PRESS CONFERENCE
II ENTREPRENEURIAL SUMMIT
La Romana, Dominican Republic - May 2004


From left to right: Julio Mario Santo Domingo, José Pepe Fanjul,
Carlos Slim and Gustavo Cisneros

CARLOS SLIM
"The Fathers and Sons Entrepreneurial Summit" represented an interchange of business experience: It was an exchange of activities of the foundations belonging to the attending businessmen, of how each foundation works and an interchange of projects. A Latin America Association was founded through this very interchange in order to make it permanent; the importance of Latin American culture and identity was also discussed, together with the role played by the media in our culture. We also commented on the importance of basic facts, such as employment growth, and the situation of poverty. These are, fundamentally, the topics we broached. The work was done in three days and yesterday was especially intense as we interchanged ideas and proposals for over ten hours.

"We had the outgoing President of the Dominican Republic, Mr. Hipólito Mejía, in attendance, as well as Don Felipe Gonzalez, former President of Spain, and the acting President of Panama, Don Martin Torrijos".

THE PRESS: VENEVISIÓN, VENEZUELA
How is experience gained in social development and aid to the poor? Is this a new role, a new part for entrepreneurs to play in combating poverty?

GUSTAVO CISNEROS
Without a doubt, telecommunications are modern tools and constitute the instruments that need to be used in the educational process. For example, the internet. The use of the internet can be specialized to support education and can solve problems pertinent to growth development among Latin American countries. One of the things that arises from here is that each one relates his experiences.
Televisa tells theirs. The Globe Group tells theirs, The Cisneros Group tells of their experiences, the Slim Group tells theirs and so does the Santo Domingo Group. All these experiences were gathered together.

THE PRESS: LA VERDAD, ECUADOR
All the businessmen who are here are very important; together they can pay Latin America's foreign debt. The meeting being held at the moment brings about an evaluation of problems specific to Latin America but from an objective viewpoint, as seen from outside, they do not have the power to take decisions that could change the macroeconomic situations in their respective nations. In observing here two presidents of nations, one could imagine that a greater political closeness is being established so that these decisions could begin to be adopted and hence incorporated into the life of Latin Americans?

CARLOS SLIM
Well, I believe it that the comment regarding the experiential interchange and above all concrete proposals, adjustments regarding economic growth as well as an increase in the rate of employment was clear. It is fundamental that all segments in the private sector and their respective businessmen drive the financing and economic development of Latin America. That is to say, there are many projects that are not concluded in Latin America due to fiscal limitations. Many of those projects are deemed viable if undertaken by the private sector due to the limitations aforementioned. On the other hand, the problems caused by poverty will not be resolved by foundations which play an important role in the social aspect, but via employment.

THE PRESS: TELEVISA, MÉXICO
What results has this new meeting produced, given that it is the second one?

JOSÉ FANJUL
I think it has been great. We can observe great enthusiasm in the next generation for improving the situation in countries where democracy has been adopted.
Democracy works when people are well-fed and the country, as a whole, lives better. The concept of the common good is very important, both for the next generation as well as the older members. As we have seen in the United States, if large companies do something wrong, they have to suffer the consequences of the law. It is important that the next generation becomes aware of this situation, including judges, etc so that the law can truly be blind.

CARLOS SLIM
One should also add that many more young people were seen at this meeting and the majority of the presentations were submitted by them. There participation was very considerable and the interchange between them and with their seniors is also extraordinary. I am convinced that the next generation of young people is very strong and well educated, better prepared than we were, as there is great confidence in their contribution to the future of Latin America.

GUSTAVO CISNEROS
Well, we have to say that the group as such is an excellent group in terms of human qualities, with a great sense of social responsibility; it has clear ideas regarding what it wants for Latin America and how to achieve a prosperous, democratic and just continent. The combination of intelligence and diligence that these young people have demonstrated in this meeting is important, at least in the areas developed in relation to their respective countries.

THE PRESS: TELEVISA, MÉXICO
Ever growing globalization tends to eliminate frontiers but also the identity of each country. Do the media and business communities have a tendency to use their resources to promote national culture?

GUSTAVO CISNEROS
Well, media such as Televisa and Venevision are global companies certainly; however, we take great care to have local communication. We, ourselves, essentially export our culture, that is, in the case of Televisa and Venevision. Our Latin American ways of being are, to a great extent, known due to our soap operas shown in the United States. Every day, the quality our technical crew displays, both in human terms as well as technical expertise, in addition to its great variety, helps us to grow beyond our borders, always with the flag of our country flying. In second place is the Spanish language and in third place, the coverage we are given by Latin America.

JULIO MARIO SANTO DOMINGO
I would like to say, I am totally in agreement with what has been said here so far, and among all this, the main and most important element is to avoid situations like Cuba from occurring. The United States did not help to defend Cuba. On the other hand, the fact that we are all doing the same thing makes me believe that there will not be changes for the worse, because the friendship and understanding that exits here is useful in strengthening democracy. I think this is an important point to keep in mind regarding the union that exists nowadays among those in the business sector and the commitments all of us South Americans have in defending
South Americans. That seems very important to me.

THE PRESS: LA VERDAD, ECUADOR
Is the scenario exiting today in Latin America propitious for midterm investments?

GUSTAVO CISNEROS
Well, yes, I think so. Everything is very good. Brazil is doing fine, Mexico is doing well, Central America is good, Colombia is in good shape and so is the economic situation in Peru and Argentina. I think we have left the worst behind and have stabilized. We have two or three projects. Frankly, we think, in fact, that this year was a good year.

THE PRESS: LA VERDAD, ECUADOR
And Ecuador?

GUSTAVO CISNEROS
Ecuador is all right. In Ecuador, the macroeconomic figures, I think, lack more investment and perhaps better marketing of its own reality, and certain key elements like confidence. However, I think it has come through the worst, and certainly the panorama for Ecuador will definitely unfold if it has a sound project.

CARLOS SLIM
Well, I think all those sectors that have been left behind in Latin America are of great potential for investment. Of course, requiring much work. In all Latin American countries we have these stragglers, in infrastructure, housing and many other areas. These lingering situations are resolved with much work and investment potential.

JOSÉ FANJUL
The only thing I wanted to say is that Mr. Santo Domingo is a very important investor in Ecuador as, for example, he owns the brewery and there one can see the trust and the quality and one can see the power of confidence that they have and we have.

THE PRESS: LA VERDAD
What about corruption?

JULIO MARIO SANTO DOMINGO
I think that in a country where there is money, there is corruption.

CARLOS SLIM
I think that in order to abate or reduce corruption, in part, you need judicial security, crystal-clear rules and the gradual elimination of the arbitrary and the discretionary in official rulings.

JOSÉ FANJUL
Because the Law is applied to everyone.