ODJDQDGHUtDGHMHQGHYHUVHFRPRDFWLYLGDGHV
VHFXQGDULDVHQFXDOTXLHU]RQD/RVSURGXFWRUHVORWLHQHQFODUR
´FXDQWRV PHQRV LQWHUPHGLDULRV PiV IiFLO VHUi GHIHQGHU OD
DXWHQWLFLGDG \ RULJLQDOLGDGGHORVDOLPHQWRVHQORUHODWLYR D
VX LGHQWLGDG FXOWXUDO PpWRGRV GH SURGXFFLyQ WUDGLFLRQDOHV
\ SURFHGHQFLD GH VXV LQJUHGLHQWHVµ 3HUR QR VRQ ORV ~QLFRV
EHQHILFLRVUHGXFLUDOPtQLPRODFDGHQDDOLPHQWDULDKDVWDHO
FRQVXPLGRU LPSOLFD SDUD ORV SURGXFWRUHV PD\RU PDUJHQ GH
EHQHILFLRV XQD PRWLYDFLyQ PiV TXH VXILFLHQWH SDUD TXHUHU
YHQGHUVXVSURGXFWRVFRQODPHQRUFDQWLGDGGHLQWHUPHGLDULRV
SRVLEOHV
'HVGH HO SODQR GH OD HPSUHQGHGXUtD HVWDV &6&
SURPXHYHQ OD FRRSHUDFLyQ HQWUH ODV HPSUHVDV TXH RSHUDQ
 3HURWDPELpQGHVGHXQSXQWRGHYLVWDPiVLQWUtQVHFR
ODVFDGHQDVGHVXPLQLVWURFRUWDVVRQLGyQHDVSDUDFUHDUYDORU\
VLJQLILFDGRHQUHODFLyQFRQXQSURGXFWR\FRQVXRULJHQ3XHGHQ
GHVDUUROODUXQVHQWLPLHQWRGHRUJXOOR\GHSHUWHQHQFLDDXQD
]RQD JHRJUiILFD IRUWDOHFHU OD FRKHVLyQ VRFLDO \ IRPHQWDU XQ
GHVDUUROOR FRPXQLWDULR VRVWHQLEOH UHYLWDOL]DU ODV UHODFLRQHV
HQWUHODV]RQDVXUEDQDV\UXUDOHVRIUHFLHQGRDODVFRPXQLGDGHV
XUEDQDVODSRVLELOLGDGGHDEDVWHFHUVHGHDOLPHQWRVIUHVFRV\GH
WHPSRUDGD\GHFRQRFHUPHMRUORVSURGXFWRVFRQVXPLGRV\ORV
PpWRGRVGHSURGXFFLyQ
 'HVGH HO VHFWRU DJUDULR GH &DQDULDV VH WLHQH OD
SHUFHSFLyQGHTXHHQRWURVSDtVHVGHOD8QLyQ(XURSHDVHDSXHVWD
PiVSRUHVWHWLSRGHFDGHQDVGHVXPLQLVWURFRUWDVTXHH[LVWH
XQPD\RUUHVSDOGRGHODVLQVWLWXFLRQHVKDFLDHVWDVLQLFLDWLYDV\
TXHODDFWLWXGGHORVFRQVXPLGRUHVGHHVWRVSDtVHVFRQUHVSHFWR
DHVHPRGHORGHSURGXFFLyQ\FRPHUFLDOL]DFLyQSDUHFHPXFKR
PiVIDYRUDEOHORTXHHQJUDQPHGLGDKDHPSXMDGRODSXHVWD
HQPDUFKDGHEXHQDSDUWHGHODVH[SHULHQFLDVTXHDFWXDOPHQWH
VH GHVDUUROODQ HQ HVWDV UHJLRQHV /DV HQFXHVWDV OOHYDGDV D
FDER HQ  SRU OD 5HG (XURSHD GH 'HVDUUROOR 5XUDO VREUH
ODVFDGHQDVGHVXPLQLVWURFRUWDVDVtORGHPXHVWUDQ&DGDYH]
H[LVWH XQD PD\RU GHPDQGD GH FRQVXPLGRUHV GH HVWH WLSR GH
SURGXFWRV DJURDOLPHQWDULRV GH FHUFDQtD DVt FRPR XQD PD\RU
SUHRFXSDFLyQ SRU HO RULJHQ GH ORV DOLPHQWRV SRU VX LPSDFWR
DPELHQWDO\SRUVXFDOLGDGQXWULFLRQDO'HDKtTXHHVHLQWHUpV
FUHFLHQWHVHUHIOHMHQRVRORHQPXFKDV\YDULDGDVFDGHQDVGH
VXPLQLVWURFRUWDVVLQRWDPELpQHQHODXJHGHODGHPDQGDGH
SRWHQFLDOHV LQWHUPHGLDULRV HQ SDUWLFXODU GH UHVWDXUDQWHV
KRWHOHV\VXSHUPHUFDGRV
 (Q ODV LVODV DXQTXH LQFLSLHQWHV \D HPSLH]DQ D
QRWDUVH DOJXQRV PRYLPLHQWRV DO UHVSHFWR 1R KD\ GDWRV
RILFLDOHV SHUR ODV FDGHQDV GH VXSHUPHUFDGRV OD UHVWDXUDFLyQ
\ODKRVWHOHUtDSDUHFHTXHFRPLHQ]DQDWHQGHUODPDQRKDFLD
HO SURGXFWR ORFDO$JXDFDWHV SLxD WURSLFDO WRPDWH SOiWDQR
SDSDKRUWDOL]DVKXHYRVFDUQHVPLHO\YLQRVRQORVSURGXFWRV
TXH RFXSDQ DOJXQRV GH ORV OLQHDOHV GH ORV SXQWRV GH YHQWD R
VH KDQ HPSH]DGR D LQWURGXFLU WtPLGDPHQWH HQ ODV FDUWDV
GH DOJXQRV UHVWDXUDQWHV \ KRWHOHV GH &DQDULDV 6LQ HPEDUJR
DXQTXH HV XQ SDVR SRVLWLYR HO VHFWRU DJUDULR DVHJXUD TXH HV
´LQVXILFLHQWHµ TXH QHFHVLWDQ XQD YHUGDGHUD DSXHVWD SRU ODV
SURGXFFLRQHV FDQDULDV UHVSDOGDGDV \ SURPRFLRQDGDV SRU ODV
LQVWLWXFLRQHV \ GHPDQGDGDV SRU ORV FRQVXPLGRUHV SDUD SRGHU
HTXLSDUDUVHDODVWHQGHQFLDVHXURSHDV6HSODQWHDXQGHVDItR
DPHGLR\ODUJRSOD]RSHURQRHVVRORXQDFXHVWLyQGHWLHPSR
VLQRGHXQFDPELRGHPHQWDOLGDG\HGXFDFLyQ

 /RVSURGXFWRUHVOD
(PSH]DU FRQ ORV PiV SHTXHxRV SDUD TXH GHVGH
HVRV HVWDGRV SULPDULRV GH OD YLGD DSUHQGDQ D FRQRFHU ORV DGPLQLVWUDFLyQS~EOLFD
DOLPHQWRV TXH VH SURGXFHQ HQ VX HQWRUQR SRGUtD VHU XQ
SULPHUDYDQFH&RQXQDHQVHxDQ]DSUiFWLFDSXHGHJHVWDUVH \HOFRQVXPLGRUVRQ
HQ HOORV XQD FRQFLHQFLD GH SURWHFFLyQ GH HVWH SDWULPRQLR
TXH FRQYHUWLUi D ORV QLxRV HQ ORV IXWXURV GHPDQGDQWHV GHWHUPLQDQWHVHQHO
GHO SURGXFWR ORFDO 3HUR PLHQWUDV HVWR VXFHGH HO VHFWRU
DJUDULRSLGHDODJUDQGLVWULEXFLyQDODUHVWDXUDFLyQ\DOD EXHQGHVDUUROORGHHVWDV
KRVWHOHUtD PiV FRQILDQ]D HQ OD DFWLYLGDG TXH GHVDUUROODQ
´&RQWDPRVFRQEXHQDVFRQGLFLRQHVFOLPiWLFDVIDYRUDEOHVSDUD
FDGHQDVFRPHUFLDOHV
ODSURGXFFLyQORFDOGHXQDDPSOLDJDPDGHDOLPHQWRVTXHHQ
RWUDV ]RQDV GLItFLOPHQWH VH SRGUtDQ FXOWLYDU \ HVWD YHQWDMD
QRV DEUH LQWHUHVDQWHV SHUVSHFWLYDV GH FUHFLPLHQWR DGHPiV
GH VHJXLU IRUWDOHFLHQGR ODV TXH H[LVWHQ KR\ GtD (VWDPRV
VHJXURVGHQXHVWURSRWHQFLDOFRPRSURGXFWRUHVGHDOLPHQWRV
\ FRPR VHFWRU HVWUDWpJLFR SHUR HV QHFHVDULR HO UHVSDOGR GH
ODV DGPLQLVWUDFLRQHV S~EOLFDV SDUD IDFLOLWDU OD DFWLYLGDG \
DOJXQDSURPRFLyQGHQXHVWURVSURGXFWRVSDUDORJUDUTXHOD
DJULFXOWXUD \ OD JDQDGHUtD VHDQ PiV GLQiPLFDV \ WHQHU XQD
PD\RUFDSDFLGDGGHUHVSXHVWDGHFDUDDODXWRDEDVWHFLPLHQWR
ORFDOµ DUJXPHQWD HO SUHVLGHQWH GH$6$*$ &DQDULDV +HQU\
6LFLOLD
 &XULRVDPHQWHGLFH6LFLOLDORVDOLPHQWRVORFDOHVGH
ORVTXHVHDEDVWHFHHQSDUWHODJUDQGLVWULEXFLyQVRQHQVX
PD\RUtDORVTXHHVWiQSURWHJLGRVSRUOD2UGHQGHOUHODWLYDD
ODLPSRUWDFLyQH[SRUWDFLyQ\WUiQVLWRGHSURGXFWRVYHJHWDOHV
HQ &DQDULDV ´(V OODPDWLYR FRPR XQD OH\ ILWRVDQLWDULD WLHQH
LPSRUWDQWHV HIHFWRV HQ OD FRPHUFLDOL]DFLyQ \ GHVDUUROOR GH
ORV SURGXFWRVµ 6H SUHJXQWD TXp SDVDUtD VL ILQDOPHQWH VH
PRGLILFD HVD QRUPDWLYD \ FRPLHQ]DQ D HQWUDU HQ ODV LVODV
IUXWDV\KRUWDOL]DVVLPLODUHVDODVTXHDTXtVHFXOWLYDQSRUTXH
ODVFHQWUDOHVGHFRPSUDHVWiQORFDOL]DGDVIXHUDGH&DQDULDV
RSRUTXHORVDFXHUGRVFRPHUFLDOHVVRQQDFLRQDOHVRJOREDOHV
´¢VHJXLUtDQ FRPSUDQGR OR QXHVWUR R VH GHFDQWDUtDQ SRU ODV
SURGXFFLRQHV GH IXHUD FRQ PiV PDUJHQ GH EHQHILFLR SDUD
VXV DUFDV"µ $QWH HVWD GLV\XQWLYD \ SDUD TXH HO VHFWRU GH
ORV DOLPHQWRV ORFDOHV SXHGD GHVSOHJDU WRGR VX SRWHQFLDO HV
QHFHVDULR TXH WDQWR ORV VLVWHPDV GH SURGXFFLyQ FRPR ODV
FDGHQDVGHVXPLQLVWURFRUWDVVHDMXVWHQDORVHVWLORVGHYLGD
GH ORV FRQVXPLGRUHV HO PDUFR OHJLVODWLYR \ VX DSOLFDFLyQ
SUiFWLFD WHQJD HQ FXHQWD ODV QHFHVLGDGHV \ OLPLWDFLRQHV GH
ODV H[SORWDFLRQHV FRQ ODV SRVLELOLGDGHV GH DVRFLDFLyQ GH ORV
SURGXFWRUHVODVSROtWLFDVDGRSWDGDVFRQWHPSOHQPHGLGDVGH
DSR\R\DVLVWHQFLDHQORViPELWRVGHHGXFDFLyQLQYHUVLRQHVHQ
LQIUDHVWUXFWXUDV\FRPHUFLDOL]DFLyQVHYDORUHSRVLWLYDPHQWH
OD UHODFLyQ FRQVXPLGRUSURGXFWRU \ ORV SURYHHGRUHV HVWpQ
PRWLYDGRV\GLVSRQJDQGHODVFXDOLILFDFLRQHVFRQRFLPLHQWRV
\FRQILDQ]DQHFHVDULRVSDUDDFWXDUFRPRHPSUHQGHGRUHV
 (QHVWHSURFHVRHOSDSHOGHODDGPLQLVWUDFLyQS~EOLFD
\GHOFRQVXPLGRUVRQGHWHUPLQDQWHVSDUDHOEXHQGHVDUUROOR
GH ODV FDGHQDV GH VXPLQLVWUR FRUWDV (Q HO SULPHU FDVR ODV
LQVWLWXFLRQHV WHQGUiQ TXH GHMDU GH DFWXDU FRPR VLPSOHV
HMHFXWRUHV GH OD OHJLVODFLyQ SDUD FRQYHUWLUVH HQ LPSXOVRUHV
GHODUHIRUPD´1RVHWUDWDGHSHGLUGLQHURµVXEUD\D6LFLOLD
VLQR GH FUHDU HO PDUFR IDYRUDEOH TXH SHUPLWD LPSXOVDU \
GHVDUUROODU OD DFWLYLGDG (Q HO VHJXQGR OD HODERUDFLyQ GH
SODQHV GH SURPRFLyQ DWUDFWLYRV TXH HGXTXHQ H LQIRUPHQ
VREUHODVSURSLHGDGHV\ODVFDUDFWHUtVWLFDVGHORVSURGXFWRV
SDUD TXH FDSDFLWHQ D ORV FRQVXPLGRUHV D WRPDU GHFLVLRQHV
UHVSRQVDEOHVGHFRPSUDFRQVWLWX\HWRGRXQUHWRVREUHWRGR
VLVHWLHQHHQFXHQWDTXHHOPHUFDGRHVWiVREUHVDWXUDGRGH
PDUFDVHWLTXHWDV\SURJUDPDVGHFHUWLILFDFLyQDWUDYpVGH
ORV FXDOHV ODV SURGXFFLRQHV FDQDULDV WHQGUiQ TXH DEULUVH
FDPLQR SDUD GHVWDFDU $ PD\RU GHPDQGD PiV VH YHUiQ
REOLJDGRVODJUDQGLVWULEXFLyQORVKRWHOHVRODUHVWDXUDFLyQ
ODVTXHVRSRUWDQHOPD\RUJUXHVRGHFRQVXPLGRUHVDGHMDU
SDVRDODVSURGXFFLRQHVFDQDULDV\UHTXHULUiQVXSUHVHQFLD
(QHVWHVHQWLGRHOVHFWRUDJUDULRGH&DQDULDVFXHQWDFRQHO


VtPEROR JUiILFR GH ODV UHJLRQHV XOWUDSHULIpULFDV 583 SDUD
GLVWLQJXLUDODVSURGXFFLRQHVORFDOHVGHFDOLGDG6XXVRFDGD
YH]PiVH[WHQGLGRHQWUHORVSURGXFWRUHVORFDOHVLPSOLFDTXH
HOSRUFLHQWRGHODPDWHULDSULPDHPSOHDGDHVGHRULJHQ
FDQDULR
 7DPELpQ VRQ FUXFLDOHV ORV FRQRFLPLHQWRV OD
IRUPDFLyQ\ ODV FXDOLILFDFLRQHV GH ORVSURGXFWRUHV SDUDTXH
FRQR]FDQ ODV WHQGHQFLDV GHO FRQVXPLGRU ORV KiELWRV GH
FRPSUD \ HO IXQFLRQDPLHQWR GH WRGD OD FDGHQD DOLPHQWDULD
SDUD SRGHU GHVDUUROODU XQDV UHGHV VyOLGDV \ VRVWHQLEOHV
3URGXFLU DOLPHQWRV VHJXURV LPSOLFD DSOLFDU EXHQDV SUiFWLFDV
DJUtFRODV UHVSHWDU ORV FULWHULRV PLFURELROyJLFRV \ WUDWDU GH
PLQLPL]DU ORV ULHVJRV TXtPLFRV GH ORV SODJXLFLGDV \ UHVLGXRV
IDUPDFpXWLFRV HQ HO FDVR GH OD JDQDGHUtD $VSHFWRV TXH
HVWiQHQIXQFLyQGHORVPpWRGRVGHSURGXFFLyQODVPDWHULDV
SULPDVXWLOL]DGDV\ODFRQWDPLQDFLyQDPELHQWDO6REUDGHFLU
TXH OD VHJXULGDG DOLPHQWDULD FRQWURO GH OD WHPSHUDWXUD
 $OFRYHUURGLFHTXHHQORV~OWLPRVDxRVKDREVHUYDGR
WDQWR XQ PD\RU LQWHUpV GHO FRQVXPLGRU D OD KRUD GH EXVFDU
DOLPHQWRV ORFDOHV FXOWLYDGRV GH PDQHUD PiV VRVWHQLEOH
PHGLDQWHHOXVRGHSURGXFWRVELROyJLFRV\DERQRVQDWXUDOHV
FRPR XQ PD\RU IRPHQWR GH OD DJULFXOWXUD &RQVLGHUD TXH
´KDEUtD SRVLELOLGDGHV GH HQWUDU D IRUPDU SDUWH GH OD JUDQ
GLVWULEXFLyQ VL KD\ GHPDQGD VXILFLHQWH 3DUD HVR KD\ TXH
IRPHQWDU PiV HO FRQVXPR GH SURGXFWRV IUHVFRV ORFDOHV \
HFROyJLFRVSDUDTXHDODODUJDFUH]FDHOFRQVXPRSRGDPRV
DEDUDWDU ORV SUHFLRV \ UHVXOWHQ PiV DVHTXLEOHV D XQ PD\RU
Q~PHUR GH FRQVXPLGRUHVµ 3URSRQH TXH OD SURPRFLyQ
QR VROR GH HVWH WLSR GH DOLPHQWRV VLQR GH ORV SURGXFWRV
ORFDOHVHQJHQHUDOHVWpUHVSDOGDGDFRQDUJXPHQWRVPpGLFRV
TXH DOXGDQ D TXH VX FRQVXPR IDYRUHFH XQD DOLPHQWDFLyQ
IDYRUDEOH &XHVWLRQD SRU RWUR ODGR OD PD\RU SDUWH GH ORV
SURGXFWRVTXHYLHQHQGHIXHUDVREUHWRGRGHWHUFHURVSDtVHV
SRUTXHVHVDEHTXHPXFKRVGHHOORVLQFXPSOHQODVH[LJHQFLDV
YDORUHVGHOSKKLJLHQHGHHTXLSRVORFDOHV\~WLOHVKD\TXH VDQLWDULDV\PHGLRDPELHQWDOHVGHDKtTXH´GHEDH[LVWLUXQD
FXPSOLUODDUDMDWDEODHQORVPpWRGRVGHWUDEDMRGLDULRSDUD LGHQWLILFDFLyQ FRUUHFWD GH QXHVWURV SURGXFWRV SDUD TXH HO
HYLWDUFXDOTXLHUWLSRGHFRQWDPLQDFLyQ FRQVXPLGRUVHSDORTXHHVWiFRPSUDQGR\HOLMDORTXHPHMRU
 ,JXDOGHLPSRUWDQWHHVTXHORVDFWXDOHVGLVWULEXLGRUHV OHFRQYLHQHµ
WLHQGDV GH DOLPHQWDFLyQ OD KRVWHOHUtD \ OD UHVWDXUDFLyQ  $OFRYHUUR FUHH FRQYHQLHQWH TXH FDGD YH] H[LVWDQ
WHQJDQORVFRQRFLPLHQWRV\ODIRUPDFLyQVXILFLHQWHVSDUDTXH PiVFRQWUROHVHQORVSXHVWRVGHORVPHUFDGLOORVGHODJULFXOWRU
HQWLHQGDQ PHMRU FyPR RSHUDQ ORV SURGXFWRUHV D SHTXHxD SDUD LQVSHFFLRQDU ORV SURGXFWRV TXH VH FRPHUFLDOL]DQ \
HVFDOD \ TXp OLPLWDFLRQHV WLHQHQ HQ GHWHUPLQDGRV DVSHFWRV FRPSUREDU VL UHDOPHQWH FXPSOHQ FRQ OD QRUPDWLYD \ YH
FRPRORVUHODWLYRVDFDQWLGDGHV\DODVIHFKDVGHORVSHGLGRV QHFHVDULRUHIRU]DUODIRUPDFLyQGHORVSURGXFWRUHVHLQVLVWLU
´6RPRVFRQVFLHQWHVGHTXHQRSRGHPRVRIHUWDU
XQDSURGXFFLyQFRQWLQXDGXUDQWHWRGRHODxR
QL GH FDGD SURGXFWR SRUTXH WUDEDMDPRV
FRQ DOLPHQWRV IUHVFRV GH WHPSRUDGD
SHUR KDFH IDOWD TXH OD JUDQ GLVWULEXFLyQ
\ ODV JUDQGHV FDGHQDV KRWHOHUDV \ OD
UHVWDXUDFLyQ HQWLHQGDQ HVWH FRQFHSWR \
VHSDQ OR TXH LPSOLFD SDUD OD VDOXG GHO
FRQVXPLGRU \ SDUD QXHVWUR HQWRUQR 6L
ORJUDPRV WHQHU XQD PD\RU SUHVHQFLD
HQ ORV OLQHDOHV SRGUHPRV DSRUWDU RWUD
IRUPDGHYHU\HQWHQGHUODDOLPHQWDFLyQ
GH XQ PDQHUD PXFKR PiV PRGHUQD WDO
\ FRPR OD HQWLHQGH HO FRPLVDULR GH
$JULFXOWXUD 'DFLDQ &LRORV HQ OD TXH VH
SULPH SRU WRGRV OD HILFLHQFLD VRFLDO \
PHGLRDPELHQWDOµVXEUD\D6LFLOLD
 $OJXQDV GH ODV PRGDOLGDGHV GH
&6&TXHDFWXDOPHQWHVHHVWiQUHDOL]DQGR
HQ &DQDULDV KDQ VXUJLGR HQ ORV ~OWLPRV
 R  DxRV FRPR ORV PHUFDGLOORV GHO
DJULFXOWRU PLHQWUDV TXH RWUDV IRUPDV
QRYHGRVDV PiV OLJDGDV D OD SURGXFFLyQ
HFROyJLFD \ D OD YHQWD GH ORWHV GH
SURGXFWRVDGRPLFLOLRRDODGLVWULEXFLyQ
GLUHFWD SRU SDUWH GH SURGXFWRUHV D
FRPHGRUHVHVFRODUHVVHKDQHPSH]DGRD
DSOLFDUUHFLHQWHPHQWH
 -RQD\ $OFRYHUUR HV XQ MRYHQ
DJULFXOWRU TXH LQLFLy XQ SUR\HFWR GH
DJULFXOWXUD HFROyJLFD FHUWLILFDGD SRU HO
&RQVHMR 5HJXODGRU GH $JULFXOWXUD (FROyJLFD
GH&DQDULDV&5$(HQHQXQDH[SORWDFLyQ
GHPHWURVFXDGUDGRVHQ9DOOHGH*XHUUDHQHOPXQLFLSLR HQ OD WUD]DELOLGDG GHO SURGXFWR SDUD SRGHU RIUHFHU ODV
GH /D /DJXQD 7HQHULIH &XOWLYD \ FRPHUFLDOL]D KRUWDOL]DV PLVPDVJDUDQWtDVVDQLWDULDV\PHGLRDPELHQWDOHVTXHODJUDQ
YDULDGDV]DQDKRULDVEHUHQMHQDVFDODED]DVFHEROODEODQFD GLVWULEXFLyQFRPHUFLDO
\ DOJXQDV IUXWDV GH WHPSRUDGD SOiWDQR KLJRV /R KDFH D  (QUHODFLyQDODVFDGHQDVGHVXPLQLVWURFRUWDVHVWH
WUDYpV GH WUHV YtDV ELHQ HQ VX H[SORWDFLyQ GRQGH LQFOXVR DJULFXOWRUVHxDODTXHVRQPXFKRVORVEHQHILFLRVTXHVXSRQHQ
HOSURSLRFRQVXPLGRUSXHGHFRVHFKDUVXVSURSLDVKRUWDOL]DV SDUD ORV FRQVXPLGRUHV \ HO PHGLR DPELHQWH HO FRQVXPR
ELHQ D WUDYpV GH PHUFDGLOORV GHO $JULFXOWRU  7DFRURQWH GH SURGXFWRV IUHVFRV TXH VH FXOWLYDQ D NLOyPHWUR FHUR ´(Q
SXHVWR  \ /D 0DWDQ]D SXHVWR  R PHGLDQWH UHSDUWR GH QXHVWUDH[SORWDFLyQUHFRJHPRVODVKRUWDOL]DV\ODVIUXWDVHQ
FDMDVDGRPLFLOLR HOSXQWRySWLPRGHPDGXUDFLyQSDUDTXHHVWpQHQKRUDVHQORV


 SXQWRVGHYHQWDRVHVXPLQLVWUHQDGRPLFLOLRFRQWRGDV
ODVJDUDQWtDVGHIUHVFXUD\FDOLGDGDVHJXUiQGRQRVGH
TXHFRQVHUYDQWRGRVORVQXWULHQWHVµ
 /D LGHD GH OD FDGHQD GH VXPLQLVWUR
FRUWD HVWi OOHYDQGR D PXFKRV FHQWURV HVFRODUHV
D HPSUHQGHU XQD UHFRQYHUVLyQ GH ORV PHQ~V GH
ORV FRPHGRUHV (Q ,WDOLD PiV FRQFUHWDPHQWH HQ
5RPD HO D\XQWDPLHQWR GH HVWD FLXGDG KD ILMDGR XQ
SOD]R Pi[LPR GH WUHV GtDV HQWUH OD UHFROHFFLyQ \
HO FRQVXPR GH SURGXFWRV IUHVFRV XWLOL]DGRV HQ ORV
FRPHGRUHV HVFRODUHV UHTXLVLWR LQGLVSHQVDEOH TXH
DFWXDOPHQWH VH DSOLFD GLDULDPHQWH D XQDV 
FRPLGDV 2WUDV DGPLQLVWUDFLRQHV ORFDOHV FRPR OD
GH $UJHODWR %RORQLD H[LJH TXH ORV SURGXFWRV VHDQ
 ELROyJLFRV \ DVLJQD XQD SXQWXDFLyQ DGLFLRQDO
D ORV ´DOLPHQWRV GH RULJHQ ORFDOµ HV GHFLU D ORV
SURGXFLGRVHQHOPXQLFLSLR
 (O HMHPSOR KD VLGR VHJXLGR WDPELpQ HQ
(VSDxD (Q ODV FRPXQLGDGHV GH $QGDOXFtD HO 3DtV
9DVFR\&DWDOXxD\DVHKDQLPSOHPHQWDGRSURJUDPDV
GH DOLPHQWDFLyQ VDOXGDEOH EDVDQGR OD GLHWD GH
VXV HVFRODUHV HQ SURGXFWRV FHUWLILFDGRV 0LHQWUDV
HQ &DQDULDV HO SURFHVR HVWi HQ SDxDOHV WRGDYtD
SHUR DYDQ]DQGR (O ,QVWLWXWR &DQDULR GH &DOLGDG
$JURDOLPHQWDULD,&&$KDHPSUHQGLGRXQDLQLFLDWLYD
FRPR SRFR DOHQWDGRUD VL ILQDOPHQWH WLHQH p[LWR \
VH H[SDQGH SDUD TXH ORV FRPHGRUHV HVFRODUHV GH
VLHWHFROHJLRVGHODVLVODVVHDEDVWH]FDQGHSURGXFWRV
/DJUDQGLVWULEXFLyQWHQGUi
ELROyJLFRV ORFDOHV (O SURJUDPD VH SXVR HQ PDUFKD
D ILQDOHV GHO PHV GH DEULO GH HVWH DxR \ \D VH KD
TXHHQWHQGHUPHMRUFyPR
LQLFLDGRHQXQWRWDOGHFLQFRFHQWURVDXQTXHODLGHD
HV TXH HPSLHFH D IXQFLRQDU HQ VX WRWDOLGDG SDUD HO
RSHUDQORVSURGXFWRUHV
SUy[LPRSHULRGRHVFRODU ORFDOHV\VXVOLPLWDFLRQHV
 'H PRPHQWR VH HVWi SUHVHQWDQGR HO
SURJUDPDDWRGDODFRPXQLGDGHVFRODUSURIHVRUDGR
DOXPQRV SDGUHV HTXLSRV GH FRFLQD \ SURGXFWRUHV
SDUD FRQRFHU ORV IDFWRUHV TXH SXHGHQ IDFLOLWDU
R SRU HO FRQWUDULR REVWDFXOL]DU OD LQFRUSRUDFLyQ
GH HVWDV SURGXFFLRQHV HQ OD DOLPHQWDFLyQ GH ORV
FHQWURV HGXFDWLYRV UHODFLRQDGDV FRQ OD FDSDFLGDG
GHSURGXFFLyQJDUDQWtDGHVXPLQLVWURGLVWULEXFLyQR
YDULHGDGGHSURGXFWRV
 /RVUHVXOWDGRVGHHVWHDQiOLVLVSHUPLWLUiQOD
HODERUDFLyQGHXQDJXtDGLGiFWLFDSDUDORVFROHJLRV\
SDUDODSODQLILFDFLyQGHSURGXFFLRQHVFRQHOREMHWLYR
GHDVHJXUDUHODEDVWHFLPLHQWRGHGLFKRVFRPHGRUHV
HVWLPDU FRVWHV \ FRQYHQLU XQ SUHFLR MXVWR WDQWR
SDUD SURGXFWRUHV FRPR SDUD FRQVXPLGRUHV (O
SODQ HVWDUi UHVSDOGDGR SRU RWUD VHULH GH DFFLRQHV
FRPSOHPHQWDULDVFRPRODHODERUDFLyQGHPDWHULDOHV
GLGiFWLFRV OD FHOHEUDFLyQ GH MRUQDGDV SDUD
VHQVLELOL]DU DO DOXPQDGR SURIHVRUDGR HTXLSR GH
FRFLQD \ IDPLOLDV \ HO IRPHQWR GHO FRQWDFWR GLUHFWR
HQWUH HO SHUVRQDO GH FRFLQD GH ORV FHQWURV \ ORV
SURGXFWRUHVSDUDSURSRQHUVDOLGDVORFDOHVDOUHVWRGH
ODSURGXFFLyQREWHQLGD
 /DLGHDHVTXHHOSUR\HFWRVHPDQWHQJDORV
SUy[LPRV DxRV 3UREDEOHPHQWH HQ XQ IXWXUR QR WDQ
OHMDQRHVWDLQLFLDWLYDGHMDUiGHVHUQRWLFLDSRUTXHVH
KD JHQHUDOL]DGR ´(O VHQWLGR FRP~Q DVt OR LQGLFD \
PiVHQXQWHUULWRULRFRPRpVWH/DVJUDQGHVFDGHQDV
LQVWDODGDV HQ &DQDULDV WHQHPRV OD RSRUWXQLGDG GH
KDFHUOR QXHVWUR \ GHILQLWLYDPHQWH DSRVWDU SRU HO
SURGXFWR ORFDO GH FDOLGDG VLQ GLVFXOSDV (V FXHVWLyQ
GH YROXQWDG 3DUD QRVRWURV ORV SURGXFWRUHV HV XQ
DYLVR D QDYHJDQWHV XQD RFDVLyQ SDUD DSURYHFKDU OD
FR\XQWXUD\SRQHUQRVODVSLODVµUHFRQRFH6LFLOLD



 /DUHVXUUHFFLyQGHORV
WRPDWHVDQWLJXRVGH&DQDULDV
6HHGLWDXQOLEURGRQGHVHUHVFDWDQ
FDVLYDULHGDGHVWUDGLFLRQDOHV
SDUDSRQHUODVDGLVSRVLFLyQGHORV
DJULFXOWRUHV

\ VHPLOOD (VWD FDUDFWHUL]DFLyQ KD

SHUPLWLGRODHODERUDFLyQGHXQDVHULH
GH ILFKDV GHVFULSWLYDV TXH LQFOX\HQ
GDWRV GH SURFHGHQFLD GHQRPLQDFLyQ

4 XH HQ XQ WHUULWRULR

DOHMDGR \ IUDJPHQWDGR FRPR
&DQDULDVVHKD\DQSRGLGRUHFXSHUDUFRQVHUYDU\
FDUDFWHUL]DUQDGDPHQRVTXHYDULHGDGHVDQWLJXDVGHWRPDWH
FRPSRUWDPLHQWRHQSRVWFRVHFKDHLPiJHQHV
GHUHIHUHQFLD/DVYDULHGDGHVFDUDFWHUL]DGDV
SHUWHQHFHQ D OD FROHFFLyQ GHO &&%$7 HQ SDUWH
UHFROHFWDGDV HQ ORV ~OWLPRV  DxRV PLHQWUDV TXH RWUDV
SURFHGHQGHO,QVWLWXWR8QLYHUVLWDULRGH&RQVHUYDFLyQ\0HMRUD
GLFHPXFKRGHODULTXH]DILWRJHQpWLFDTXHVHFRQFHQWUDHQ GH OD $JURGLYHUVLGDG 9DOHQFLDQD &20$9 GH OD 8QLYHUVLGDG
HVWD UHJLyQ GH OD ODERU GH SURWHFFLyQ GHVDUUROODGD SRU ORV
DJULFXOWRUHV \ ORV EDQFRV GH JHUPRSODVPD GXUDQWH GpFDGDV
SDUD HYLWDU OD SpUGLGD GH HVWH PDWHULDO \ GH OD SRVLELOLGDG
TXHVHOHDEUHDOVHFWRUWRPDWHURGHSRGHURIHUWDUORVVDERUHV
DxRUDGRV GH HVWD KRUWDOL]D D XQ PHUFDGR FDGD YH] PiV
SXMDQWHTXHEXVFDFDOLGDGRUJDQROpSWLFD\UHVSHWRDOPHGLR
DPELHQWH SRU HQFLPD GH WRGR (VWD FROHFFLyQ KD TXHGDGR
UHFRJLGD HQ XQ OLEUR WLWXODGR 9DULHGDGHV 7UDGLFLRQDOHV GH
7RPDWHVGH&DQDULDVIUXWRGHODSULPHUDLQYHVWLJDFLyQTXH
VHUHDOL]DHQODVLVODVHQHVWHFDPSRLPSXOVDGDSRU&XOWLYRV
3ROLWpFQLFD GH 9DOHQFLD 839 UHFRJLGDV GXUDQWH ORV ~OWLPRV
DxRVHQ&DQDULDV
 /HRQDUGR $PDGRU GRFWRU HQ %LRORJtD \ SULQFLSDO
DXWRUGHHVWDREUDHQODTXHWDPELpQVRQFRDXWRUHV%HODUPLQR
6DQWRV\'RPLQJR5tRVH[SOLFDTXH´VRQHVWRVGHVFULSWRUHV
PRUIROyJLFRVORVTXHPDUFDQODGLIHUHQFLDHQWUHHVWHHVWXGLR
VREUH YDULHGDGHV GH WRPDWH \ RWURV TXH VH KDQ UHDOL]DGR
DQWHULRUPHQWH D QLYHO QDFLRQDOµ 1XQFD DQWHV VH KDEtD
XWLOL]DGRXQQ~PHURWDQHOHYDGRGHFDUDFWHUHVSDUDGHVFULELU
XQDYDULHGDGORTXHGHPXHVWUDODDUGXDLQYHVWLJDFLyQHQOD
\7HFQRORJtD$JUDULDGH7HQHULIH&8/7(6$HQFRODERUDFLyQ TXHKHPRVHVWDGRVLQPHUVRVGXUDQWHFXDWURDxRV\TXHQRVKD
FRQ HO &HQWUR GH &RQVHUYDFLyQ GH OD %LRGLYHUVLGDG$JUtFROD SHUPLWLGRILQDOPHQWHVDFDUDODOX]HVWHWUDEDMRµ7DPELpQOD
GH7HQHULIH&&%$7\OD8QLYHUVLGDGGH/D/DJXQD8// FRPSOHWDLQIRUPDFLyQWH[WXDO\HOPDWHULDOIRWRJUiILFRFRQHO
/D SXEOLFDFLyQ GH HVWH OLEUR TXH HGLWD &8/7(6$ TXHVHKDWUDEDMDGRFRPSXHVWRSRUPiVGHIRWRJUDItDV
KD VLGR SRVLEOH JUDFLDV D OD ILQDQFLDFLyQ GH OD $VRFLDFLyQ RULJLQDOHVKDQUHFLELGR´H[FHOHQWHVµFUtWLFDV(QVXFRQMXQWR
GH 'HVDUUROOR 5XUDO GH7HQHULIH $,'(57I (Q VX UHFRUULGR
KLVWyULFRSRUHORULJHQ\ODGRPHVWLFDFLyQGHOWRPDWHVHLQGDJD
HQODHYROXFLyQTXHKDWHQLGRHVWHFXOWLYRGHH[SRUWDFLyQHQ
OD HVWUXFWXUD VRFLRHFRQyPLFD GHO$UFKLSLpODJR ORV FDPELRV
H[SHULPHQWDGRV WDQWR HQ ODV WpFQLFDV FXOWXUDOHV FRPR
YDULHWDOHVVLQROYLGDUORVDVSHFWRVERWiQLFRV\QXWULFLRQDOHV
TXH FDUDFWHUL]DQ D HVWD IUXWD $XQTXH LQWHUHVDQWH HO
YHUGDGHURSHVRGHHVWHHVWXGLRUHFDHHQODFDUDFWHUL]DFLyQ
PRUIROyJLFDGHFDGDXQDGHHVWDVYDULHGDGHVSDUDODVTXH
HVWHPDQXDOVHKDFRQYHUWLGRQDGDPiVVDOLUDODOX]HQXQ
UHIHUHQWH QDFLRQDO DO VHU XQD KHUUDPLHQWD ~WLO \ SUiFWLFD
SDUDFXDOTXLHUXVXDULRHVWpRQRUHODFLRQDGRFRQHOPXQGR
DJUtFROD
(O OLEUR UHFRJH YDULHGDGHV GH WRPDWHV GH WRGDV ODV
LVODVODPD\RUtDGHHOODVGHVFRQRFLGDV\VRUSUHQGHQWHVSDUD
ORVFRQVXPLGRUHVSRUVXIRUPDFRORUWDPDxR\GHQRPLQDFLyQ
FRPR PDQ]DQD QHJUD PRVFDWHO KXHYR GH JDOOR SHULWD
PDUWLQD R GH FDxD PRUDGD /RV KD\ UHGRQGRV DFKDWDGRV
VH KDQ HPSOHDGR XQ WRWDO GH  GHVFULSWRUHV PRUIROyJLFRV DODUJDGRVFRUGLIRUPHFRQIRUPDGHFRUD]yQSLULIRUPHFRQ
FRUUHVSRQGLHQWHVDODSDUWHYHJHWDWLYDLQIORUHVFHQFLDIUXWR IRUPD GH SHUD R HOLSVRLGH FRQ IRUPD GH FLUXHOD$OJXQRV


VRQ YHUGHV R DPDULOORV SHUR WDPELpQ VH SXHGHQ HQFRQWUDU
EDMRWRQDOLGDGHVQDUDQMDVURMDV\KDVWDURVDGDVGHORVJUXSRV
/DPLQXFLRVDGHVFULSFLyQ
YDULHWDOHVWLSR0DUPDQGH9HPRQH&KHUU\&RFNWDLO&DQDULRR PRUIROyJLFDGHFDGDYDULHGDG
3LPLHQWR(QJHQHUDOGHVWDFDQSRUVXVLQJXODUVDERU8QYDORU
TXHHOSDQHOGHH[SHUWRVFDWDGRUHVSHUWHQHFLHQWHVDOD8QLGDG KDFRQYHUWLGRDOOLEURHQXQ
GH 9DORUL]DFLyQ GH 3URGXFWRV $JURDOLPHQWDULRV GHO &DELOGR
,QVXODU GH 7HQHULIH VH KD HQFDUJDGR GH GHWHUPLQDU \ TXH ODV UHIHUHQWHQDFLRQDO
FDWDV UHDOL]DGDV HQ GLIHUHQWHV PHUFDGRV FRQ OD SDUWLFLSDFLyQ
GHPiVGHFRQVXPLGRUHVKDQFRUURERUDGRIDYRUDEOHPHQWH
7RGRV FRLQFLGHQ OD FDOLGDG RUJDQROpSWLFD GH HVWRV WRPDWHV
¶GHOSDtV·R¶GHOWHUUHQR·FRPRWDPELpQVHOHVGHQRPLQDHV 815(3$62325/$+,6725,$
VXSHULRUDODGHODVYDULHGDGHVFRPHUFLDOHV
 3HUR VX FDOLGDG RUJDQROpSWLFD QR HV VX ~QLFR UDVJR  &RPR XQR GH ORV SULQFLSDOHV FXOWLYRV GH
GHVWDFDEOH$JURQyPLFDPHQWHKDEODQGRHOSRWHQFLDOGHHVWDV H[SRUWDFLyQGH&DQDULDVGXUDQWHHOVLJOR;;HOWRPDWHKD
YDULHGDGHV GH WRPDWH WUDGLFLRQDOHV ORJUDGDV JUDFLDV D OD UHSHUFXWLGRHQHOWHMLGRVRFLRHFRQyPLFRGHODVLVODV(QXQ
FRQVHUYDFLyQGHORVDJULFXOWRUHVJHQHUDFLyQWUDVJHQHUDFLyQ\ SULPHU PRPHQWR VX FRQVXPR HVWXYR OLPLWDGR D ODV FODVHV
DXQSURFHVRGHVHOHFFLyQ\PHMRUDUHVLGHHQVXDGDSWDELOLGDG PiV SXGLHQWHV DXQTXH HVWD IUXWD HUD EDVWDQWH SRSXODU
D ODV FRQGLFLRQHV DJURHFROyJLFDV GH &DQDULDV DVt FRPR D VX HQ*UDQ%UHWDxDDILQDOHVGHOVLJOR;,;GHDKtTXHIXHUDQ
UHVLVWHQFLDIUHQWHDODVSODJDV\HQIHUPHGDGHV\SRUWDQWRD SUHFLVDPHQWH ORV EULWiQLFRV TXLHQHV OLGHUDUDQ ORV HQYtRV
VXPHQRUH[LJHQFLDHQLQVXPRV(VWiQSHQVDGDVHQVXPD\RUtD GHVGHHO$UFKLSLpODJR$SDUWLUGHHVHPRPHQWRHOWRPDWH
SDUDPHUFDGRLQWHULRUDXQTXHQRVHGHVFDUWDVXH[SRUWDFLyQ VHFRQYLUWLyHQXQSURGXFWRHVWUHOODTXHFDGDYH]DFDSDUDED
XQDYH]TXHVHKD\DHYDOXDGRVXGHPDQGD\YLDELOLGDG$GHPiV PiVWHUUHQR\DXPHQWDEDVXSURGXFFLyQ
DOVHUXQSURGXFWRGHFHUFDQtDUHFRJLGRHQHOSXQWRH[DFWRGH  6X SURFHVR HYROXWLYR KD HVWDGR PDUFDGR SRU
PDGXUDFLyQVHUHGXFHODPDQLSXODFLyQ\HOWUDQVSRUWHGHORV OD YDULDFLyQ TXH KDQ H[SHULPHQWDGR ORV FDPELRV HQ HO
IUXWRVHQWUHORVFHQWURVGHSURGXFFLyQ\FRPHUFLDOL]DFLyQSRU PHUFDGR 'H XQ ODGR ORV DGHODQWRV JHQpWLFRV GH RWUR OD
ORTXHVXFXOWLYRFRQWULEX\HDODVRVWHQLELOLGDG\SURWHFFLyQGHO SpUGLGD GH FRPSHWLWLYLGDG GHO VHFWRU /D DSDULFLyQ GH ORV
PHGLRDPELHQWH KtEULGRV FRQVWLWX\y XQ SDVR LPSRUWDQWH SDUD FRQVHJXLU
 3RU RWUR ODGR VX FRPSRVLFLyQ TXtPLFD UHIXHU]D VX PHMRUHVSUHFLRVSURGXFFLRQHVPiVDOWDV\PD\RUUHVLVWHQFLD
SHVR DJURQyPLFR $ ODV FRQFHQWUDFLRQHV GH YLWDPLQD & \ ( D SODJDV \ HQIHUPHGDGHV SHUR FRQ HOORV ODV YDULHGDGHV
iFLGR IyOLFR \ ‰FDURWHQR VH VXPD HO FRQWHQLGR GH OLFRSHQR WUDGLFLRQDOHV TXHGDURQ SUiFWLFDPHQWH HQ HO ROYLGR /D
XQSRWHQWHDQWLFDQFHUtJHQRTXHHQDOJXQDVGHHVWDVYDULHGDGHV VHOHFFLyQ GHMDED GH VHU XQ SURFHVR FRQWURODGR SRU ORV
SUHVHQWDQYDORUHVVXSHULRUHVDORVH[LVWHQWHVHQODVYDULHGDGHV DJULFXOWRUHVSDUDDFDEDUHQPDQRVGHODVFDVDVSURGXFWRUDV
FRPHUFLDOHV&RQWRGRHOORVHDEUHQPXFKDVH[SHFWDWLYDVGH GHVHPLOODV(OQHJRFLRHVWDEDFRQVHJXLGRFRQORVKtEULGRV
PHUFDGR$SURYHFKDUVXSRWHQFLDOGHSHQGHUiGHORVUHVXOWDGRV QRHVSRVLEOHODPXOWLSOLFDFLyQFRQORTXHHODJULFXOWRUHVWi
ILQDOHV D ORV TXH OOHJXH HVWD LQYHVWLJDFLyQ 'H PRPHQWR REOLJDGRDDGTXLULUFRQWLQXDPHQWHORVVLPLHQWHVSDUDSRGHU
VXEUD\D $PDGRU ´OR TXH QRV HVWi SHUPLWLHQGR HVWH HVWXGLR FXOWLYDU
HV FRQRFHU ODV FDUDFWHUtVWLFDV PiV VLQJXODUHV GH HVWH DEDQLFR  3RU RWUR OD OLEHUDOL]DFLyQ GH ORV PHUFDGRV KD
GHYDULHGDGHV$SDUWLUGHORVUHVXOWDGRVREWHQLGRVSRGUHPRV WUDtGRFRPRFRQVHFXHQFLDHOHPSXMHGH]RQDVSURGXFWRUDV
KDFHU XQD VHOHFFLyQ \ PHMRUD GH DTXHOODV TXH UHVXOWHQ PiV FRPR 0DUUXHFRV 3HQtQVXOD R ORV SDtVHV GHO (VWH TXH KDQ
LQWHUHVDQWHV \ HVWDUHPRV HQ FRQGLFLRQHV GH RIUHFHU ODV FRQVHJXLGRFRPSHWLUFRQXQWRPDWHVLPLODUDOWLSRFDQDULR\
JDUDQWtDV VXILFLHQWHV SDUD TXH HQ XQ IXWXUR FHUFDQR SXHGDQ DSUHFLRVPXFKRPiVEDMRV$QWHHVWHSDQRUDPDFRPLHQ]DD
FRQYHUWLUVHHQXQDRSRUWXQLGDGGHQHJRFLRSDUDORVDJULFXOWRUHV VXUJLUXQFDPELRGHPHQWDOLGDGHQHOFRQVXPLGRU6HLPSRQH
FDQDULRV\SXHGDQHVWDUPiVSUHVHQWHVHQORVVXSHUPHUFDGRV ODFDOLGDGQXWULFLRQDO\PHGLRDPELHQWDO8QFDPLQRHQHOTXH
UHVWDXUDQWHV\PHUFDGLOORVµ ODVYDULHGDGHVDQWLJXDV GH WRPDWH FDQDULR SXHGHQ
HQFRQWUDU VX QLFKR GH
PHUFDGR
/DVYDULHGDGHVWUDGLFLRQDOHV
DGDSWDGDVDODVFRQGLFLRQHV
DJURHFROyJLFDVORFDOHV
VRQPiVUHVLVWHQWHV
DODVSODJDV
 'HFLU HQ VX FRQWUD TXH HO
DVSHFWR \ OD XQLIRUPLGDG GH HVWDV
YDULHGDGHV DQWLJXDV GH WRPDWH VRQ D
YHFHV GHILFLHQWHV OR TXH GH HQWUDGD SXHGH
UHSHUFXWLUHQVXDFHSWDFLyQFRPHUFLDO´6LELHQ
DSULPHUDYLVWDSXHGHLQIOXLUPiVODDSDULHQFLD
H[WHUQD D OD KRUD GH HOHJLU XQ WRPDWH HV GHFLU
GHFDQWDUVH SRU DTXHOORV TXH SUHVHQWDQ XQ IRUPD
PiVKRPRJpQHDDODODUJDHVODFDOLGDGLQWHUQDHQ
FXDQWR D VDERU \ SURSLHGDGHV QXWULFLRQDOHV OD TXH VH
LPSRQH \ HQ HVWH VHQWLGR ODV YDULHGDGHV WUDGLFLRQDOHV
WLHQHQPXFKRTXHDSRUWDUDGHPiVGHTXHVXUHFXSHUDFLyQ
YDOLJDGDDODFXOWXUDFDQDULD\DORVVDEHUHVWUDGLFLRQDOHVµ
GHVWDFDHVWHELROyJR

/RVWRPDWHURV
UHVLVWHQ
(O3ODQ(VWUDWpJLFRGHO
VHFWRUODFRPSHQVDFLyQDO
WUDQVSRUWHGHPHUFDQFtDV\HO
FXPSOLPLHQWRGHORVFXSRVGH
ODVLPSRUWDFLRQHVSLODUHVSDUD
VDOLUDGHODQWH
' LFHQTXHHQODVEDWDOODVXQEDQGRQRJDQDKDVWDTXHHORWUR
VHULQGHRSLHUGH$OJRGHHVWDILORVRItDGHEHKDEHUDOLPHQWDGR
HORUJXOORGHORVWRPDWHURVSRUTXHVHPXHVWUDQUHDFLRVDWLUDU
ODWRDOOD6HKDQHPSHxDGRHQVHJXLUOXFKDQGRKDVWDHOILQDO
SDUDLQYHUWLUODFRPSOHMDVLWXDFLyQTXHOHVHVWiWRFDQGRYLYLU
HQHVWRVPRPHQWRV<SHVHDTXHDOJXQRVORVGDQSRUPXHUWRV
DKt VLJXHQ DO SLH GHO FDxyQ 6XV DUPDV VRQ ODV PLVPDV FRQ
ODVTXHVLHPSUHKDQGHIHQGLGRHOGHVDUUROORGHVXDFWLYLGDG
HO 3ODQ (VWUDWpJLFR GHO 6HFWRU GH 7RPDWH GH ([SRUWDFLyQ GH
&DQDULDV \ ODV PHGLGDV FRPSHQVDWRULDV TXH VH HVWDEOHFLHURQ
SRU 5HDO 'HFUHWR HQ  \  SULPHUR SDUD UHFRQRFHU
ODD\XGDDOWUDQVSRUWHPDUtWLPRGHPHUFDQFtDVSRUOHMDQtDH
LQVXODULGDG\VHJXQGRSDUDLQFUHPHQWDUODKDVWDHOVLOD
8QLyQ(XURSHDILUPDEDXQQXHYRDFXHUGRFRQ0DUUXHFRVSDUD
OLEHUDOL]DUVXVFRQWLQJHQWHV
 (O 3ODQ (VWUDWpJLFR IXH DSUREDGR HQ  SRU HO
&RQVHMR (XURSHR FRQ HO REMHWLYR GH IDYRUHFHU DO VHFWRU
WRPDWHUR SRU OD JUDYH VLWXDFLyQ TXH SDGHFtD GHVGH KDFtD
PiVGHXQDGpFDGD8QSUR\HFWRDPHGLRSOD]RFRQHOTXHVH
SUHWHQGtDSDVDUGHDKHFWiUHDVGHFXOWLYRPHGLDQWH
LQYHUQDGHURVGHDOWRUHQGLPLHQWRDOWLHPSRTXHVHLPSXOVDED
HO FRQWURO GH SODJDV \ HQIHUPHGDGHV JUDFLDV D XQD ILFKD
ILQDQFLHUD FRILQDQFLDGD SRU OD 8( HO (VWDGR \ &DQDULDV /RV
LPSRUWHVHUDQGHFUHFLHQWHVVHHPSH]DEDSHUFLELHQGR
HXURVSRUKHFWiUHDHQ\VHFRQFOXtDHVWHDxRFRQXQSDJR
GH  HXURV SRU KHFWiUHD /RV DJULFXOWRUHV UHDOL]DURQ
VXV LQYHUVLRQHV SDUD PRGLILFDU VXV LQVWDODFLRQHV GH FXOWLYR
VROLFLWDQGRSUpVWDPRVDORVEDQFRV\FRQWDQGRFRQHOUHVSDOGR
GHO3ODQ6LQHPEDUJRXQDxRGHVSXpVGHVXHQWUDGDHQYLJRU
ODVD\XGDVFRPHQ]DURQDIDOODU\DGtDGHKR\VHDGHXGDQPiV
GHPLOORQHVGHHXURV
 &RQ OD FRPSHQVDFLyQ DO WUDQVSRUWH GH PHUFDQFtDV
RFXUULy DOJR SDUHFLGR 7RGR IXHURQ EXHQDV LQWHQFLRQHV DO
SULQFLSLRSHURGHORSUHYLVWRDORUHDOKDKDELGRXQWUHFKR(O
5'HVWDEOHFtDTXHHOVHFWRUWRPDWHURGHEtDSHUFLELU
D SDUWLU GH  XQ  GH D\XGD 3RUFHQWDMH TXH LUtD HQ
DXPHQWR HQ ORV DxRV VXFHVLYRV KDVWD OOHJDU DO  HQ 
1R REVWDQWH FRQ ORV UHFRUWHV GHO (VWDGR OD FXDQWtD VH KD
TXHGDGRHQXQHVFDVR´FRQORTXHQRVRORVHGLVWDQFLDQ
WRGDYtD PiV QXHVWUDV SURGXFFLRQHV GHO FRQWLQHQWH HXURSHR
DO WLHPSR TXH GLVPLQX\H QXHVWUD FDSDFLGDG GH PDQLREUD
\ FRPSHWHQFLD VLQR TXH VH IDFLOLWD HO SRVLFLRQDPLHQWR GHO
WRPDWH SHQLQVXODU \ PDUURTXt TXH DFFHGH D ORV PHUFDGRV
D WUDYpV GHO 0HGLWHUUiQHR PLHQWUDV ORV FDQDULRV WLHQHQ TXH
SDJDUHOSHDMHGHOFRVWHGHOWUDQVSRUWHPDUtWLPRµDUJXPHQWD
'RPLQJR0HQGR]DJHUHQWHGHOD$VRFLDFLyQGH&RVHFKHURV\
([SRUWDGRUHVGH7RPDWH$&(72
 3HVH D ORV LQFXPSOLPLHQWRV GH XQD SDUWH \ GH RWUD
\ DXQTXH WRGDYtD HVWi SHQGLHQWH OD SRVLEOH GHYROXFLyQ GH
 PLOORQHV GH HXURV TXH +DFLHQGD OHV UHFODPD SRU LQFOXLU
VXSXHVWDPHQWH FRQFHSWRV QR VXEYHQFLRQDEOHV HQ ODV D\XGDV
UHFLELGDV HQ  KDVWD OD IHFKD HQ DPEDV SURYLQFLDV VH
KDQ DERQDGR HQ WRUQR D  PLOORQHV GH HXURV HO VHFWRU
HVWi FRQYHQFLGR GH TXH WLHQH RSRUWXQLGDGHV 6DEHQ TXH VX
IXWXUR SDVD SRU OD PRGHUQL]DFLyQ GH VXV HVWUXFWXUDV SDUD
FRPHUFLDOL]DU PHQRV NLORV SHUR GH PiV FDOLGDG \ UHFXSHUDU
DVt OD SRVLFLyQ \ HO SUHVWLJLR GHO WRPDWH FDQDULR GH DQWDxR
3RUHVRVXVSURSXHVWDVVHFLxHQDOSURUUDWHRGHODVFDQWLGDGHV
DGHXGDGDV SRU HO (VWDGR \ OD &RPXQLGDG $XWyQRPD SDUD HO
SHULRGR SDUD FRPSHQVDU VX VLWXDFLyQ GH OHMDQtD H
LQVXODULGDGDODHYDOXDFLyQGHOLPSDFWRGHORVDFXHUGRVFRQ
WHUFHURVSDtVHVDOFXPSOLPLHQWRGHORVFXSRVGHLPSRUWDFLyQ
GHO WRPDWH PDUURTXt \ D OD FRPSHQVDFLyQ HFRQyPLFD D ORV
WRPDWHURV 0HQGR]D YD PiV DOOi DO FXHVWLRQDUVH HO SDSHO GH
ODV DGPLQLVWUDFLRQHV FDQDULDV SUHJXQWiQGRVH ´VL QR HV PiV
OyJLFR DWHQGHU ORV FRPSURPLVRV FRQ HO VHFWRU HYLWDQGR HO
LQFUHPHQWRGHSDURTXHVDFDUPHGLGDVFRUUHFWRUDVGHHPSOHR
FRQ HVRV IRQGRV S~EOLFRV TXH GHEtDQ KDEHUVH GHVWLQDGR D
PDQWHQHUHVWDDFWLYLGDGµ



 (OVHFWRU
SODWDQHUR
/RFDO

( O VHFWRU SODWDQHUR GH &DQDULDV QR HVWDED HQ HO 326(,$

SDUWLUGHODLQWHJUDFLyQGH&DQDULDVHQOD3$&VHSURGXMRXQD
UHDFFLyQGHSDUWHGHOD8(HQDSR\RGHORTXHKR\OODPDPRV
´UHJLRQHV XOWUDSHULIpULFDVµ 3RU XQ ODGR VH GHVDUUROOy XQ
SURJUDPDGHDSR\RGHD\XGDVDOVHFWRUDJUDULRTXHH[FOXtD
DO SOiWDQR $ HVWRV SURJUDPDV VH OHV GHQRPLQy 326(,'20
SDUD0DUWLQLFD\*XDGDOXSH326(,0$SDUD$]RUHV\0DGHLUD
\326(,&$1SDUD&DQDULDV(OSOiWDQRVHGHMyDSDUWHSRUVXV
FRQQRWDFLRQHVLQWHUQDFLRQDOHV1RKD\TXHROYLGDUTXHORTXH
VH UHILHUH DO SOiWDQR GH &DQDULDV pVWH GLVSRQtD GH XQD OH\
HPSUHVDV H[SRUWDGRUDV HQ &DQDULDV PiV GH  QR HUD
SRVLEOHFRPSHWLUFRQODVEDQDQDVGHRWUDVSURFHGHQFLDV3RU
WDO PRWLYR H[LJLy D OD WRWDOLGDG GH SURGXFWRUHV GH SOiWDQRV
GH ODV 5836 TXH VH FRQVWLWX\HVHQ HQ 2UJDQL]DFLRQHV GH
3URGXFWRUHV FRPR FRQGLFLyQ VLQH TXD QRQ SDUD SHUFLELU D
WUDYpVGHODV233XQDD\XGDHFRQyPLFDSDUDSRGHUFRPSHQVDU
HO IXHUWH GHVHTXLOLEULR GH FRVWRV GH SURGXFFLyQ TXH H[LVWHQ
HQWUHODVEDQDQDVGHOD]RQDGyODU\ÉIULFDFRQORVSOiWDQRV
FRPXQLWDULRV
 (VWD D\XGD LED GLUHFWDPHQWH DO SURGXFWRU D WUDYpV
TXHLPSHGtDODLPSRUWDFLyQGHEDQDQDVDOPHUFDGRHVSDxRO GH ODV 233 DO LJXDO TXH DKRUD \ VH OD GHQRPLQy ´D\XGD
UHVHUYDQDFLRQDOGHOPHUFDGR FRPSHQVDWRULDDOSURGXFWRUSRUSpUGLGDGHUHQWDµ/DD\XGD
 (QODVQHJRFLDFLRQHVTXHVHLQLFLDURQHQIHFKD KD YHQLGR VLHQGR SHUFLELGD SRU ORV SURGXFWRUHV GHVGH HO 
HQ OD TXH VH FUHy OD $3(% SDUD UHJXODU HO DEDVWHFLPLHQWR
GHSOiWDQRVHSHUPLWLyDORVSURGXFWRUHVFRPXQLWDULRVHVWDU
SUHVHQWHV HQ ODV PLVPDV SXHV HUD GH FDSLWDO LPSRUWDQFLD
TXH HVWD UHJXODFLyQ GHO DEDVWHFLPLHQWR GH SOiWDQREDQDQD
HQ OD 8( KLFLHUD FRPSDWLEOH OD FRQYLYHQFLD HQ HO PHUFDGR
HXURSHRGHORVSOiWDQRVFRPXQLWDULRVEDQDQDV$&3\EDQDQDV
GH MXOLR GH  KDVWD OD IHFKD DOUHGHGRU GH  DxRV FRQ
OD ~QLFD VDOYHGDG TXH GHVSXpV GH GLYHUVDV GHQXQFLDV DQWH
OD RUJDQL]DFLyQ PXQGLDO GH FRPHUFLR SRU SDUWH GH DOJXQRV
SDtVHV ODWLQRDPHULFDQRV (VWDGRV 8QLGRV HWF ORV JRELHUQRV
GH(VSDxD)UDQFLD\3RUWXJDOOD&RPLVLyQ(XURSHD\HOVHFWRU
SURGXFWRUFRPXQLWDULRFRQVLGHUDPRVTXHHUDRSRUWXQRVDOLUVH
GyODUOLPLWDQGRODHQWUDGDGHHVWDV~OWLPDVDXQVLVWHPDGH
FRQWLQJHQWHV
 (Q FXDQWR D ORV SURGXFWRUHV FRPXQLWDULRV OD 8(
DQDOL]y QXHVWUDV FDUDFWHUtVWLFDV \ YLR TXH FRQ OD HVWUXFWXUD
FRPHUFLDO \ OD GLVSHUVLyQ GH ORV SURGXFWRUHV HQ GLIHUHQWHV

GH ORV FLUFXLWRV LQWHUQDFLRQDOHV GH OLWLJLR 20& \ SDVDU OD
ILFKDILQDQFLHUDGHOSOiWDQRDORVUHVSHFWLYRVSURJUDPDV326(,
GHODVGLIHUHQWHVUHJLRQHVSURGXFWRUDVGHSOiWDQR
 &RQYLHQHUHFRUGDUTXHODDVLJQDFLyQSUHVXSXHVWDULD
GHO SOiWDQR TXH VH LQFOX\y HQ HO 3URJUDPD 326(, HV HO
UHVXOWDGRGHODQHJRFLDFLyQFRQOD&RPLVLyQ(XURSHDFRQXQSDSHOPX\DFWLYR
SRU SDUWH GH OD$3(% FXDQGR VH VXVWLWX\y OD D\XGD FRPSHQVDWRULD YDULDEOH \
HQSULQFLSLRLOLPLWDGDSRUXQDD\XGDGLUHFWDFRQXQSUHVXSXHVWRILMR\OLPLWDGR
GHQWURGHO326(,SDUDORVSURGXFWRUHVFRPXQLWDULRVGHSOiWDQR7DPELpQFRQYLHQH
UHFRUGDUTXHHOGHODDOLPHQWDFLyQGHODVLVODVYLHQHGHIXHUD3HQtQVXODD
WUDYpVGHWUDQVSRUWHPDUtWLPR\TXHHOUHWRUQRGHHVRVEDUFRVGHQRVHUSRUHO
SOiWDQROOHYDUtDQODVERGHJDVYDFtDVFRQODFRQVLJXLHQWHVXELGDHQHOSUHFLRGH
ODFHVWDGHODFRPSUD0iVGHXQPLOOyQGHNLORVGHSOiWDQRHQYLDPRVGLDULDPHQWH
DOD3HQtQVXODDWUDYpVGHODVOtQHDVPDUtWLPDVTXHHTXLYDOGUtDDFDPLRQHV
IULJRUtILFRVTXHWUDQVSRUWDPRVDQXDOPHQWHDORVSXHUWRVSHQLQVXODUHVGHGRQGH
YLHQHODDOLPHQWDFLyQD&DQDULDV
 &RQFOXVLyQ/DVH[LJHQFLDVGHOD8(REOLJDURQDOVHFWRUSODWDQHURFDQDULR
DDGHFXDUVXVHVWUXFWXUDV$QWHVGHWHQtDPiVGHHPSUHVDVH[SRUWDGRUDV
GHVSXpV GH  SDVy D  RUJDQL]DFLRQHV GH SURGXFWRUHV FRQWDQGR HQ OD
DFWXDOLGDG FRQ VHLV 233 \ XQD RUJDQL]DFLyQ UHJLRQDO $6352&$1 TXH DJOXWLQD
DO  GH ORV SURGXFWRUHV \ D VX YH] XQD RUJDQL]DFLyQ LQWHUQDFLRQDO $3(%
TXH DJOXWLQD D ORV SURGXFWRUHV GH 0DUWLQLFD \ *XDGDOXSH )UDQFLD 0DGHLUD
3RUWXJDO \ &DQDULDV (VSDxD \ HVWD XQLyQ HV OD TXH QRV KD OOHYDGR D SRGHU
VHJXLUKDEODQGRGHSOiWDQRVFRPXQLWDULRVHQODDFWXDOLGDG'HQRKDEHUVLGRDVt
KR\SRUKR\QRKXELpVHPRVH[LVWLGR
 7RGDV ODV QHJRFLDFLRQHV TXH KHPRV HPSUHQGLGR HQ HVWH WLHPSR 
DxRVKDSHUPLWLGRDOVHFWRUSODWDQHURGH&DQDULDVPDQWHQHUVXVSURGXFFLRQHV
KLVWyULFDV DOUHGHGRU GH  WRQHODGDV ODV FHUFD GH  KHFWiUHDV
GH FXOWLYR HQ 7HQHULIH /D 3DOPD *UDQ &DQDULD /D *RPHUD \ (O +LHUUR DVt
FRPR PDQWHQHU OD UHQWD GH ORV SURGXFWRUHV (O PDQWHQLPLHQWR GH ODV 
WRQHODGDVGHSURGXFFLyQHVODPHMRUGHPRVWUDFLyQGHODEXHQDXWLOL]DFLyQTXH
ORVSURGXFWRUHVFDQDULRVGHSOiWDQRKHPRVKHFKRGHODVD\XGDVFRPXQLWDULDV
 'HODLPSRUWDQFLDTXHWLHQHHOVHFWRUSODWDQHURHQ&DQDULDVDGHPiVGH
OD\DFRPHQWDGDGHOWUDQVSRUWHPHJXVWDUtDGHVWDFDUDOJXQDVODPDQRGHREUD
HQODSURGXFFLyQHVILMD\SHUPDQHQWHSXHVFRPRHVVDELGRODVUHFROHFFLRQHV
VHKDFHQGXUDQWHWRGRHODxR(QHVWHVHQWLGRKD\XQDSDUWHLQGXVWULDOFRPR
VRQ ORV FHQWURV GH HPSDTXHWDGRV TXH WDPELpQ DJUXSDQ D XQ JUDQ FROHFWLYR
GH WUDEDMDGRUHV SXGLHQGR UHVXPLU TXH DOUHGHGRU GH  SHUVRQDV HVWiQ
YLQFXODGDVHQ&DQDULDVDOFXOWLYRGHOSOiWDQR
 (O VHFWRU SODWDQHUR KD KHFKR VX WUDEDMR KHPRV FRQVHUYDGR QXHVWURV
YRO~PHQHVGHSURGXFFLyQQXHVWURQ~PHURGHKHFWiUHDV\QRQRVSDUHFHVHULR
TXHVHLQWHQWHWUDQVPLWLUXQDRSLQLyQGHPDJyJLFDVREUHHOVHFWRUSODWDQHURGH
&DQDULDV \ FRPXQLWDULR (Q ODV FXHVWLRQHV GH Pi[LPD LPSRUWDQFLD HFRQyPLFD
\ VRFLDO OD ULJXURVLGDG \ OD SURIHVLRQDOLGDG GHEHQ SUHYDOHFHU &UHR TXH OR TXH
KDEUtDTXHKDFHUHVWUDEDMDUFRGRDFRGRWRGRVORVVHFWRUHVDJUDULRVGH&DQDULDV
SDUDFRQVHJXLUQXHVWURVREMHWLYRV\GHMDUQRVGHFUHDUJXHUUDVLQWHVWLQDVTXHOR
~QLFRTXHYDQDORJUDUHVOOHYDUQRVDWRGRVDODELVPR

/HRSROGR&yORJDQ3RQWH
3UHVLGHQWHGHOD$3(%


 JDQDGHUtD

/DTXHVHUtD/D*DPEXHVDGH
)XHUWHYHQWXUDJDQDHOSUHPLRDO
PHMRUTXHVRGH&DQDULDV
6XSURSLHWDULR/RUHQ]R0DUWtQDVHJXUDTXHXQEXHQ
PDQHMRGHOJDQDGRHOFXLGDGRGHODDOLPHQWDFLyQ

/RUHQ]R0DUWtQ\1DWDOLD7RUUHVMXQWRDOSUHVLGHQWHGHO&DELOGRGH
)XHUWHYHQWXUD0DULR&DEUHUD\ODFRQVHMHUDGH$JULFXOWXUD5LWD'tD] (VWHDxRHVSHUDQ
SRQHUHQPDUFKDXQD
6 LQIyUPXODVVHFUHWDVVLQSyVLPDVPiJLFDVVRORXQEXHQ
FRRSHUDWLYDSDUDH[SRUWDU
PDQHMRGHOJDQDGRHOFXLGDGRGHODDOLPHQWDFLyQ\ODKLJLHQH
GXUDQWH WRGR HO SURFHVR GH HODERUDFLyQ GHO TXHVR DGHPiV
TXHVRDOD3HQtQVXOD
GH OD HIHFWLYLGDG GHO FXDMR HQ IXQFLyQ GH OD WHPSHUDWXUD
OD FRQFHQWUDFLyQ GH VXVWUDWR OHFKH HO FDOFLR \ OD DFLGH] ODSURSLDTXHVHUtDVLQRWDPELpQDWUDYpVGHPD\RULVWDV3DUD
(V HO VHQFLOOR SHUR HIHFWLYR PpWRGR GH WUDEDMR GH /RUHQ]R 0DUWtQHOJUDQHVFROORGHORVJDQDGHURV\TXHVHURVHVHOEDMR
0DUWtQ SURSLHWDULR MXQWR D VX PXMHU 1DWDOLD 7RUUHV GH OD SUHFLRDOTXHVHSDJDHOTXHVRHQODDFWXDOLGDG8QSUHFLRTXH
4XHVHUtD /D *DPEXHVD 7XLQHMH )XHUWHYHQWXUD TXH OHV
KD SHUPLWLGR FRQVHJXLU HO SULPHU SXHVWR HQ HO ;, &RQFXUVR
1DFLRQDO GH 4XHVRV GH /HFKH GH &DEUD 3UHPLRV 7DEHIH GH
)XHUWHYHQWXUD 6X REUD JDQDGRUD XQ VHPLFXUDGR GH OHFKH
FUXGDVHKDFRQYHUWLGRHQHOPHMRUTXHVRGH&DQDULDV
SHURQRKDVLGRHO~QLFRJDODUGyQTXHVHKDQOOHYDGR7DPELpQ
KDQVLGRSUHPLDGRVHQVHPLFXUDGRV\FXUDGRV(QWRWDOWUHV
GLVWLQFLRQHV
 3DUD HVWD TXHVHUtD TXH FRPHQ]y VX WUD\HFWRULD HQ
 VH OH HVWi HPSH]DQGR D TXHGDU FRUWD VX HVWDQWHUtD
GH SUHPLRV SXHV DGHPiV GH ORV UHFLELGRV HVWH DxR \ RWURV
DQWHULRUHV HQ HVWH PLVPR FHUWDPHQ \D DFXPXOD JDODUGRQHV
LQWHUQDFLRQDOHVFRPRORVUHFLELGRVHQ\HQHO
SUHVWLJLRVR:RUOG&KHHVH$ZDUGV3DUD0DUWtQ´VLHQWDQLJXDO
GHELHQORVTXHVHUHFLEHQHQFDVD\ORTXHVHUHFLEHQHQHO
H[WHULRUDILQGHFXHQWDVVRQXQUHFRQRFLPLHQWRDOWUDEDMR
ELHQKHFKR\HVRVLHPSUHVHDJUDGHFHµ
 /D 4XHVHUtD /D *DPEXHVD FXHQWD FRQ PiV GH 
FDEUDVVHPLHVWDEXODGDVTXHSURGXFHQHQWUH\OLWURV
GHOHFKHDOGtD8QDFDQWLGDGTXHOHVSHUPLWHHODERUDUXQRV
 NLORV GH TXHVR GLDULRV 0DUWtQ \ VX PXMHU WUDEDMDQ FRQ
OHFKH FUXGD ´(V PiV FRPSOLFDGD TXH OD OHFKH SDVWHXUL]DGD
SRUTXHFXDQGRVHSDVWHXUL]DVHPDWDQ QRVRORODVEDFWHULDV
PDODV VLQR WDPELpQ PXFKDV EXHQDV \ HVR DIHFWD DO VDERU
GHO TXHVR (O LQFRQYHQLHQWH HV TXH KD\ TXH VHU PXFKR PiV
FXLGDGRVR FRQ OD KLJLHQH SDUD HYLWDU TXH FXDOTXLHU WLSR GH
PLFURRUJDQLVPRSXHGDFRQWDPLQDUHOSURGXFWRILQDOµ
 (ODERUDQTXHVRVWLHUQRVVHPLFXUDGRV\FXUDGRVFRQ
FREHUWXUDGHJRILR\SLPHQWyQTXHFRPHUFLDOL]DQQRVRORHQ

QRD\XGDDFXEULUORVJDVWRVVREUHWRGRHQDOLPHQWDFLyQ\
JHQHUDHVFDVDUHQWDELOLGDGSDUDXQDDFWLYLGDGLQIUDYDORUDGD
GHVGHHOSXQWRGHYLVWDVRFLDO\HFRQyPLFR3HVHDWRGRHO
DOLFLHQWHSDUDHVWHJDQDGHURVLJXHVLHQGRVXWUDEDMRGHOTXH
GLFH´VR\\RPLSURSLRGXHxR\ORKDJRDPLULWPRµ
 $GHPiV GH OD HODERUDFLyQ GH TXHVRV OD TXHVHUtD
VHKDFRQYHUWLGRHQXQHVSDFLRYLVLWDEOH7XULVWDVFROHJLRV
ORFDOHV\DOJ~QTXHRWURFXUVRIRUPDWLYRKDQSDVDGRSRUVXV
LQVWDODFLRQHV/DDFHSWDFLyQKDVLGRPX\EXHQD\HOLQWHUpVHV
FUHFLHQWH4XLHQHVYLVLWDQODJUDQMDDGHPiVGHFRQRFHUWRGR
HO SURFHVR GH HODERUDFLyQ GHO TXHVR GHVGH HO RUGHxR KDVWD
ODREWHQFLyQGHOSURGXFWRILQDOGHVFXEUHQHOYDORUFXOWXUDO
\JDVWURQyPLFRGHXQSURGXFWRTXHDXQTXHDFRVWXPEUDGRV
D YHUOR H[SXHVWR HQ ORV OLQHDOHV GH ORV SXQWRV GH YHQWD VH
GHVFRQRFHPXFKDVYHFHVHOWUDEDMRTXHKD\GHWUiV
 &RPR H[SHFWDWLYD GH IXWXUR LQPHGLDWR 0DUWtQ
FXHQWD TXH HVSHUDQ HVWH DxR SRGHU WHUPLQDU GH GDU ODV
~OWLPDV SLQFHODGDV D XQ SUR\HFWR FRRSHUDWLYR UHVSDOGDGR
SRUHO&DELOGR,QVXODUGH)XHUWHYHQWXUDSDUDSRGHUHPSH]DU
D H[SRUWDU TXHVRV ´(Q HVWRV PRPHQWRV OD VLWXDFLyQ GHO
PHUFDGRHVWiVDWXUDGDWDQWRHQ)XHUWHYHQWXUDFRPRHQ*UDQ
&DQDULDGRQGHSULQFLSDOPHQWHVHGLVWULEX\HQORVTXHVRVGHOD
LVOD\SRUHVREXVFDPRVDEULUQXHVWUDVSRVLELOLGDGHVGHYHQWD
&RQWDPRVFRQXQDJUDQGHPDQGDWDQWRHQOD3HQtQVXODFRPR
HQHOUHVWRGH(XURSD\WHQHPRVTXHDSURYHFKDUODSHURSDUD
HVRQHFHVLWDPRVSULPHURHVWDUXQLGRV\OXHJRSRGHUGLVSRQHU
GHODVFDQWLGDGHV\ODFRQWLQXLGDGHQODRIHUWDTXHQRVSLGHQ
6L HVWR VDOH HVWH DxR VXSRQGUtD XQ JUDQ LPSXOVR SDUD OD
DFWLYLGDGJDQDGHUDGHODLVODµ



 IORUHV\SODQWDV
/DVDURPiWLFDV
VHIUHQDQ
&RQXQIDFWXUDFLyQ
GHFLQFRPLOORQHVGH
HXURVDODxR+LHUEDV
(O7HLGHEXVFDHQWUDU
HQODFRPSHQVDFLyQ
DOWUDQVSRUWHGH
PHUFDQFtDVSDUDQR
FHVDUVXDFWLYLGDG
3 RU VX FOLPD &DQDULDV HV XQR GH ORV PHMRUHV OXJDUHV GHO
PXQGRSDUDSURGXFLUFXDOTXLHUWLSRGHFXOWLYR(VWDYHQWDMD
RSULYLOHJLRHVORTXHDWUDMRD-DLPH9L]TXHUWSURSLHWDULRGH
+LHUEDV(O7HLGHSHUWHQHFLHQWHDO*UXSR+HUEH[,EHULDXQD
GHODVHPSUHVDVPiVLPSRUWDQWHVHQYROXPHQGHIDFWXUDFLyQ
GH (XURSD SDUD HPSH]DU D FXOWLYDU HQ  DURPiWLFDV HQ
HOVXUGH7HQHULIH\FRQHOODVGLYHUVLILFDUODDJULFXOWXUDGHOD
LVOD$OSULQFLSLRVHGHGLFDEDQHQH[FOXVLYLGDGDODDOEDKDFD
SHUR SRFR D SRFR KDQ LGR LQWURGXFLHQGR \ DPSOLDQGR OD
RIHUWD KHUEDO KDVWD FRPHUFLDOL]DU PiV GH  YDULHGDGHV
(QWUH HOODV WRPLOOR FHEROOLQR PHQWD FLODQWUR HQHOGR R
URPHURHQWUHRWUDV
6HYHQGHSUiFWLFDPHQWHWRGRHQHOH[WHULRUHQORV
PHUFDGRVGH(XURSDDXQTXHWDPELpQFXEUHQODVQHFHVLGDGHV
GHO PHUFDGR LQWHULRU DO VHU ORV SURYHHGRUHV GH ORV JUDQGHV
KLSHUPHUFDGRVQDFLRQDOHV/DDFHSWDFLyQGHOSURGXFWRVHJ~Q
GLFH9L]TXHUW´HVPX\EXHQDµ/DFDOLGDGSULPDSRUHQFLPD
GH WRGR \ HVR VH QRWD QR VROR HQ HO FXOWLYR HQ Vt VLQR HQ
OD SUHVHQWDFLyQ GHO SURGXFWR 'LVSRQHQ GH  KHFWiUHDV GH
H[SORWDFLyQJHQHUDQFXDWURHPSOHRVSRUKHFWiUHDGHFXOWLYR
SURGXFHQWRQHODGDVDQXDOHV\IDFWXUDQFLQFRPLOORQHVGH

HXURVDODxRRORTXHHVORPLVPRXQGHOFyPSXWRWRWDO
GHO*UXSR+HUEH[8QDVJDQDQFLDVTXHVHUHSDUWHQHQWUHORV
SURYHHGRUHV\WUDEDMDGRUHVGH&DQDULDVORTXHGDXQDLGHD
GHODUHSHUFXVLyQHFRQyPLFD\VRFLDOTXHWLHQHHVWDHPSUHVD
HQODLVOD
 9L]TXHUW FXHQWD TXH HQ ORV LQLFLRV GH OD HPSUHVD
´HVWiEDPRVOLPLWDGRVSRUODIDOWDGHGLVSRQLELOLGDGGHILQFDV
HQ7HQHULIH(UDODpSRFDEXHQDGHOWRPDWH\ODPD\RUtDGH
ODV H[SORWDFLRQHV HVWDEDQ RFXSDGDV SRU HVWD KRUWDOL]D /RV
SUHFLRVWDPSRFRHUDQEXHQRVSDUDFUHFHU\HODJXDDOLJXDO
TXH DKRUD HUD XQ UHFXUVR PX\ FDUR $SHQDV FRQVHJXtDPRV
PDQRGHREUDSRUTXHODPD\RUtDWHQtDREXVFDEDWUDEDMRHQHO
VHFWRUKRWHOHURµ3HURFRPRWRGRHVFtFOLFRODVFLUFXQVWDQFLDV
FDPELDURQ+LHUEDV(O7HLGHFRPHQ]yDDGTXLULUFDGDYH]PiV
WHUUHQRV SDUD FXOWLYDU ORV SUHFLRV FRQWULEX\HURQ D JHQHUDU
JDQDQFLDV \ VH HPSH]DED D GLVSRQHU GH PDQR GH REUD (O
PRPHQWR HUD SURSLFLR SDUD DXPHQWDU OD SURGXFFLyQ GH
DOEDKDFD\DEULUVHDRWUDVOtQHDVGHDURPiWLFDV
 /DV H[SHFWDWLYDV GH OD HPSUHVD HUDQ VyOLGDV \ HO
HQWXVLDVPR GH 9L]TXHUW FRPR HPSUHQGHGRU QR VH GHWHQtD
4XHUtD VHJXLU SUREDQGR FRQ QXHYRV SURGXFWRV \ YHU VXV
 SRVLELOLGDGHV GH GHVDUUROOR /DV KRUWDOL]DV
EDE\ ODV IORUHV FRPHVWLEOHV PHQRV XVXDOHV
SDUD HO FRQVXPLGRU GH D SLH SHUR FRQ JUDQ
GHPDQGD HQ OD UHVWDXUDFLyQ IXHURQ DOJXQDV
GHVXVDSXHVWDVPiVOODPDWLYDV<HQSUHYLVLyQ
WHQtD FXOWLYDU YDULDV YDULHGDGHV GH WRPDWH
LQVXODULGDGFRQUHVSHFWRDOFRQWLQHQWHHXURSHR1RVHWUDWD
GHXQDPRGLILFDFLyQFRPSOLFDGDGHODVEDVHVGHODQRUPDWLYD
TXH JHVWLRQD HVWD FRPSHQVDFLyQ VLQR ~QLFDPHQWH XQD
DFWXDOL]DFLyQGHO$QH[RGHHVWH5HDO'HFUHWRTXHHVWDEOHFH
TXp SURGXFWRV SXHGHQ WHQHU DFFHVR D OD FRPSHQVDFLyQ
DO WUDQVSRUWH DpUHR VROR TXHUHPRV DGDSWDU OD SULQFLSDO
FRUD]yQ GH EXH\ FKHUU\ SHUD SHSLQR H
LQFOXVRSLPLHQWRLWDOLDQR/RLQWHQWyWDPELpQ
FRQ ORV EURWHV WLHUQRV FRPR ORV EHUURV 6LQ
HPEDUJR VX DFHSWDFLyQ VREUH WRGR HQ HO
PHUFDGR LQWHULRU IXH PiV UHWLFHQWH 1R
WHUPLQDED GH FXDMDU GHO WRGR \ 9L]TXHUW
WXYR TXH IUHQDU OD SURGXFFLyQ SDUD HYLWDU
SpUGLGDV
³/DHPSUHVDVHKD
OHYDQWDGRFRQFDSLWDO
SULYDGRSHURVXDFWXDO
YROXPHQGHQHJRFLROH
KDFHLQYLDEOHH[SRUWDU´
 /D OOHJDGD GH OD FULVLV SHUR VREUH WRGR
ORV FRVWHV GH SURGXFFLyQ \ FRPHUFLDOL]DFLyQ
FRPHQ]DURQ D OLPLWDU \ IUHQDU ODV DQVLDV GH
FUHFLPLHQWR \ H[SDQVLyQ GH HVWD HPSUHVD
OHYDQWDGD FRQ FDSLWDO SULYDGR &RQ VX DFWXDO
YROXPHQ GH QHJRFLR \ VLQ FRPSHQVDFLyQ
DO WUDQVSRUWH GH PHUFDQFtDV DO QR HVWDU
UHFRJLGDV ODV DURPiWLFDV GHQWUR GHO 5HDO
'HFUHWR GH  FDGD YH] OH UHVXOWD PiV
FDURD+LHUEDV(O7HLGHHQYLDUVXSURGXFFLyQ
YtD DpUHD IXHUD GH ODV LVODV ´/D VLWXDFLyQ
KHUUDPLHQWDGHODH[SRUWDFLyQODFRPSHQVDFLyQDOWUDQVSRUWH
GHPHUFDQFtDVDODUHDOLGDGGHOVHFWRUDJUtFRODH[SRUWDGRUVL
ORVSROtWLFRVQRVHGDQFXHQWDGHHVWRKDUiQXQIODFRIDYRUD
ODDJULFXOWXUD\QRSRGUiQHYLWDUTXHHPSUHVDVFRPR+LHUEDV
GH(O7HLGHDEDQGRQHQWHQLHQGRHQFXHQWDODVUHSHUFXVLRQHV
QHJDWLYDVTXHWHQGUtDGHVGHXQSXQWRGHYLVWDHFRQyPLFR\
VRFLDOµ
 (O5HDO'HFUHWRGHHVWDEOHFHXQDFRPSHQVDFLyQ
DO WUDQVSRUWH GH PHUFDQFtDV PDUtWLPR R DpUHR GHO 
D DSOLFDU GH PDQHUD SURJUHVLYD SDUD FDGD HMHUFLFLR 6LQ
HPEDUJRORVUHFRUWHVGHO(VWDGRKDQUHGXFLGRGUiVWLFDPHQWH
HVWH SRUFHQWDMH KDVWD VLWXDUOR HQ HO  (VWD UHGXFFLyQ
KDDIHFWDGRGHPDQHUDQHJDWLYDDODFRPHUFLDOL]DFLyQGHODV
SURGXFFLRQHV GH WRPDWH \ IORUHV \ SODQWDV GH &DQDULDV 'RV
VHFWRUHVFX\RVPD\RUHVEHQHILFLRVHFRQyPLFRVVHHQFXHQWUDQ
HQHOH[WHULRU
 9L]TXHUW DVHJXUD TXH ´QRV JXVWDUtD SRGHU VHJXLU
FUHFLHQGR HQ ODV LVODV (VWDPRV FRQYHQFLGRV GH TXH DTXt
KD\ IXWXUR SHUR FDGD YH] QRV LPSRQHQ PiV GLILFXOWDGHV
DGPLQLVWUDWLYDVTXHKDFHQUHDOPHQWHFRPSOLFDGRFRQWLQXDUµ
/R~OWLPRHVOD7DVDGH6HJXULGDG$pUHDLPSXHVWDSRU(XURSD
TXHXQDYH]HQWUHHQYLJRUHVWDEOHFHXQSDJRGHHXURV
SRU NLOR GH PHUFDQFtD 8QD QRUPD TXH SDUD XQD HPSUHVD
FRPR+LHUEDV(O7HLGHGHELGRDVXYROXPHQGHSURGXFFLyQ
VXSRQGUtDXQRVJDVWRVH[WUDVDQXDOHVGHHXURV
,19(56,Ð1(1&$/,'$'
 +LHUEDV(O7HLGHKDLQYHUWLGRSDUWHGHVXFDSLWDOHQ
PRGHUQL]DUODVH[SORWDFLRQHVGHOVXUGH7HQHULIHFRQVLVWHPDV
GHULHJRDXWRPDWL]DGRVFiPDUDVGHIUtR\FHUWLILFDFLRQHVGH
FDOLGDG/LQNHQYLURQPHQWDQGIDUPLQJ)LHOGWR)RUN*OREDO
HV SUHRFXSDQWH SRUTXH VH QRV HVWi KDFLHQGR *DS\1DWXUH·V&KRLFHFRQODVTXHJDUDQWL]DUXQDSURGXFFLyQ
SUiFWLFDPHQWH LQYLDEOH VRSRUWDU ORV UHVSHWXRVD FRQ HO PHGLR DPELHQWH \ OD VDOXG GH ORV
VREUHFRVWHV D ORV TXH HVWDPRV VRPHWLGRV FRQVXPLGRUHV6XYHUVDWLOLGDGOHVKDSHUPLWLGRDGDSWDUVHQR
GHDKtTXHFRPRPHGLGDSUHYHQWLYDKD\DPRV VRORDQXHYRVFXOWLYRVVLQRDWRGRWLSRGHIRUPDWRVSDUDFXEULU
GHFLGLGRGLVPLQXLUDODPLWDGODVKHFWiUHDV ODVQHFHVLGDGHVGHVXVFRQVXPLGRUHVSRUORTXHDFWXDOPHQWH
GH H[SORWDFLyQ SDUD SRGHU PDQWHQHUQRV (Q HO RIUHFHQ DURPiWLFDV HQ EDQGHMDV PDQRMRV EROVDV FDMDV H
IXWXUR YDPRV D UHFRQVLGHUDU QXHVWUD VLWXDFLyQ HQ LQFOXVRPDFHWDV
ODLVOD\YHUTXpSRVLELOLGDGHVWHQHPRVGHFRQWLQXDU
'HORFRQWUDULRSDUDUHPRVGHILQLWLYDPHQWHODDFWLYLGDGµ
DVHJXUD9L]TXHUW
 3DUD KDFHUVH XQD LGHD GH OR TXH LPSOLFD HO JDVWR
GH H[SRUWDU GHVGH &DQDULDV VLUYH XQ VHQFLOOR HMHPSOR (O
FRVWHGHWUDQVSRUWDUXQSURGXFWRSXHUWDDSXHUWDHVGHFLU
GHVGHVXOXJDUGHRULJHQDOUHVWRGH(XURSDVXSRQHSDUDXQ
SURGXFWRUSHQLQVXODUHXURVSRUNLORPLHQWUDVTXHSDUD
XQSURGXFWRUFDQDULRHOFRVWHVXSHUDHOWULSOHOOHJDQGRD
HXURV´6LFRQWiUDPRVFRQODFRPSHQVDFLyQDOWUDQVSRUWHGH
PHUFDQFtDVHVWHJDVWRVHUHGXFLUtDDPiVRPHQRVHXURV
FRQORTXHGLVSRQGUtDPRVGHXQPD\RUPDUJHQGHEHQHILFLRVµ
DUJXPHQWDHVWHHPSUHVDULR
 6HJ~QVHxDOD$QWRQLR/ySH]JHUHQWHGHOD$VRFLDFLyQ
GH&RVHFKHURV\([SRUWDGRUHVGH3ODQWDV\)ORUHVGH&DQDULDV
$62&$1´OOHYDPRVGRVDxRVGHWUiVGHODVDGPLQLVWUDFLRQHV
LQWHQWDQGR TXH VH PRGLILTXH HO 5HDO 'HFUHWR GH  SDUD
TXHVHDFWXDOLFHHOWH[WR\VHLQFOX\DDODVDURPiWLFDVHQOD 2IHUWDQXQDPSOLRVXUWLGR
FRPSHQVDFLyQ DO WUDQVSRUWH DpUHR HVSHUHPRV FRQVHJXLUOR
HVWHDxR/DQRLQFOXVLyQGHHVWRVSURGXFWRVDJUtFRODV
GHYDULHGDGHVFRPROD
YDHQFRQWUDGHODILORVRItDGHHVWH5HDO'HFUHWRTXHVHFUHy
SDUD FRPSHQVDU HO WUDQVSRUWH GH QXHVWURV SURGXFWRV KDFLD
DOEDKDFDRHOWRPLOORHQ
(XURSD GHELGR D QXHVWUD FRQGLFLyQ JHRJUiILFD GH OHMDQtD H GLIHUHQWHVIRUPDWRV

 IORUHV\SODQWDV
6HDEUHHOSOD]RSDUDDVHJXUDUODV
H[SORWDFLRQHVGHIORULFXOWXUD\
RUQDPHQWDOHV
/RVDJULFXOWRUHVTXHWHQJDQVXVFXOWLYRVDVHJXUDGRVSRGUiQ
DFFHGHUDXQPiVGHD\XGDGHO3RVHLLQWHULRU

(VWHDxRVHSRGUiQDVHJXUDU DXPHQWHHQXQPiVODVXSHUILFLHGHFXOWLYRDVHJXUDGDHQ
LQVWDODFLRQHV\PHGLRV HOVHFWRURUQDPHQWDOGHODVLVODV
 7DQWRSDUDIORUFRUWDGDEDMRFXELHUWDLQYHUQDGHUR
GHSURGXFFLyQFRPRORV
FDEH]DOHVGHULHJR
/ DV H[SORWDFLRQHV GH IORU FRUWDGD FXELHUWD DVt FRPR OD
PRGDOLGDG GH YHUDQR SDUD HVTXHMHV \ SODQWD RUQDPHQWDO \D
SXHGHQ DVHJXUDUVH GHVGH HO PHV GH MXQLR 3RU HVWH PRWLYR
OD $VRFLDFLyQ GH &RVHFKHURV \ ([SRUWDGRUHV GH )ORUHV \
PDOOD R XPEUiFXOR FRPR SDUD OD PRGDOLGDG GH YHUDQR GH
HVTXHMHVRSODQWDYLYDHOSHULRGRGHFRQWUDWDFLyQVHLQLFLy
HOSDVDGRGHMXQLR\SHUPDQHFHUiDELHUWRKDVWDHOGH
VHSWLHPEUH6HUHFXHUGDTXHSDUDORVTXHKD\DQFRQWUDWDGR
XQVHJXURHODxRSDVDGRRSDUDTXLHQHVORKD\DQKHFKRHQ
PDU]RGHHOSHULRGRGHJDUDQWtDVGHVXSyOL]DILQDOL]DUi
HOGHMXQLRGH
 'HVGH HO SDVDGR DxR ORV IORULFXOWRUHV FXHQWDQ
FRQXQDQXHYDPRGDOLGDGGHVHJXURDJUDULRFRQFREHUWXUDV
FUHFLHQWHVORTXHSHUPLWHHOHJLUHQWUHFXDWURPyGXORVORV
3ODQWDVGH&DQDULDV$62&$1KDLQLFLDGRVXURQGDGHYLVLWDV
SDUDSURSRQHUDWRGRVORVDJULFXOWRUHVLQWHUHVDGRVXQVHJXUR
DGDSWDGRDVXVQHFHVLGDGHVSURGXFWLYDVDVHVRUiQGRORVVREUH
ODV FREHUWXUDV \ ODV FRQGLFLRQHV GH OD SyOL]D VLQ FRPSURPLVR
GH FRQWUDWDFLyQ VHJ~Q KD PDQLIHVWDGR  $QWRQLR /ySH] HO
PyGXORV\TXHMXHJDQFRQORVSRUFHQWDMHVHQPtQLPRV
LQGHPQL]DEOHVIUDQTXLFLDV\FiOFXORGHLQGHPQL]DFLyQ\HO
PyGXOR 3 TXH VH PDQWLHQH LJXDO FRPR KDVWD DKRUD &RPR
QRYHGDGHVSDUDHVWHDxRKDEUtDTXHGHVWDFDUSRUXQODGR
OD SRVLELOLGDG GH DVHJXUDU ODV LQVWDODFLRQHV JDVWRV GH
JHUHQWHGHHVWDDJUXSDFLyQ
(O REMHWLYR GH HVWDU DVHJXUDGR HV SURWHJHU ODV
H[SORWDFLRQHV GH ODV SRVLEOHV FRQVHFXHQFLDV QHJDWLYDV GH
ORV VLQLHVWURV FOLPiWLFRV XQD LQFHUWLGXPEUH FRQVWDQWH TXH
DIHFWD DO GHVDUUROOR GH OD DFWLYLGDG DJUDULD $GHPiV FRPR
UHFRPSHQVD DTXHOORV DJULFXOWRUHV TXH WHQJDQ VXV FXOWLYRV
DVHJXUDGRV SRGUiQ DFFHGHU D XQ  PiV GH D\XGD HQ HO
3RVHL LQWHULRU 8QD PHGLGD TXH KD HVWDEOHFLGR OD &RQVHMHUtD
GH$JULFXOWXUD *DQDGHUtD \ 3HVFD GHO *RELHUQR GH &DQDULDV
FRQ´DFLHUWRµDMXLFLRGH/ySH]ORTXHKDSHUPLWLGRTXHVH
(ODFRQWHFHUGHQXHVWUDJDVWURQRPtD\DJULFXOWXUD
ZZZFDQDULDVJRXUPHWHV
 ´(OSHULyGLFRGLJLWDOFRQVDERUDFDQDULDVµ
VDOYDPHQWRFRQXQFDSLWDOGLIHUHQWHDOGHODSURGXFFLyQ\
SRURWURODRSFLyQGHVXVFULELUXQVHJXURGHVWLQDGRDFXEULU
ORVGDxRVHQPHGLRVGHSURGXFFLyQFRPRFDEH]DOHVGHULHJR
UHGGHULHJRVRUHGGHFOLPDWL]DFLyQ
 (O JHUHQWH GH$62&$1 UHFXHUGD TXH GHVGH 
H[LVWH XQD PLVPD OtQHD GH VHJXUR TXH FXEUH ORV GDxRV HQ
IORUHV SODQWDV YLYHURV \ VHPLOODV (VWD OtQHD UHVSHWD ODV
GLIHUHQWHV IDPLOLDV GH FXOWLYR FUHDGDV KDVWD DKRUD \ HVWi
GLVHxDGD HQ H[FOXVLYD SDUD &DQDULDV LQGHSHQGLHQWHPHQWH
GHODVTXHVHKDQHVWDEOHFLGRSDUD3HQtQVXOD\%DOHDUHV

 YLWLFXOWXUD\HQRWXULVPR

(OHPSXMHGHORV
YLQRVDIUXWDGRVGH(O+LHUUR
/DFUHDFLyQGHOD9LQtFROD,QVXODUHOORJUR
GHOD'HQRPLQDFLyQGH2ULJHQ\HOFDPELR
GHORVJXVWRVGHOFRQVXPLGRUKDQLPSXOVDGR
XQRVHPERWHOODGRVIUHVFRV\OLJHURV

DULHGDG WUDGLFLRQDO 9HULMDGLHJR FRPR EDVH VH HODERUDQ ORV YLQRV EODQFRV
PSXMH HVWiQ GDQGR D OD LPDJHQ GH (O +LHUUR HQ HVWRV PRPHQWRV FRQ WUHV
ODQFR6HFR%ODQFR$IUXWDGR\%ODQFR6HOHFFLyQEDMRODPDUFD9LxD)URQWHUD
XQDFHSDTXHDSRUWDDFLGH]\JUDGRTXHFRPELQDGDFRQOD/LVWiQEODQFRR
HORHQWUHRWUDVHQPHQRUSURSRUFLyQSHUPLWHQODREWHQFLyQGHXQRVYLQRV
DIUXWDGRVHTXLOLEUDGRV \SHUVLVWHQWHV TXH FDGD YH]VRQPiVGHPDQGDGRV
FRQVXPLGRUHVSRUVXVDERU7DQWRHVDVtTXHODSURGXFFLyQGHHVWHDxRTXH
ORVOLWURVHVWiDSXQWRGHDJRWDUVHµVHJ~QVHxDOD%HDWUL]'XDUWH
QWHGHOD6RFLHGDG&RRSHUDWLYDGHO&DPSR)URQWHUDGRQGHVHHQFXHQWUDOD
QtFROD,QVXODUODERGHJDPiVLPSRUWDQWHGHODLVOD
(Q RWUR QLYHO VH VLW~D HO %DERVR 7LQWR \ HO 9HULMDGLHJR 7LQWR 6H
UDWDGHYLQRVPXFKRPiVVHOHFWRVGHOTXHOD9LQtFROD,QVXODUVRORSURGXFH
OUHGHGRUGHOLWURVDODxR(ODERUDGRFRQODYDULHGDG%DERVRQHJUR\
HULMDGLHJRQHJUROOHYDXQSURFHVRGHPDFHUDFLyQHQFXEDVGHDFHUR
HSHTXHxDFDSDFLGDGGXUDQWHGtDV8QDYH]UHDOL]DGDODIHUPHQWDFLyQ
PDOROiFWLFDSURFHVRSRUHOTXHVHUHGXFHODDFLGH]VHFODULILFD\VHILOWUD
DUDOXHJRGHMDUORHQUHSRVRGXUDQWHVHLVPHVHVHQEDUULFDVQXHYDVGHUREOH
RFDUDFWHUtVWLFRHVVXFRORUURMRJUDQDWHLQWHQVR\DURPDDIUXWDVVLOYHVWUHV
RVWDGRV \ HVSHFLDGRV (Q GHILQLWLYD XQRV YLQRV ´FDUQRVRV VREURVRV
OHJDQWHV\DUPyQLFRVµWDO\FRPRGHILQH'XDUWH
2WURGHVWDFDEOHDXQTXHFRQXQSURFHVRGHHODERUDFLyQPXFKRPiV
HQWRHVHO*UDQ6DOPRUXQYLQRGXOFHEODQFRGHVREUHPHVDFRQVLGHUDGRXQR
HORVPHMRUHVGH(VSDxDSRUOD*XtD&DPSVDHQ\REWHQLGRDSDUWLUGH
YDVREUHPDGXUDGDGHODVYDULHGDGHVEUHPDMXHORJXDO\YHULMDGLHJREODQFR
DVTXHPiVFRQFHQWUDFLyQGHD]~FDUDOFDQ]DQ7UDVODIHUPHQWDFLyQUHSRVD
QEDUULFDVGHUREOHGXUDQWHDOPHQRVGRVDxRV6XVDERUDIUXWDSDFLILFDGD
VSHFLDGRVFDQHOD\SLHOGHQDUDQMDORFRQYLHUWHQHQXQYLQRSHUVLVWHQWH
RPSOHMR\HOHJDQWH
(O LPSXOVR GH HVWRV HPERWHOODGRV IUHVFRV \ OLJHURV QDGD WLHQHQ
XH YHU FRQ ORV YLQRV IXHUWHV FRQ FXHUSR \ GH DOWD JUDGXDFLyQ D ORV TXH
VWDEDQ DFRVWXPEUDGRV ORV KHUUHxRV HQ HO SDVDGR 6H KD HYROXFLRQDGR GH
D UXVWLFLGDG DO UHILQDPLHQWR \ HO FDPELR KD VLGR SRVLWLYR /D FUHDFLyQ GH
D9LQtFROD,QVXODU\HOORJURGHOD'HQRPLQDFLyQGH2ULJHQTXHFRQWULEX\y
RVRORDGHILQLUODVFDUDFWHUtVWLFDVGHORVYLQRVGHODLVODVLQRDJDUDQWL]DU
QD DOWD FDOLGDG HQ VX HODERUDFLyQ IDYRUHFLHQGR HO PDQWHQLPLHQWR GH ORV
LVWHPDVGHSURGXFFLyQWUDGLFLRQDOHV\ODSXHVWDHQYDORUGHODVYDULHGDGHV
XWyFWRQDV GH OD LVOD MXQWR FRQ HO WUDEDMR GH ORV YLWLFXOWRUHV KDQ KHFKR
SRVLEOHHVWDWUDQVIRUPDFLyQ
/D 9LQtFROD 5HJLRQDO VH FUHy HQ  FRPR SDUWH GH OD 6RFLHGDG
&RRSHUDWLYDGHO&DPSR)URQWHUD(QODDFWXDOLGDGVHHQFDUJDGHFRQWURODU
HOGHODSURGXFFLyQGHORVYLQRVFRQ'HQRPLQDFLyQGH2ULJHQGHODLVOD
GHQWLILFDFLyQ TXH VH FRQVLJXLy HQ $ SDUWLU GH HVH PRPHQWR VH GLR
SDVR D ORV HPERWHOODGRV HWLTXHWDGRV VH KL]R REOLJDWRULR \ VH LPSXVLHURQ
DV QRUPDV \ ORV FRQWUROHV GH FDOLGDG LQH[LVWHQWHV KDVWD HQWRQFHV \ ODV
ERGHJDVVHYROFDURQHQODE~VTXHGDGHXQDJUDGXDFLyQDOFRKyOLFDPiVEDMD
HQWUHORVž\žDGDSWDGDDORVQXHYRVJXVWRVGHOFRQVXPLGRU&RPHQ]DED
DVtHOSURFHVRGHUHFRQYHUVLyQGHOVHFWRUTXHGLRSDVRDODVSULPHUDVPDUFDV
HQVDOLUDOPHUFDGR9LxD)URQWHUD\6DOPRU(QODDFWXDOLGDGVLHWHERGHJDV
HDFRJHQDOD'2(O+LHUUR


&216(-25(*8/$'25
/DSURPRFLyQGHORV
 3DUD&D\R%HQtWH]
HO SUHVLGHQWH GHO &RQVHMR
YLQRVHQODKRVWHOHUtD\OD
5HJXODGRUGHOD'HQRPLQDFLyQ
GH2ULJHQ(O+LHUURODHYROXFLyQ
UHVWDXUDFLyQYLWDOSDUDHO
GHO VHFWRU YLWLYLQtFROD HQ ORV
~OWLPRV  DxRV GH OD LVOD KD
GHVDUUROORGHODYLWLFXOWXUD
VLGR´SRVLWLYDSHURFRQPDWLFHVµ
IXQGDPHQWDGRV SRU XQ ODGR HQ
HOSURJUHVLYRDEDQGRQRDOTXHKD
HVWDGR VRPHWLGD OD DJULFXOWXUD
QRVRORHQODLVODVLQRHQ&DQDULDV
HQ JHQHUDO GHELGR D ORV HOHYDGRV
FRVWHV GH SURGXFFLyQ D OD SpUGLGD
GH UHQWDELOLGDG \ D ODV GLILFXOWDGHV
SDUDVHUFRPSHWLWLYRVFRQODOOHJDGD
GHYLQRVIRUiQHRVPXFKRPiVEDUDWRV
$QWDxR (O +LHUUR OOHJy D VHU XQD
LPSRUWDQWH \ DIDPDGD WLHUUD YLQtFROD
WDQWRHQYROXPHQFRPRHQH[WHQVLyQ/D
YLWLFXOWXUDFRQVWLWX\yXQRGHORVPRWRUHV
HFRQyPLFRVGHODLVODTXHFD\yHQSLFDGR
WUDV HO p[RGR UXUDO /D UHFXSHUDFLyQ KD
VLGRSDXODWLQD\DKRUDHVWi´PDQWHQLGDµ
 3RURWURODIDOWDGHSURPRFLyQGH
SURGXFWRVFRPRHOYLQRORFDOHQODKRVWHOHUtD
\ OD UHVWDXUDFLyQ ´GRQGH SRGUtDPRV WHQHU
PD\RU SUHVHQFLD VL WXYLpUDPRV XQ PD\RU
UHVSDOGR LQVWLWXFLRQDO 1HFHVLWDPRV TXH ODV
DGPLQLVWUDFLRQHV S~EOLFDV HQWLHQGDQ \ VH
VHQVLELOLFHQ FRQ OD DJULFXOWXUD SRUTXH QR HV
OR PLVPR FXOWLYDU HQ WHUUHQRV PLQLIXQGLVWDV
FRQ SHQGLHQWHV \ XQD RURJUDItD DEUXSWD TXH
KDFHUOR HQ JUDQGHV H[SODQDGDV FRPR VH KDFH HQ
OD3HQtQVXODRHQRWURVOXJDUHVGH(XURSDPi[LPH
FXDQGRHQQXHVWURFDVRGHEHPRVKDFHUIUHQWHDOD
GREOHLQVXODULGDGµVXEUD\y%HQtWH]
 (O YDORU GHO YLxHGR DGHPiV GH SRU OD
SURGXFFLyQGHYLQRVVHUHIOHMDHQHOSDLVDMH/DGHUDV
SURQXQFLDGDV HQ ODV TXH VH KDQ FRQVWUXLGR EDQFDOHV
VXMHWRV SRU PXURV GH SLHGUD D XQD DOWLWXG TXH YDUtD
HQWUH ORV  \ ORV  PHWURV VREUH HO QLYHO GHO PDU
VLUYHQGHOHFKRGHFXOWLYRDODVGLIHUHQWHVYDULHGDGHVTXH
VHGDQHQODLVOD/DV]RQDVPiVLPSRUWDQWHVGHFXOWLYRVRQ
HO9DOOHGHO*ROIR(FKHGR\(O3LQDU
 &RQUHVSHFWRDOIXWXURGHODYLWLFXOWXUDHQODLVOD
HOWLWXODUGHO&RQVHMR5HJXODGRUKDEODGH´LQFHUWLGXPEUHµ
$VHJXUD TXH ORV DJULFXOWRUHV KHUUHxRV HVWiQ OXFKDQGR SDUD
REWHQHU XQ SURGXFWR VLQJXODU JUDFLDV D OD H[LVWHQFLD GH
YDULHGDGHV DXWyFWRQDV TXH KDQ VREUHYLYLGR HQ OD LVOD SRU
VX FDSDFLGDG GH DGDSWDFLyQ \ OD DXVHQFLD GH ILOR[HUD SHUR
WDPELpQUHFXHUGDDOD$GPLQLVWUDFLyQODQHFHVLGDGGHPiVDSR\R
QR VROR HFRQyPLFR VLQR SURPRFLRQDO SDUD DEULU QXHYDV YtDV GH
FRPHUFLDOL]DFLyQ TXH EHQHILFLHQ \ FRQWULEX\DQ D GHVDUUROODU DO
VHFWRU


 YLWLFXOWXUD\HQRWXULVPR
(O*RPHUyQURPSH
HOSDWUyQGHORVOLFRUHV
6HUJLR0pQGH]HVXQRGHORVSRFRVHODERUDGRUHVGHODLVODTXHFRQWLQ~DQ
RIUHFLHQGRHVWDEHELGDWtSLFDDEDVHGHPLHOGHSDOPD\DJXDUGLHQWHGHSDUUD
/ LFRUHVKD\PXFKRV\YDULDGRVSUHSDUDGRVHQVXPD\RUtDD
EDVHGHKLHUEDVPHGLFLQDOHVIORUHVRIUXWDV6DOLpQGRVHGHHVWH
SDWUyQ(O*RPHUyQXQDEHELGDTXHDSHQDVKDWUDVFHQGLGRODV
IURQWHUDVGHODLVODTXHOHGDQRPEUHHVXQRGHORVWHVRURV
JDVWURQyPLFRV TXH PHUHFH OD SHQD GHVFXEULU \ GHJXVWDU SRU
HOGXO]RUTXHOHRWRUJDODPLHOGHSDOPD\ODIRUWDOH]DTXHOH
GLVSHQVDHODJXDUGLHQWHGHSDUUD8QDFRPELQDFLyQSHUIHFWD
SDUDGHJXVWDUVRORRFRPREURFKHILQDODFXDOTXLHUFRPLGDOD
IRUPDPiVSRSXODUGHFRQVXPLUORHQODLVOD
 6RQ PX\ SRFRV ORV HVWDEOHFLPLHQWRV TXH HQ /D
*RPHUDVHGHGLFDQDODHODERUDFLyQGHHVWHOLFRUVLJXLHQGROD
UHFHWDWUDGLFLRQDO&DVD(ILJHQLDXQUHVWDXUDQWHXELFDGRHQ
HOPXQLFLSLRGH9DOOH*UDQ5H\HVXQRGHHOORV6XSURSLHWDULR
6HUJLR 0pQGH] H[SOLFD TXH OR WHGLRVR GHO SURFHVR ´QR HV OD
PH]FODHQVtGHDJXDUGLHQWHGHSDUUD\PLHOGHSDOPDVLQROD
REWHQFLyQGHFDGDXQDGHHVWDVPDWHULDVSULPDVTXHOOHYDQXQ
ODERULRVRSURFHGLPLHQWRµ
 /DPLHOGHSDOPDVHREWLHQHGHODVDYLDGHODSDOPHUD
FRP~QPHQWHGHQRPLQDGRJXDUDSR(OSURFHVRFRQOOHYDYDULRV
SDVRV8QDYH]H[WUDtGRHOJXDUDSRVHILOWUDSDUDOLPSLDUORGH
LPSXUH]DV\VHSUHSDUDSDUDVXFRFFLyQUiSLGDPHQWHDQWHVGH
TXHHPSLHFHDIHUPHQWDU6HGHMDDIXHJROHQWRGXUDQWHYDULDV
KRUDVSDUDHYLWDUODSpUGLGDGHVXVFXDOLGDGHVRUJDQROpSWLFDV
+DVWD TXH HPSLHFH D KHUYLU VH LUi IRUPDQGR XQD HVSHFLH GH
DUURSH R OtTXLGR HVSHVR D]XFDUDGR TXH HV QHFHVDULR UHWLUDU
SDUD TXH QR DOWHUH OD IXWXUD PLHO &XDQGR VH KD UHWLUDGR
OD PDVD FRPHQ]DUi D DXPHQWDU GH YROXPHQ \ HPSH]DUi D
HEXOOLU6HQHFHVLWDQDOUHGHGRUGHRFKROLWURVGHJXDUDSRSDUD
REWHQHUXQOLWURGHPLHOGHSDOPD
 (O RWUR LQJUHGLHQWH EDVH GH (O *RPHUyQ HV HO
DJXDUGLHQWHGHSDUUDREWHQLGRSRUGHVWLODFLyQGHODVPDGUHV
GHOYLQR6RQHOODVODVTXHVHHQFDUJDQGHLPSULPLUHOFDUiFWHU

D HVWD EHELGD \ DSRUWDUOH OD PD\RU R PHQRU JUDGXDFLyQ
DOFRKyOLFD 3RU OR JHQHUDO OD FRPELQDFLyQ GH HVWRV GRV
LQJUHGLHQWHV VH KDFH D SDUWHV LJXDOHV HV GHFLU  GH
PLHO GH SDOPD \  GH DJXDUGLHQWH DXQTXH SXHGH KDEHU
DOJXQDYDULDFLyQ$QWLJXDPHQWHODPH]FODVHKDFtDMXVWRHQ
HO PRPHQWR GH VHUYLUOR$KRUD ORV HVWDEOHFLPLHQWRV TXH OR
VLUYHQ\DORWLHQHQSUHYLDPHQWHSUHSDUDGRHLQFOXVRDOJXQDV
HPSUHVDVORKDQHPSH]DGRDHODERUDUGHPDQHUDLQGXVWULDO
HQ7HQHULIH
 0pQGH] H[SOLFD TXH ´GDGR TXH EXHQD SDUWH GH
QXHVWURVFOLHQWHVGHVFRQRFHQHVWHSURGXFWRVLH[FHSWXDPRV
DODSREODFLyQGHODLVODTXHYLHQHDFRPSUDUORSRUTXHVDEH
ORTXHHVQRUPDOPHQWHRIUHFHPRVHVWHOLFRUDOILQDOGHODV
FRPLGDV\GHHVWDPDQHUDORGDPRVDFRQRFHUWDQWRWDQWRD
ORFDOHV FRPR D H[WUDQMHURV 7LHQH PX\ EXHQD DFHSWDFLyQ \
TXLHQHVORSUXHEDQORGHPDQGDQVREUHORVQyUGLFRVµ
 3RU VX VLQJXODULGDG \ SRU UHSUHVHQWDU D OD LVOD FRQ
VXQRPEUH0pQGH]FRQVLGHUDTXH(O*RPHUyQVHUtDXQEXHQ
SURGXFWRDSURPRFLRQDUGHQWURGHODRIHUWDJDVWURQyPLFDGH
GHODLVOD(O&DELOGR,QVXODUGH/D*RPHUD\DKDWRPDGRQRWD
\ OR KD LQFOXLGR HQ OD OLVWD GH ORV DOLPHQWRV WUDGLFLRQDOHV
(V XQ SDVR 3URFXUDU TXH HVWD EHELGD WtSLFD VH VLJD GDQGR
D FRQRFHU SDUD TXH QR VH SLHUGD OD UHFHWD WUDGLFLRQDO \ VH
SRWHQFLH HO FRQVXPR GH SURGXFWRV ORFDOHV HV HO WUDEDMR D
FRQWLQXDU
7LHQHPX\EXHQD
DFHSWDFLyQVREUHWRGR
HQWUHORVQyUGLFRV

 DSLFXOWXUD

-DOHD5HDO
PHMRUVLHVIUHVFD
/D&DVDGHOD0LHO\$SLWHQ
IRUPDQDDSLFXOWRUHV
H[SHUWRVHQODREWHQFLyQ
GHHVWDVXVWDQFLDFDGD
YH]PiVGHPDQGDGD\FRQ
JUDQGHVH[SHFWDWLYDVGH
FUHFLPLHQWR


1 RVRORGHPLHOHVSXHGHYLYLUHODSLFXOWRU/DSURGXFFLyQ
DStFRODSXHGHGLYHUVLILFDUVHKDFLDQXHYDVOtQHDVGHSURGXFWRV
GH OD FROPHQD LJXDO GH LQWHUHVDQWHV \ FRQ JUDQ GHPDQGD
$OJXQDV\DVHHVWiQLQLFLDQGRHQ&DQDULDVFRPRODREWHQFLyQ
GH SURSyOHR SHUR RWUDV FRPR OD MDOHD UHDO HVWiQ WRGDYtD
DOHWDUJDGDV 'H KHFKR DFWXDOPHQWH HQ 7HQHULIH QR KD\
FRQVWDQFLD GH SURGXFWRUHV TXH VH GHGLTXHQ D HVWD WDUHD
VDOYRDOJXQDH[FHSFLyQDSHVDUGHTXHODVSHUVSHFWLYDVGH
IXWXUR HQ HVWH FDPSR VRQ PX\ KDODJHxDV VHJ~Q H[SOLFD
&DUPHOD *DUFtD H[SHUWD DSLFXOWRUD \ GRFHQWH GHO &XUVR
2EWHQFLyQ GH -DOHD 5HDO TXH RUJDQL]y HO SDVDGR PHV GH
PD\ROD&DVDGHOD0LHOGH7HQHULIHMXQWRFRQOD$VRFLDFLyQ
VH FRQFOX\DQ ORV HVWXGLRV VREUH HVWH SURGXFWR SDUD TXH
VH HVWDEOH]FD ODV QRUPDV GH FDOLGDG TXH DFWXDOPHQWH VRQ
LQH[LVWHQWHV
  3HUR ¢TXp HV UHDOPHQWH OD MDOHD UHDO" 6H WUDWD
GH XQD VXVWDQFLD TXH VHJUHJDQ ODV DEHMDV QRGUL]DV SDUD
DOLPHQWDUDODVODUYDVDOQDFHUGXUDQWHORVSULPHURVGtDVGH
YLGDHOSHULRGRODUYDO\HOUHVWRGHODYLGDGHODUHLQDTXHSRU
EXVFDUOHXQVtPLOWHQGUtDODVPLVPDVIXQFLRQHVTXHODOHFKH
PDWHUQD GH FXDOTXLHU PDPtIHUR /DV DEHMDV OD IDEULFDQ D
SDUWLUGHOSROHQ)tVLFDPHQWHODDSDULHQFLDHVODGHXQDSDVWD
GHFRORUEODQTXHFLQRDPDULOOHQWRTXHVHYDRVFXUHFLHQGRFRQ
HOWLHPSR\TXHHPLWHXQIXHUWHRORUIHQyOLFR\SUHVHQWDXQ
GH$SLFXOWRUHV GH 7HQHULIH $3,7(1 (O REMHWLYR IRUPDU D
ORV DSLFXOWRUHV HQ ODV WpFQLFDV \ PpWRGRV GH SURGXFFLyQ \
DGHQWUDUORV HQ ODV SRVLELOLGDGHV FRPHUFLDOHV TXH VH DEUHQ
SDUDHOVHFWRUGHODLVOD
 (OFXUVRVHGHVDUUROOyHQ$UD\DHQHOPXQLFLSLRGH
&DQGHODULDGRQGHHO&DELOGR,QVXODUGH7HQHULIHLQVWLWXFLyQ
D OD TXH HVWi DGVFULWD OD &DVD GH OD 0LHO FXHQWD FRQ XQDV
GHSHQGHQFLDV SDUD GHVDUUROODU DFWLYLGDGHV IRUPDWLYDV $OOt
ORV  DOXPQRV LQVFULWRV WRGRV HOORV H[SHUWRV DSLFXOWRUHV
\ HQ VX PD\RUtD SURGXFWRUHV GH UHLQDV VH LQLFLDURQ HQ ORV
FRQRFLPLHQWRV EiVLFRV SDUD FRPHQ]DU D SURGXFLU MDOHD UHDO
FRQ SUiFWLFDV HQ HO FROPHQDU GH VHOHFFLyQ TXH PDQWLHQHQ
VDERUiFLGR
 $XQTXHD~QQRHVWiQGHILQLGRVWRGRVORVFRPSRQHQWHV
GHODMDOHDUHDOVHSXHGHGHFLUTXHHODJXDHVHOHOHPHQWRTXH
VHHQFXHQWUDHQPD\RUHVSURSRUFLRQHVVHJXLGDGHD]~FDUHV
OtSLGRV SURWHtQDV YLWDPLQDV \ ROLJRHOHPHQWRV 7RGDV HVDV
SURSLHGDGHV OD FRQYLHUWHQ HQ XQ SURGXFWR FRPSOHMR HQ HO
TXHWRGDYtDIDOWDSRUGHVFXEULUDOJXQRVGHVXVFRPSRQHQWHV
DXQTXHVtVHKDQFRPSUREDGRFOtQLFDPHQWHPXFKRVGHORV
HIHFWRV TXH FDXVD HQ TXLHQHV OD LQJLHUHQ VHJ~Q VHxDOD OD
LQJHQLHURWpFQLFRDJUtFROD6LOYLD&DxDV
 /RV XVRV GH OD MDOHD UHDO VRQ PX\ DPSOLRV
'HVGH HVWLPXODQWH JHQHUDO GHO DSHWLWR VLVWHPD QHXUR
OD&DVD GH OD 0LHO \$SLWHQ HQ HVWD ]RQD/D UHDOL]DFLyQGH
HVWDV SUiFWLFDV IXHURQ SRVLEOHV JUDFLDV DO MRYHQ DSLFXOWRU
-XDQ &DUORV 0DUWtQ HVSHFLDOL]DGR HQ OD FUtD GH UHLQDV \
HQFDUJDGR GH SRQHU D GLVSRVLFLyQ GHO FXUVR OD HVWUXFWXUD
GHGRVFROPHQDVSDUDSRGHUGHVDUUROODUWRGRHOSURFHVRGH
REWHQFLyQGHMDOHDUHDO
SVtTXLFR VH[XDO KDVWD WRQLILFDQWH GH OD SLHO SDVDQGR
SRU DQWLEDFWHULDQR UHIRU]DGRU GHO VLVWHPD LQPXQLWDULR
DQWLFROHVWHURODQWLWXPRUDORYDVRGLODWDGRUSRUORTXHSXHGH
DGPLQLVWUDUVH WDQWR D KLSRWHQVRV FRPR KLSHUWHQVRV 6H KD
GHPRVWUDGRVXHIHFWRSRVLWLYRVREUHODGHSUHVLyQFXDQGRVH
DGPLQLVWUyDXQJUXSRGHSDFLHQWHVGHO+RVSLWDO3VLTXLiWULFR
 /RV PpWRGRV SDUD REWHQHU OD MDOHD UHDO VHJ~Q
GHWDOOD*DUFtDVHGLYLGHQHQGRVJUXSRVVLVWHPDKRUL]RQWDO
\VLVWHPDYHUWLFDO(QDPERVVHGHMDXQDSDUWHGHODFROPHQD
KXpUIDQD HV GHFLU VH FRORFD XQ H[FOXLGRU GH UHLQDV HQ
GLIHUHQWHSRVLFLyQVHJ~QHOVLVWHPDHPSOHDGRTXHQRSHUPLWH
HOSDVRDODUHLQDDOD]RQDGRQGHVHHQFXHQWUDQODVODUYDV
\ODVQRGUL]DV(QHVWDSDUWHHVGRQGHVHFRORFDHODOLPHQWR
GRVVHPDQDVDQWHVGHLQLFLDUODSURGXFFLyQ8QDYH]LQLFLDGD
VHLQWURGXFHQODVYDULOODVSRUWDF~SXODVGRQGHVHGHSRVLWDUi
GH ,PROD ,WDOLD FRQ HVWD SDWRORJtD GXUDQWH  GtDV \ DO
ILQDO GHO SHULRGR VH DGYLUWLy XQD PHMRUD GH ODV FRQGLFLRQHV
JHQHUDOHV GHO RUJDQLVPR DXPHQWR GH SHVR UHJXODUL]DFLyQ
GHOVLVWHPDQHXURYHJHWDWLYRQRUPDOL]DFLyQGHOKXPRUPHMRU
UHQGLPLHQWR HQ HO WUDEDMR ItVLFR \ PD\RU DJLOLGDG PHQWDO
(V DFRQVHMDEOH SDUD EHEpV QLxRV GHSRUWLVWDV DQFLDQRV R
HQIHUPRV6X~QLFDFRQWUDLQGLFDFLyQHVTXHORVSDFLHQWHVGH
DVPDQRSXHGHQFRQVXPLUOD\DTXHSXHGHSURYRFDUEURQFR
FRQVWULFFLyQRHQHOFDVRGHSUHVHQWDUDOHUJLDDDOJXQRVGH
ODMDOHDUHDOWUHVGtDVDQWHVGHUHDOL]DUHOWUDQVODUYH'HVGH VXVFRPSRQHQWHV
TXHVHLQLFLDHOSURFHVRVHDOLPHQWDODFROPHQDFRQMDUDEH 
DO  \ SDVWD GH SROHQ IUHVFR HODERUDGD D SDUWHV LJXDOHV $OXPQRVGHOFXUVR
FRQSROHQOHYDGXUDGHFHUYH]D\ODPLHOQHFHVDULDSDUDVX
SUHSDUDFLyQ
 /D SDVWD VH GHEH FRQVHUYDU HQ HO IULJRUtILFR \ VH
GHSRVLWDGLDULDPHQWHHQFLPDGHORVFXDGURVGRQGHHVWiQODV
ODUYDV/DMDOHDUHDOVHREWLHQHDODVKRUDVGHLQWURGXFLU
ODVODUYDV3DUDH[WUDHUODVHVDFDQODVYDULOODVFRQODVF~SXODV
FHEDGDV\VHSURFHGHDUHWLUDUODODUYD8QDYH]UHWLUDGDVH
YDFtDODF~SXODGHMDOHDUHDOELHQPHGLDQWHXQDERPEDRXQD
FXFKDULWD\VHSDVDSRUXQILOWURSDUDHOLPLQDUODVLPSXUH]DV
$ FRQWLQXDFLyQ VH DOPDFHQD D ž& KDVWD HO PRPHQWR GHO
FRQVXPR
 +DVWDDKRUDH[SOLFD*DUFtDODUHVHUYDGHMDOHDUHDO
KDHVWDGRHQPDQRVGHSDtVHVDVLiWLFRVFRPR7DLZiQ\&KLQD
3URGXFHQ XQD MDOHD UHDO OLRILOL]DGD R FRQJHODGD SHUR FDGD
YH] PiV DSLFXOWRUHV GH (XURSD \$PpULFD GHO 6XU VH HVWiQ
HVSHFLDOL]DQGRHQODSURGXFFLyQGHMDOHDUHDOIUHVFDGHVSXpV
GH TXH XQRV HVWXGLRV UHDOL]DGRV SRU &KHQ <XH :HQ GH OD
8QLYHUVLGDGGH7DLSHL7DLZiQHQGHPRVWUDUDQTXHOD
MDOHD UHDO FRQJHODGD R OLRILOL]DGD SLHUGH XQD JUDQ SDUWH GH
VXVSURSLHGDGHVGHWDOPRGRTXHQRSHUPLWHFULDUODUYDVHQ (VWLPXODQWH
HOODERUDWRULR\SRUFRQVLJXLHQWHHVGHEDMDFDOLGDG\SRFR
UHQWDEOH QHXURUHJHQHUDGRUUHIRU]DGRU
 (Q (XURSD )UDQFLD OOHYD OD GHODQWHUD HQ OD
SURGXFFLyQGHMDOHDUHDOIUHVFDGRQGHVHSDJDHQHOPHUFDGR
GHOVLVWHPDLQPXQLWDULR\
DO WULSOH TXH OD VRPHWLGD D WUDWDPLHQWR /D DYDQ]DGD
WUD\HFWRULD GH HVWH SDtV HQ HVWH FDPSR OHV KD SHUPLWLGR
DQWLWXPRUDOVRQDOJXQDVGH
SRQHUHQFLUFXODFLyQXQORJRGHFDOLGDGDIDOWDVRORGHTXH VXVSURSLHGDGHV

 KDEODPRVFRQ

´/DDJULFXOWXUD\ODJDQDGHUtD
DxDGHQYDORUHVDODVLVODVGLItFLOPHQWH
HYDOXDEOHVGHVGHODySWLFDHFRQyPLFDµ
 1XHYD &DQDULDV 1& UHSUHVHQWD OD PDUFD GHO QXHYR
QDFLRQDOLVPR SURJUHVLVWD $ GRV DxRV GH ODV HOHFFLRQHV
DXWRQyPLFDV \ ORFDOHV HQWUH ODV SHUVSHFWLYDV GH HVWD
IRUPDFLyQ ¢VH FRQWHPSOD HO LPSXOVR GHO VHFWRU DJUDULR
FRPR HVWUDWHJLD SDUD OD GLYHUVLILFDFLyQ GH OD HFRQRPtD
LVOHxDODFUHDFLyQGHSXHVWRVGHWUDEDMR\ODDSXHVWDSRU
XQWHUULWRULRPiVVRVWHQLEOH"
 /D LPSRUWDQFLD GHO VHFWRU SULPDULR QR VH PLGH
IXQGDPHQWDOPHQWHSRUVXSHVRHQHO3URGXFWR,QWHULRU%UXWR
HQVXVPRGLILFDFLRQHV\HO3URJUDPDGH'HVDUUROOR5XUDO3'5
TXH VL VH FRILQDQFLDUD DGHFXDGDPHQWH GHVGH HO *RELHUQR
FDQDULR SXHGH VHU XQD SRWHQWH SDODQFD GH DSR\R DO VHFWRU
DJURJDQDGHUR(QHO3DUODPHQWRGH&DQDULDVKHPRVSUHVHQWDGR
QXPHURVDV LQLFLDWLYDV SDUD TXH HO (MHFXWLYR SUHVXSXHVWH ODV
FDQWLGDGHVQHFHVDULDVSDUDFRILQDQFLDUDGHFXDGDPHQWHHO3'5
VLQp[LWR(VWRVLJQLILFDTXHQRVHKDQFRQYRFDGRHQODV
D\XGDVDJURDOLPHQWDULDVRODVVXEYHQFLRQHVDODV]RQDVUXUDOHV
GHPHGLDQtDVTXHILQDQFLDHO3'5RTXHVHKDQUHGXFLGRODV
3,%TXHFODUDPHQWHKDLGRGHVFHQGLHQGRHQ&DQDULDVFRPR
HQ WRGDV ODV VRFLHGDGHV GHVDUUROODGDV /D DJULFXOWXUD \ OD
JDQDGHUtDDxDGHQYDORUHVDODV,VODVGLItFLOPHQWHHYDOXDEOHV
HFRQyPLFDPHQWH$Vt PDQWLHQH OD SREODFLyQ HQ ORV Q~FOHRV
UXUDOHVFRQILJXUDQHOSDLVDMHDQWURSL]DGRGHQXHVWUDVLVODV
HYLWDQ OD HURVLyQ GHO VXHOR \ HO ULHVJR GH GHVHUWL]DFLyQ
D\XGDVSDUDLQYHUVLRQHV\PRGHUQL]DFLyQGHOVHFWRUSULPDULR
HVWRVWUHV~OWLPRVDxRVSRUHOPLVPRPRWLYR7DPELpQKHPRV
SURSXHVWR VLQ TXH SRU DKRUD VH QRV HVFXFKH TXH WDQWR HO
*RELHUQRFDQDULRFRPRHOFHQWUDODERQHQODVD\XGDVSUHYLVWDV
HQHO3RVHLFDQFRPSOHPHQWDULRGHDDJDQDGHURV
YLWLFXOWRUHV\WRPDWHURV
PX\ JUDYH HQ ODV LVODV RULHQWDOHV \ VREUH WRGR SHUPLWHQ
GLVPLQXLU QXHVWUD SUHRFXSDQWH GHSHQGHQFLD DOLPHQWDULD
DO PLVPR WLHPSR TXH QRV GRWDQ GH DOLPHQWRV IUHVFRV GH
RULJHQ \ FDOLGDG FRQRFLGRV 7RGRV ORV SDtVHV GHVDUUROODGRV
FXLGDQ VX DJULFXOWXUD OD SURWHJHQ \ OD GRWDQ GH D\XGDV
HFRQyPLFDV \ DUDQFHODULDV IUHQWH D SURGXFWRV GH WHUFHURV
SDtVHV(OHMHPSORPiVHYLGHQWHHVTXHXQSLODUIXQGDPHQWDO
GHODFRQVWUXFFLyQGHOD8QLyQ(XURSHDHVOD3ROtWLFD$JUtFROD
(QXQDVLWXDFLyQFRPRODDFWXDO\WUDQVFXUULGRVDxRV
GHVGHODHQWUDGDHQYLJRUGHOSURJUDPD5($¢FUHHTXHVH
GHEHUtDQ UHYLVDU \ SULRUL]DUODV SURGXFFLRQHV ORFDOHV" (Q
HVDOtQHDGHWUDEDMR¢TXpFDPELRVGHEHUtDQSODQWHDUVH"
 /D UHVSXHVWD UDGLFD HQ ODV QXPHURVDV LQLFLDWLYDV
TXHHQIDYRUGHOVHFWRUSULPDULRKHPRVSUHVHQWDGRHQHO
3DUODPHQWRSRUHMHPSORHQPD\RGHUHJLVWUDPRV
&RP~Q3$&TXHHVXQFRQMXQWRGHD\XGDV\SURWHFFLRQHVGHO
VHFWRUDJURJDQDGHUR
¢&UHHTXHHOVHFWRUDJUDULRGH&DQDULDVWLHQHVDOXG"
¢4XpFDUHQFLDVREVHUYD"
 /RV SUREOHPDV VRQ PXFKRV 'HVGH OD FRQWLQXD
RFXSDFLyQ GHO WHUULWRULR SRU DFWLYLGDGHV HFRQyPLFDV \
UHVLGHQFLDOHV PiV UHQWDEOHV D OD FRPSHWHQFLD SRU OD PDQR
GHREUDTXHHVRVVHFWRUHVGHPDQGDQ\SURYHHQGHPD\RUHV
UHWULEXFLRQHV7DPELpQLQIOX\HHOHVWLORGHYLGDHOSURFHVRGH
XUEDQL]DFLyQ\ODYDORUDFLyQQHJDWLYDTXHVHIXHGHVDUUROODQGR
HQ ODV ~OWLPDV GpFDGDV GH ODV SHUVRQDV GHGLFDGDV D HVWD
DFWLYLGDG 6H DxDGHQ ORV SUREOHPDV GH FRPHUFLDOL]DFLyQ
GH QXHVWUDV SURGXFFLRQHV \ OD JUDQ FRPSHWHQFLD GH ORV
SURGXFWRV LPSRUWDGRV SDUD HO VHFWRU TXH SURGXFH SDUD HO
PHUFDGR LQWHULRU DVt FRPR OD FRPSHWHQFLD GH SURGXFWRV GH
RWURVSDtVHVSDUDQXHVWUDVH[SRUWDFLRQHVDOPHUFDGRHXURSHR
XQD SURSRVLFLyQ QR GH OH\ VREUH HO 3RVHLFDQ \ HO 5($
TXH IXH DSUREDGD \ HQ OD TXH 1& H[LJtD HQWUH RWUDV
FRVDVTXHVHUHDOL]DUDQPRGLILFDFLRQHVHQHO5($\HQ
HO 3URJUDPD &RPXQLWDULR GH $SR\R D ODV 3URGXFFLRQHV
$JUDULDV SHUWHQHFLHQWH DO 3RVHL SDUD IDYRUHFHU HO
GHVDUUROOR GH ODV SURGXFFLRQHV ORFDOHV \ XWLOL]DU OD
WRWDOLGDGGHODILFKDILQDQFLHUDFRPXQLWDULDH[LVWHQWH
+D\ TXH UHFRUGDU TXH HQ OD FDPSDxD GHO 5($ GH
 GH ORV  PLOORQHV GH HXURV GH D\XGD D OD
LPSRUWDFLyQ VH JDVWDURQ  PLOORQHV GH HXURV (V
GHFLU TXH TXHGDURQ  PLOORQHV GH HXURV VLQ JDVWDU
SRUORTXHSURSXVLPRVTXHHVWRVUHFXUVRVVHGHVWLQDUDQ
DD\XGDUDOVHFWRUSULPDULRFDQDULR(VXQHMHUFLFLRGH
UHVSRQVDELOLGDGTXHVHDSURYHFKHHOGLQHURGHO5($\
GHGLFDUOR D DSR\DU OD SURGXFFLyQ ORFDO HQ OXJDU GH D
OD LPSRUWDFLyQ GH SURGXFWRV DOLPHQWLFLRV IRUiQHRV
7UDVDSUREDUVHQXHVWUDSURSXHVWDHO*RELHUQRFDQDULR
SOiWDQR \ WRPDWH /RV JUDQGHV FDPELRV HQ OD GLVWULEXFLyQ
GH ORV ~OWLPRV GLH] DxRV HPSHRUDQ ODV FRQGLFLRQHV SDUD OD
FRORFDFLyQGHQXHVWURVSURGXFWRVHQODVJUDQGHVFDGHQDVGH
DOLPHQWDFLyQ LQVWDODGDV HQ &DQDULDV $GHPiV KD\ IDFWRUHV
HVWUXFWXUDOHVGHQXHVWUDDJULFXOWXUDFRPRODHVFDVH]GHDJXD
\VXHORHOPLQLIXQGLVPR\ODIDOWDGHFXOWXUDGHFRRSHUDFLyQ
GH ORV SURGXFWRUHV D OD KRUD GH PDQFRPXQDU OD RIHUWD
HQWUH RWURV $XQTXH KD\ RWURV IDFWRUHV SRVLWLYRV FRPR ORV
FOLPiWLFRV TXH QRV SHUPLWHQ SURGXFLU YDULDV FRVHFKDV D OR
ODUJRGHODxRRSURGXFLUFXDQGRHQRWUDVUHJLRQHVHXURSHDV
HVWiQ HQ LQYLHUQR 3RU ~OWLPR KD\ IDFWRUHV LQVWLWXFLRQDOHV
(Q HVH PDUFR VH PXHYH OD SURWHFFLyQ LQVWLWXFLRQDO LQVXODU
DFRUGy WUDVODGDU VHLV PLOORQHV GH HXURV GHO 5($ QR
JDVWDGRVDODSR\RGHODVSURGXFFLRQHVORFDOHVGHFLVLyQTXH
DSODXGLPRV(QHVDOtQHDGHEHPRVVHJXLULQVLVWLHQGR
 8VWHG HV RULXQGR GH /D $OGHD GH 6DQ 1LFROiV XQ
PXQLFLSLR HPLQHQWHPHQWH DJUtFROD GRQGH HO FXOWLYR GHO
WRPDWHHVHOSLODUHFRQyPLFRGHHVWD]RQD0HLPDJLQRTXH
FRQRFH OD GHOLFDGD VLWXDFLyQ GHO VHFWRU WRPDWHUR ¢&yPR
YHVXIXWXUR"
 3UHFLVDPHQWH HQ HO PHV GH MXQLR XQD GHOHJDFLyQ
LQVWLWXFLRQDOGH1XHYD&DQDULDVHQWUHORVTXHVHHQFRQWUDEDQ
ORV DOFDOGHV GH /D$OGHD \ GH 6DQWD /XFtD GH 7LUDMDQD -RVp
\ PXQLFLSDO DO VXHOR DJUtFROD OD SHUPLVLYLGDG GH ODV 0LJXHO5RGUtJXH]\6LOYHULR0DWRVUHVSHFWLYDPHQWHFRQFHMDOHV
H[SORWDFLRQHV JDQDGHUDV \ VREUH WRGR ODV D\XGDV S~EOLFDV GHRWURVPXQLFLSLRV\\RPLVPRPDQWXYLPRVXQDUHXQLyQFRQ
D OD SURGXFFLyQ \ FRPHUFLDOL]DFLyQ &DQDULDV WLHQH GRV OD )HGHUDFLyQ GH ([SRUWDGRUHV GH 3URGXFWRV +RUWRIUXWtFRODV
LPSRUWDQWHV LQVWUXPHQWRV XQR HO 3RVHLFDQ TXH ILQDQFLD OD )HGH[SDUDDQDOL]DUODSUHRFXSDQWHVLWXDFLyQGHHVWHVHFWRU
8QLyQ(XURSHDFX\DJHVWLyQ\DGHSHQGHGHO*RELHUQRFDQDULR 7UDV HO HQFXHQWUR KLFH XQ OODPDPLHQWR D WRGRV ORV SDUWLGRV


 5RPiQ5RGUtJXH]
SUHVLGHQWHGH1XHYD
&DQDULDVSRUWDYR]GH
1&HQHO3DUODPHQWR\
FRQVHMHURHQHO&DELOGR
GH*UDQ&DQDULDQR
HQWLHQGHODDJULFXOWXUD
\ODJDQDGHUtDHQ
WpUPLQRVHFRQyPLFRV6X
YDORUGLFHWLHQHPiV
TXHYHUFRQFXHVWLRQHV
VRFLDOHVSDLVDMtVWLFDV
\DOLPHQWDULDV(VWD
FRQFHSFLyQOHKDVHUYLGR
SDUDTXHVXSDUWLGR
LPSXOVHQXPHURVDV
LQLFLDWLYDVHQFDPLQDGDV
DORJUDUXQDDGHFXDGD
FRILQDQFLDFLyQGHO3'5
DSURYHFKDUORVIRQGRVGHO
5($SDUDODSURGXFFLyQ
LQWHULRU\KDELOLWDUODV
SDUWLGDVSUHVXSXHVWDULDV
FRPSURPHWLGDVHQHO
3ODQGH5HHVWUXFWXUDFLyQ
GHO7RPDWHSDUDOD
UHFXSHUDFLyQGHHVWH
FXOWLYR

SROtWLFRVGH&DQDULDVSDUDVDOYDUHOWRPDWH(VWDLQTXLHWXGVH
KDFRPHQ]DGRDFRQVWDWDUHQXQDUHXQLyQGHORVSURGXFWRUHV
FRQORVJUXSRVSDUODPHQWDULRV\GHPRPHQWRHQXQDPRFLyQ
GH1&HQHO&DELOGRGH*UDQ&DQDULDTXHGHIHQGHUpHQHO
SOHQR GH HVWH PHV &RQ QXHVWUD LQLFLDWLYD VH VROLFLWD D ORV
JRELHUQRV GH &DQDULDV \ GH 0DGULG OD KDELOLWDFLyQ GH ODV
SDUWLGDVSUHVXSXHVWDULDVFRPSURPHWLGDVSDUDKDFHUSRVLEOH
³6LVHFRILQDQFLD
HO 3ODQ GH 5HHVWUXFWXUDFLyQ GHO 7RPDWH DFRUGDGR SRU HO DGHFXDGDPHQWHHO3'5
VHFWRU FRQ ODV DGPLQLVWUDFLRQHV DVt FRPR HO LQFUHPHQWR
GH ODV D\XGDV DO WUDQVSRUWH KDVWD OD 3HQtQVXOD \ D OD 8QLyQ SXHGHVHUXQSRWHQWH
(XURSHD8(TXHH[LMDD0DUUXHFRVHOFXPSOLPLHQWRGHORV
FXSRV DFRUGDGRV (O VHFWRU FRUUH HO SHOLJUR GH GHVDSDUHFHU DSR\RSDUDHOVHFWRU
SHURQRQRVSRGHPRVSHUPLWLUHVHOXMR6LWRGRVUHPDPRVHQ
ODPLVPDGLUHFFLyQORSRGHPRVLPSHGLU DJURJDQDGHUR´

 YDULHGDGHVFRQWUDGLFLyQ

´(OWULJRGHO /OHYDWRGDODYLGDFXOWLYDQGRFHUHDOHVDOJXQRV
GHHOORVDXWyFWRQRV¢FXiQWDVYDULHGDGHVFRQVHUYD

SDtVVLHPSUHKD DFWXDOPHQWH"
 $KRUD VROR FXOWLYR WULJR PLOOR DYHQD SDUD
DOLPHQWR GHO JDQDGR \ FKRFKRV $QWHV WDPELpQ FXOWLYDED
KDEDV \ FKtFKDURV 'HO WULJR VLJR VHPEUDQGR HO FRORUDGR HO

VLGRGHPHMRU YHUGDGHURDXQTXHODFRVHFKDGHHVWHDxRKDFRJLGRPXFKR
FHQWHQR\WHQGUpTXHSDVDUORSRUXQDFHUQLGHUDSDUDSRGHU
VHSDUDU ORV JUDQRV$QWHV VH VHPEUDEDQ GRV YDULHGDGHV TXH
DKRUD\DQRVHSODQWDQXQRTXHVHFRQRFtDFRPRWULJRGHORV

FDOLGDGTXHHO JDOOLQHURVTXHHVEXHQRSDUDGDUSHURFULDEDPXFKRPRUUyQ
>KRQJR@\HOJUDQRVHYROYtDFHQL]R\WDPELpQVHVHPEUDEDHO
WULJR KDULQHUR PX\ EXHQR SDUD GDU SHUR TXH HFKDED PXFKD

GHIXHUDµ
SODJDQD>EDUEDVGHODHVSLJD@(OWULJRFRORUDGRLJXDOTXHVH
VHPEUDEDHQODV]RQDVDOWDVVHSRGtDVHPEUDUHQODRULOODGHO
PDU\VHJXtDSURGXFLHQGRPLHQWUDVTXHHOKDULQHURDXQTXH
HVWDEDGLVWULEXLGRSRUWRGDODLVODVLVHVHPEUDEDHQODV]RQDV
DOWDV QR GDED \ VH SHUGtD 'H OR TXH \R FRVHFKDED OOHJDED
D SURGXFLU KDVWD 3URGXFtD  IDQHJDGDV >XQD IDQHJDGD
HTXLYDOHDXQRVNLORV@GHWULJRDODxR

7UDGLFLRQDOPHQWHHOWULJRHVHOFXOWLYRGHFDOLGDGSDUD
ODHODERUDFLyQGHJRILRPLHQWUDVTXHHOFHQWHQRVLHPSUH
VHKDFRQVLGHUDGRHOKHUPDQRSREUHGHORVFHUHDOHV¢SRU
TXpHVDGLIHUHQFLD"
 &DGD FHUHDO WLHQH VX XWLOLGDG DVt FRPR HO WULJR HV
EXHQR SDUD VDFDU KDULQD \ SUHSDUDU HO JRILR HO FHQWHQR VH
HPSOHDEDDQWLJXDPHQWHSDUDKDFHUORVSDMDUHV\ODVDOEDUGDV
GHORVDQLPDOHV\DTXHVXJUDQRQRVHUYtDFRPRDOLPHQWRSHUR
HVXQFXOWLYRPX\UHVLVWHQWH FRPSDUDGRFRQHOWULJRTXHVH
ORFRPHWRGDFODVHGHELFKRV>SODJDV@6tHVYHUGDGTXHDKRUD
\DVHOHHVWiGDQGRXQXVRDOLPHQWDULRTXHDQWHVQRWHQtD\
HPSLH]D D YHQGHUVH WDPELpQ JRILR GH FHQWHQR 2WUD GH ODV
YHQWDMDVTXHWLHQHHOFHQWHQRHVTXHHQpSRFDGHSRFDDJXD
HOFHQWHQRFRJHIXHU]DPLHQWUDVTXHHOWULJRVHDFREDUGD\QR
VDOHFRPRRFXUULyHODxRSDVDGRFXDQGRDSHQDVOORYLy\SHUGt
EDVWDQWHFRVHFKD

 3RU OR TXH 8G KD YLYLGR ¢FyPR KD HYROXFLRQDGR HO
FXOWLYRGHOWULJRHQ7HQHULIHKDVWDODDFWXDOLGDG"
 $ SHVDU GH TXH HO WULJR GHO SDtV VLHPSUH KD VLGR
GHPHMRUFDOLGDGTXHHOGHIXHUDQRVRORSRUVXVDERUVLQR
SRUTXHHVPiVQDWXUDODOWHQHUPHQRVLQVHFWLFLGDFDGDYH]
VH FXOWLYD PHQRV WULJR \ VH LPSRUWD PiV (O GH IXHUD YLHQH
VXEYHQFLRQDGR\HVPiVEDUDWR\SRUHVRVHFRPSUDPiV\VH
KDDEDQGRQDGRHOFXOWLYRORFDOSHURWRGDYtDVHYHQGHSRUTXH
PXFKRV PROLQRV OR TXLHUHQ SRU VX VDERU SDUD KDFHU JRILR
+DVWD KDFH XQRV DxRV OD FRPSUD GH WULJR ORFDO VH OOHJDED D
SDJDUDXQHXURHONLOR

¢&yPRVHSRGUtDIRPHQWDUHOFXOWLYRGHFHUHDOHV"
 6XEYHQFLRQiQGROR LJXDO TXH VH VXEYHQFLRQD HO GH
IXHUD'HHVWDIRUPDHODJULFXOWRUWHQGUtDXQDOLFLHQWHSDUD
YROYHU DO FDPSR \ HPSH]DU D FXOWLYDU 1R QRV ROYLGHPRV
TXH  HO FDPSR HV HO ~QLFR TXH QRV VXPLQLVWUD OD FRPLGD \
VLQ DOLPHQWRV QR SRGHPRV YLYLU $KRUD FRQ OD FULVLV WRGRV
DTXHOORV TXH GHMDURQ HO FDPSR SDUD PDUFKDUVH D WUDEDMDU
HQ OD FRQVWUXFFLyQ WHQGUiQ TXH DUUHSHQWLUVH \ YROYHU D OD
DJULFXOWXUD SRUTXH SRU OR PHQRV FXOWLYDQGR OD WLHUUD WH
SURSRUFLRQDHOVXVWHQWRGHOGtD


³/RVTXHGHMDURQHOFDPSR
WHQGUiQTXHYROYHUSRUTXH
GHODWLHUUDVHFRPH´

7HOHVIRUR5RGUtJXH]3pUH]
HVXQDJULFXOWRUFXUWLGRGHOD
WLHUUD)LHODVXDFWLYLGDG
GHILHQGHDFDSD\HVSDGDOD
DJULFXOWXUD\ODJDQDGHUtDGHOD
TXHFRQWLQXDYLYLHQGRDVXV
DxRV([SHUWRHQHOFXOWLYRGH
FHUHDOHVKDVDELGRPDQWHQHU
FRQHOSDVRGHOWLHPSRDOJXQDV
GHODVYDULHGDGHVDXWyFWRQDVGHO
SDVDGRFRPRHOWULJRFRORUDGR
/DFDOLGDG\HOVDERUGHVXJUDQR
ORFRQYLHUWHQHQLGHDOSDUDOD
HODERUDFLyQGHOJRILRFDQDULR

$JULFXOWRUGHFHUHDOHV\DGHPiVJDQDGHUR
 6t HV RWUD GH ODV DFWLYLGDGHV D ODV TXH PH
KHGHGLFDGRGHVLHPSUH$KRUDVRORPDQWHQJRFLQFR
YDFDVWUHVGHHOODVQRYLOODVSHURHQHOSDVDGROOHJXp
D WHQHU KDVWD  FRQ ODV TXH SURGXFtD  OLWURV GH
OHFKH DO GtD $KRUD  PL SURGXFFLyQ VH KD UHGXFLGR
EDVWDQWH\VDFRHQWUHROLWURVDOGtD

 &RPR H[SHUWR OHFKHUR ¢TXp RSLQD GH OD OHFKH

TXHVHFRPHUFLDOL]DDFWXDOPHQWH"
 6L OH GLJR OD YHUGDG QXQFD KH SUREDGR RWUD
OHFKHTXHQRIXHUDODGHPLVYDFDVDXQTXHXQDYH]
HQ$]RUHV OOHJXp D SUREDU OD OHFKH TXH VH SURGXFtD
DOOt\PHJXVWy1RFUHRTXHVHSXHGDFRPSDUDUQLHO
VDERUQLHOFRORUGHODOHFKHGHPLVYDFDVFRQODTXH
VH SXHGD FRPSUDU HQ XQ VXSHUPHUFDGR 'H HQWUDGD
HV XQD OHFKH QDWXUDO TXH QR HVWi SDVWHXUL]DGD 0LV
YDFDV VH DOLPHQWDQ GH KLHUED IUHVFD \ DYHQD \ HVR
KDFHTXHODOHFKHWHQJDXQFRORUDPDULOOR(QFXDQWR
DOVDERUFUHRTXHHVPiVLQWHQVR\TXLHQHVODSUXHEDQ
UHFRQRFHQHVHWRTXHDKLHUED
 ,'L

8QUHVLGXRFRQYHUWLGR
HQPDWHULDSULPD
/DFRQVWUXFFLyQGHXQELRGLJHVWRUHQXQD
H[SORWDFLyQDJURDYtFRODGH7HMLQDSHUPLWH
JHQHUDUHQHUJtD\DERQRRUJiQLFR

6HKDHOLPLQDGRHOLPSDFWR
YLVXDOGHOHVWLpUFROORVPDORV
RORUHV\ORVLQVHFWRV

/ RV UHVLGXRV JDQDGHURV ELHQ WUDWDGRV \ JHVWLRQDGRV

SXHGHQ FRQYHUWLUVH HQ XQD LPSRUWDQWH IXHQWH HQHUJpWLFD
FRQ OD TXH FRQWULEXLU DO GHVDUUROOR UXUDO \ D OD SURWHFFLyQ
GHO PHGLR DPELHQWH (VWH SULQFLSLR OR KD VDELGR OOHYDU D OD
SUiFWLFD HO LQJHQLHUR WpFQLFR LQGXVWULDO -RVp /XLV 3HUD]D
&DQR TXH KD HVWDGR WUDEDMDQGR GXUDQWH PiV GH  DxRV
HQ HO GLVHxR GH ELRGLJHVWRUHV 6H WUDWD GH XQ VLVWHPD GH
GHSyVLWR FHUUDGR JUDQGH R SHTXHxR FRQVWUXLGR EDMR
WLHUUD GH GLIHUHQWHV PDWHULDOHV FHPHQWR SOiVWLFR PHWDO
ODH[SORWDFLyQDOQRWHQHUTXHXWLOL]DUQLWUDQVSRUWHQLPDQR
GH REUD SDUD WUDVODGDU HO HVWLpUFRO GHVGH OD JUDQMD KDVWD
ORV WHUUHQRV GRQGH DQWHV VH GHSRVLWDED VRQ DOJXQRV GH ORV
EHQHILFLRV
(OIXQFLRQDPLHQWRGHHVWHVLVWHPDFRPLHQ]DGHVGHHO
PRPHQWRHQHOTXHODVH[FUHWDVGHODVJDOOLQDVYDQFD\HQGR\
GHSRVLWiQGRVHHQODVFLQWDVPyYLOHVTXHVHHQFXHQWUDQGHEDMR
GHODVMDXODV$PHGLGDTXHHVWDVFLQWDVVHYDQPRYLHQGRYDQ
WUDQVSRUWDQGR \ GHMDQGR FDHU ORV GHVHFKRV PH]FODGRV FRQ
EDUURHQHOTXHVHLQWURGXFHPDWHULDRUJiQLFDGHGHVHFKR DJXDHQODERFDGHOELRGLJHVWRU$SDUWLUGHHVHPRPHQWROD
TXH SRU OD DFFLyQ GH XQDV EDFWHULDV DQDHUyELFDV VLQ PH]FODSDVDSRUXQDVHULHGHILOWURVFRQHOREMHWLYRGHVHSDUDU
SUHVHQFLD GH R[tJHQR IHUPHQWD JHQHUDQGR JDV \ OtTXLGR HO PDWHULDO RUJiQLFR GHO LQRUJiQLFR DUHQD WLHUUD SLHGUDV
/DPH]FODGHJDVHVREWHQLGRVPHWDQR\GLy[LGRGHFDUERQR SOXPDVRSODVWLFRVTXHVHKDSRGLGRILOWUDUFRQORVGHVHFKRV\
SULQFLSDOPHQWHHVORTXHVHFRQRFHFRPRELRJiVXQDGHODV TXHYDGLUHFWDPHQWHDOYHUWHGHURDOFDUHFHUGHXWLOLGDGSDUD
HQHUJtDVUHQRYDEOHVPHQRVGHVDUUROODGDVHQ(VSDxDDSHVDU ODELRGLJHVWLyQVHJ~QH[SOLFD3HUD]D
GHTXHVHSXHGHHPSOHDUSDUDSURGXFLUHQHUJtDHOHFWULFLGDG 8QD YH] TXH HO PDWHULDO RUJiQLFR \D ILOWUDGR VH
\FDORU3RURWURODGRHOOtTXLGRUHVXOWDQWHVHXVDDPRGR
GH IHUWLOL]DQWH RUJiQLFR GH DOWD FDOLGDG ULFR HQ QLWUyJHQR
IyVIRURSRWDVLR\FDOFLRHQWUHRWURVQXWULHQWHV
 /DFRQVWUXFFLyQHQFHPHQWR\KRUPLJyQGHXQRGH
HVWRV VLVWHPDV GH ELRGLJHVWLyQ GH  PHWURV FXDGUDGRV
GHVXSHUILFLH\PHWURVF~ELFRVGHFDSDFLGDGHQXQD
HQFXHQWUDGHQWURGHOGHSyVLWRGHOELRGLJHVWRU\FXDQGRVHKD
SURGXFLGR OD IHUPHQWDFLyQ DQDHUyELFD HO OtTXLGR UHVXOWDQWH
YDGLUHFWDPHQWHDOFDEH]DOGHULHJRVHGRVLILFDFRQHODJXD
\ VH UHSDUWH SRU ORV FXOWLYRV GH OD H[SORWDFLyQ 6H REWLHQHQ
WDPELpQ VXOIDWR IpUULFR \ VXOIDWR IHUURVR HPSOHDGRV GH OD
PLVPD PDQHUD FRPR DERQR 0LHQWUDV VREUH HO ELRGLJHVWURU
H[SORWDFLyQDJURDYtFRODGH7HMLQDPXQLFLSLRGH/D/DJXQD KD\XQDWXEHUtDFRQXQDYiOYXODSRUGRQGHVDOHQDOH[WHULRU
GHGLFDGDDODFUtDGHJDOOLQDVSRQHGRUDV\DOFXOWLYRGHIUXWDV ODV HPLVLRQHV GH ELRJiV 8QD OODPD GH FRORU D]XO UHIOHMD
\ KRUWDOL]DV SOiWDQRV WRPDWHV FHEROODV SLPLHQWRV HV OR OD TXHPD GH FRPEXVWLEOH HQ HVWH FDVR GH PHWDQR 'H
TXHKDFRQVHJXLGRHOLPLQDUGHJROSHWUHVSiMDURVGHXQWLUR PRPHQWRODSURGXFFLyQHQHUJpWLFDGHHVWDSODQWDVHHVWLPD
HOLPSDFWRYLVXDOTXHJHQHUDEDQODVPRQWDxDVGHHVWLpUFRO
DFXPXODGR DO DLUH OLEUH HQ ORV WHUUHQRV FLUFXQGDQWHV D OD
JUDQMD OD SUROLIHUDFLyQ GH LQVHFWRV \ ORV PDORV RORUHV
(IOXYLRV SRU ORV TXH FRQVWDQWHPHQWH UHFLEtDQ ODV TXHMDV GH
ORV YHFLQRV 6X SURSLHWDULR $PDGHR ( 5RGUtJXH] DVHJXUD
TXHHOFDPELRKDVLGRDPHMRUGHVGHTXHHOELRGLJHVWRUHVWi
IXQFLRQDQGRQRVRORGHVGHHOSXQWRGHYLVWDPHGLRDPELHQWDO
HQGRVPHJDYDWLRVKRUDXQRV.:KRUDGHHOHFWULFLGDGOR
TXHVXSHUDHOFRQVXPRHQHUJpWLFRGHODJUDQMD\ODFRQYLHUWH
HQ XQD LQVWDODFLyQ VRVWHQLEOH HQHUJpWLFDPHQWH KDEODQGR
,QFOXVRWHQGUtDH[FHGHQWHVGHHQHUJtDTXHVHSRGUtDYHQGHU
HQHOIXWXUR
3HUD]DTXHGHVGHKDGLVHxDGRHLQVWDODGRXQD
YHLQWHQDGHELRGLJHVWRUHVQRVRORHQ&DQDULDV(O+LHUUR/D
VLQRWDPELpQGHVGHHOSXQWRGHYLVWDSURGXFWLYR&XOWLYRVGH 3DOPD /D *RPHUD \ 7HQHULIH VLQR WDPELpQ HQ 3HQtQVXOD
PiV FDOLGDG JUDFLDV DO DERQR RUJiQLFR REWHQLGR UHGXFFLyQ H[SOLFD TXH H[LVWHQ PXFKRV PRGHORV SDUD FDGD WLSR GH
GHOJDVWRHQIHUWLOL]DQWHVTXtPLFRV\IDFLOLGDGGHOWUDEDMRGH UHVLGXRVDGDSWDGRVDODVFDUDFWHUtVWLFDV\QHFHVLGDGHVGHODV


 -RVp/XLV3HUD]DMXQWRDODYiOYXODGHOELRGLJHVWRU
SRUGRQGHVDOHHOELRJiV

/DSURGXFFLyQ
GLIHUHQWHVH[SORWDFLRQHVSDUDTXHSHUPLWDDSURYHFKDUPHMRU
ODV PDWHULDV SULPDV REWHQLGDV $GHPiV DFODUD TXH HVWRV HQHUJpWLFDGHODJUDQMD
VLVWHPDVQRVRQH[FOXVLYRVGHODVLQVWDODFLRQHVJDQDGHUDVVLQR
TXHWDPELpQVHSXHGHQXWLOL]DUSDUDHOWUDWDPLHQWR\ODJHVWLyQ HVGHNZSRUKRUD
GHUHVLGXRVDJUtFRODVFXOWLYRVHQHUJpWLFRVVXESURGXFWRVGH
PDWDGHURVWUDQVIRUPDFLyQGHSURGXFWRVYHJHWDOHVHIOXHQWHV GHHOHFWULFLGDG
GHDFHLWHUDVERGHJDVRLQGXVWULDVOiFWHDV
 'DGR HO SRWHQFLDO GH HVWRV VLVWHPDV GHVGH OD
ySWLFD HQHUJpWLFD \ DPELHQWDO \ OD YHUVDWLOLGDG D OD KRUD
GH DGDSWDUVH D XQ DPSOLR DEDQLFR GH H[SORWDFLRQHV OR
ODPHQWDEOH HV TXH OD LPSODQWDFLyQ GH ORV ELRGLJHVWRUHV QR
HVWpWDQGHVDUUROODGDHQ(VSDxDFRPRHQHOUHVWRGHOD8QLyQ
(XURSHD$OHPDQLD'LQDPDUFD$XVWULD5HLQR8QLGRR,WDOLD
HVWiQDODFDEH]D3HUD]DGLFHTXHODUD]yQHVVHQFLOOD(VRV
SDtVHVFXHQWDQFRQQRUPDWLYDVIDYRUDEOHVSDUDHOGHVDUUROOR
GHHVWHVHFWRUGHDKtTXHSRUHMHPSORVROR$OHPDQLDFXHQWD
FRQPiVGHGHODVSODQWDVRSHUDWLYDVLQVWDODGDV
WHFQRORJtD HPSOHDGD SRU 3HUD]D GH VX SURSLHGDG HV XQD
GH ODV PiV DYDQ]DGDV GH ODV TXH VH FRQRFHQ (O 3ODQ GH
5HVLGXRVGH7HQHULIHREOLJDDODVH[SORWDFLRQHVJDQDGHUDVD
GLVSRQHUGHXQGHSyVLWRGRQGHSRGHUDOPDFHQDUODVH[FUHWDV
GH ORV DQLPDOHV GXUDQWH SRU OR PHQRV WUHV PHVHV 3DVDGR
HVH WLHPSR \ VL OD H[SORWDFLyQ QR HV FDSD] GH DEVRUEHU OD
WRWDOLGDG GH ORV UHVLGXRV GHEHUiQ WUDVODGDUVH D XQ JHVWRU
DXWRUL]DGRSDUDVXWUDWDPLHQWRILQDO6LQHPEDUJRHQODLVOD
PiVGH0:HQHOYLHMRFRQWLQHQWH$OJRTXHVHDOHMD QR H[LVWH QLQJXQR \D TXH OD 3ODQWD ,QGXVWULDO GH 5HVLGXRV
EDVWDQWHGHORTXHRFXUUHHQ(VSDxDGRQGHQRVHOOHJDDORV
 0: $GHPiV HO *RELHUQR DFWXDO DSUREy HO SDVDGR DxR
HO 5HDO 'HFUHWR  TXH SDUDOL]D WRGDV ODV SULPDV D ODV
UHQRYDEOHV 8QD QRUPD TXH OR ~QLFR TXH KD FRQVHJXLGR HV
SRVLFLRQDUDHVWHSDtVDODFRODGHOGHVDUUROORGHODVFHQWUDOHV
GHELRJiV
 3URPRWRUHV LQVWDODGRUHV \ JDQDGHURV VRQ ORV
PiV LQWHUHVDGRV HQ TXH HVWH WLSR GH VLVWHPDV SDUD HO
SURFHVDPLHQWR GH UHVLGXRV VH SRQJDQ HQ PDUFKD \ SRU HVR
FODPDQSRUXQDUHIRUPDHQHUJpWLFD 0XFKRVGHHOORVFRPR
5RGUtJXH]KDQKHFKRJUDQGHVLQYHUVLRQHVGHFDSLWDOSULYDGR
SDUD FRQVWUXLU OD SODQWD GH ELRJiV HQ VXV H[SORWDFLRQHV \
RWURV WDQWRV DXQTXH GLVSRQHQ GH ORV SHUPLVRV \ HTXLSRV
QHFHVDULRV SDUD KDFHUOR KDQ WHQLGR TXH SDUDOL]DU ODV REUDV
SRUODPRUDWRULD
 (Q &DQDULDV H[SOLFD HO WpFQLFR LQGXVWULDO OD
LPSOHPHQWDFLyQ GH ORV ELRGLJHVWRUHV YD FRQ PD\RU UHWUDVR
TXH HQ 3HQtQVXOD \ HV WRGDYtD LQFLSLHQWH D SHVDU TXH OD
6yOLGRV3,56FDUHFHGHODVLQVIUDHVWXUDVQHFHVDULDVSDUD
ODJHVWLyQGHHVWRVGHVHFKRV
&210É6'($f26'(+,6725,$

 <DORGHFtD$ULVWyWHOHVODQDWXUDOH]DQRKDFHQDGD
HQYDQR(QVXFLFORQDWXUDOQRH[LVWHQSUREOHPDVGHUHVLGXRV
SRUTXH FXHQWD FRQ VXV SURSLDV VROXFLRQHV SDUD SURFHVDU OD
PDWHULDRUJiQLFD3HUD]DHVGHODPLVPDRSLQLyQ\SRUHVR
HQWLHQGH TXH HO FRQFHSWR GH FRQWDPLQDFLyQ HV UHODWLYR \
YLHQHGHILQLGRSRUODOH\H[LVWHQWHHQHVHOXJDU 
)XHURQORVFKLQRV\ORVKLQG~HVKDFHPiVGH
DxRVORVSULPHURVGHODKLVWRULDHQXWLOL]DUORVELRGLJHVWRUHV
FRPRXQPHGLRSDUDLPLWDUDODQDWXUDOH]D&RQHOSDVRGHO
WLHPSR ´OR ~QLFR TXH VH KD KHFKR HV DSOLFDU VREUH OD EDVH
TXH\DVHWHQtDORVFRQRFLPLHQWRVELROyJLFRVTXtPLFRV\ORV
DYDQFHVWHFQROyJLFRVSDUDGLVHxDUPHMRUHVVLVWHPDV\HQHVWH
FDPLQRWHQHPRVTXHVHJXLUµVXEUD\DHVWHH[SHUWR

 DFWXDOLGDG

$6$*$&DQDULDV\$6,1&$
XQHQIXHU]DVHQGHIHQVD
GHOPDQWHQLPLHQWRGHO$,(0
/DVGRVRUJDQL]DFLRQHVDERJDQSRUSRWHQFLDU
ORVVHFWRUHVSURGXFWLYRVGH&DQDULDVGHQWURGH
XQPDUFROHJLVODWLYR\ILVFDOHVWDEOH

/ D$VRFLDFLyQ GH$JULFXOWRUHV \ *DQDGHURV GH &DQDULDV $6$*$ \ OD$VRFLDFLyQ ,QGXVWULDO

GH &DQDULDV $6,1&$ PDQLIHVWDURQ HQ XQD UXHGD GH SUHQVD FHOHEUDGD HQ OD VHGH GH &(2(
7HQHULIHODQHFHVLGDGGHUHFRQRFHUODLPSRUWDQFLD\HOGHVDUUROORGHORVVHFWRUHVSURGXFWLYRV
HQODHFRQRPtDGHODVLVODV3DUDHOORGHPDQGDURQXQPDUFROHJLVODWLYRHVWDEOHTXHUHJXOH\
VRSRUWHHVWDVDFWLYLGDGHVDVtFRPRHOPDQWHQLPLHQWRGHDTXHOORVWULEXWRV\QRUPDWLYDVVREUH
FLHUWDVLPSRUWDFLRQHVTXHFRPSLWHQGLUHFWDPHQWHFRQDOJXQRVGHORVSURGXFWRVORFDOHVTXHVH
FUHDURQFRQHOREMHWLYRGHVXSHUDUODVGHVYHQWDMDVHVWUXFWXUDOHVGHXQDUHJLyQXOWUDSHULIpULFD
FRPR&DQDULDV
 (QVXLQWHUYHQFLyQHOSUHVLGHQWHGH$6,1&$$QGUpV&DOYRVHxDOyTXH´HVIXQGDPHQWDO
GHIHQGHU ORV VHFWRUHV SURGXFWLYRV GH &DQDULDV SDUD HO GHVDUUROOR \ OD GLYHUVLILFDFLyQ GH OD
HFRQRPtD GH ODV LVODV LPSXOVDQGR PHGLGDV TXH IRPHQWHQ HVWD GLYHUVLILFDFLyQ SRUTXH WDQWR
HO VHFWRU SULPDULR FRPR HO VHFWRU LQGXVWULDO VRQ ORV LQYLHUWHQ \ DGDSWDQ VXV HVWUXFWXUDV
SDUD JHQHUDU HPSOHR HQ &DQDULDV 'H DKt TXH HO 3DUODPHQWR GH &DQDULDV KD\D DSUREDGR
SRUXQDQLPLGDGGHWRGDVODVIXHU]DVSROtWLFDVODFRQWLQXDFLyQGHODFWXDOPDUFRGHPHGLGDV
HVSHFtILFDVSDUDODVLVODVGHQWURGHOD8QLyQ(XURSHDµ
 &DOYRVXEUD\yTXHHVWHSDTXHWHGHPHGLGDVHVSHFtILFDV,*,&326(,5($5,&ORV
IRQGRV )('(5 R HO$,(0 HQWUH RWURV GH ODV TXH VH EHQHILFLDQ QR VROR WRGRV ORV VHFWRUHV
VLQR OD VRFLHGDG FDQDULD HQ JHQHUDO HVWiQ HVWDEOHFLGDV HQ HO DUWtFXOR  GHO 7UDWDGR GH
)XQFLRQDPLHQWRGHOD8QLyQ(XURSHD\YLHQHDUHFRQRFHUHOKHFKRKLVWyULFRGLIHUHQFLDOTXH
&DQDULDV KD WHQLGR FRQ UHVSHFWR DO WHUULWRULR QDFLRQDO DVt FRPR HO UHFRQRFLPLHQWR TXH OD
8(KDFHGHHVWH$UFKLSLpODJRFRPR5HJLyQ8OWUDSHULIpULFDHQHOTXHVHWLHQHHQFXHQWDQORV
VREUHFRVWHVGHSURGXFLUHQXQWHUULWRULRDOHMDGRGHOFRQWLQHQWH\TXHVLQVXH[LVWHQFLD´VHUtD
LPSRVLEOHSURGXFLUHQODVLVODVµ3RUHVWHPRWLYRHOSUHVLGHQWHGH$6,1&$VXEUD\yODQHFHVLGDG
GHUHDOL]DUXQHVIXHU]RFRQMXQWRGHVGHODXQLGDGGHWRGRVORVVHFWRUHVHFRQyPLFRV\VRFLDOHV
SDUDJDUDQWL]DUHOIXWXURSUyVSHURGH&DQDULDV
 3RUVXSDUWHHOSUHVLGHQWHGH$6$*$&DQDULDV+HQU\6LFLOLDVHxDOyTXH´GHWHUPLQDGRV
SURGXFWRVLPSRUWDGRVWDQWRHXURSHRVFRPRGHWHUFHURVSDtVHVHVWiQDIHFWDQGRQHJDWLYDPHQWH
D QXHVWUDV SURGXFFLRQHV ORFDOHV (QWHQGHPRV TXH GDGDV ODV OLPLWDFLRQHV QDWXUDOHV HV IiFLO
TXH SDUD FDGD SURGXFWR H[LVWD XQD DOWHUQDWLYD H[WHULRU VLPLODU
SRWHQFLDOPHQWH GHVDFWLYDGRUD

'HVGHODVVHFWRULDOHVVHEXVFDOD
XQLGDGSDUDJDUDQWL]DUHOGHVDUUROOR\OD
GLYHUVLILFDFLyQGH&DQDULDV


GH OD SURGXFFLyQ ORFDO SHUR HVWD H[FHVLYD GHSHQGHQFLD GHO
H[WHULRU TXH DOFDQ]D HO  HQ DOLPHQWDFLyQ QRV FRORFD HQ
XQDSRVLFLyQGHULHVJRVLQROYLGDUORVHIHFWRVQHJDWLYRVVREUH
QXHVWURWHUULWRULRµ
3DUDFRUUHJLUGHDOJXQDPDQHUDHVWHGHVHTXLOLEULRVH
KDQFUHDGRWULEXWRVFRPRHO$,(0TXHJUDYDODVLPSRUWDFLRQHV
GH DOJXQRV SURGXFWRV FRQVLGHUDGRV VHQVLEOHV SDUD &DQDULDV
HVSHFLDOPHQWHHQHOVHFWRUDJUDULR\HQHOLQGXVWULDOSURWHJLHQGR
DVtDODVSURGXFFLRQHVORFDOHV\FRQHOORODDFWLYLGDGDJUDULD
LQGXVWULDO HO HPSOHR OD HFRQRPtD \ HO SDLVDMH GH ODV LVODV
/D YR] GH DODUPD KD VDOWDGR FXDQGR DOJXQRV JUXSRV VH KDQ
DGHODQWDGRDVROLFLWDUVXVXSUHVLyQSRUFRQVLGHUDUTXHOHVUHVWD
FRPSHWLWLYLGDGHQODVLVODV(QHVWHVHQWLGR&DOYRUHFRUGyTXH
´FXDQGRWRGRVORVVHFWRUHVVHUHXQLHURQSDUDGHEDWLUHOWH[WR
GHO $,(0 TXH VH LED D HQYLDU D %UXVHODV KXER XQ FRQVHQVR
JHQHUDOL]DGR FHGLHQGR HQ VXV DVSLUDFLRQHV WRGDV ODV SDUWHV
LPSOLFDGDV SRU OR TXH QR VH HQWLHQGH DKRUD HVWD SRVWXUD DO
PDUJHQGHORDFRUGDGRµ
6LFLOLD DOHUWy TXH VL GHVDSDUHFLHUD HO $,(0 PXFKDV
H[SORWDFLRQHVVHYHUtDQDERFDGDVDXQFLHUUHGHILQLWLYRDOQR
SRGHUPDQWHQHUVXVQLYHOHVSURGXFWLYRV\QRWHQHUFDSDFLGDG
GHUHVSXHVWDDFRUWRSOD]R8QHIHFWRLQPHGLDWRTXHVHYHUtD
VREUHWRGRHQHOVXEVHFWRUSRUFLQR\GHSROORORFDOTXHKDQ
H[SHULPHQWDGR XQ UHWURFHVR FRQVWDQWH HQ ORV ~OWLPRV DxRV
GHELGR DO LQFUHPHQWR GH ODV LPSRUWDFLRQHV D SHVDU GH ODV
PHMRUDV \ ORV DYDQFHV ORJUDGRV HQ SURGXFLU GH PDQHUD PiV
HILFLHQWH
/DVFLIUDVKDEODQSRUVtVRODV/DLPSRUWDFLyQGHFDUQH
HVWRVSURGXFWRVLPSRUWDGRVSDUDFRQVXPRGLUHFWRGLVIUXWDQGH
D\XGDVPX\VXSHULRUHVDORVFRVWHV\VREUHFRVWHVGHWUDQVSRUWH
DOPDFHQDPLHQWR\GREOHLQVXODULGDGµ
 (O $,(0 TXH VH HQFXHQWUD HQ SHULRGR GH FRQVXOWD
HQ OD 8QLyQ (XURSHD SDUD VX UHQRYDFLyQ \ QXHYD HQWUDGD
HQ YLJRU HQ  HVWi SHQVDGR SDUD JHQHUDU HVH HTXLOLEULR
HQWUH ODV SURGXFFLRQHV ORFDOHV \ ODV LPSRUWDGDV SDUD TXH
DO ILQDO ORV SURSLRV FRQVXPLGRUHV SXHGDQ GHFLGLU \ WHQHU OD
RSRUWXQLGDG GH DFFHGHU D XQD RIHUWD GH SURGXFWR ORFDO \
IUHVFR'HQRH[LVWLU´VHUtDGHLQJHQXRVSHQVDUTXHSRGHPRV
WHQHU YHUGXUDV \ KRUWDOL]DV IUHVFDV JDQDGHUtD H LQGXVWULD
DJURDOLPHQWDULD WHQLHQGR HQ FXHQWD TXH FRPSHWLPRV FRQ ORV
H[FHVRV GH SURGXFFLyQ GH (XURSD R FRQ ODV SURGXFFLRQHV GH
WHUFHURVSDtVHVFRQPpWRGRVGHVHJXULGDGFDOLGDGDOLPHQWDULD
ELHQHVWDUDQLPDO\FRQGLFLRQHVVRFLDOHVTXHQRVHDGPLWHQQL
VHWROHUDQHQ(XURSDµ
 
GHSRUFLQRVHVLW~DHQ7P'HHVWDFDQWLGDG
HOVHEHQHILFLDGHODVD\XGDV5($/DSURGXFFLyQORFDO
OOHJD D  7P  PDQWLHQH D  H[SORWDFLRQHV
JDQDGHUDV \ GD HPSOHR D  SHUVRQDV HQWUH HPSOHRV +HQU\6LFLOLD\$QGUpV&DOYR
GLUHFWRVHLQGLUHFWRV
3RUORTXHUHVSHFWDDODFDUQHGHSROORVHLPSRUWDQ
7P(VWHDOWRSRUFHQWDMHGHMDVRORXQ /RVVXEVHFWRUHVGHSRUFLQR
GHPDUJHQGHPDQLREUDDODSURGXFFLyQORFDOTXHDOFDQ]D
7P &DQDULDV FXHQWD FRQ  H[SORWDFLRQHV GHGLFDGDV D OD SROORKRUWDOL]DV\YLQRORVPiV
PXOWLSOLFDFLyQHQJRUGH\SXHVWDGHHVWDVDYHVXQDDFWLYLGDG
TXHGDHPSOHRDXQWRWDOGHHQWUHHPSOHRVGLUHFWRVH VHQVLEOHVDODVLPSRUWDFLRQHV
LQGLUHFWRV
0LHQWUDV HO VXEVHFWRU GH SRUFLQR \ SROOR UHVLVWH
FRPR SXHGH HO HPELVWH GH ODV LPSRUWDFLRQHV ORV WXEpUFXORV
\ KRUWDOL]DV HQ FRQFUHWR ORV FXOWLYRV GH SDSD \ ]DQDKRULD %$55(5$6),726$1,7$5,$6
PDQWLHQHQ VXV QLYHOHV SRU HQFLPD GH ORV PLVPRV SURGXFWRV 
TXH OOHJDQ GH IXHUD 6H SURGXFHQ  7P  GH  /DVROLFLWXGGHORVLPSRUWDGRUHVGHIUXWDGHHOLPLQDU
SDSDV PLHQWUDV VH LPSRUWD HO  HV GHFLU  7P ODQRUPDWLYDVREUHEDUUHUDVILWRVDQLWDULDVHQ&DQDULDVIXHRWUR
/D VXSHUILFLH FXOWLYDGD DEDUFD  KHFWiUHDV \ HPSOHD D GH ORV DVXQWRV TXH DERUGy HO SUHVLGHQWH GH$6$*$ &DQDULDV
SHUVRQDVGLUHFWDHLQGLUHFWDPHQWH(Q]DQDKRULDVORV (VWD 2UGHQ GHO  GH PDU]R GH  HV OD TXH UHJXOD ODV
QLYHOHV SURGXFWLYRV DOFDQ]DQ ODV  7P  IUHQWH D LPSRUWDFLRQHV H[SRUWDFLRQHV \ WUiQVLWR GH YHJHWDOHV GHQWUR
ODVLPSRUWDFLRQHVTXHVHPDQWLHQHQSRUGHEDMRHQXQ GHODVLVODV6LFLOLDUHFRUGyTXHHVWDOH\JDUDQWL]DORVFXOWLYRV\
\SHUPLWHHQWUDUD7P(QUHODFLyQDODSURGXFFLyQGH ODELRGLYHUVLGDG\HVWiSHQVDGDSDUDUHJXODUHOiPELWRVDQLWDULR
FHEROODV &DQDULDV FXOWLYD  KHFWiUHDV XQ   GHORVSURGXFWRVTXHHQWUDQ\QRWLHQHFDUiFWHUGHUHJXODFLyQ
7P IUHQWH D ODV  WRQHODGDV  TXH HQWUDQ GH FRPHUFLDOWDO\FRPRDOXGHQORVLPSRUWDGRUHV&DEHUHFRUGDU
IXHUD (VWH FXOWLYR JHQHUD WUDEDMR SDUD  SHUVRQDV HQWUH TXHHQORV~OWLPRVDxRVVHKDQFRQWDELOL]DGRHQ&DQDULDV
HPSOHRVGLUHFWRVHLQGLUHFWRV7RGDVHVWDVSURGXFFLRQHVWLHQH QXHYDVSODJDV\RWUDVVRQVXVFHSWLEOHVGHOOHJDUDODVLVODV
XQDJUDQSRWHQFLDOGHFUHFLPLHQWRDFRUWRSOD]R VHJ~Q XQ HVWXGLR OOHYDGR D FDER SRU HO ,QVWLWXWR &DQDULR GH
2WURGHORVSURGXFWRVPiVVHQVLEOHVHVHOYLQRORFDO/D ,QYHVWLJDFLRQHV$JUDULDV,&,$
SURGXFFLyQFDQDULDGHEHFRPSHWLUFRQFHUFDGHPLOORQHVGH  6LFLOLD HQIDWL]y TXH HVWDV SRVWXUDV ´HJRtVWDVµ TXH
OLWURVGHYLQRLPSRUWDGRFXDQGRHODSURYLVLRQDPLHQWR DERJDQSRUODHOLPLQDFLyQWDQWRGHO$,(0FRPRGHODQRUPDWLYD
H[LVWHQWHHQ&DQDULDVVHVLW~DHQPLOORQHVGHOLWURV
2FXSDKHFWiUHDV\GDDFWLYLGDGDERGHJDV
)UHQWHDHVWHSDQRUDPD6LFLOLDVXEUD\yTXH´HVWDPRV
HQXQPRPHQWRFUXFLDOSDUDDSRVWDUSRUODGLYHUVLILFDFLyQGH
OD HFRQRPtD \ DXPHQWDU ORV QLYHOHV GH DXWRDEDVWHFLPLHQWR
\ HQ HVWD OtQHD QRV WHQHPRV TXH PRYHU 1R HQWHQGHPRV HVH
DSHWLWR LQVDFLDEOH TXH PXHVWUDQ DOJXQRV LPSRUWDGRUHV SRU
TXHUHU DFDSDUDU WRGR HO PHUFDGR VLQ WHQHU HQ FXHQWD ODV
JUDYHV FRQVHFXHQFLDV TXH WUDHUtD FRQVLJR OD HOLPLQDFLyQ GH
HVWH LPSXHVWR VREUH QXHVWUR WHUULWRULR FXDQGR XQD SDUWH GH
VDQLWDULD ´DGHPiV GH DERFDUQRV D XQ IXWXUR GHPROHGRU
DFDEDUiFRQEXHQDSDUWHGHQXHVWUDDFWLYLGDGELRGLYHUVLGDG
GH QXHVWUR SDWULPRQLR JDVWURQyPLFR SDLVDMtVWLFR \ FXOWXUDO
\ OHV SXHGR DVHJXUDU TXH ORV DJULFXOWRUHV \ JDQDGHURV GH
&DQDULDVQRHVWDPRVGLVSXHVWRDHOOR'HIHQGHUHPRVQXHVWUD
DFWLYLGDGSRUHVWUDWpJLFDGRQGHKDJDIDOWDSRUTXH%UXVHODV
HVWiDODVPLVPDVGLVWDQFLDSDUDWRGRV(VWDPRVFRQYHQFLGRV
GH TXH KD\ PDUJHQ GH FUHFLPLHQWR SDUD OD DJULFXOWXUD \ OD
JDQDGHUtD\OR~QLFRTXHSHGLPRVHVXQHTXLOLEULRPiVMXVWR
SDUDTXHWRGRVSRGDPRVFRH[LVWLUµ
 
 DFWXDOLGDG
&RQHOFDPSR $6$*$&DQDULDVRUJDQL]DOD
RFWDYDHGLFLyQGHOD(VFXHODGH
9HUDQRSDUDLQIXQGLUHQORVQLxRV
HQODPRFKLOD HOYDORUGHORDJUDULR

& XDQGR WHUPLQD HO FXUVR HVFRODU

PXFKRV SDGUHV VH HQFXHQWUDQ FRQ
OD LQFHUWLGXPEUH GH FyPR RFXSDU HO
WLHPSRGHORVQLxRVGXUDQWHHOSHULRGR
HVWLYDO /DV RSFLRQHV VRQ P~OWLSOHV
DGDSWDGDVDORVJXVWRVGHORVDOXPQRV
\ D ORV EROVLOORV GH ORV SURJHQLWRUHV
$6$*$ &DQDULDV OOHYD RUJDQL]DQGR
GHVGHKDFHRFKRDxRVHQOD&DVDGHO
*DQDGHUR GH /D /DJXQD XQD (VFXHOD
GH 9HUDQR GH DSUHQGL]DMH \ RFLR FRQ
ODLQWHQFLyQGHHQVHxDUHOYDORUGHOD
DJULFXOWXUD OD JDQDGHUtD \ HO PHGLR
DPELHQWH GH ODV LVODV DO WLHPSR TXH
GLVIUXWDQ \ VH GLYLHUWHQ DSUHQGLHQGR
+DVWD DKRUD OR KDQ FRQVHJXLGR
FRPR DVt OR UHIOHMDQ ODV HQFXHVWDV
GH VDWLVIDFFLyQ TXH VH UHDOL]DQ DO
ILQDOL]DU HO SURJUDPD HGXFDWLYR 3DUD
OD GLUHFWRUD GH HVWD (VFXHOD 'XOFH
0DUtD 3DVRV ´SUHFLVDPHQWH OD EXHQD
DFRJLGD \ OD GHPDQGD WDQWR GH
SDGUHV FRPR GH DOXPQRV HV OR TXH
QRV KD LPSXOVDGR D VHJXLU DGHODQWH
FRQHVWHSUR\HFWRµ
 (Q HVWD HGLFLyQ TXH VH
FHOHEUD FRPR VLHPSUH GXUDQWH HO
PHV GH MXOLR SDUWLFLSDQ XQ WRWDO
GH  HVFRODUHV GH HQWUH  \ 
DxRV PXFKRV GH HOORV DVLVWHQWHV D
HVWD (VFXHOD HQ DxRV DQWHULRUHV TXH
KDQ TXHULGR UHSHWLU OD H[SHULHQFLD
/D YDULDGD \ FRPSOHWD RIHUWD GH
WDOOHUHV UHODFLRQDGRV FRQ DJULFXOWXUD
JDQDGHUtD PHGLR DPELHQWH FRFLQD \ UHFLFODMH HQWUH RWUDV DFWLYLGDGHV O~GLFDV WHDWUR
MXHJRVWUDGLFLRQDOHVFDWDVGHPLHOHV\FKDUODVHGXFDWLYDVHOFXLGDGRGHODVPDVFRWDVOD
WUDGLFLyQJXDQFKHODDOLPHQWDFLyQVDQDFHQWUDQODDWHQFLyQGHORVLQVFULWRV(VWHDxRVH
KDTXHULGRSRQHUPD\RUpQIDVLVHQODFUHDFLyQGHKXHUWRVXUEDQRVXQDLQLFLDWLYDTXHHVWi
FREUDQGR FDGD YH] PiV IXHU]D HQ ODV FLXGDGHV GRQGH ORV QLxRV DSUHQGHQ OD LPSRUWDQFLD
TXHWLHQHQHVWRVHVSDFLRVDJUtFRODVQRVRORSDUDSURGXFLUDOLPHQWRVVLQRWDPELpQSDUDFUHDU
7DOOHUHVGH SDLVDMHGHQWURGHODVXUEHV
 3DVRV VHxDOD TXH ´HO KHFKR GH TXH ORV QLxRV FRQR]FDQ GH SULPHUD PDQR HO YDORU
DJULFXOWXUD GHODDJULFXOWXUD\ODJDQDGHUtDOHVD\XGDDFRPSUHQGHUPHMRUHORULJHQGHORVDOLPHQWRV
DOJRTXHHQPXFKDVRFDVLRQHVGHVFRQRFHQ\DYDORUDUODLPSRUWDQFLDTXHWLHQHHOFDPSRHQ
JDQDGHUtD QXHVWUDVYLGDV(VPX\HPRWLYRYHUFRPRVHVRUSUHQGHQFXDQGRGHVFXEUHQGHGRQGHYLHQHQ
ORVKXHYRVODOHFKHRODVKRUWDOL]DV(OORVVHUiQODVRFLHGDGGHOIXWXUR\VLGHVGHSHTXHxRV
\PHGLR HPSH]DPRV D FRQFLHQFLDUORV \ VHQVLELOL]DUORV GH TXH WHQHPRV TXH FRQVXPLU QXHVWURV
SURGXFWRVORFDOHVGHTXHWHQHPRVTXHFXLGDUQXHVWURSDLVDMH\QXHVWURPHGLRDPELHQWH
DPELHQWH VH FRQYHUWLUiQ HQ SHUVRQDV UHVSHWXRVDV FRQ OD WLHUUD \ FRQ OR TXH HQ HOOD VH SURGXFH 6L
FRQVHJXLPRVHVWRHQWRQFHVHOTXHKD\DQYHQLGRDHVWD(VFXHODKDEUiVHUYLGRSDUDDOJReVWH
GHVSLHUWDQHO HVQXHVWURREMHWLYRµ
 ([SHUWRVHQHGXFDFLyQVXJLHUHQTXHSDUDTXHHOGHVDUUROORLQWHOHFWXDO\FRJQLWLYRGH
LQWHUpVGHORV ORVQLxRVVHDFRPSOHWRHVFRQYHQLHQWHTXHUHFLEDQXQDIRUPDFLyQLQWHUGLVFLSOLQDUQRVRORD
QLYHOGHFRQRFLPLHQWRVVLQRWDPELpQGHVGHXQSXQWRGHYLVWDVRFLDO\HPRFLRQDO3URSXHVWDV
PiVSHTXHxRV HGXFDWLYDVFRPRODVGH$6$*$&DQDULDVHQODTXHFRODERUDQHO&DELOGR,QVXODUGH7HQHULIH
HO$\XQWDPLHQWRGH/D/DJXQD&DMDVLHWH/D&DVDGH/D0LHO\6$7)UXFDFRQWULEX\HQDILMDU
HQORVPiVSHTXHxRVKiELWRVGHFRQGXFWDSRVLWLYRVKDFLDHOHQWRUQRDGHPiVGHGHVSHUWDU
HO LQWHUpV SDUD TXH VH LQYROXFUHQ FRQ OD DFWLYLGDG DJUDULD HQ HO IXWXUR DOJR TXH D ODUJD
UHGXQGDUiQRVRORHQEHQHILFLRGHOVHFWRUVLQRGHWRGRVHQJHQHUDO


 DFWXDOLGDG

$VKRWHO\$6$*$&DQDULDV
$OXPQRVGH6XPLOOHUtD FRQWULEX\HQDODIRUPDFLyQ
DSUHQGHQDYDORUDUHO WHyULFRSUiFWLFDGHHVWRV
MyYHQHVFRQXQDYLVLWDSRU
SURGXFWRORFDO GLIHUHQWHVFRRSHUDWLYDV\
HPSUHVDVDJURDOLPHQWDULDV
GH7HQHULIH

/ D $VRFLDFLyQ +RWHOHUD \ ([WUDKRWHOHUD GH 7HQHULIH /D

3DOPD/D*RPHUD\(O+LHUUR$VKRWHOMXQWRFRQOD$VRFLDFLyQ
PXQLFLSLR GH *tPDU ORV DOXPQRV FRQRFLHURQ HO SURFHVR
GH FRUWDGR \ HQYDVDGR GH ODV KRUWDOL]DV IUHVFDV GH FXDUWD
GH $JULFXOWRUHV \ *DQDGHURV GH &DQDULDV $6$*$ &DQDULDV
HQ VX DIiQ SRU FRQWULEXLU D OD IRUPDFLyQ SURIHVLRQDO GH
GHVHPSOHDGRVGHODVLVODV\GHFUHDUVLQHUJLDVHQWUHHOVHFWRU
DJUDULR \ HO WXUtVWLFR RUJDQL]DURQ HO SDVDGR PHV GH PD\R
XQD YLVLWD JXLDGD SRU GLIHUHQWHV FRRSHUDWLYDV \ HPSUHVDV
DJURDOLPHQWDULDV ORFDOHV FRQ HO REMHWR GH VHQVLELOL]DU \
FRQFLHQFLDUDORVDOXPQRVTXHSDUWLFLSDQHQHOFXUVRSDUDOD
REWHQFLyQ GHO &HUWLILFDGR GH 3URIHVLRQDOLGDG GH 6XPLOOHUtD
VREUH HO YDORU JDVWURQyPLFR GH OD PDWHULD SULPD FDQDULD \
FRQWULEXLU GH HVWD PDQHUD D LQWURGXFLU \ SURPRFLRQDU HO
SURGXFWRORFDOHQVXIXWXUDDFWLYLGDGSURIHVLRQDO
 /D REWHQFLyQ GHO &HUWLILFDGR GH 3URIHVLRQDOLGDG GH
6XPLOOHUtD VH HQFXHQWUD GHQWUR GH ODV DFFLRQHV IRUPDWLYDV
FRILQDQFLDGDV FRQ IRQGRV FRPXQLWDULRV GHO )RQGR 6RFLDO
JDPDTXHVHFRVHFKDQHQ7HQHULIHDGHPiVGHORVFRQWUROHV
KLJLpQLFRV VDQLWDULRV D ORV TXH VRQ VRPHWLGDV ODV YHUGXUDV
GHVGHTXHHQWUDQHQODIiEULFDKDVWDVXSXHVWDHQORVOLQHDOHV
GHORVGLIHUHQWHVSXQWRVGHYHQWD
 (O FXUVR SDUD OD REWHQFLyQ GHO &HUWLILFDGR GH
3URIHVLRQDOLGDGGH6XPLOOHUtDFRPHQ]yDILQDOHVGHOPHVGH
QRYLHPEUHGH\ILQDOL]DUiHOSUy[LPRPHVGHMXOLR/D
LGHDHVTXHXQDYH]ORVDOXPQRVWHUPLQHQODSDUWHWHyULFD
LQLFLHQODVSUiFWLFDVHQGLIHUHQWHVHPSUHVDVKRWHOHUDVGHOD
LVOD FRQ OD SRVLELOLGDG GH TXH VH OHV DEUD H[SHFWDWLYDV GH
HPSOHRGHFDUDDOIXWXUR
 /RV  DOXPQRV LQVFULWRV HQ HVWH FXUVR VRQ
GHVHPSOHDGRV\SURFHGHQGHVHFWRUHVQRYLQFXODGRVFRQOD
DJULFXOWXUD/DIRUPDFLyQUHFLELGDGXUDQWHHVWHSHULRGROHV
(XURSHR)6(DWUDYpVGHO3URJUDPD2SHUDWLYR3OXULUHJLRQDO KD JHQHUDGR QR VROR LQWHUpV SRU HO PXQGR GH OD VXPLOOHUtD
GH $GDSWDELOLGDG (PSOHR SDUD HO SHULRGR  FRQ XQ HODUWHGHDUPRQL]DUORVSODWRVFRQORVYLQRV\ODVEHELGDV
SRUFHQWDMHGHFRQILQDQFLDFLyQGHOHQHOTXHSDUWLFLSDQ DGHFXDGDVVLQRTXHHQPXFKRVFDVRVOHVKDGHVSHUWDGRXQD
DGHPiV HO 6HUYLFLR &DQDULR GH (PSOHR GHO *RELHUQR GH YRFDFLyQTXHGHVFRQRFtDQWHQHUVHJ~QVHxDOyHOGRFHQWHGHO
&DQDULDV\HO0LQLVWHULRGH7UDEDMRH,QPLJUDFLyQ FXUVR(QULTXH%HUP~GH]
 'XUDQWHODYLVLWDHQODTXHUHFRUULHURQOD6RFLHGDG  7DQWR $VKRWHO FRPR $6$*$ &DQDULDV FRQVLGHUDQ
&RRSHUDWLYD &XPEUHV GH $ERQD \ OD HPSUHVD 0HVWXUDGRV SULRULWDULRIRUPDUDSURIHVLRQDOHVHQORVGLIHUHQWHVVHFWRUHV
&DQDULRV ORV DOXPQRV GHO FXUVR SXGLHURQ FRQRFHU GH OD SDUD VHU PiV FRPSHWLWLYRV PHMRUDU OD UHODFLyQ \ JHQHUDU
PDQR GH ORV WpFQLFRV UHVSRQVDEOHV DOJXQRV GH ORV FXOWLYRV VLQHUJLDV HQWUH HO VHFWRU DJUDULR \ WXUtVWLFR DSURYHFKDU OD
\ SURGXFWRV TXH HQ HVWRV PRPHQWRV VH HVWiQ SURGXFLHQGR ULTXH]DDJURDOLPHQWDULD\SDLVDMtVWLFDGHODWLHUUD\JHQHUDU
HQ OD LVOD DVt FRPR ODV LQLFLDWLYDV HPSUHVDULDOHV TXH HVWiQ ULTXH]DSDUDDPERVVHFWRUHV
FRQWULEX\HQGRDIRPHQWDUODDJULFXOWXUDGHODVPHGLDQtDV$Vt
SRU HMHPSOR HQ HO PXQLFLSLR GH$ULFR HQ FX\D FRRSHUDWLYD
VH HQFXHQWUD OD ERGHJD GH OD '2 $ERQD DGHPiV GH KDFHU
XQ UHFRUULGR SRU ODV LQVWDODFLRQHV \ GHJXVWDU ORV YLQRV GH OD )RUPDUDSURIHVLRQDOHV
FRPDUFDSXGLHURQFRPSUREDUHOLPSXOVRTXHHVWiWRPDQGRHO
FXOWLYRGHOROLYR\ODSURGXFFLyQGHDFHLWHGHROLYDYLUJHQDVt GHOVHFWRUWXUtVWLFRFRQHO
FRPRODH[SORWDFLyQGHVHWDVXQSURGXFWRVHOHFWRGHFDOLGDG
TXH KD WHQLGR XQD EXHQD DFRJLGD HQ OD UHVWDXUDFLyQ GH OD
DSR\RGHOVHFWRUDJUDULR
LVOD
 $VLPLVPR HQ 0HVWXUDGRV &DQDULRV OD HPSUHVD
D\XGDDSURPRFLRQDUOD
DJURDOLPHQWDULD XELFDGD HQ HO 3ROtJRQR LQGXVWULDO GHO JDVWURQRPtDLVOHxD

 DFWXDOLGDG
( OHQWRUQRGHOD&DVDGHOD$GXDQDGHO3XHUWRGHOD&UX]
IXH HO SDVDGR  \  GH DEULO HO HVFHQDULR HOHJLGR SDUD
GHVDUUROODU OD )HULD GHO *RXUPHW RUJDQL]DGD SRU *HQWH
5DGLR\HQODTXHOD$VRFLDFLyQGH$JULFXOWRUHV\*DQDGHURV
$6$*$&DQDULDV
SDUWLFLSyHQOD)HULD
GHO*RXUPHWGHO
3XHUWRGHOD&UX]
(OREMHWLYRGHHVWHHYHQWRVHFHQWUy
HQ IDYRUHFHU ODV VLQHUJLDV HQWUH OD
FXOWXUD\ODJDVWURQRPtDORFDO
HPSUHVDV GH DOLPHQWDFLyQ RUJDQL]DFLRQHV DJUDULDV \ GH
LPSRUWDFLyQ FRODERUDGRUHV H LQVWLWXFLRQHV S~EOLFDV HQWUH
HOODV HO $\XQWDPLHQWR GHO 3XHUWR GH OD &UX] 'H QR KDEHU
VLGRSRUHODSR\RGHWRGRVHOORVKXELHUDVLGRLPSRVLEOHVDFDU
GH &DQDULDV $6$*$ &DQDULDV SDUWLFLSy FRPR XQR GH ORV
SDWURFLQDGRUHV GH HVWH HYHQWR GRQGH HO SURGXFWR ORFDO VH
FRQYLUWLyHQHOSULQFLSDOSURWDJRQLVWD
 )DYRUHFHU ODV VLQHUJLDV HQWUH OD FXOWXUD \ OD
JDVWURQRPtD ORFDO IXH HO REMHWLYR GH HVWD IHULD TXH
UHXQLy D XQ QXWULGR JUXSR GH H[SRVLWRUHV GH TXHVRV YLQRV
PHUPHODGDVPRMRV\RWUDVH[TXLVLWHFHVFDQDULDV(OVWDQGGH
$6$*$&DQDULDVFRQWyFRQXQDPXHVWUDGHIUXWDV\YHUGXUDV
ORFDOHVFHGLGDVSRU$JUR5LQFyQOD&RRSHUDWLYD&RVHFKHURVGH
7HMLQD\OD)DVWTXHDOWpUPLQRGHODMRUQDGDIXHURQGRQDGDV
D&iULWDV
 (O DFWR GH SUHVHQWDFLyQ HVWXYR SUHVLGLGR SRU /RSH
$IRQVR FRQFHMDO GH &RPHUFLR GHO$\XQWDPLHQWR GHO 3XHUWR
GHOD&UX]/LV3HxDRUJDQL]DGRUDGHOHYHQWR+HUQiQ7HMHUD
YLFHSUHVLGHQWH GH $6$*$ &DQDULDV \ $JXVWtQ +HUQiQGH]
JHUHQWHGHHVWDRUJDQL]DFLyQ
 (QVXLQWHUYHQFLyQ3HxDVHxDOyTXH´HVWDLQLFLDWLYD
GH *HQWH 5DGLR SDUD FRQYHUWLU OD JDVWURQRPtD ORFDO HQ XQD
ILHVWDKDFRQWDGRFRQHOSDWURFLQRGHPXFKRVSDUWLFLSDQWHV
(XURQRWLFLDV
'RFXPHQWDFLyQ(XURSD
%ROHWtQ(XUR$6$*$
/HJLVODFLyQ
5($
0$17e1*$6(,1)250$'262%5($681726(8523(26$75$9e6'(
18(675$3É*,1$:(%

ZZZDVDJDHV
DGHODQWHHVWDIHULDµ
 3RU VX SDUWH HO FRQFHMDO GH &RPHUFLR GH OD
FRUSRUDFLyQ PXQLFLSDO VXEUD\y OD LPSRUWDQFLD GH HVWH WLSR
GH HYHQWRV FRPR ´DOWHUQDWLYD GH RFLRµ SDUD GLQDPL]DU OD
FLXGDG FRQRFHU \ GHJXVWDU QR VROR HO SURGXFWR ORFDO VLQR
ODV QXHYDV WHQGHQFLDV GH OD JDVWURQRPtD DFWXDO $IRQVR
DxDGLyTXHLQLFLDWLYDVFRPRpVWDGHEHQIRUPDUSDUWHGHODV
HVWUDWHJLDVGHIXWXURTXHSUHWHQGHLPSXOVDUHO$\XQWDPLHQWR
GHO 3XHUWR GH OD &UX] FRQ ORV UHVWDXUDGRUHV SDUD TXH ODV
SURGXFFLRQHVFDQDULDVVHDQPiVYDORUDGDV\FRQVXPLGDVSRU
ORVFRQVXPLGRUHVFDQDULRV\H[WUDQMHURVTXHYLVLWDQ\UHVLGHQ
HQHOPXQLFLSLR
 'XUDQWH HO WUDQVFXUVR GH OD IHULD VH RIUHFLHURQ
GHJXVWDFLRQHV FDWDV \ PDULGDMHV DGHPiV GH TXH VH
RUJDQL]DURQGLIHUHQWHVDFWLYLGDGHVFRPRWDOOHUHVSDUDQLxRV
FXHQWDFXHQWRV VKRZFRRNLQJV \ DFWXDFLRQHV PXVLFDOHV /D
EXHQD DFRJLGD HQWUH HO S~EOLFR DVLVWHQWH WDQWR ORFDO FRPR
WXUtVWLFRVHUYLUiGHEDVHSDUDXQDIXWXUDPXHVWUDHOSUy[LPR
DxR
(852$6$*$
 DFWXDOLGDG
/DVRUJDQL]DFLRQHVDJUDULDVEXVFDQHQ
%UXVHODVPHMRUDUODVGHILFLHQFLDVGHO326(,
/DJHVWLyQODIDOWDGHWUDWRLJXDOLWDULRHQWUHORVVXEVHFWRUHVRODVD\XGDVVREUHGLPHQVLRQDGDV
GHO5($HQDOJXQRVSURGXFWRVGHFRQVXPRGLUHFWRVRQDVSHFWRVDFRUUHJLU

)RWRJUDItDGH-XDQ5DPyQ'yQLV

$6$*$ &DQDULDV  MXQWR FRQ HO UHVWR GH  &RQUHVSHFWRDODVD\XGDVGHO5($FLWyODH[FHSFLyQ

RUJDQL]DFLRQHV DJUDULDV VH UHXQLHURQ HQ %UXVHODV HQ HO DUDQFHODULDFRQODTXHHQWUDQDORVPHUFDGRVGHODVLVODVODV
PHV GH PD\R FRQ HO FRPLVDULR GH $JULFXOWXUD GH OD 8QLyQ FDUQHVGHYDFXQRUHIULJHUDGDVSURFHGHQWHVGHSDtVHVWHUFHURV
(XURSHD'DFLDQ&LRORVSDUDWUDWDUHO3URJUDPDGH2SFLRQHV TXH KDQ SURYRFDGR HO GHVPDQWHODPLHQWR VLVWHPiWLFR GH OD
(VSHFtILFDVSRUOD/HMDQtD\OD,QVXODULGDG326(,GHVGHGRV
YHUWLHQWHV3RUXQODGRFRPRXQDKHUUDPLHQWD~WLOTXHKD\
TXH VHJXLU PDQWHQLHQGR \ GHIHQGLHQGR SDUD OD SHUYLYHQFLD
GH OD DJULFXOWXUD \ OD JDQDGHUtD GH ODV LVODV 3RU RWUR SDUD
HVWXGLDU ODV SRVLEOHV PHMRUDV DSOLFDEOHV D FRUWR R PHGLR
SOD]R TXH SRVLELOLWHQ FRUUHJLU ODV GHILFLHQFLDV R FDUHQFLDV
TXHSUHVHQWD
 (QVXLQWHUYHQFLyQHOSUHVLGHQWHGH$6$*$&DQDULDV
+HQU\ 6LFLOLD VHxDOy TXH HO ´326(, QRV SHUPLWH HQ JUDQ
PHGLGD LJXDODU ODV FRQGLFLRQHV GH SURGXFFLyQ FRQ UHVSHFWR
D ODV GHO FRQWLQHQWH PDQWHQHU ORV YRO~PHQHV SURGXFWLYRV
SDUD DWHQGHU OD GHPDQGD GH SURGXFWR ORFDO GHQWUR \ IXHUD
GHO$UFKLSLpODJRDEDUDWDUORVFRVWRVGHLPSRUWDFLyQDGHPiV
GHO LPSRUWDQWH SDSHO TXH MXHJD HQ HO PDQWHQLPLHQWR \ OD
HVWDELOLGDGGHOHPSOHRHQXQWHUULWRULRIUiJLOFRPRHOQXHVWUR
XQIDFWRUTXHVHKDFRQYHUWLGRHQODPD\RUSUHRFXSDFLyQGH
OD SREODFLyQ HQ HVWRV PRPHQWRV FXDQGR WHQHPRV XQ  SRU
FLHQWRGHSDURµ
 6LFLOLDDxDGLyTXH´ODDFWLYLGDGDJUDULDVHGHVDUUROOD
PD\RULWDULDPHQWHEDMRVLVWHPDVWUDGLFLRQDOHVGHSURGXFFLyQ
\ JUDFLDV DO 326(, VH KD SRGLGR UHFXSHUDU HVD YLQFXODFLyQ
QDWXUDOHQWUHDJULFXOWRUHV\JDQDGHURV(VWDPRVLQFRUSRUDQGR
FDGD YH] PiV OD SURGXFFLyQ LQWHJUDGD HQ QXHVWUDV
H[SORWDFLRQHV3DUDHOORFRQWDPRVFRQODSUHVHQFLDGHWpFQLFRV
TXH VH HQFDUJDQ GH FRQVHJXLU XQD SURGXFFLyQ HILFLHQWH
PHGLDQWHHOHPSOHRGHVLVWHPDVSURGXFWLYRVUHVSHWXRVRVFRQ
HOPHGLRDPELHQWH\ODVDOXGGHORVFRQVXPLGRUHVµ
 3RURWURODGRVHUHFRQRFLyTXHVLELHQHVLPSRUWDQWH
VHJXLU PDQWHQLHQGR OD GHVFHQWUDOL]DFLyQ GHO 326(, TXH VH
OOHYDDSOLFDQGRGHVGHHODxR\TXHSHUPLWHD&DQDULDV
OD HODERUDFLyQ \ HMHFXFLyQ GHO SURJUDPD KD\ XQD VHULH GH
DVSHFWRVTXHPHUHFHQXQDUHYLVLyQSDUDPHMRUDUVXXWLOLGDG
FRPR OD JHVWLyQ OD IDOWD GH XQ WUDWR LJXDOLWDULR KDFLD ORV
VXEVHFWRUHV R ODV D\XGDV VREUHGLPHQVLRQDGDV TXH UHFLEHQ
DOJXQRVSURGXFWRVDOLPHQWDULRVGHVWLQDGRVDOFRQVXPRGLUHFWR
\ TXH HQWUDQ D &DQDULDV D WUDYpV GHO 5pJLPHQ (VSHFtILFR GH
SURGXFFLyQ ORFDO HQ ORV ~OWLPRV DxRV ODV HOHYDGDV D\XGDV
TXHUHFLEHQORVPLOORQHVGHNLORVGHTXHVRVLPSRUWDGRV
DVt FRPR RWURV SURGXFWRV GH FRQVXPR GLUHFWR VLQ DSRUWDU
QLQJ~QYDORUDxDGLGRDODHFRQRPtDLVOHxD\TXHLPSLGHQHO
GHVDUUROOR GH ODV LQGXVWULDV TXHVHUDV GHO$UFKLSLpODJR 3DUD
HVWRVFDVRV$6$*$&DQDULDVVROLFLWyXQPD\RUHTXLOLEULRHQ
ODGLVWULEXFLyQGHORVIRQGRVKDFLDODVSURGXFFLRQHVORFDOHV
DVtFRPRODHOLPLQDFLyQGHREVWiFXORVTXHLPSLGHQRIUHQDQ
HOGHVDUUROORGHODSURGXFFLyQJDQDGHUDHQ&DQDULDV
 (Q RWUR SXQWR 6LFLOLD VH UHILULy DO XVR GHO 6tPEROR
583 UHFRJLGR GHQWUR GHO 326(, FRPR KHUUDPLHQWD YLWDO
SDUD SRWHQFLDU \ GDU D FRQRFHU ORV SURGXFWRV ORFDOHV GH
FDOLGDGTXHQHFHVLWDGHDSR\RVHFRQyPLFRVSDUDVXGLIXVLyQ
\ SURPRFLyQ QR VROR HQWUH HO VHFWRU DJUDULR VLQR WDPELpQ
HQWUH ORV FRQVXPLGRUHV OR TXH SHUPLWLUtD GHVDUUROODU RWUDV
SURGXFFLRQHVGHJUDQSRWHQFLDOHQODVLVODV
'DFLDQ&LRORVVHPRVWUy
UHFHSWLYRDODVSURSXHVWDV
GHOVHFWRU\SURPHWLyYLVLWDU
&DQDULDV
 3RU ~OWLPR VH WUDWDURQ ODV H[LJHQFLDV HQ PDWHULD
GH FDOLGDG \ VHJXULGDG DJURDOLPHQWDULD TXH DSOLFD (XURSD
D VXV SURGXFFLRQHV SHUR TXH OXHJR QR VH OHV H[LJHQ D ODV
SURFHGHQWHV GH ORV SDtVHV H[WUDFRPXQLWDULRV SDUD OR TXH
$6$*$ &DQDULDV VROLFLWy ´RSHUDU FRQ ODV PLVPDV UHJODV GHO
MXHJR 1RV SDUHFH LPSURFHGHQWH YLYLU HQ HVWD GREOH PRUDO
HQODTXHVHSHUPLWHTXHVHFRQVXPDQHQQXHVWURWHUULWRULR
$EDVWHFLPLHQWR5($(QWUHODVVROXFLRQHVDSRUWDGDV6LFLOLD
VXEUD\yTXH´ORTXHSHGLPRVHVXQDVLPSOLILFDFLyQ\FRUUHFFLyQ
GHORVPHFDQLVPRVTXHUHJXODQHO326(,SDUDIDFLOLWDU\DJLOL]DU
ODUHFHSFLyQ\HOXVRGHODVD\XGDVVLQTXHHOORVXSRQJDSHUGHU
HOFRQWUROVREUHHOSURJUDPD7DPELpQH[LJLPRVODPLVPDYDUD
GHPHGLUSDUDWRGRVORVVXEVHFWRUHVSRUSDUWHGHO*RELHUQR
GH&DQDULDV\HYLWDUDVtORVGHVHTXLOLEULRVTXHKDVWDDKRUDKDQ
H[LVWLGRµ
DOLPHQWRV REWHQLGRV PHGLDQWH SURFHVRV R PRGRV TXH HQ OD
8QLyQ (XURSHD \D HVWiQ H[WLQWRV GHVGH HO SXQWR GH YLVWD
SURGXFWLYRILWRVDQLWDULRPHGLRDPELHQWDOILVFDORVRFLDOµ
 (O FRPLVDULR GH$JULFXOWXUD VH PRVWUy UHFHSWLYR HQ
WRGRPRPHQWRDODVSURSXHVWDVGHOVHFWRUDJUDULR\JDUDQWL]y
HO PDQWHQLPLHQWR GHO 326(, HQ HO IXWXUR 3URPHWLy DGHPiV
YLVLWDU&DQDULDVSUy[LPDPHQWHSDUDFRQRFHUODVSURGXFFLRQHV
ORFDOHV\ODVLWXDFLyQGHORVSURGXFWRUHV
 
 DFWXDOLGDG
(OFRQVHMHURGH ( O FRQVHMHUR GH $JULFXOWXUD *DQDGHUtD 3HVFD \ $JXDV
-XDQ 5DPyQ +HUQiQGH] \ HO SUHVLGHQWH GH OD$VRFLDFLyQ GH

$JULFXOWXUD\HO $JULFXOWRUHV\*DQDGHURVGH&DQDULDV+HQU\6LFLOLDYLVLWDURQD
SULQFLSLRVGHOPHVGHMXQLRODIiEULFDGH0HVWXUDGRV&DQDULRV
XELFDGDHQHO3ROtJRQR,QGXVWULDOGH*tPDUSDUDFRQRFHULQ

SUHVLGHQWHGH VLWXODV~OWLPDVQRYHGDGHVGHFXDUWDJDPDTXHHVWDHPSUHVD
DJURDOLPHQWDULDGHFDSLWDOFDQDULRHVWiLQWURGXFLHQGRHQHO
PHUFDGRORFDOSDUDVDWLVIDFHUODVQHFHVLGDGHVDOLPHQWDULDVGH

$6$*$&DQDULDV ORVFRQVXPLGRUHV
 'XUDQWH OD YLVLWD WDQWR +HUQiQGH] FRPR 6LFLOLD
HVWXYLHURQ DFRPSDxDGRV SRU HO SUHVLGHQWH GH 0HVWXUDGRV

YLVLWDQ0HVWXUDGRV &DQDULRV &DUORV 'tD] TXLHQ VH HQFDUJy GH H[SOLFDUOHV WRGR
HO SURFHVR GH FRUWDGR ODYDGR \ HQYDVDGR DO TXH HVWiQ
VRPHWLGDV ODV KRUWDOL]DV ORFDOHV SDUD TXH GLDULDPHQWH

&DQDULRV OOHJXHQ D ORV GLIHUHQWHV SXQWRV GH YHQWD GH XQD FRQRFLGD
FDGHQD GH VXSHUPHUFDGRV 'H HVWD IRUPD GLFH 'tD] ´VH
DVHJXUDODIUHVFXUD\ODFDOLGDGGHHVWRVDOLPHQWRVOLVWRVSDUD
FRQVXPLUµ
 $GHPiV GHO SURFHVR VH OHV PRVWUy D ORV GRV
YLVLWDQWHVODVQRYHGRVDVEDUTXHWDVGHHQVDODGDVFRPELQDGDV
/DIiEULFDDJURDOLPHQWDULD
DFDEDGHVDFDUDOPHUFDGR
ODQRYHGRVDVEDUTXHWDVGH
HQVDODGDV\FRPLHQ]DQD
WUDEDMDUFRQHOFXOWLYRGH
FDQyQLJRVHQ7HQHULIH


FpVDU FDOLIRUQLD UDQFKHUD FXDWUR TXHVRV \ PL[WD TXH VH
HVWiQ FRPHUFLDOL]DQGR HQ HVWRV PRPHQWRV \ TXH DPSOtDQ \
DGDSWDQODRIHUWDDOJXVWRGHORVFRQVXPLGRUHVPiVGLYHUVRV
 'HVWDFDU TXH DFWXDOPHQWH 0HVWXUDGRV &DQDULRV
KD TXHULGR VHJXLU DSRVWDQGR SRU OD SURGXFFLyQ ORFDO \ KD
LQWURGXFLGR HQ VXV HODERUDFLRQHV FDQyQLJRV FXOWLYDGRV HQ
7HQHULIHXQSURGXFWRFDGDYH]PiVGHPDQGDGRSRUVXYDORUHV
QXWULWLYRV\SURSLHGDGHVGLJHVWLYDVGHSXUDWLYDV\UHODMDQWHV
/DHPSUHVDFDQDULDLQYLHUWH
WRGRVXFDSLWDOHQHO
GHVDUUROORGHOVHFWRUDJUDULR
GHODVLVODV
 0HVWXUDGRV &DQDULRV HV XQD HPSUHVD TXH GHVSXQWD
GHQWURGHOSDQRUDPDVRFLRHFRQyPLFRGHO$UFKLSLpODJR\TXH
KDSURSLFLDGRXQLPSXOVRDODDFWLYLGDGDJUtFRODGH7HQHULIH
JUDFLDV D OD DSOLFDFLyQ GH ,'L HQ VXV LQVWDODFLRQHV HQ VXV
VLVWHPDVGHSURGXFFLyQ\HQVXVPpWRGRVGHWUDEDMRFRQORV
DJULFXOWRUHV D TXLHQHV VH OHV DVHJXUD PHGLDQWH FRQYHQLRV
HO SDJR GH VXV SURGXFFLRQHV FRQ OR TXH ORV ´SURGXFWRUHV
WUDEDMDQ FRQ JDUDQWtDV GH UHQWDELOLGDG FXPSOLHQGR FRQ ORV
SOD]RV GH HQWUHJD ODV FDQWLGDGHV \ FDOLGDGHV H[LJLGDVµ
DVHJXUDHOSUHVLGHQWHGHODHPSUHVD
 (O FRQVHMHUR GH $JULFXOWXUD PRVWUy VX VDWLVIDFFLyQ
DOFRPSUREDUODHIHFWLYLGDGGHHVWRVVLVWHPDVGHSURGXFFLyQ
\ GHVWDFy OD QHFHVLGDG GH WUDQVPLWLUORV DO VHFWRU FRQ HO
ILQ GH FRQVHJXLU TXH VH DGDSWHQ D ORV QXHYRV PRGHORV GH
PRGHUQL]DFLyQ´TXHVRQORVTXHSHUPLWLUiQTXHVHDOFDQFHQ
ORV REMHWLYRV GH PHMRUD HFRQyPLFD \ GH HPSOHR SDUD OD
DJULFXOWXUD\ODJDQDGHUtDµ
 3RU VX SDUWH HO SUHVLGHQWH GH $6$*$ GHVWDFy OD
LPSRUWDQFLDGHHVWHWLSRGHLQGXVWULDVDJURDOLPHQWDULDVTXH
XWLOL]DQPDWHULDSULPDORFDO\DTXH´FRQWULEX\HQDLPSXOVDU
ODDJULFXOWXUDGHODVLVODVKDFLDXQQLYHOPiVSURIHVLRQDOL]DGR
LQFUHPHQWDQGRHOYDORUDxDGLGRGHODVSURGXFFLRQHVDOJRDOR
TXHUHDOPHQWHGHEHDVSLUDUQXHVWURVHFWRUSDUDSRGHUVHUPiV
FRPSHWLWLYR\UHQWDEOHJHQHUDQGRDGHPiVHVWDELOLGDGHQORV
SURGXFWRUHVSRUTXHVHOHVDVHJXUDHOSDJRGHVXVFRVHFKDVD
SUHFLRVMXVWRV\IRUWDOHFHHOFUHFLPLHQWR\ODVSHUVSHFWLYDVGH
IXWXURGHHVWDDFWLYLGDGFRQSURGXFWRVLQQRYDGRUHVVDQRV\
GHFDOLGDGµ


/DDJULFXOWXUDORFDOVHH[SRQHD
PiVSODJDV\HQIHUPHGDGHV
(O'HSDUWDPHQWRGH6DQLGDG9HJHWDO\HO,&,$HODERUDQXQOLVWDGR
FRQORVDJHQWHVQRFLYRVTXHKDQHQWUDGRD&DQDULDVHQORV
~OWLPRVDxRV\RWURVTXHSXHGHQOOHJDU
( Q ORV ~OWLPRV DxRV KDQ HQWUDGR D &DQDULDV  SODJDV
\ HQIHUPHGDGHV VXUJLGDV GH OD LPSRUWDFLyQ GH SURGXFWRV
DJUDULRV 6X UiSLGD SURSDJDFLyQ KD SURYRFDGR SpUGLGDV HQ
ORVFXOWLYRV\DUUXLQDGRDPXFKRVDJULFXOWRUHVORFDOHV3DUD
VXFRQWUROHQPD\RURPHQRUPHGLGDVHKDUHFXUULGRDOXVR
GH SURGXFWRV TXtPLFRV SURGXFWRV ELROyJLFRV R VLVWHPDV GH
OXFKDLQWHJUDGDSHURFRQWURODUODVQRVLJQLILFDHUUDGLFDUODV
8QD YH] OOHJDQ VH TXHGDQ \ FRQWLQ~DQ FDXVDQGR GDxR (O
YLUXV GH OD FXFKDUD R OD 7XWD DEVROXWD HQ HO WRPDWH OD
SROLOODJXDWHPDOWHFDGHODSDSDRODPRVFDGHODIUXWDVRQ
VROR DOJXQRV HMHPSORV SHUR KD\ PXFKRV PiV /R SHRU HV
TXHODVLWXDFLyQQRSDUHFHTXHYD\DDPHMRUDUVLQRWRGROR
FRQWUDULR/DSXHUWDVLJXHDELHUWDSDUDTXHRWURVSRVLEOHV
RUJDQLVPRVQRFLYRVVHLQWURGX]FDQDPHGLRRODUJRSOD]RHQHO
WHUULWRULRFRQODVWHPLEOHVFRQVHFXHQFLDVTXHVXSRQGUtDSDUD
ODDJULFXOWXUD\ODJDQDGHUtDLVOHxDV'HELGRDHVWDVLWXDFLyQ
WpFQLFRV GHO 6HUYLFLR GH 6DQLGDG 9HJHWDO H LQYHVWLJDGRUHV
DFWXDOLGDG
TXH GHPXHVWUHQ TXH FXDOTXLHU DOWHUDFLyQ HQ HO WH[WR GH OD
QRUPDWLYD SXHGH DJUDYDU D~Q PiV OD VLWXDFLyQ DFWXDO GH OD
DJULFXOWXUDGHVGHXQSXQWRGHYLVWDILWRVDQLWDULR'HHQWUDGD
FXHVWLRQDQ HO EXHQ XVR TXH VH OH HVWi GDQGR D HVWD /H\ DO
FRQVLGHUDUTXHD~QVLHQGRUHVWULFWLYDFRQDTXHOORVSURGXFWRV
DORVTXHVHOHVWLHQHSURKLELGDODHQWUDGDHQWHUULWRULRLQVXODU
ODFLIUDGHIDXQDIORUD\PHUFDQFtDVKRUWRIUXWtFRODVLOHJDOHV
TXHVHFXHODQSRUORVSXHUWRV\DHURSXHUWRVGHO$UFKLSLpODJR
HV´DODUPDQWHµ
 /DSROLOODJXDWHPDOWHFDGHODSDSDOD7XWDDEVROXWD
HO YLUXV GH OD FXFKDUD GHO WRPDWH HO iFDUR GHO FULVWDO GHO
DJXDFDWH OD 3VLOD GH ORV FtWULFRV R ODV PRVFDV EODQFDV GH ODV
SODQWDV RUQDPHQWDOHV GHO SOiWDQR \ GH ODV KRUWDOL]DV VRQ ODV
SODJDV \ HQIHUPHGDGHV PiV DJUHVLYDV TXH VH KDQ DORMDGR HQ
ODVLVODVHQODV~OWLPDVGpFDGDV(QWRWDO
LQVHFWRV  KRQJRV
EDFWHULDTXHVXPDQ
GHO ,QVWLWXWR &DQDULR GH ,QYHVWLJDFLRQHV$JUDULDV ,&,$ KDQ SDWyJHQRV GHWHFWDG
HODERUDGR XQ OLVWDGR GH SRVLEOHV RUJDQLVPRV QRFLYRV TXH SHRU HV TXH HVWD ³6HUtDXQ
HVWiQ SRU OOHJDU DGHPiV GH ORV TXH \D KDQ HQWUDGR WDO \
FRPRLQGLFDHO-HIHGH6HUYLFLRGH6DQLGDG9HJHWDO$QWRQLR
SRGUtD LQFUHPHQWDU
VLVHLQWURGXMHUDQORV
SHOLJURSDUDOD
*RQ]iOH]
 (VWH OLVWDGR SUHWHQGH VHUYLU GH DUJXPHQWR IUHQWH
RUJDQLVPRV QRFLYRV
TXH UHFRMH HO
DJULFXOWXUDPRGLILFDU
D OD SRVLEOH DFWXDOL]DFLyQ R PRGLILFDFLyQ TXH EDUDMD HO
*RELHUQR &HQWUDO GH OD 2UGHQ GHO  GH PDU]R GH 
OLVWDGRHODERUDGR
ORTXHGDUtDOXJDU
OD2UGHQGHOVLQ
UHODWLYD D OD LPSRUWDFLyQ H[SRUWDFLyQ \ WUiQVLWR GH
YHJHWDOHV \ SURGXFWRV YHJHWDOHV HQ &DQDULDV 3URFHVR
D FRQWDELOL]DU
RWURV  QXHYRV
HOFRQVHQVRGHORV
FRQWUD HO TXH HO VHFWRU DJUDULR VH DUPDUi SDUD HYLWDUOR SDWyJHQRV HV DJHQWHVLPSOLFDGRV´
DSR\iQGRVHHQUD]RQDPLHQWRVWpFQLFRV\PHGLRDPELHQWDOHV GHFLU  KRQJRV $QWRQLR*RQ]iOH]

 DFWXDOLGDG

/D
JOREDOL]DFLyQ
HVODFDXVDGHO
DXPHQWRGHODV
LPSRUWDFLRQHV
KRUWRIUXWtFRODV
\ORVFDPELRV
OHJLVODWLYRV

GRV HQIHUPHGDGHV TXH OHV KD REOLJDGR QR VROR D EXVFDU YDULHGDGHV PXFKR PiV
HQ HO JUXSR GH ODV UHVLVWHQWHV \ D LQMHUWDU ODV SODQWDV VLQR WDPELpQ D PRGLILFDU
HFLHVHQWUHHOODODV ODV HVWUXFWXUDV GH FXOWLYR FRQ HO OHYDQWDPLHQWR GH SDUHGHV H
SHUWHQHFLHQWHV DO JpQHUR GH ODV %UDFWRFHUDV TXH DWDFDQ LQVWDODFLyQ GH PDOODV PiV WXSLGDV HQ ORV LQYHUQDGHURV &DPELRV
D ORV IUXWDOHV SOiWDQR JXD\DER PDQJR R FtWULFRV
ORV FROHySWHURV TXH DIHFWDQ D ODV SDSDV ORV 7ULSV TXH
VH GHVDUUROODQ HQ XQD DPSOLD YDULHGDG GH FXOWLYRV \
WUDQVPLWHQ YLURVLV R OD )LOR[HUD GH OD YLxD GH OD TXH
&DQDULDVHVWiH[HQWDSRUDKRUD
 /D HODERUDFLyQ GH HVWH OLVWDGR H[SOLFD
$QWRQLR *RQ]iOH] VH KD UHDOL]DGR VLJXLHQGR HO
SDWUyQ ILWRVDQLWDULR GH RWUDV UHJLRQHV H[SRUWDGRUDV
FRPXQLWDULDV \ H[WUDFRPXQLWDULDV FRQ SUHVHQFLD GH
SODJDV \ HQIHUPHGDGHV QR SUHVHQWHV HQ &DQDULDV SHUR
VXVFHSWLEOHVGHHQWUDUVLILQDOPHQWHVHPRGLILFDODQRUPD
GHO  *RQ]iOH] OR WLHQH FODUR ´VHUtD XQ SHOLJUR SDUD
OD DJULFXOWXUD FDQDULD OOHYDU D FDER XQD PRGLILFDFLyQ
GH OD RUGHQ VLQ HO FRQVHQVR GH ORV DJHQWHV LPSOLFDGRV
OD DGPLQLVWUDFLyQ \ HO VHFWRU SURGXFWRUµ &UHH TXH OD
2UGHQGHOHVDGHFXDGDDXQTXHUHFRQRFHTXHDOJXQRV
DVSHFWRVVHSXHGHQPRGLILFDUSHUR´FRQFDXWHODSRUTXH
FXDOTXLHUSDVRHQIDOVRLPSOLFDUtDXQDGHVSURWHFFLyQSDUD
QXHVWURVFXOWLYRVµ
 &XDQGRXQDSODJDRHQIHUPHGDGOOHJDD&DQDULDV
HO SULPHU GLOHPD TXH VH OH SODQWHD D ORV DJULFXOWRUHV
HV HO PRGR GH FRPEDWLUOD 8QD YH] HVWXGLDGR HO FLFOR
ELROyJLFR \ HO FRPSRUWDPLHQWR GH HVWRV SDWyJHQRV VH
HPSLH]DDH[SHULPHQWDUFRQORVSURGXFWRVPiVHILFDFHV
TXtPLFRV ELROyJLFRV R PHGLDQWH OXFKD LQWHJUDGD /DV
DGPLQLVWUDFLRQHV VRQ ODV HQFDUJDGDV GH GLVHxDU SODQHV
HVWUDWpJLFRV GH FRQWURO \ HUUDGLFDFLyQ $ YHFHV VH
FRQVLJXHQLPSRUWDQWHVDYDQFHVFRPRFRQHOSLFXGRURMR
\ RWUDV FRPR HQ HO FDVR GH OD SROLOOD JXDWHPDOWHFD QL
VLTXLHUDVHKDSRGLGRFRQWURODU
 'RPLQJR 0HQGR]D JHUHQWH GH OD $VRFLDFLyQ
3URYLQFLDO GH &RVHFKHURV \ ([SRUWDGRUHV GH 7RPDWHV
TXHKDQWULSOLFDGRORVFRVWHVGHSURGXFFLyQ
 $QWHHVWDVLWXDFLyQ0HQGR]DPXHVWUDVXWRWDOUHFKD]R
DODPRGLILFDFLyQGHOD2UGHQGHODOFRQVLGHUDUTXH´FXDOTXLHU
WLSR GH SHUPLVLYLGDG ILWRVDQLWDULD SXHGH DFDUUHDUQRV SUREOHPDV
PiV JUDYHV GH ORV TXH KHPRV WHQLGR \ ORV TXH WHQHPRV DKRUD
6H VDEH TXH DXQTXH VH HVWDEOH]FD XQ SHULRGR GH FXDUHQWHQD \
VH OOHYHQ D FDER PHGLGDV GH FRQWURO QR IXQFLRQDQ \ WDUGH R
WHPSUDQR ODV SODJDV WHUPLQDQ SRU H[WHQGHUVH SRU HVR FUHR
TXHQXHVWUDWROHUDQFLDDODIOH[LELOL]DFLyQGHODQRUPDGHEHVHU
FHUR 'HEHUtDPRV VHJXLU HO HMHPSOR DPHULFDQR DXVWUDOLDQR R
QHR]HODQGpVGRQGHQRVHSHUPLWHHQWUDUQLQJ~QPDWHULDOYHJHWDO
SURFHGHQWHGHOH[WHULRUµ
 /DLQWHQFLyQGHO*RELHUQR&HQWUDOGHPRGLILFDUOD2UGHQ
GHOUHVSRQGHDSUHVLRQHVGHORVPHUFDGRVWDQWRLQWHUQDVFRPR
H[WHUQDV'HXQODGRORVSDtVHVH[SRUWDGRUHVH[WUDFRPXQLWDULRV
TXH DSXQWDQ DO PHUFDGR HXURSHR FRPR REMHWLYR FRPHUFLDO GH
RWUR ORV LPSRUWDGRUHV LQGXVWULDOHV R OD JUDQ GLVWULEXFLyQ FRQ
XQDFDGDYH]PD\RUFDSDFLGDGRSHUDWLYDTXHEXVFDQDPSOLDUVX
FRWDGHQHJRFLRSDUDDWHQGHUODVGHPDQGDVGHORVFRQVXPLGRUHV
LQWURGXFLHQGR PiV SURGXFFLRQHV KRUWRIUXWtFRODV GXUDQWH WRGR HO
DxR(QUHVXPLGDVFXHQWDVXQDWHQGHQFLDDFWXDOTXHVHFRQRFH
FRPR JOREDOL]DFLyQ 3DUD HO UHVSRQVDEOH GH 6DQLGDG 9HJHWDO HV
HQHVWHSXQWRGRQGHUDGLFDHOTXLGGHODFXHVWLyQ´HVWHSURFHVR
JOREDO\GHOLEHUDOL]DFLyQDOTXHODVRFLHGDGDFWXDOHVWiVRPHWLGD
\ TXH KD PDO DFRVWXPEUDGR D ORV FRQVXPLGRUHV D GLVSRQHU GH
XQDRIHUWDYDULDGDGHWRGRWLSRGHIUXWDV\KRUWDOL]DVVLQWHQHU
HQFXHQWDODWHPSRUDGDGHSURGXFFLyQHVODFDXVDQWHGHHVWDV
SUHVLRQHVµTXHURPSHQODLQWHUUHODFLyQHQWUHOD]RQDGHFXOWLYR
\OD]RQDGHFRQVXPR\H[SRQHQODDJULFXOWXUDORFDODORVHIHFWRV
GDxLQRVGHORVSDWyJHQRVGHOH[WHULRU
 /DV IURQWHUDV SRUWXDULDV \ DHURSRUWXDULDV GH &DQDULDV
VRQHOREMHWRGHODVFUtWLFDVGHOVHFWRUDJUDULR/DDGPLQLVWUDFLyQ
GH 7HQHULIH $&(72 H[SOLFD FyPR HO VHFWRU WRPDWHUR GHILHQGHVXIRUPDGHDFWXDFLyQ*RQ]iOH]ODPHQWDTXHVHDQORV
KD VLGR \ VLJXH VLHQGR XQR GH ORV PiV FDVWLJDGRV SRU FRQWUROHVIURQWHUL]RVORVTXHVHOOHYHQODFXOSD5HFRQRFHTXHOD
OD LQWURGXFFLyQ GH SODJDV \ HQIHUPHGDGHV HO 9LUXV ODERUGHORVLQVSHFWRUHVHVFRPSOHMD´6RQEXHQRVSURIHVLRQDOHV
UD HQ HO DxR  OD EDFWHULD &ODYLEDFWHU TXH LQWHQWDQ KDFHU VX WUDEDMR OR PHMRU SRVLEOH H LQVSHFFLRQDQ
V HQ  \ OD 7XWD DEVROXWD HQ  OR ORTXHYLHQHGHFODUDGRSDUDVHULQVSHFFLRQDGR2WUDFRVDHVTXH


VH SXHGDQ FRODU SRU RWUDV YtDV GHWHUPLQDGRV SURGXFWRV
YHJHWDOHVHQODVLVODVTXHGHQOXJDUDODDSDULFLyQGHQXHYDV
SODJDVµ
 6LOYLD 6ROLV FRRUGLQDGRUD GH 6DQLGDG 9HJHWDO HQ HO
SXHUWRGH6DQWD&UX]GH7HQHULIHUHFKD]DHVDPDODLPDJHQ
TXHVHOHKDFROJDGRDVXÉUHDDXQTXHDGPLWHTXHVLHPSUHVH
SXHGHQPHMRUDUODVPHGLGDVSDUDHYLWDUODHQWUDGDGHSODJDV
\ HQIHUPHGDGHV SRU ORV FRQWUROHV IURQWHUL]RV 'H KHFKR VH
HVWiKDFLHQGRDFWXDOPHQWH ´6HKDPHMRUDGRHQHOQ~PHUR
GHLQVSHFWRUHV\WDPELpQHQODVLQVWDODFLRQHVORTXHSHUPLWH
WUDEDMDUFRQPiVVHJXULGDGHQODDSHUWXUDGHFRQWHQHGRUHV
\JUDFLDVDHVWRORVFRQWUROHVHQHOFHQWURGHLQVSHFFLRQHV
VH KDQ PXOWLSOLFDGR SRU GLH] 7DQWR HV DVt TXH HQ  HO FDVR
GHO PDWHULDO GH SODQWDFLyQ LPSRUWDGR VH OOHYD D FDER XQ
FRQWUROItVLFRGHOSRUFLHQGHODVPHUFDQFtDV(QFXDQWR
DORVSURGXFWRVGHDOLPHQWDFLyQVHUHDOL]DXQFRQWUROItVLFR\
GRFXPHQWDOGHSHQGLHQGRGHOFRQVXPRRULJHQpSRFDGHODxR
\GHVtVHKDGHWHFWDGRODDSDULFLyQGHRUJDQLVPRVQRFLYRVHQ
ODLVODORTXHGDSLHDUHIRU]DUHOFRQWUROGHORVFRQWHQHGRUHV
TXH OOHJDQµ $GHPiV VH YLJLODQ DTXHOORV LPSRUWDGRUHV TXH
KDQ FRPHWLGR LQIUDFFLRQHV D ORV TXH VH OHV SDUDOL]D OD
PHUFDQFtD \ QR VH OHV GHYXHOYH HO SHUPLVR GH LPSRUWDFLyQ
KDVWDGHPRVWUDUTXHVRQRSHUDGRUHVGHFRQILDQ]D
 3HVH D WRGDV HVWDV PHGLGDV DOJXQRV FDVRV
PiV UHFLHQWHV GH HQWUDGD GH PHUFDQFtDV LOHJDOHV VLJXH
GHVSHUWDQGRODDODUPDHQHOVHFWRUDJUDULR6LQLUPiVOHMRV
HQ ORV ~OWLPRV PHVHV GH  VH GHWHFWy HQ OD LVOD GH /D
3DOPD XQ FRQWHQHGRU FRQ XYD IRUiQHD SURFHGHQWH GH OD
3HQtQVXOD LQIHFWDGD FRQ OD )RUItFXOD DXULFXODULD XQ LQVHFWR
FRQRFLGDFRPRWLMHUHWD6HJ~QPDQLILHVWD6ROtV´HVWHLQVHFWR
QR HV XQ RUJDQLVPR QRFLYR TXH SHUMXGLTXH D OD SURGXFFLyQ
DJUDULD DXQTXH DIHFWD DO PHGLR DPELHQWH GH DKt TXH VH
GHWHUPLQDUDODIXPLJDFLyQ\ODFRUUHVSRQGLHQWHUHWLUDGDGHO
FRQWHQHGRU (Q RWURV FDVRV FRPR HO GH OD7XWD DEVROXWD GHO
WRPDWHSDUDODTXHVHKDQSUHVFULWRPHGLGDVDGLFLRQDOHVGH
FRQWUROFRQWUDPSDVVHKDORJUDGRPiVRPHQRVHVWDELOL]DU
6X OOHJDGD D ODV LVODV QR KD VLGR SRU XQD UHODMDFLyQ HQ ORV
FRQWUROHVIURQWHUL]RVVLQRTXHPXFKDVYHFHVHVWiDVRFLDGDD
VLVWHPDVGHSURGXFFLyQRDODERUHVFXOWXUDOHVTXHSURSLFLDQ
VX SURSDJDFLyQ (Q HO FDVR GH OD SROLOOD JXDWHPDOWHFD
DGHPiV GH TXH HQWUy KDFH PXFKR WLHPSR OD FRPXQLGDG
DXWyQRPD QR KD FRQVHJXLGR R QR KD SRGLGR KDFHU XQ SODQ
SDUDFRQWURODUODµ
 6ROtVDUJXPHQWDTXH´VLVHKDFHELHQODPRGLILFDFLyQ
GHOD2UGHQQRGHEHSHUMXGLFDUDODDJULFXOWXUDGHODLVODV(V
PiVFUHRTXHSRGUtDIXQFLRQDUHQEHQHILFLRGHOVHFWRUDJUDULR
\TXHSRUWDQWRGHEHUtDVHUGHPDQGDGD/RTXHHVWiFODUR
HVTXHQRVHSXHGHWUDEDMDUFRQXQDQRUPDDQWLJXDTXHQR
VHDMXVWDDODDFWXDOLGDGQLGHOPHUFDGRQLILWRVDQLWDULD<R
DERJR SRU XQD PRGLILFDFLyQ FRPSOHWD \ FRQVLGHUR TXH HV
PHMRUTXHHO0LQLVWHULRGH$JULFXOWXUDVHDTXLHQKD\DGDGR
HOSULPHUSDVRSDUDVXPRGLILFDFLyQSRUTXHVLQRORKDFHPRV
QRVRWURVVHUi(XURSDTXLHQGHFLGDDGDSWDUHVWD2UGHQVHJ~Q
VXVLQWHUHVHV\HQWRQFHVVtTXHVXSRQGUtDXQSHOLJURSDUDOD
DJULFXOWXUD\ODJDQDGHUtDGHODVLVODVµ
6HLPSXOVDUiODDJULFXOWXUD
LQWHJUDGD\XQDPD\RU
WHFQLILFDFLyQGHOFDPSR
',5(&7,9$&2081,7$5,$62%5(6267(1,%,/,'$'
 6HJ~Q HO -HIH GH 6HUYLFLR GH 6DQLGDG 9HJHWDO HO
PDUJHQ GH PDQLREUD SDUD FRPEDWLU ODV SODJDV VH HVWUHFKD
FRQ OD QXHYD GLUHFWLYD FRPXQLWDULD VREUH VRVWHQLELOLGDG
(O 5HDO 'HFUHWR  IXH DSUREDGR HQ HO PHV GH
VHSWLHPEUHGHFRQHOREMHWLYRGHHVWDEOHFHUHOQXHYR
PDUFR GH DFWXDFLyQ SDUD ORJUDU XQ XVR VRVWHQLEOH GH ORV
SURGXFWRVILWRVDQLWDULRVHQHOTXHVHSULPHODSURWHFFLyQGH
ODVDOXGKXPDQD\HOPHGLRDPELHQWH(QWUHORVDVSHFWRVPiV
GHVWDFDGRV GH HVWD QRUPDWLYD VH VXEUD\DQ OD UHDOL]DFLyQ GH
SUiFWLFDVGHEDMRFRQVXPRHQSURGXFWRVILWRVDQLWDULRVGDQGR
SULRULGDG D ORV PpWRGRV GH JHVWLyQ LQWHJUDGD GH SODJDV OD
REOLJDWRULHGDGDSDUWLUGHODxRGHFRQWDUFRQXQDVHVRU
HQFRQWUROGHSODJDVHQODVH[SORWDFLRQHVRTXHORVXVXDULRV
SURIHVLRQDOHV \ YHQGHGRUHV GH SURGXFWRV ILWRVDQLWDULRV D
SDUWLUGHHVWpQHQSRVHVLyQGHXQFDUQpGHPDQLSXODGRU
GH ILWRVDQLWDULRV SRU OR TXH VROR VH SRGUiQ VXPLQLVWUDU HVWH
WLSRGHSURGXFWRVDORVSURIHVLRQDOHVTXHHVWpQHQSRVHVLyQ
GHHVWHGRFXPHQWR
 /R SRVLWLYR GHO QXHYR 5HDO 'HFUHWR VHJ~Q VRVWLHQH
*RQ]iOH]HVTXHVHFRQVHJXLUiXQDJHVWLyQLQWHJUDGDGHODV
SODJDV \ XQD PD\RU WHFQLILFDFLyQ GHO FDPSR TXH GHULYDUi
HQ XQ FDPELR GH PHQWDOLGDG HQ OD IRUPD GH WUDEDMDU HQ
DJULFXOWXUD´$OSULQFLSLRFRQOOHYDUiXQFRVWHVXSHULRUSHURD
ODODUJDVXSRQGUiXQDEDUDWDPLHQWRGHORVJDVWRVVLQROYLGDU
TXHVHSRGUiQREWHQHUFXOWLYRVPiVVDQRV\UHVSHWXRVRVFRQ
HOPHGLRDPELHQWH&UHRTXHODWHQGHQFLDGHODDJULFXOWXUD
DFWXDO GHEH PRYHUVH HQ HVD GLUHFFLyQ SHUR VLQ GHVHFKDU
ODV HVWUDWHJLDV DOFDQ]DGDV /D OXFKD LQWHJUDGD HV VXPDU \
PLQLPL]DUORTXHHVSHUMXGLFLDOSDUDHOFDPSR\SDUDQXHVWUD
VDOXGµ


 DFWXDOLGDG

)UHVRQHVGH/DQ]DURWH
XQSURGXFWRSRUGHVFXEULU
-XDQ)HUQDQGR*DUFtDXQMRYHQDJULFXOWRU
GHGLFDGRDHVWHFXOWLYRYLYHH[FOXVLYDPHQWH
GHVXSURGXFFLyQTXHFRPHUFLDOL]DDWUDYpV
GHORVUHVWDXUDQWHVGHODLVOD

- RYHQ DJULFXOWRU \ HVSHFLDOL]DGR HQ HO FXOWLYR GHO IUHVyQ

HQ /DQ]DURWH (VWD HV OD WDUMHWD GH SUHVHQWDFLyQ GH -XDQ
)HUQDQGR *DUFtD XQ FRQYHQFLGR GH TXH HQ &DQDULDV KD\
SRWHQFLDOVXILFLHQWHSDUDFXOWLYDUFXDOTXLHUSURGXFWRVLHPSUH
TXH VHD GH FDOLGDG eO KD RSWDGR SRU ORV IUHVRQHV )UDJDULD
 *DUFtD FRPHUFLDOL]D VXV IUHVRQHV HQWUH ORV
UHVWDXUDQWHV GH OD LVOD DXQTXH WDPELpQ OOHJD D DOJ~Q TXH
RWUR VXSHUPHUFDGR 3UHILHUH OD UHVWDXUDFLyQ SRUTXH YDORUDQ
PiVVXSURGXFWR\OHGHMDPD\RUHVEHQHILFLRV0XFKRVGHORV
FOLHQWHV DFXGHQ UHFRPHQGDGRV D VX ILQFD HQ EXVFD GH HVWD
DQDVDVDVXQRPEUHFLHQWtILFRHQVXHOR\EDMRLQYHUQDGHUR
'H KHFKR HV XQR GH ORV SULPHURV SURGXFWRUHV TXH OR KDQ
LQWURGXFLGR HQ OD LVOD (PSH]y KDFH VROR WUHV DxRV FXDQGR
WHQtD  DxRV DO GDUVH FXHQWD GH TXH ODV IUHVDV TXH VH
FRQVXPtDQHQODLVODFDUHFtDQGHVDERU\TXHSRGUtDDEULUVH
XQD YtD ODERUDO HQ HVWH FDPSR FRQ XQD SURGXFFLyQ SURSLD
$KRUDVHGHGLFDHQFXHUSR\DOPDDHVWDDFWLYLGDGVX~QLFR
VXVWHQWR7UDEDMDGHVRODVRO\KDFHODVYHFHVGHSURGXFWRU\
YHQGHGRUSHURDVHJXUDTXHHV´UHQWDEOHµ
 6XH[SORWDFLyQXELFDGDHQ0R]DJDHQHOPXQLFLSLR
GH 7HJXLVH RFXSD XQD SDUFHOD GH  PHWURV FXDGUDGRV
\ UHFRJH  NLORV GH IUXWD D OD VHPDQD$O SULPHU DxR GH
VLHPEUD ´VL ORV IUHVRQHV HVWiQ ELHQ FXLGDGRVµ VH SXHGHQ
HPSH]DUDFRVHFKDUGHVGHHOPHVGHHQHURKDVWDDJRVWR/RV
PHVHVUHVWDQWHVGHVHSWLHPEUHDGLFLHPEUHVRQORVSURSLFLRV
SDUDHOGHVDUUROORGHORVHVTXHMHV*DUFtDGLFHTXHHO~QLFR
JDVWRH[FHVLYRGHHVWHFXOWLYRHVHODJXD´(VPX\H[LJHQWH
\KD\TXHUHJDUWRGRVORVGtDV\HQpSRFDVGHPXFKRFDORU
KDVWDGRVYHFHVGLDULDVµ(QVXFDVRXWLOL]DDJXDGHVDODGDGH
DEDVWRODPiVFRP~QHQ/DQ]DURWH
 (Q FXDQWR D ODV ODERUHV FXOWXUDOHV DGHPiV GH
HVFDUGDUODSODQWDHVGHFLUOLPSLDUGHPDODVKLHUEDV\KRMDV
VHFDV VH GHEHQ HOLPLQDU ODV IORUHV \ ORV HVWRORQHV DO SRFR
WLHPSRGHOWUDQVSODQWHFXDQGRODSODQWDD~QQRWLHQHYLJRU
SDUD TXH VH IRUWDOH]FD \ FUH]FD DGHFXDGDPHQWH *DUFtD
HPSOHD XQ DERQR QDWXUDO D EDVH GH HVWLpUFRO SUHYLR D OD
SODQWDFLyQ \ OXHJR RWUR D PLWDG GHO GHVDUUROOR GHO FXOWLYR
/DVVHPLOODVODVDGTXLHUHGHO&DELOGR,QVXODUGH/DQ]DURWH\
HPSOHDODYDULHGDG&DPDURVDTXHSURGXFHXQDIUXWDGHJUDQ
WDPDxRGHXQURMRLQWHQVR\SLHOPX\ILUPHDGHPiVGHVX
EXHQDFDOLGDG\UHVLVWHQFLDDODVSODJDVPiVFRPXQHV'DGR
TXHHOIUHVyQHVXQFXOWLYRGHWHPSRUDGDHVWHDJULFXOWRUKD
RSWDGR SRU FRPELQDU VX SURGXFFLyQ FXOWLYDQGR WRPDWHV /D
H[SHULHQFLD QR KD VLGR GHPDVLDGR SRVLWLYD SRUTXH DSHQDV
HPSH]DU\GHELGRDODRODGHFDORUGHOSDVDGRPHVGHDEULO
SHUGLy WRGD OD FRVHFKD$~Q DVt QR VH ULQGH \ HVSHUD SRGHU
UHFXSHUDUSURQWRHOFXOWLYR

IUXWDGHODTXHDVHJXUDJDQDHQ´VDERU\FDOLGDGµDOVHUXQ
SURGXFWRIUHVFRTXHFRQFHQWUDWRGDVODVFDUDFWHUtVWLFDVGHO
VXHOR\HOFOLPDGH/DQ]DURWH\VHUHFRJHHQVXSXQWRMXVWR
GHPDGXUDFLyQ6HKDSODQWHDGRODH[SRUWDFLyQDOUHVWRGHODV
LVODVDXQTXHGHPRPHQWRTXLHUHHVSHUDUKDVWDFRQVROLGDUVX
QHJRFLR HQ /DQ]DURWH 6X LGHD HV SRGHU FRQWUDWDU D DOJXLHQ
TXH OH D\XGH SDUD SRGHU VHJXLU GHVDUUROODQGR VX SHTXHxD
HPSUHVDHQHOIXWXUR
(VXQFXOWLYRH[LJHQWHHQ
DJXD\HQPDWHULDRUJiQLFD

862(1*$6752120Ì$<0(',&,1$
 )UXWD GHO ERVTXH DVt VH OH FRQRFH DO IUHVyQ 6X
~QLFDGLIHUHQFLDFRQODIUHVDHVVXPD\RUWDPDxR$GHFXDGD
HQ UHJtPHQHV GLHWpWLFRV GDGD VX HVFDVD FRQFHQWUDFLyQ GH
JO~FLGRV VH SXHGH FRQVXPLU VROR R PH]FODGR FRQ D]~FDU
QDWD YLQR KHODGRV R PHUPHODGDV VLQ ROYLGDU VX DSUHFLDGD
XWLOLGDGHQUHSRVWHUtDSDUDODHODERUDFLyQGHWDUWDVSDVWHOHV
\GXOFHV$GHPiVVHHPSOHDWDPELpQFRPRSODQWDPHGLFLQDO
(VGLXUpWLFD\DQWLUUHXPiWLFDWUHVRFXDWURWD]DVGLDULDVGH
LQIXVLyQGHODVKRMDVSURWHJHQFRQWUDHOiFLGR~ULFRODJRWD
R OD DUWULWLV 7DPELpQ HV DQWLFROHVWHURO DQWLLQIODPDWRULD
DVWULQJHQWH \ PLQHUDOL]DQWH &RPR SURGXFWR FRVPpWLFR ODV
KRMDV PDFKDFDGDV FRQVWLWX\HQ XQ EXHQ UHPHGLR SDUD HYLWDU
ODVDUUXJDV

(OGXOFHGHERQLDWR
XQDWHQWDFLyQGH/D3DOPD
'HOLFLD3DOPHUDODHPSUHVDTXHORHODERUDDSRUWDYDORUDxDGLGRDODPDWHULDSULPDORFDO
3 RUVXDOWRFRQWHQLGRHQD]~FDUHVQRHVGHH[WUDxDUTXH
OD EDWDWD R ERQLDWR FRPR SRSXODUPHQWH VH OH GHQRPLQD
HQ /D 3DOPD DFDEH FRQYLUWLpQGRVH HQ LQJUHGLHQWH EDVH GH
GXOFHV\SRVWUHV(QHVWDOtQHDUHSRVWHUD\DOPLVPRWLHPSR
DUWHVDQDO VH PXHYH 'HOLFLD 3DOPHUD XQD MRYHQ \ SHTXHxD
HPSUHVDIDPLOLDUXELFDGDHQHOPXQLFLSLRGH%UHxD$OWDTXH
KDTXHULGRRIUHFHUGHHVWHWXEpUFXORXQDYDULDQWHKDVWDDKRUD
GHVFRQRFLGD HQ ODV LVODV HO GXOFH GH ERQLDWR 6X LPSXOVRU
5LFDUGR6LOEHUPDQ5DSRVVLXQDUJHQWLQRDILQFDGRHQODLVOD
UHVFDWD MXQWR D VX PXMHU SDOPHUD XQD UHFHWD WUDGLFLRQDO
VDXFHUD HO GXOFH GH %RQLDWLOOR WpUPLQR SURFHGHQWH GH
DFWXDOLGDG
   (Q HVWRV PRPHQWRV HO GXOFH GH ERQLDWR VH
FRPHUFLDOL]D HQ GLIHUHQWHV SXQWRV GH YHQWD GH /D 3DOPD
HQ7HQHULIH\*UDQ&DQDULDDGHPiVGHWLHQGDVJRXUPHW6X
QXHYR SUR\HFWR HV FRPHQ]DU D LQWURGXFLUOR HQ ODV FDGHQDV
GHVXSHUPHUFDGRV\ODVJUDQGHVVXSHUILFLHVSHURYDQSRFRD
SRFR´(VWDPRVWUDEDMDQGRHQODLPDJHQGHQXHVWURSURGXFWR
SDUD IDFLOLWDU VX SUHVHQWDFLyQ HQ ORV SXQWRV GH YHQWD \ TXH
UHVXOWH PXFKR PiV DWUDFWLYR ,QYHUWLPRV OD PD\RU SDUWH
GH QXHVWUR WLHPSR \ HVIXHU]R HQ SXEOLFLGDG \ PDUNHWLQJ
SRUTXHHQWHQGHPRVTXHHVPX\LPSRUWDQWHSURPRFLRQDUQRV
\ GLIHUHQFLDUQRV GHO UHVWR SDUD SRGHU VHU FRPSHWLWLYRVµ
&XED TXH VH HODERUDED KDFH WLHPSR HQ /D 3DOPD FRQ HO
ERQLDWR FRPR SULQFLSDO SURWDJRQLVWD 8Q YDORU DxDGLGR TXH
WUDQVIRUPDODPDWHULDSULPDTXHREWLHQHGHORVDJULFXOWRUHV
HQXQDGHOLFLRVDWHQWDFLyQ
 6H WUDWD GH XQ SURGXFWR QDWXUDO GH HODERUDFLyQ
DUWHVDQDO/DSUHSDUDFLyQGHOGXOFHFRPLHQ]DFRQHOJXLVDGR
GHOERQLDWRSDUDOXHJRWULWXUDUOR\DxDGLUOHD]~FDUHVSHVDQWHV
QDWXUDOHV\DURPDGHYDLQLOOD7HUPLQDGRHOSURFHVRVHGHMD
VROLGLILFDUVHWURFHD\VHHQYDVDDOYDFtR(PSOHDQHQWUH
\NLORVGHEDWDWDVDOPHVGHSHQGLHQGRGHODpSRFDGHO
DxR1RVLUYHFXDOTXLHUYDULHGDGGHEDWDWD´HPSOHDPRVVROR
DTXHOODV TXH WLHQHQ XQ DOWR SRUFHQWDMH GH PDWHULD VHFD
FXDQWRPiVGXOFH\FRQVLVWHQWHVHDHOWXEpUFXORPiVVDERU\
PiVILEUDWHQGUiµ
 &RPRODLQQRYDFLyQHVHOPRWRUGHHVWHHPSUHVDULR
VXEUD\DHVWHHODERUDGRUDUWHVDQDO
 /DVDSOLFDFLRQHVGHOGXOFHGHERQLDWRHQSDVWHOHUtD
VRQ WDQ DPSOLDV FRPR SHUPLWD OD LPDJLQDFLyQ 7DUWDV
HPSDQDGLOODV R UHOOHQR GH GXOFHV VRQ DOJXQDV GH ODV
VXJHUHQFLDV SHUR KD\ PXFKDV PiV 3DUD TXLHQHV PHQRV VH
TXLHUDQ FRPSOLFDU FXOLQDULDPHQWH KDEODQGR VROR R FRPR
DFRPSDxDPLHQWR GH SDQ R TXHVR WLHUQR GHO SDtV HVWH
VXFXOHQWR SURGXFWR SXHGH VHU HO LGHDO SDUD GHVD\XQRV
PHULHQGDV R SRVWUHV$GHPiV DO WHQHU PHQRV FRQWHQLGR GH
D]~FDU HQ VX HODERUDFLyQ TXH RWURV GXOFHV R PHUPHODGDV
VX VDERU HV PiV VXDYH SRU OR TXH UHVXOWD PiV DSHWHFLEOH \
VDOXGDEOH
 /D EDWDWD HV XQD IXHQWH
QDWXUDO GH SRWDVLR FRQWLHQH
PXFKR EHWDFDURWHQR 9LWDPLQD
6LOEHUPDQQRKDTXHULGRFRQIRUPDUVHFRQXQD~QLFDYHUVLyQ $ HV QXWULWLYD \ ULFD HQ
GH VX GXOFH GH ERQLDWR FRQ DURPD GH YDLQLOOD VLQR TXH DQWLR[LGDQWHV 6XV KLGUDWRV
DGHPiV RIHUWD SDUD ORV FRQVXPLGRUHV PiV JRORVRV GRV GH FDUERQR GH DEVRUFLyQ
QXHYDV FRPELQDFLRQHV D HOHJLU XQD FRQ FHUH]DV FRQILWDGDV OHQWD OR KDFHQ HVSHFLDOPHQWH
\RWUDFRQXQH[TXLVLWRFKRFRODWHEHOJD6HFRPHUFLDOL]DQHQ UHFRPHQGDEOH SDUD QLxRV \
HQYDVHVDOYDFtRGHJUDPRV\HQFDMDVGHXQLGDGHV SHUVRQDV TXH KDFHQ PXFKD
 'HOLFLD 3DOPHUD TXH FXHQWD FRQ HO UHVSDOGR GH OD DFWLYLGDGItVLFD
$VRFLDFLyQGH'HVDUUROOR5XUDOGH/D3DOPD$'(5/D3DOPD ZZZGHOLFLDSDOPHUDFRP
QDFLy HQ HO DxR  ´6RPRV XQD HPSUHVD TXH HPSH]y HQ
SOHQDFULVLV\HVWDPRVWRGDYtD HQ XQD IDVHLQLFLDO HQODTXH
VHJXLPRV GDQGR D FRQRFHU HO SURGXFWR SHUPDQHQWHPHQWH
6L VH FRPSDUD SRU HMHPSOR FRQ XQ GXOFH GH PHPEULOOR R
GH JXD\DED DO TXH HVWi PiV DFRVWXPEUDGR HO FRQVXPLGRU
FDQDULR HO GXOFH GH ERQLDWR WLHQH XQ VDERU PDV VXDYH
\ GHOLFDGR VREUH WRGR FXDQGR VH FRQVXPHQ FRQ TXHVRV
WLHUQRVTXHGHVWDFDQPDVVXVDERU$VLVWLPRVDWRGRWLSRGH
HYHQWRV SURPRFLRQDOHV PHUFDGLOORV IHULDV WDQWR GHQWUR
FRPR IXHUD GH OD LVOD SRUTXH HQWHQGHPRV TXH OR SULPHUR
HV SUHVHQWDUQRV DO FRQVXPLGRU \ RIHUWDUQRV FRQ XQ GXOFH
GLIHUHQWH H LQQRYDGRUµ H[SOLFD 6LOEHUPDQ (O HVIXHU]R KD
VHUYLGRGHDOJR/DH[SHULHQFLDTXHKDQWHQLGRHQHVWRVGRV
DxRVKDVLGRSRVLWLYD7DQWRORVFRQVXPLGRUHVFDQDULRVFRPR
ORVWXULVWDVTXHPXFKDVYHFHVGHVFRQRFHQHVWHWXEpUFXOROR
DGTXLHUHQ SRUTXH OR FRQVLGHUDQ QR VROR XQ SURGXFWR QXHYR
VLQRH[yWLFR

³/DSDUWLFLSDFLyQHQHYHQWRV
SURPRFLRQDOHV\IHULDVLQVXODUHV
HVYLWDOSDUDGDUQRVDFRQRFHU´
5LFDUGR6LOEHUPDQ5DSRVVL

 DFWXDOLGDG

(OORJRGHODV583 PDUFDFDQDULD
6LQRORKDFHPRVQRVRWURV¢TXLpQORKDUi"
£%XVTXHVLHPSUHHOORJR583\FRQVXPDSURGXFWRVFDQDULRV


 DFWXDOLGDG

8QSDVRDGHODQWHGHOD
JDQDGHUtDFDQDULD
QRUPDWLYDHXURSHDGH
VDQHDPLHQWR\UHJLVWUR
JDQDGHURLPSXOVDDO
VHFWRUKDFLDXQDPD\RU
SURIHVLRQDOL]DFLyQ

´/ RV UHJLVWURV JDQDGHURV FXPSOHQ SOHQDPHQWH FRQ OD

QRUPDWLYD HXURSHD TXH HVWDEOHFH ODV QRUPDV HVSHFtILFDV
/D VLWXDFLyQ SUHYLD D ORV UHJLVWURV JDQDGHURV VREUH
WRGRGHDTXHOORVUHODFLRQDGRVFRQHOJDQDGRRYLQR\FDSULQR
GH KLJLHQH GH ORV DOLPHQWRV GH RULJHQ DQLPDO \ REOLJD DO HUDFRPSOLFDGD\VHFRUUtDSHOLJURGHSHUGHUODSULPDJDQDGHUD
VDQHDPLHQWR\UHJLVWURGHODFDEDxDJDQDGHUD\VXSHUDUtDQ TXH DERQD (XURSD SUHYLVWD HQ HO 5HJODPHQWR &( Qž 
VLQ SUREOHPDV ODV LQVSHFFLRQHV GH OD &RPXQLGDGµ /R GLFH
HO FRQVHMHUR GH $JULFXOWXUD *DQDGHUtD 3HVFD \ $JXDV GHO
*RELHUQRGH&DQDULDV-XDQ5DPyQ+HUQiQGH]\ORUHFRQRFH
(XURSD FRQ PXHVWUDV GH DSR\R DO VHFWRU DO FRPSUREDU HO
´LPSRUWDQWH HVIXHU]R GH FRQWUROµ TXH VH KD SXHVWR HQ
PDUFKD HQ HO ~OWLPR DxR < HV TXH ORV WUDEDMRV UHDOL]DGRV
HQ  KDQ GDGR VX IUXWR /RV WUHV UHJLVWURV JDQDGHURV
H[LVWHQWHVGHH[SORWDFLRQHVGHLGHQWLILFDFLyQLQGLYLGXDO\
GHPRYLPLHQWRV´KDQTXHGDGRGHSXUDGRVGHIRUPDTXHOD
GLIHUHQFLDHQWUHORVGHUHFKRVJDQDGHURVDERQDGRVHQHO
\HQHOPDUFRGHODVD\XGDVHXURSHDVDHVWHVHFWRUHV
GHFDEH]DVGHJDQDGRµ
3DUD OD UHDOL]DFLyQ GH ORV HVWXGLRV SUHYLRV D OD
OHJDOL]DFLyQ GH ODV H[SORWDFLRQHV JDQDGHUDV HQ HO PDUFR
GH OD /H\ GH PHGLGDV XUJHQWHV HQ PDWHULD GH RUGHQDFLyQ
WHUULWRULDO SDUD OD GLQDPL]DFLyQ VHFWRULDO \ OD RUGHQDFLyQ
GHO WXULVPR VH FXHQWD FRQ *HVWLyQ \ 3ODQHDPLHQWR
326(,(QFDVLWRGDVODVLVODVODLGHQWLILFDFLyQQRHUDOD
PiVDGHFXDGDSHURHQ)XHUWHYHQWXUD\/D3DOPDODVLWXDFLyQ
GHO JDQDGR RYLQR \ FDSULQR HUD WRGDYtD PiV GHOLFDGD \ HO
ULHVJRGHTXHORVJDQDGHURVVXIULHUDQJUDYHVVDQFLRQHVSRUQR
FXPSOLUFRQHOUHTXLVLWRGHWHQHUORVDQLPDOHVFRUUHFWDPHQWH
LGHQWLILFDGRV KL]R QHFHVDULR WRPDU PHGLGDV FRQFUHWDV H
LQPHGLDWDV 8QD GH HOODV IXH OD FRQWUDWDFLyQ GLUHFWD SRU
SDUWHGHOD'LUHFFLyQ*HQHUDOGH*DQDGHUtDGHXQDHPSUHVD
YHWHULQDULDHQ)XHUWHYHQWXUD\DWUDYpVGH*05HQ/D3DOPD
GHORVSURIHVLRQDOHVQHFHVDULRVSDUDUHRUGHQDUDOJDQDGRHQ
HVWDLVOD
'HQRKDEHUVHUHRUGHQDGR
7HUULWRULDO \ 0HGLRDPELHQWDO *(63/$1 PLHQWUDV
TXH SDUD OD HUUDGLFDFLyQ GH HQIHUPHGDGHV SHFXDULDV
HOVHFWRUVREUHWRGRHO
\ OD LGHQWLILFDFLyQ \ UHJLVWUR LQGLYLGXDO GH GLVWLQWDV FDSULQR\RYLQRVHKDEUtDQ
HVSHFLHV JDQDGHUDV FRQ *HVWLyQ GHO 0HGLR 5XUDO *05
'XUDQWHHOSHUtRGRFRPSUHQGLGRHQWUHORVDxRV\
HO*RELHUQRGH&DQDULDVLQYLUWLyXQWRWDOGHPLOORQHV
GH HXURV SDUD OD UHDOL]DFLyQ GH ODERUHV GH LGHQWLILFDFLyQ
GH JDQDGR FDSULQR \ RYLQR ´VLQ HPEDUJR D SHVDU GH HVD
LPSRUWDQWHLQYHUVLyQHOWUDEDMRGHFDPSRUHDOL]DGRQRIXH
UHQWDELOL]DGR VXILFLHQWHPHQWH GHELGR IXQGDPHQWDOPHQWH
D TXH QR VH FRQWDED FRQ ORV DSOLFDWLYRV LQIRUPiWLFRV
QHFHVDULRVSDUDYROFDUORVGDWRVREWHQLGRVµVHJ~QPDQLIHVWy
HO FRQVHMHUR (Q HVWH VHQWLGR (XURSD H[LJtD HVWDEOHFHU
HOHPHQWRV GH FRQWURO GH ORV PRYLPLHQWRV GH JDQDGR HQWUH
H[SORWDFLRQHV GH ODV PXHUWHV HQ ODV H[SORWDFLRQHV R GHO
WUDVODGRGHORVDQLPDOHVDORVUHVSHFWLYRVPDWDGHURVLQVXODUHV
SDUDEDVDUODFRQFHVLyQGHD\XGDVHQHOHVWDEOHFLPLHQWRGH
XQFHQVRILDEOH
SHUGLGRD\XGDV
(OWUDEDMRGHVDQHDPLHQWRHLGHQWLILFDFLyQFRQVLVWLy
HQODVHOHFFLyQGHODVJUDQMDV\ODUHDOL]DFLyQGHORVWUDEDMRV
LGHQWLILFDWLYRV GHO JDQDGR SUHVHQWH HQ ODV H[SORWDFLRQHV OD
UHFRJLGD\YROFDGRGHORVGDWRVGHOFHQVRGHODVH[SORWDFLRQHV
YLVLWDGDV SDUD GDU FXHQWD GH ORV FDPELRV GH WLWXODULGDG
GRPLFLOLR\QXHYDVHVSHFLHVH[SORWDGDVDVtFRPRORVTXHKDQ
FDXVDGR EDMD R HVWiQ HQ DOWD LQDFWLYD \ HO DVHVRUDPLHQWR
SRU SDUWH GHO SHUVRQDO WpFQLFR D ORV SURGXFWRUHV JDQDGHURV
VREUHODVPHGLGDVGHSUHYHQFLyQ\OXFKDFRQWUDODVGLIHUHQWHV
HQIHUPHGDGHV DVt FRPR ODV QRUPDV YLJHQWHV HQ PDWHULD GH
LGHQWLILFDFLyQ\UHJLVWURGHODVHVSHFLHVRYLQD\FDSULQD

 DFWXDOLGDG
(OPHGLRUXUDO
EODQFRGHURERV
$6$-$1DFLRQDOKDVROLFLWDGRXQHQGXUHFLPLHQWRGHODV
SHQDVSDUDTXLHQFRPHWDHVWHWLSRGHGHOLWRV\XQDPD\RU
FRRUGLQDFLyQHQWUH(VWDGR\IXHU]DVGHVHJXULGDG
( Q WLHPSR GH FULVLV OD EDQFDUURWD GH OD HFRQRPtD OD
SUHFDULHGDG GHO HPSOHR \ OD FDUHQFLD GH D\XGDV VRFLDOHV
SXHGHQ OOHYDU D PXFKDV SHUVRQDV D FRPHWHU URERV SDUD
EXVFDUVH HO VXVWHQWR $XQTXH QR HV MXVWLILFDEOH GH QLQJXQD
GHODVPDQHUDVDSURSLDUVHGHORDMHQRHVPiVFRPSUHQVLEOH
UREDUSDUDFRPHUTXHSDUDVDFDUEHQHILFLR(OVHFWRUDJUDULR
KDH[SHULPHQWDGRHQHO~OWLPRDxR\VREUHWRGRHQORV~OWLPRV
PHVHV XQD FUHFLHQWH ROD GH KXUWRV TXH FRPLHQ]DQ D VHU
SUHRFXSDQWHSDUDORVDJULFXOWRUHVQRVRORSRUODVFDQWLGDGHV
UREDGDV\HOPDWHULDOKXUWDGRVLQRSRUORVGDxRVFRODWHUDOHV
TXHRFDVLRQDQPiVSURSLRVGHDFWRVYDQGiOLFRVTXHGHTXLHQ
EXVFDDOLYLDUVXIDOWDGHDOLPHQWR$QWHHVWHSDQRUDPD$6$*$
&DQDULDVDWUDYpVGHVXKRPyORJDQDFLRQDO$6$-$KDSHGLGR
HQXQDUHXQLyQDORVPLQLVWURVGH-XVWLFLD\$JULFXOWXUD$OEHUWR
5XL] *DOODUGyQ \ 0LJXHO $ULDV &DxHWH UHVSHFWLYDPHQWH XQ
HQGXUHFLPLHQWR GH ODV SHQDV SDUD TXLHQHV FRPHWDQ HVWH
WLSR GH DWHQWDGRV FRQWUD OD SURSLHGDG SULYDGD DGHPiV GH
XQD PD\RU DFFLyQ FRRUGLQDGD GHO *RELHUQR \ ODV IXHU]DV GH
VHJXULGDGGHO(VWDGR
 :HQFHVODR*DUFtDHVHOFDSDWD]GHXQDH[SORWDFLyQGH
IUXWDOHV\KRUWDOL]DVVLWXDGDHQ/D0RQWDxHWDHQHOPXQLFLSLR
)RWRJUDItDGH/LRED6DQWDQD
DFFLRQHVXQDYH]KDQUHFLELGRODGHQXQFLD\HQRFDVLRQHV
KDQSRGLGRFRJHUDORVODGURQHVHQWUDQGRDODVSURSLHGDGHV
2WUDVYHFHVVHOHVLQFDXWDQODVPHUFDQFtDVFXDQGRVRVSHFKDQ
TXHSXHGHVHUUREDGDSHURODPD\RUtDQLVLTXLHUDOOHJDQDGDU
FRQTXLHQHVKDQFRPHWLGRWDOHVDVDOWRV
 3DUD HO JHUHQWH GH OD &RRSHUDWLYD GH $JXDFDWHV
$JUR 5LQFyQ :HQFHVODR 0DUWtQH] XELFDGD HQ HO QRUWH GH
7HQHULIH´HVPX\GLItFLOFXDQWLILFDUODVFDQWLGDGHVUREDGDV
1RVRORVHOOHYDQODIUXWDVLQRWDPELpQODSODQWDTXHFXHVWD
HXURVODXQLGDGSRUORTXHVHSXHGHQKDFHUXQDLGHDGH
ODV SpUGLGDV HFRQyPLFDV TXH VXSRQH SDUD XQ DJULFXOWRU (O
SUREOHPDHVTXHORVURERVKDQDXPHQWDGR\ORVDJULFXOWRUHV
HVWiQPX\SUHRFXSDGRV$OJXQRVKDQFRPSUDGRFiPDUDVGH
YLJLODQFLD SDUD FRORFDU HQ VXV ILQFDV \ SRU OR PHQRV SRGHU
LGHQWLILFDU D TXLHQHV LQWHQWH HQWUDU SHUR D~Q DVt QR OHV
IUHQDµ
 $ ORV RMRV GHO VHFWRU DJUDULR HO DFWXDO &yGLJR
3HQDO UHIRUPDGR HQ HO DxR  UHVXOWD VHU LQHILFLHQWH
SDUDFRPEDWLUHVWHWLSRGHDFFLRQHVSRUTXHGHMDVLQFDVWLJR
PXFKRV GH HVWRV KXUWRV DO WUDPLWDUVH FRPR VLPSOHV IDOWDV
3RUHVWHPRWLYR\GDGRTXHDFWXDOPHQWHVHHVWiOOHYDQGRD
GH /RV 5HDOHMRV 7HQHULIH +D SDGHFLGR UHLWHUDGRV URERV HQ FDERODUHIRUPDGHOWH[WRVHLQWHQWDPRGLILFDUHODUWtFXOR
ORV~OWLPRVGRVDxRV(QHOGHPD\RUFXDQWtDVHOOHYDURQ  GRQGH VH UHFRJH HO WLSR SHQDO GHO GHOLWR GH KXUWR (O
NLORVGHIUXWD5HFLHQWHPHQWHOHKDQGHVDSDUHFLGRHQWUH\ VHFWRUDJUDULRKDVROLFLWDGRTXHVHFRQVLGHUHGHOLWRFXDQGROD
NLORVGHDJXDFDWHVDGHPiVGHXQRVNLORVGHFDODED]DV FDQWLGDGH[WUDtGDH[FHGDGHORVHXURVHQODDFWXDOLGDG
\NLORVGHQDUDQMDV+DWHQLGRTXHUHSDUDUYDULDVYHFHVHO HV GH  HXURV SRUTXH HVWD FDQWLGDG GLItFLOPHQWH OOHJD D
DOFDQ]DUVH FXDQGR VH WUDWD GH OD VXVWUDFFLyQ GH SURGXFWRV
DJUtFRODV TXH VH DJUDYH GH IRUPD JHQHUDO HO GHOLWR GH
6HUREDQFRVHFKDV KXUWR FXDQGR VH FRPHWD HQ XQD H[SORWDFLyQ DJUDULD H
LQGHSHQGLHQWHPHQWH GH TXH VH FRPHWD HQ XQD H[SORWDFLyQ
PDWHULDODJUtFROD\VH DELHUWD
 /RVDFWRVYDQGiOLFRVQRVRORDIHFWDQDOURERGHODV
FDXVDQGHVWUR]RVHQODV FRVHFKDV \ WRGR WLSR GH PDWHULDO YHKtFXORV PDTXLQDULD
H[SORWDFLRQHV
YDOODGR TXH URGHD OD ILQFD SHUR D~Q DVt VLJXHQ HQWUDQGR eO
FUHHTXHVRQVLHPSUHORVPLVPRV\DXQTXHKDGDGRSDUWHDOD
SROLFtD WRGDYtD QR ORV KDQ FRJLGR /DV VRVSHFKDV UHFDHQ HQ
DOJXQRV YHQGHGRUHV DPEXODQWHV TXH YDQ SRU ODV FDVDV R SRU
GLIHUHQWHVSXQWRVGHYHQWDRIHUWDQGRIUXWD*DUFtDGLFHTXH
ODSROLFtDVXHOHYLJLODUODV]RQDVPiVSURSHQVDVDHVWHWLSRGH

DSHURVERPEDVGHULHJRPRWRUHVWLHUUDKHUUDPLHQWDV
VLQR TXH WDPELpQ FDXVDQ GDxRV FRODWHUDOHV \ GHVWUR]RV HQ
ODV H[SORWDFLRQHV DVDOWDGDV FRQ OD FRQVLJXLHQWH SpUGLGD
HFRQyPLFD SDUD ORV SURGXFWRUHV HO UHWUDVR HQ ODV ODERUHV
DJUtFRODVKDVWDTXHVHUHSRQHORUREDGR\HOWHPRUDTXHHVWH
WLSRGHURERVVHSXHGDQUHSHWLU(QOD3HQtQVXODODVLWXDFLyQ
VH KD YXHOWR LQFOXVR PiV JUDYH SRUTXH GH OD VXVWUDFFLyQ
WUDGLFLRQDOGHORVSURGXFWRVDJUtFRODVRGHODVFRVHFKDVVH
KD SDVDGR D URERV FRQ YLROHQFLD R LQWLPLGDFLyQ H LQFOXVR
D KRPLFLGLRV FRPR ORV RFXUULGRV HQ 9DOHQFLD \ &LXGDG 5HDO
GRQGH IXHURQ DVHVLQDGRV XQ YLJLODQWH GH XQD ILQFD \ XQ
SDVWRU
/RVDJULFXOWRUHVUHFODPDQ
2WURFDVRHVHOGH-XDQ-HV~V5DPRVSUHVLGHQWHGH
OD$VRFLDFLyQGH$SLFXOWRUHVGH7HQHULIH$3,7(1(QHOPHV
PiVSUHVHQFLDSROLFLDO\
GHDEULOOHVXVWUDMHURQFROPHQDVHQHOVXUGHODLVOD1RHV
OD SULPHUD YH] +DFH WLHPSR OH GHVDSDUHFLHURQ  GH HVWRV
YLJLODQFLDHQODVILQFDV
DEHMHURV6HJ~QORVGDWRVTXHPDQHMDOD&DVDGHOD0LHOGH PiVDOHMDGDV
7HQHULIHHQORTXHYDGHDxRVHKDQSURGXFLGRURERVGH
FROPHQDVGHFLQFRDSLFXOWRUHVGLIHUHQWHVGRVGHOQRUWHGHOD
LVOD\HOUHVWRGHOVXUVREUHWRGRHQORVPXQLFLSLRVGH$UDIR\
*tPDU5DPRVGLFHTXH´SDUDFRPHWHUHVWHWLSRGHIHFKRUtDV UREDGRV \ FRQWLQXDU FRQ OD DFWLYLGDG SRU OR TXH WHUPLQDUiQ
KD\TXHWHQHUFRQRFLPLHQWRVGHDSLFXOWXUD6HODVOOHYDQSDUD DEDQGRQDQGRVXVILQFDVµVHxDODÉQJHOD'HOJDGR
YHQGHUODVRSDUDXWLOL]DUODVDEHMDVFRPRSROLQL]DGRUDVGHORV
FXOWLYRVµ3DUDHYLWDUPiVURERVKDWUDVODGDGRODVFROPHQDV &217(67$&,Ð1'(*$//$5'Ð1
TXHOHTXHGDQHQVXVRWURVDVHQWDPLHQWRVDRWURVSXQWRVGH
ODLVODGHGLItFLODFFHVR  ´(O DQWHSUR\HFWR GH UHIRUPD GHO &yGLJR 3HQDO
7DPELpQ ÉQJHOD 'HOJDGR OD SUHVLGHQWD GH OD RIUHFH UHVSXHVWD D JUDQ SDUWH GH ODV FXHVWLRQHV HPSOHDGDV
&RRSHUDWLYD 6DQ 0LJXHO &$60, HVSHFLDOL]DGD HQ HO FXOWLYR SRUHOVHFWRUDJUDULRµVHJ~QVHxDOD*DOODUGyQ(QHOFDVRGH
GH OD SDSD KRUWDOL]DV \ YLxD VH TXHMD GH HVWD VLWXDFLyQ GHOLWRGHKXUWRHOWH[WRVXSULPHODUHJXODFLyQGHODVIDOWDV
5HSUHVHQWD DO FROHFWLYR GH DJULFXOWRUHV GHO VXU GH 7HQHULIH DXQTXH PDQWLHQH OD GLIHUHQFLD HQWUH GHOLWR PHQRV JUDYH
DIHFWDGRV SRU ORV FRQWLQXRV URERV QR VROR GH FRVHFKDV GH KXUWR \ GHOLWR OHYH GH KXUWR VHJ~Q OD JUDYHGDG GH OD
VLQR GH PDWHULDO DJUtFROD FRQFUHWDPHQWH HQ OR DOWR GH ORV LQIUDFFLyQ7RGDVODVVXVWUDFFLRQHVSRUYDORUVXSHULRUD
PXQLFLSLRVGH6DQ0LJXHO9LODIORU*UDQDGLOOD\$URQD6HJ~Q HXURV VHUiQ JUDYHV 6H FDVWLJDQ FRPR VXSXHVWRV DJUDYDGRV
DSXQWD HQ XQD FDUWD UHPLWLGD DO $\XQWDPLHQWR GH $GHMH \
DO &DELOGR ,QVXODU GH 7HQHULIH ´OD FRPDUFD GH &KDVQD HVWi
VLHQGRGHVYDOLMDGDGHHOHPHQWRVGHULHJRDSHURVDJUtFRODV
KRUWDOL]DV YDULDV \ WRGR OR TXH ORV ODGURQHV HQFXHQWUHQ D
VX SDVRµ 5HFRQRFH TXH OD LQGHIHQVLyQ HV WRWDO \ TXH QR
LQGHSHQGLHQWHPHQWHGHOYDORUGHORVXVWUDtGRFRQXQDSHQD
GHXQRDWUHVDxRVGHSULVLyQ(MHPSORVKXUWRVSURIHVLRQDOHV
SDUD REWHQHU XQD IXHQWH GH LQJUHVRV KXUWRV UHDOL]DGRV
HQ OXJDUHV GHVSURWHJLGRV \ DTXHOORV TXH FDXVHQ GDxRV GH
JUDYHGDGVXVWUDFFLyQGHJUDQFDQWLGDGGHJpQHUR\KXUWRVHQ
KD\ SUHVHQFLD SROLFLDO HQ HVWRV SXQWRV GXUDQWH OD QRFKH
DVt FRPR WDPSRFR KD\ FRQWURO HQ ODV HPSUHVDV GH FKDWDUUD
TXHDGTXLHUHQPDWHULDOVLQFRQVWDWDUVLKDVLGRUREDGRRQR
´SRUORTXHHVWRVKXUWRVVHFRQYLHUWHQHQXQDIRUPDIiFLOGH
REWHQHUGLQHURUiSLGRµ
$QWH HVWD VLWXDFLyQ ORV DJULFXOWRUHV VH KDQ
SODQWHDGRHOFLHUUHQRFWXUQRGHDOJXQDVSLVWDVDVIDOWDGDVTXH
FRPXQLFDQ D VXV ILQFDV DXQTXH VHxDODQ TXH QR VDEHQ KDVWD
TXp SXQWR HVWR HV YLDEOH 'HPDQGDQ XQD FRRUGLQDFLyQ GH
WRGDVODVIXHU]DVGHRUGHQS~EOLFRFRQODVDGPLQLVWUDFLRQHV
FRRSHUDWLYDV DVRFLDFLRQHV GH DIHFWDGRV TXH GHULYH HQ
XQ JUDQ SDFWR VRFLDO SROtWLFR \ DGPLQLVWUDWLYR SDUD SRGHU
GLVPLQXLU HQ OD PHGLGD GH OR SRVLEOH HVWH WLSR GH DFWRV
GHOLFWLYRV\SURWHJHUODDFWLYLGDGDJUtFROD´1HFHVLWDPRVXQ
FDPELROHJLVODWLYRTXHDPSDUHODVIXHU]DVGHRUGHQS~EOLFR\
DORVDIHFWDGRVDILDQ]DQGRVXVGHUHFKRV\QRORVGHUHFKRVGH
ORVGHOLQFXHQWHV+D\TXHUHFRUGDUTXHHOVHFWRUDJUDULRHVHO
PiVGpELOGHORVVHFWRUHVVLORVDJULFXOWRUHVVLJXHQVXIULHQGR
HVWRV URERV VX HFRQRPtD QR GDUi SDUD UHSRQHU ORV ELHQHV
H[SORWDFLRQHV VROLWDULDV (Q HO FDVR GH EDQGDV RUJDQL]DGDV
TXH SRUWHQ DUPDV ODV SHQDV FRQOOHYDUiQ GH XQR D FXDWUR
DxRV GH SULVLyQ ´(O GHOLWR GH URER QR VH FRQVLGHUDUi FRPR
WDOHQHOFDVRGHODVH[SORWDFLRQHVDJUDULDVDELHUWDVSHUROD
UHIRUPDSUHYpODLPSRVLFLyQGHSHQDVHTXLYDOHQWHVDODVTXH
HVWiQDFWXDOPHQWHSUHYLVWDVSDUDORVGHOLWRVGHURERHLQFOXVR
SXHGHQOOHJDUDVHUVXSHULRUHVHQORVFDVRVGHSRUWHGHDUPDV
RGHDFWXDFLyQGHJUXSRVFULPLQDOHVµVXEUD\DHOPLQLVWUR
 (QORVFDVRVGHPXOWLUUHLQFLGHQFLDODSURSXHVWDGHO
DQWHSUR\HFWRSODQWHDODPRGLILFDFLyQGHOVLVWHPDGHILMDFLyQ
GHODSHQDILQDOHQORVFDVRVGHFRQGHQDVSRUYDULRVGHOLWRV
SDUDGLIHUHQFLDUHQWUHXQDDFFLyQ~QLFDFRQVWLWXWLYDGHYDULRV
GHOLWRV\DFFLRQHVP~OWLSOHVTXHFRQVWLWX\HQGLYHUVRVGHOLWRV
'HHVWDPDQHUDHOOtPLWHPi[LPRGHODSHQDFRQMXQWDYHQGUi
GHWHUPLQDGR SRU OD VXPD GH HOODV FRPR VL FDGD KHFKR VH
KXELHUD SHQDGR SRU VHSDUDGR &RQFOX\H TXH OD VXSUHVLyQ
GHO OtPLWH GH ORV  HXURV \ OD LQFOXVLyQ GH ORV VXSXHVWRV
DJUDYDGRV GH SURIHVLRQDOLGDG \ DFWXDFLyQ HQ JUXSR SHUPLWH
GDUUHVSXHVWDDHVWDIRUPDGHGHOLQFXHQFLD

 DFWXDOLGDG
&XOWLYDQGR
HQODFLXGDG
(O$\XQWDPLHQWRGH/D2URWDYDLPSXOVDXQSUR\HFWR
GHKXHUWRVXUEDQRVGRQGHVHSRWHQFLDODDJULFXOWXUD
HOSDLVDMH\VREUHWRGRODVUHODFLRQHVVRFLDOHV
/DVSDUFHODVVHKDQ
FRQVWUXLGRVLJXLHQGR
XQSDWUyQHFROyJLFR\
VRVWHQLEOHFRQPDWHULDOHV
UHFLFODGRV
& RQYHUWLU ODV FLXGDGHV HQ LVORWHV FRPHVWLEOHV DXSDQGR
OD DJULFXOWXUD FRPR DFWLYLGDG DOLPHQWDULD GLQDPL]DGRUD
LQWHJUDGRUD \ SURWHFWRUD GHO PHGLR DPELHQWH HV OD EDVH GH
XQ PRYLPLHQWR TXH YLHQH SHJDQGR IXHUWH \ TXH VH KD KHFKR
LPSDUDEOHHQORV~OWLPRVDxRV+DEODPRVGHORVKXHUWRVXUEDQRV
XQDLQLFLDWLYDTXHIORUHFHHQPHGLRGHODVIDOWR\JDQDDGHSWRV
DOOiGRQGHVHSODQWHQ(O$\XQWDPLHQWRGHOD9LOODGH/D2URWDYD
FRQVFLHQWHGHODYDOtDGHHVWRVLQVWUXPHQWRVGHVGHXQSXQWRGH
YLVWDVRFLDO\SDLVDMtVWLFRQRKDTXHULGRGHMDUSDVDUODRFDVLyQ
\KDUHKDELOLWDGRHO3DUTXH&XOWXUDO'RxD&KDQDSDUDGDUYLGD
\ UHVSDOGR LQVWLWXFLRQDO D XQ SUR\HFWR TXH KD SHUPLWLGR FUHDU
 SDUFHODV DJUtFRODV $TXt VH GDQ FLWD WRGR WLSR GH SHUVRQDV
LQGHSHQGLHQWHPHQWH GH VX FRQGLFLyQ VRFLDO R HFRQyPLFD
(VFRODUHV HVWXGLDQWHV SURIHVRUHV SDGUHV GHVHPSOHDGRV
GLVFDSDFLWDGRV R MXELODGRV HQWUH RWURV VRQ ORV SDUWLFLSDQWHV
$OJXQRVORKDFHQSRUHQWXVLDVPR\RWURVSRUHYDVLyQSHURWRGRV
DFDEDQ GHVFXEULHQGR TXH FXOWLYDU HQ FRP~Q UHIXHU]D OD XQLyQ
FLXGDGDQD\ODVUHODFLRQHVGHYHFLQGDG
 6HJ~Q H[SOLFD HO WpFQLFR GH OD &RQFHMDOtD GH 0HGLR
$PELHQWHGHODFRUSRUDFLyQORFDO1LFROiV0DUWtQHQFDUJDGRGH
VXSHUYLVDU OD EXHQD PDUFKD GH HVWH SUR\HFWR ´WUDEDMDPRV FRQ
WUHVFRQFHSWRVEiVLFRVWROHUDQFLDFRQYLYHQFLD\UHVSHWRSRUOD
WLHUUDGHIRUPDVRVWHQLEOH\HFROyJLFD3UHWHQGHPRVTXHHVWH
HVSDFLRVHFRQYLHUWDHQXQPRGHORDVHJXLU\GHKHFKRVRPRVXQR
GHORVSLRQHURVHQ&DQDULDV%XVFDPRVUHFXSHUDUH[SHULHQFLDV\D
ROYLGDGDVFRPRHOWUXHTXHSHURTXHHQHVWRVPRPHQWRVGHFULVLV
VRQWDQLPSRUWDQWHVSHURVREUHWRGREXVFDPRVODLQWHJUDFLyQ
VRFLDO 7LHQH YDORU OD SDODEUD GHO FLXGDGDQR (OORV VRQ ORV
YHUGDGHURVSURWDJRQLVWDVGHHVWDLQLFLDWLYDµ
 (O SUR\HFWR GH ´+XHUWR (FROyJLFR 8UEDQR 0XQLFLSDOµ
FRPHQ]y HQ OD SUiFWLFD HQ DEULO GH  SHUR SUHYLDPHQWH HO
SDUDFRQYHUWLUHQUHDOLGDGORTXHHQXQSULQFLSLRHUDVROR
XQDLGHD(OSULPHUSDVRIXHODDGTXLVLFLyQGHODFDVDGH
'RxD&KDQDXQDYLYLHQGDVHxRULDOTXHVHHULJHVREUHXQD
SDUFHODGHPHWURVFXDGUDGRVHQPHGLRGHOPXQLFLSLR
/XHJRVHDFRQGLFLRQyXQDSULPHUDSDUFHODGHPHWURV
FXDGUDGRV HQ FX\R SURFHVR SUHVWDURQ VX FRODERUDFLyQ OD
&RQFHMDOtD GH 2EUDV \ 6HUYLFLRV OD &RQVHMHUtD GH 0HGLR
$PELHQWH \ 6RVWHQLELOLGDG 7HUULWRULDO GHO &DELOGR ,QVXODU
GH7HQHULIHDGHPiVGHOD&DVD)RUHVWDOGH$JXDPDQVD
 /RV  KXHUWRV XUEDQRV GH /D 2URWDYD TXH VH
GLYLGHQ HQ SDUFHODV GH HQWUH  \  PHWURV FXDGUDGRV
\ RFXSDQ OD WRWDOLGDG GHO WHUUHQR GH OD ILQFD VH KDQ
FRQVWUXLGRVLJXLHQGRXQSDWUyQHFROyJLFR\VRVWHQLEOHGRQGH
VHKDQDSOLFDGRWpFQLFDVGHUHFLFODMHUDFLRQDOL]DFLyQGH
DJXD \ XVR GH HQHUJtDV OLPSLDV QR VROR SDUD UHGXFLU ORV
FRVWHV DO PtQLPR VLQR SDUD FRQWULEXLU D OD SURWHFFLyQ
DPELHQWDO´(OJDVWRSULQFLSDOGHO$\XQWDPLHQWRKDVLGROD
LQVWDODFLyQGHWXEHUtDV\OODYHVGHDJXDVQHFHVDULDVSDUD
HO IXQFLRQDPLHQWR GH ORV KXHUWRV DVt FRPR HO YDOODGR GH
VHJXULGDGGHUHVWRKHPRVLQWHQWDGRDFWXDUVLHPSUHFRQ
XQFULWHULRGHVRVWHQLELOLGDGµVHxDOD/XLV3HUHUDFRQFHMDO
GHOHJDGR GH 0HGLR $PELHQWH GHO $\XQWDPLHQWR GH /D
2URWDYD
 /RV FXOWLYRV SUHGRPLQDQWHV VRQ ODV KRUWDOL]DV
REWHQLGDV GH VHPLOODV ORFDOHV 7RPDWHV SDSDV FHEROODV
FDODEDFLQHV FDODED]DV KDELFKXHODV FRQIRUPDQ XQ
SDLVDMHYLVWRVR\GHJUDQFRORULGR(VWiQHQSOHQRDSRJHR
&RQWULEX\HQWDPELpQDHVWDLPDJHQODVSODQWDVDURPiWLFDV
DGHPiVGHRWUDVUHSHOHQWHV\DWUD\HQWHVGHLQVHFWRVFRQ
HO REMHWLYR GH GHIHQGHU D ORV FXOWLYRV GH ODV SODJDV VLQ
UHFXUULU D ORV SURGXFWRV TXtPLFRV /RV IUXWDOHV TXHGDQ
&HQWUR GH (GXFDFLyQ$PELHQWDO 0XQLFLSDO &($0 \ HO WpFQLFR GHVFDUWDGRV SRU FXHVWLRQHV REYLDV GH DSURYHFKDPLHQWR
0DUWtQ IXHURQ ORV HQFDUJDGRV GH WUDEDMDU \ HODERUDU HO WH[WR GHODVSDUFHODV+DFHQXVRGHODHQHUJtDIRWRYROWDLFD\GH


  3DUDORVTXHLJXDOTXH$QWRQLRTXHDFFHGLyDXQDGH
HVWDVSDUFHODVVLQH[SHULHQFLDHQDJULFXOWXUDHOSURJUDPD
GLVHxDGRSRUHO$\XQWDPLHQWRGH/D2URWDYDFRQWHPSODXQ
FXUVR IRUPDWLYR SUHYLR SDUD DSRUWDU D ORV SDUWLFLSDQWHV ORV
FRQRFLPLHQWRV QHFHVDULRV SDUD VDEHU SRU GRQGH HPSH]DU
´1XHVWUDPHWRGRORJtDHVRULHQWDWLYDSDUDTXHDGTXLHUDQXQDV
QRFLRQHVEiVLFDV\DSDUWLUGHDKtVHDQHOORVTXLHQHVGLULMDQ\
WXWHOHQVXSURSLRKXHUWRDGHPiVGHPRWLYDUOHVDLQYHVWLJDU
\GHVFXEULUVREUHORVFXOWLYRV\ORVVLVWHPDVGHSURGXFFLyQµ
DSXQWDHOWpFQLFRGHOSUR\HFWR
 (O SURFHGLPLHQWR SDUD DFFHGHU D HVWRV KXHUWRV
XUEDQRV VH GLIXQGH D WUDYpV GH OD ZHE PXQLFLSDO FDUWHOHV
WUtSWLFRV LQIRUPDWLYRV R PHGLRV GH FRPXQLFDFLyQ (VWiQ
GLULJLGRV D FXDOTXLHU FLXGDGDQR PD\RU GH HGDG TXH HVWp
HPSDGURQDGR ORV QLxRV \ MyYHQHV DFFHGHQ D WUDYpV GH ORV
FHQWURV HGXFDWLYRV \ VHD UHVLGHQWH HQ HO PXQLFLSLR GH /D
2URWDYD /DV SDUFHODV VH DGMXGLFDQ SRU VRUWHR S~EOLFR HQ
SUHVHQFLD GH WRGRV DTXHOORV YHFLQRV TXH SUHVHQWDURQ OD
VROLFLWXG HQ HO UHJLVWUR PXQLFLSDO HQ HO SOD]R HVWLSXODGR
0DUWtQ GLFH TXH QR KDFH IDOWD DQLPDU D OD JHQWH SRUTXH OD
GHPDQGD HV VXSHULRU D OD RIHUWD +D\ PXFKRV HQ OLVWD GH
HVSHUD´DTXLHQHVOHVWRFDXQRGHHVWRVKXHUWRVORIHVWHMDQ
FRPR VL OHV KXELHUD WRFDGR OD ORWHUtDµ &DGD KRUWHODQR VH
FRPSURPHWH D PDQWHQHU VX SDUFHOD DSOLFDU ODV HQVHxDQ]DV
DSUHQGLGDV VDOYDJXDUGDU OD FRQYLYHQFLD \ DFHSWDU HO
5HJODPHQWR0XQLFLSDO$JUtFROD/RVXVXDULRVSDJDQXQDFXRWD
GHHXURVDODxRSDUDHOPDQWHQLPLHQWRGHODVLQVWDODFLRQHV
GHDJXDGXUDQWHXQPi[LPRGHGRVDxRVDGHPiVGHDSRUWDU
ORVXWHQVLOLRVGHODEUDQ]D

(OQ~PHURGHGHPDQGDQWHV
SDUDDFFHGHUDXQKXHUWR
XUEDQRKDFUHFLGRHQORV
XQDHURJHQHUDGRUSDUDPRYHUHODJXDGHOOXYLDTXHUHFRJHQ
\DOPDFHQDQHQGHSyVLWRVTXHOXHJRHPSOHDQSDUDHOULHJR
~OWLPRVDxRV
$GHPiV VH KD UHFXSHUDGR \ UHFLFODGR PDWHULDO GH GHVHFKR
PDGHUDGHSDOpVDVWLOODVDFHURHWFSDUDIDEULFDUYDOODV
FRQVWUXLUFDPLQRV\OHYDQWDUVXSURSLRYLYHURGRQGHHVSHUDQ
GLVSRQHU GH XQ EDQFR GH VHPLOODV SURSLR D FRUWR SOD]R
7RGDV ODV SDUFHODV FXHQWDQ FRQ FRPSRVWHUDV \ HQ EUHYH
XQDYH]UHFXSHUDGRHOHVWDQTXHTXHKD\DODHQWUDGDGHOD
ILQFD FRQ DJXD GH JDOHUtD OD SRQGUiQ D GLVSRVLFLyQ GH ORV
KRUWHODQRV &RQ ODV SURGXFFLRQHV REWHQLGDV VH DOLPHQWDQ
PXFKDVIDPLOLDV7RGRHVSDUDDXWRFRQVXPR(VWiSHUPLWLGR
HOWUXHTXHSHURQRODYHQWD
(O$\XQWDPLHQWR\DKDDGMXGLFDGRODVWUHVIDVHVGHO
SUR\HFWR(QODSULPHUDVHVRUWHDURQSDUFHODVPLHQWUDV
TXH HQ OD VHJXQGD \ OD WHUFHUD  \  UHVSHFWLYDPHQWH
/D PD\RUtD GH HOODV VRQ LQGLYLGXDOHV SHUR WDPELpQ ODV KD\
FRPXQHV HQ ODV TXH WUDEDMDQ YDULRV KRUWHODQRV GH PDQHUD
FRQMXQWD R LQFOXVR XQ FROHJLR TXH FDUHFH GH KXHUWR HQ
VXV LQVWDODFLRQHV \ KDQ FRQVHJXLGR TXH SDGUHV \ DOXPQRV
FRPSDUWDQ HVWD H[SHULHQFLD 'DGR HO p[LWR REWHQLGR \ OD
HQRUPH GHPDQGD H[LVWHQWH SDUD DGTXLULU HVWRV KXHUWRV HO
$\XQWDPLHQWRHVWiEXVFDQGRQXHYDVSDUFHODVHQHOPXQLFLSLR
SDUDTXHVLUYDQGHLJXDOPDQHUDDHVWHSURSyVLWR
$QWRQLR *RQ]iOH] HV XQ SURIHVRU GH HGXFDFLyQ
ItVLFD DO TXH VH OH DGMXGLFy XQ KXHUWR KDFH SRFR PiV GH
XQ DxR 'HILQH HVWD H[SHULHQFLD FRPR ´HQULTXHFHGRUD SRU
OR TXH DSUHQGHV \ SRU OR TXH WH DSRUWDµ &XOWLYD XQ SRFR
GH WRGR FHEROODV EHUHQMHQDV FDODEDFLQHV KDEDV SXHUURV
\ EHWHUUDGDV /H GHGLFD XQD KRUD D OD VHPDQD \ SRU VX
HQWXVLDVPRSDUHFHTXHVHODKDFHSRFR&RQVLGHUDTXHSDUD
REWHQHU PHMRUHV UHQGLPLHQWRV HQ OD FRVHFKD HV QHFHVDULR
WUDEDMDU PiV OD SODQLILFDFLyQ GH FXOWLYRV \ DSOLFDU XQ EXHQ
FRPSRVW
 /XLV3HUHUDVHxDODTXH´FRQHVWHSUR\HFWRQRVROR
VHKDQFXPSOLGRODVH[SHFWDWLYDVTXHQRVSODQWHDPRVHQXQ
SULQFLSLR HV GHFLU FUHDU XQ HVSDFLR XUEDQR PXOWLIXQFLRQDO
GLULJLGRDODXWRFRQVXPRODSDUWLFLSDFLyQDFWLYDODVSUiFWLFDV
GHDJULFXOWXUDHFROyJLFDHOIRPHQWRGHODLQWHJUDFLyQVRFLDO
R HO XVR HGXFDWLYR GHO VXHOR VLQR TXH VH KDQ VXSHUDGR FRQ
FUHFHV HQ DVSHFWRV FRPR OD VROLGDULGDG VRVWHQLELOLGDG HO
UHVSHWRODFRQYLYHQFLDDVtFRPRXQDIXQFLyQVDOXGDEOH3RU
WRGRHOORHVWDPRVDQWHXQSUR\HFWRHQPLRSLQLyQ~QLFR\D
TXHHQJOREDDWRGDODVRFLHGDGUHFRQYLUWLHQGRXQHVSDFLRHQ
XQSULQFLSLREDOGtRHQXQHVSDFLRSURGXFWLYRDJUDULRµ
 (VWD VLQJXODULGDG HV OD TXH KD SURSLFLDGR TXH ORV
KXHUWRV XUEDQRV GH /D 2URWDYD VH KD\DQ FRQYHUWLGR HQ XQD
SURSXHVWDDLPLWDUSRURWURVPXQLFLSLRVHQXQPRGHORVRFLDO
GHLQWHUpVSDUDOD8QLYHUVLGDGGH/D/DJXQDDVtFRPRHQXQ
SXQWRGHYLVLWDSDUDORVWXULVWDV´7RGDVODVYDORUDFLRQHVVRQ
PX\ SRVLWLYDV \ TXLHQHV QRV YLVLWDQ VH VRUSUHQGHQ SRU OD
IRUPDHQODTXHVHHVWiWUDEDMDQGRODDJULFXOWXUDHFROyJLFD
\ SRU OD LQWHJUDFLyQ VRFLDO FRQVHJXLGDµ VXEUD\D HO WpFQLFR
1LFROiV 0DUWtQ 5HFXHUGD DGHPiV TXH FRQ HVWH SUR\HFWR VH
HQVHxDDTXHODDJULFXOWXUDHVOD~QLFDDFWLYLGDGTXHSHUPLWH
REWHQHUDOLPHQWRV´(OSUREOHPDHVTXHGXUDQWHHOSURFHVR
\GHELGRDODLQWHUYHQFLyQGHORVLQWHUPHGLDULRVTXLHQHVVH
OOHYDQODPD\RUSDUWHGHODVJDQDQFLDVORVDJULFXOWRUHVVDOHQ
SHUMXGLFDGRVSRUTXHVRQORVTXHPHQRVUHFLEHQ$~QDVtFUHR
TXH HO IXWXUR HVWi HQ OD DJULFXOWXUD SHUR VREUH WRGR HQ OD
HFROyJLFD(VSDxDHVHOPD\RUSURGXFWRUGH(XURSD\HQHVWH
VHQWLGRSRGHPRVFRQVHJXLUXQLPSRUWDQWHQLFKRGHUHFXUVRV
\HPSOHRTXHKD\TXHVDEHUH[SORWDUµ(OKXHUWRXUEDQRHV
VRORHOSULQFLSLRKDEUiTXHYHUKDVWDGRQGHVHSXHGHOOHJDU

 HQWUHFDOGHURV
8QYROFiQ
GHVDERUHV
(OUHVWDXUDQWH6WUDWYV
7HUUD]D*ULOOGH/DQ]DURWH
D~QDHOSURGXFWRORFDOFRQ
XQHQWRUQRYROFiQLFR\
VLQJXODUFRPROD*HULD
( OHQWRUQRHVLPSRUWDQWHHQPXFKDVVLWXDFLRQHV&XDQGRGHORTXH
VHWUDWDHVGHJDVWURQRPtD6LDODHODERUDFLyQGHXQEXHQSODWRVH
OH VXPD XQ DPELHQWH VLQJXODU \ SURSLFLR OD GHJXVWDFLyQ HV GREOH
(VWR HV OR TXH KD FRQVHJXLGR HO UHVWDXUDQWH 6WUDWYV 7HUUD]D *ULOO
GHVGH TXH DEULHUD VXV SXHUWDV HQ HO DxR  HQ HO PXQLFLSLR GH
<DL]D /DQ]DURWH DO DXQDU HO SDLVDMH GH OD *HULD FRQ OD SURPRFLyQ
GHOSURGXFWRORFDOGHODLVODODVFDUQHVORVSHFDGRVODVOHJXPEUHV
ORVTXHVRVODVKRUWDOL]DV\SRUVXSXHVWRORVYLQRVSRUORVTXHHV
FpOHEUHODLVODWDQWRGHQWURFRPRIXHUDGH&DQDULDV
 &RPR HQ WRGRV ORV UHVWDXUDQWHV HO WUDEDMR HQ HTXLSR \ OD
ORJtVWLFDVRQIXQGDPHQWDOHVSDUDTXHWRGRIXQFLRQHDODSHUIHFFLyQ
SHUR WDPELpQ SDUD PDQWHQHU HO QRPEUH GH XQ HVWDEOHFLPLHQWR GH
HVWDV FDUDFWHUtVLWLFDV FRQ HO UHFRQRFLPLHQWR GH ORV HPERWHOODGRV
TXHOHUHVSDOGD3HVHDVXFRUWDWUD\HFWRULD6WUDWYV7HUUD]D*ULOOKD
VDELGRDGDSWDUVHUiSLGDPHQWHDOFRQWH[WRGHFULVLV\VHJ~QH[SOLFDVX
PDLWUH-RDTXtQ6iQFKH]´HOVHFUHWRSDUDPDQWHQHUQXHVWUDFOLHQWHOD
UHVLGHHQHOVHUYLFLRTXHRIUHFHPRVODFDOLGDG\YDULHGDGGHQXHVWURV
SODWRVFRQSURGXFWRVVLHPSUHIUHVFRV\GHWHPSRUDGDDXQRVSUHFLRV
DVHTXLEOHVSDUDFXDOTXLHUEROVLOORµ
 /DFDUWDHVWiQXWULGDGHH[TXLVLWHVHVSDUDDEULUHODSHWLWRGH
ORV FRPHQVDOHV PiV H[LJHQWHV HQ PDWHULD SULPD FDQDULD FURTXHWDV
GH FKHUQH TXHVR IUHVFR DVDGR FRQ PRMRV GH OD FDVD JDUEDQ]DV
FRPSXHVWDV GH /DQ]DURWH FDEULWR IULWR FRQ DMRV WLHUQRV \ SHUHMLO
/DVFDUQHVORV
YLQRVORVTXHVRV
\ODVOHJXPEUHV
GHODLVOD
FRQIRUPDQVXV
SULQFLSDOHVSODWRV
FRUGHUROHFKDODVDGRHQKRUQRGHOHxDFRFKLQLOORQHJURFRQILWDGRR
VROLPLOOR\FKXOHWyQGH-HUVH\<SRUVLDDOJXLHQOHKDTXHGDGRKXHFR
SDUD HO SRVWUH OD FDVD RIUHFH IODQ FDVHUR FRQ YLQR 0RVFDWHO 6WUDWYV
DFRPSDxDGR GH KHODGR GH WXUUyQ FRQ JDOOHWD GH DOPHQGUD PROLGD
IUXWDGHWHPSRUDGDWRUULMDVDUWHVDQDVFRQFDQHODPROLGDRWDUWDGH
TXHVRFRQFKRFRODWHQHJUR
 /DV FDUQHV \ ORV TXHVRV SURFHGHQ GH )LQFD GH 8JD 8QD
H[SORWDFLyQ JDQDGHUD VHPLH[WHQVLYD \ VRVWHQLEOH XELFDGD HQ HO
SXHEOR ODQ]DURWHxR TXH OH GD QRPEUH \ TXH DOEHUJD XQD SHTXHxD
LQGXVWULD TXHVHUD DUWHVDQDO GH GRQGH VDOHQ KDVWD  UHIHUHQFLDV
GH TXHVRV GLIHUHQWHV 0XFKRV GH HOORV SUHPLDGRV HQ FHUWiPHQHV
UHJLRQDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV6XVSURPRWRUHVHOLPSXOVRU
GHO SUR\HFWR -XDQ )UDQFLVFR 5RVD \ HO PDHVWUR TXHVHUR )UDQFLVFR
)DEHORDEULHURQODVSXHUWDVHQ7UHVDxRVPiVWDUGHVHFRQYHUWtD
FRQ HVWRV SURGXFWRV HQ HO SULQFLSDO DEDVWHFHGRU GHO UHVWDXUDQWH
6WUDWYV
 /RSHFXOLDUGHODH[SORWDFLyQHVHOWUDWRTXHOHGLVSHQVDQDO
JDQDGRFDEUDVPDMRUHUDVRYHMDVFDQDULDVYDFDVMHUVH\
\XQVLJQLILFDWLYRQ~PHURGHODUD]DFRFKLQRQHJURFDQDULRTXHHVWiQ
LQWHQWDQGRUHFXSHUDUTXHVRQDOLPHQWDGRVFRQSDVWRQDWXUDO\WLHQHQ
OLEHUWDG SDUD PRYHUVH SRU ODV LQVWDODFLRQHV DO WLHPSR TXH HVFXFKDQ
P~VLFDSRUXQRVDOWDYRFHV&RQHVWDVFRPRGLDGHVQRHVGHH[WUDxDU
TXHODFDUQHGHHVWRVDQLPDOHVVHFDUDFWHULFHSRUVXFDOLGDGVXVDERU
\VXDOWRYDORUQXWULWLYRSRUORTXHFXDQGRDFXGDQDOUHVWDXUDQWHQR
GHMHQGHSHGLUODPiVTXHQDGDSRUGHOHLWH




HVWUHOODGHHVWHUHVWDXUDQWH


DTXtµ 5HFRQRFH TXH D OD

JDVWURQRPtDFDQDULDOHIDOWDPiV
SURPRFLyQ \ PD\RU FRPSURPLVR
SRU SDUWH GH OD UHVWDXUDFLyQ
SDUD XVDU HQ OD FRFLQD ODV
SURGXFFLRQHVGHOSDtV´1RWRGRV
ORV UHVWDXUDQWHV GH OD LVOD OR

³$ODJDVWURQRPtD
FDQDULDOHIDOWD
PiVSURPRFLyQ\
PiVFRPSURPLVR
SRUSDUWHGHOD
UHVWDXUDFLyQ´
-RDTXtQ6iQFKH]
PDLWUHGHO
UHVWDXUDQWH

KDFHQSRUTXHHOSURGXFWRFDQDULR
VXHOH VHU PiV FDUR DO VHU IUHVFR
\ GH WHPSRUDGD \ VH GHFDQWDQ
SRU HO GH IXHUD DXQTXH GH HVWD
PDQHUD VH GHMD GH ODGR SDUWH GH
QXHVWUD LGHQWLGDG FXOWXUDO TXH
HV OR TXH UHDOPHQWH WHQGUtDPRV
TXH RIUHFHU D TXLHQHV QRV
YLVLWDQµ &RQFLHQFLDGRV FRQ HVWD
UHVSRQVDELOLGDG 6WUDWYV 7HUUD]D
*ULOO RUJDQL]D SHULyGLFDPHQWH

p[LWRHVWiDVHJXUDGR


6iQFKH]


 (/&,58(/2
'(6&5,3&,Ð1
(O FLUXHOR 3UXQXV GRPHVWLFD / SHUWHQHFH D OD
IDPLOLDGHODV5RViFHDVJpQHUR\VXEJpQHUR3UXQXV6HWUDWD
GH XQ IUXWDO GH FOLPDV WHPSODGRV KRMD FDGXFD GHVDUUROOR
PHGLR GH  D  P \ EDVWDQWH U~VWLFR /DV IORUHV VRQ
EODQFDV\VDOHQDQWHVTXHODVKRMDV/RVIUXWRVWLHQHQIRUPD
UHGRQGHDGD X RYDODGD GH GLPHQVLRQHV \ FRORUHV GLYHUVRV
DPDULOOR SiOLGR YHUGRVR R YLROiFHR 6X SXOSD HV ULFD HQ
D]~FDU\DOWDPHQWHDFLGXODGD
/D SRGD VH GHEH KDFHU ORV SULPHURV DxRV GH
25,*(1 IRUPDFLyQRSWDQGRSRUHOVLVWHPDHQYDVRGXUDQWHORVPHVHV
(XURSD &iXFDVR $QDWROLD \ 3HUVLD -DSyQ \ GHHQHURDIHEUHUR(VLPSRUWDQWHHOLPLQDUWRGRVORVFKXSRQHV
1RUWHDPpULFD VRQ ODV ]RQDV RULJLQDULDV GH HVWH IUXWDO (Q
&DQDULDV HO FLUXHOR VH LQWURGXMR GHVSXpV GH OD &RQTXLVWD
6HJ~Q 9LHUD \ &DOYLMR D ILQDOHV GHO VLJOR ;9,,, \D H[LVWtDQ
QXPHURVDV YDULHGDGHV \ D PHGLDGRV GHO VLJOR ;,; HUDQ
KDELWXDOHVHQODVPHGLDQtDV\]RQDVDOWDVGHODVLVODVVREUH
WRGRHQORVPXQLFLSLRVGHOHVWH\VXU
/2&$/,=$&,Ð1<9$5,('$'(6
(Q &DQDULDV H[LVWHQ DOUHGHGRU GH  KD GH HVWH
FXOWLYR GH ODV TXH  KD FRUUHVSRQGHQ D OD SURYLQFLD GH
6DQWD &UX] GH 7HQHULIH FRQ XQDV SURGXFFLRQHV GH XQDV 
UDPDVYLJRURVDVTXHVDOHQGHOWURQFRSULQFLSDO(QRFDVLRQHV
XQDFODUHRGHORVSHTXHxRVIUXWRVSHUPLWLUiXQDSURGXFFLyQ
GHWDPDxRFRPHUFLDO
6HUHFROHFWDDPDQRDQWHVGHODPDGXUDFLyQGHORV
IUXWRV GHVGH SULQFLSLRV GH MXQLR KDVWD VHSWLHPEUH SDUD ODV
YDULHGDGHVPiVWDUGtDV/DSURGXFFLyQSXHGHVHUPX\YDULDEOH
VHJ~QODYDULHGDGHGDG\]RQDSXHGHRVFLODUHQWUHORV
NLORVSRUiUERO
(1)(50('$'(6<3/$*$6
(QWUH ODV HQIHUPHGDGHV GHVWDFD HO RLGLR R FHQL]D
7P 'HVWDFDQ ORV PXQLFLSLRV GH )URQWHUD  +D 9DOYHUGH 6SKDHURWHFD SDQQRVD DGHPiV GHO FULEDGR R SHUGLJRQDGD
KD,FRGGHORV9LQRVKD\*LPDUKD :LOVRQRP\FHV FDUSRSK\OXV \ OD PROLQLRVLV 0RQLOLD
/DV YDULHGDGHV GH FLUXHORV VH GLIHUHQFLDQ SRU VX IUXFWLJHQD 5HVSHFWR D ODV SODJDV SLRMR GH 6DQ -RVp ORV
RULJHQHXURSHRVDVLiWLFRVRMDSRQHVHV\DPHULFDQRVDXQTXH SXOJRQHV \ OD FDUSRFDSVD VRQ ODV PiV FRPXQHV 6H GHEHQ
HVWRV~OWLPRVFDUHFHQGHLQWHUpVFRPHUFLDO3UHGRPLQDQORV FRPELQDU ODV PHGLGDV FXOWXUDOHV HOLPLQDFLyQ \ GHVWUXFFLyQ
JUXSRV MDSRQHVHV 3UXQXV VDOLFLQD /LQGO IUHQWH D ORV WLSRV GHUHVWRVGHSRGDV\KRMDVFDtGDVHQHOVXHORFRQHOXVRGH
HXURSHRV3UXQXVGRPHVWLFD//DVSULPHUDVVHGDQHQ]RQDV
SRFR IUtDV VRQ PiV MXJRVDV \ VX FRORU YDUtD HQWUH HO URMR
QHJUR \ DPDULOOR 'HVWDFDQ  ODV YDULHGDGHV *ROGHQ -DSDQ \
OD 6DQWD 5RVD /DV VHJXQGDV QHFHVLWDQ PiV IUtR VRQ PHQRV
MXJRVDV SHUR PX\ GXOFHV SRU OR TXH VH DSURYHFKDQ SDUD
HO GHVKLGUDWDGR R VHFDGR 6REUHVDOHQ ORV FXOWLYDUHV 5HLQD
&ODXGLD (Q &DQDULDV H[LVWHQ YDULHGDGHV WUDGLFLRQDOHV GH
JUDQ DUUDLJR FRPR OD FLUXHOD SHTXHxD DPDULOOD R GHO SDtV
%LFDFR\OD%ODQFDGHOSDtVHQWUHRWUDV
&21',&,21(6('$)2&/,0É7,&$6
(V XQD HVSHFLH TXH VH DGDSWD ELHQ D GLVWLQWDV
H[SRVLFLRQHV VRSRUWDQGR ODV EDMDV WHPSHUDWXUDV /DV
YDULHGDGHV MDSRQHVDV VRQ PiV H[LJHQWHV HQ WHPSHUDWXUD
\ KXPHGDG \ IORUHFHQ DQWHV GH DKt TXH VH FXOWLYHQ HQ ODV
]RQDVHVWH\VXU(QFDPELRODVHXURSHDVVRQPiVUHVLVWHQWHV
\FLHUWDVYDULHGDGHVUHTXLHUHQXQDEXHQDSDUDGDLQYHUQDO
9HJHWD\SURVSHUDELHQHQJUDQGLYHUVLGDGGHVXHORV
'HELGRDVXVLVWHPDUDGLFXODUVXSHUILFLDOWROHUDODKXPHGDG
\SXHGHYLYLUHQWHUUHQRVSRFRSURIXQGRVSHURVHFRPSRUWD
PXFKR PHMRU HQ VXHORV SURIXQGRV \ VDQHDGRV 3RU FRQWUD
HQDTXHOORVPX\VHFRVRFRQWHQGHQFLDDHQFKDUFDUVHQRVH
ILWRVDQLWDULRV /RV PHMRUHV UHVXOWDGRV VH REWLHQHQ GHVGH OD
FDtGDGHKRMDVDOKLQFKDGRGHODV\HPDV
3523,('$'(61875,7,9$6
/DVFLUXHODVVRQXQDVGHOLFLRVDV\QXWULWLYDVIUXWDV
GH WHPSRUDGD TXH SRVHHQ LQQXPHUDEOHV SURSLHGDGHV \
EHQHILFLRVSDUDODVDOXG$FW~DQFRPRXQSRWHQWHOD[DQWH
GHELGR D VX FRQWHQLGR HQ ILEUD HVWLPXODQ HO WUiQVLWR
LQWHVWLQDO D\XGDQ D UHGXFLU HO FROHVWHURO SURWHJH FRQWUD
SUREOHPDVFDUGLRYDVFXODUHVFRQWULEX\HDHOLPLQDUOtTXLGRV
HVHILFD]FRQWUDODKLSHUWHQVLyQDUWHULDOHVULFDHQILEUD
IyVIRURKLHUURVRGLRPDJQHVLRDJXDFDOFLRFREUHFLQF
VHOHQLR YLWDPLQDV $ & % % \ 1LDFLQD SUHYLHQH HO
FiQFHUGHFRORQUHGXFHHOULHVJRGHIRUPDFLyQGHFRiJXORV
HQODVDQJUH\D\XGDDODVPXMHUHVPHQRSiXVLFDVDUHWHQHU
HVWUyJHQRV
¢6$%Ì$648e"
 8QDGHODVYDULHGDGHVPiVFRQRFLGDVVRQODVFLUXHODV
5HLQD &ODXGLD TXH OOHYDQ HO QRPEUH GH OD 5HLQD &ODXGLD
GHVDUUROODQ
/$%25(6&8/785$/(6
$O VHU XQ IUXWDO U~VWLFR H[LJH SRFRV FXLGDGRV
/D SODQWDFLyQ VH UHDOL]D FRORFDQGR ORV SODQWRQHV D XQD
GLVWDQFLDGHPXQRVGHRWURV/RSULPHURHVUHDOL]DUHO
GH )UDQFLD  KLMD GH /XLV ;,, GH )UDQFLD \ GH
$QDGH%UHWDxDXQUHJHQWDPX\TXHULGDSRUHOSXHEORTXH
GHVWDFDEDSRUVXGXO]XUD
‡/DVFLUXHODVVHHPSOHDQHQODSUHSDUDFLyQGHFRQILWXUDV
PHUPHODGDVJHODWLQDV\VDOVDVDJULGXOFHVTXHDFRPSDxDQ
D FDUQHV \ FUHSHV 7DPELpQ VH SXHGHQ XWLOL]DU VHFDV
YHUDQRSUHFHGHQWHDODSODQWDFLyQXQRVKR\RVHQHOWHUUHQR
GH DO PHQRV  FP GH SURIXQGLGDG $ FRQWLQDFLyQ VH
DSRUWD FRPSRVW R HVWLpUFRO ELHQ KHFKR HQ HO IRQGR \ VH
OH DxDGH XQD FDSD GH WLHUUD PiV VXSHUILFLDO SDUD WHUPLQDU
GHUHOOHQDUHOKXHFRFRQHOUHVWRGHODWLHUUD/RVSODQWRQHV
VH SXHGHQ FRPSUDU FRQ ODV YDULHGDG \D LQMHUWDGD R SODQWDU
FLUXHODV SDVDV SDUD FRQVXPLUODV DO QDWXUDO FRFLGDV R
FRPRDFRPSDxDPLHQWRGHGLIHUHQWHVSODWRV
‡ (O FRORU URMR R PRUDGR GH OD FLUXHOD VH OD FRQILHUH
XQD VXVWDQFLD OODPDGD DQWRFLDQRV SLJPHQWRV QDWXUDOHV
SHUWHQHFLHQWHV DO JUXSR GH ORV IODYRQRLGHV SUHVHQWHV
HQ QXPHURVRV DOLPHQWRV IUXWRV IORUHV \ YHUGXUDV
HO SDWUyQ DOPHQGUR PHORFRWRQHUR R DOEDULFRTXHUR SDUD HVSHFLDOPHQWHHQXYDVWLQWDV\YLQRGHJUDQLQWHUpVSRUVX
SRVWHULRUPHQWHLQMHUWDUODYDULHGDGGHVHDGD SRGHUDQWLR[LGDQWH



(16$/$'$'(32//2
,1*5(',(17(6
8QDOHFKXJDURPDQD
8QDPDQ]DQD
1XHFHV
3HFKXJDGHSROOR
4XHVRFDQDULRFXUDGR
6DOVDURVD

35(3$5$&,Ð1
 6HKLHUYHODSHFKXJDGHSROOR6HODYD\VHSLFDODOHFKXJDPX\ÀQLWDODPDQ]DQDVHFRUWDHQ
FXDGULWRVVHGHVPHQX]DHOSROOR\VHSLFDQODVQXHFHVDOLJXDOTXHHOTXHVR6HPH]FODWRGRPX\ELHQ
VHFRORFDHQXQDIXHQWH\VHHQIUtDHQQHYHUD(QXQDVDOVHUDDSDUWHVHWLHQHODVDOVDURVDSDUDDxDGLU
VREUHODHQVDODGDFXDQGRVHVLUYH

),/2
,1*5(',(17(6
8QUHGRQGRGHUHV
&LQFRFHEROODV
8QDFDEH]DGHDMR
9LQRWLQWR
8QDKRMDGH/DXUHO
(VSHFLDV GRV FODYRV QXH] PRVFDGD
\SLPLHQWD
$]~FDU
6DO
8QYDVRGHDJXD

35(3$5$&,Ð1

(QDFHLWHPX\FDOLHQWHVHIUtHHOÀORKDVWDTXHIRUPHXQDFRVWUDXQWiQGRORFRQHOD]~FDU6HSLFDQ
ODVFHEROODVHQWLUDV\VHDxDGHQFRQORVGLHQWHVGHDMRVHQWHURV&XDQGRODFHEROODHVWpWUDQVSDUHQWH
VHDxDGHHOYLQRHOODXUHO\XQFKRUULWRGHDJXDODVDO\ODVHVSHFLDV6HWDSD\VHGHMDFRFHUDIXHJR
OHQWRGXUDQWHGRVKRUDVDSUR[LPDGDPHQWH

0(5(1*8(66863,526
,1*5(',(17(6

KXHYRVVRORODVFODUDV
FXFKDUDGDVGHD]~FDUJODV
RPROLGD
/DUDOODGXUDGHXQOLPyQ

35(3$5$&,Ð1
  6H EDWHQ XQ SRFR ODV FODUDV HQ XQD EDWLGRUD D YHORFLGDG PHGLD OXHJR DxDGLPRV
HOD]~FDU\YROYHPRVDEDWLUDYHORFLGDGDOWDGXUDQWHXQRVRFKRPLQXWRVKDVWDTXHHVWpDSXQWRGH
QLHYH$OÀQDOVHDxDGHODUDOODGXUDGHOOLPyQ(QXQDEDQGHMDGHKRUQR\VREUHSDSHOYHJHWDOVHYDQ
FRORFDQGRFRQXQDFXFKDUDVRSHUDODVSRUFLRQHVGHPHUHQJXHVHSDUDGDV$FRQWLQXDFLyQVHLQWURGXFH
ODEDQGHMDHQHOKRUQR\VHFRORFDDXQDDOWXUDPHGLDDEDMDWHPSHUDWXUDFRQFDORUSRUDUULED\SRU
DEDMR\HOYHQWLODGRUGHOKRUQRDYHORFLGDGPHGLDGXUDQWHXQDKRUD3DUDFRPSUREDUTXHHVWiQOLVWRV
VHGHVSHJDXQRGHORVPHUHQJXHVVLHVWiQGRUDGRVSRUGHEDMRVHUHWLUDODEDQGHMD


 (/6(0,//(52
  5(&20,(1'$1(/&216802'((175('26<
&8$7525$&,21(6'(/(*80%5(66(0$1$/(6
 &RQ XQD GLHWD VHPDQDO GH HQWUH GRV \ FXDWUR UDFLRQHV GH
OHJXPEUHV VH SRGUtDQ FXEULU ODV QHFHVLGDGHV HQHUJpWLFDV GH QLxRV
DQFLDQRV \ HQIHUPRV ORV JUXSRV GH SHUVRQDV TXH PiV OR QHFHVLWDQ SDUD
GHVDUUROODUVH FRQVHUYDU PHMRU VXV IXHU]DV \ FRPR FRPEXVWLEOH SDUD ODV
GHIHQVDV GHO RUJDQLPR VHJ~Q VH KD VHxDODGR UHFLHQWHPHQWH HQ HO /9
&RQJUHVR GH OD 6RFLHGDG (VSDxROD GH (QGRFULQRORJtD \ 1XWULFLyQ 6((1
(QFXDQWRDODSRUWHGHHQHUJtDGHODHGDGDGXOWRORVH[SHUWRVDVHJXUDQ
TXHVHPDQWLHQHQ´UHODWLYDPHQWHFRQVWDQWHVµ\YDUtDVRORHQIXQFLyQGHO
HMHUFLFLRItVLFR

'(6$552//$181%,2),/75248( (/$/2(9(5$(&2/Ð*,&2
(/,0,1$/262/25(6(1*5$1-$6< 48,(5()250$53$57('(/$
9(57('(526 $/,0(17$&,Ð1

 ([SHUWRV HQ TXtPLFD \ ERWiQLFD GH ODV

 /D )XQGDFLyQ GH ,QYHVWLJDFLyQ 'HVDUUROOR H XQLYHUVLGDGHVGH&iGL]\$OFDOiKDQGHVWDFDGRHOIXWXUR
,QQRYDFLyQ HQ 0HGLR $PELHQWH )LGLPD FRQ VHGH HQ \SRWHQFLDOGHODORHYHUDHQODLQGXVWULDDJURDOLPHQWDULD
1DYDUUD KD GHVDUUROODGR XQD SDWHQWH GH ELRILOWUR TXH HVSDxROD \ HXURSHD FRPR DGLWLYR R FRPSOHPHQWR
LQFRUSRUD HO FXUWLGR GH SLHOHV \ TXH IXQFLRQD LJXDO R PiV
WLHPSRTXHRWURVPDWHULDOHVXWLOL]DGRVKDVWDDKRUDDGHPiV
GHVXSRQHUXQFRVWHPHQRU(VWHELRILOWURHV~WLOHQJUDQGHV
LQVWDODFLRQHVFRPRJUDQMDVRYHUWHGHURVSDUDPLQLPL]DUORV
PDORV RORUHV SURGXFLGRV SULQFLSDOPHQWH SRU HO DPRQLDFR
ORVVXOItGULFRV\ORVFRPSXHVWRVRUJiQLFRVYROiWLOHV\UHWHQHU
DOLPHQWLFLRDOVHUXQDOLPHQWRIXQFLRQDO\QXWULWLYRTXH
FRQWULEX\HDPHMRUDUHOHVWDGRGHODVDOXG\DUHGXFLU
HO ULHVJR GH VXIULU HQIHUPHGDGHV DGHPiV GH TXH VXV
EHQHILFLRV HVWiQ ´FLHQWtILFDPHQWH FRQVWDWDGRVµ (QWUH
ODV SURSLHGDGHV PHGLFLQDOHV GH HVWD SODQWD GHVWDFDQ
TXHUHJXODHOWUiQVLWRLQWHVWLQDOHYLWDHOHVWUHxLPLHQWR
QXWULHQWHVQLWUDWRV\IRVIDWRVTXHSXHGHQHPSOHDUVHFRPR HVHILFD]FRQWUDODSVRULDVLVRFRPRSURWHFWRUJiVWULFR\
DERQRDOILQDOGHOSURFHVR IRUWDOHFHHOVLVWHPDLQPXQROyJLFR

(/&216802'(9(5'85$638('(
5('8&,5(/5,(6*2'(&É1&(5'(0$0$6
 8Q HTXLSR GH LQYHVWLJDGRUHV GH OD 8QLYHUVLGDG GH %RVWRQ
KDFRQVWDWDGRDWUDYpVGHXQHVWXGLRUHDOL]DGRDFHUFDGH
PXMHUHV GH HQWUH  \  DxRV GXUDQWH  DxRV TXH OD LQJHVWD
GH YHUGXUDV HVWi UHODFLRQDGD FRQ XQ PHQRU ULHVJR GH SDGHFHU XQ
WLSR HVSHFLDO GH FiQFHU GH PDPD QR VHQVLEOHV D ORV HVWUyJHQRV
DVtFRPRGHGHVDUUROODUWXPRUHV(5QHJDWLYRV(QWUHORVYHJHWDOHV
TXHSDUHFHQWHQHUXQDPD\RULQFLGHQFLDHQODSUHYHQFLyQGHHVWH
WLSRGHHQIHUPHGDGHVHVWiQHOEUyFROLODFROYHUGHHOUHSROORROD
]DQDKRULD

)XHQWH(IHDJUR

)($'(5
 (8523$,19,(57((1/$6=21$6585$/(6