;{ILC;HI ILC?HN;F >IGCHAI& ,- >? D;H?CLI >? ,*,,
5HJLRQDO ++
3VLFyORJD DOHUWD SDUD R DXPHQWR GR ¶EXUQRXW· HP FRQWH[WR ODERUDO &DUROLQD )HUUHLUD DILUPD TXH FDGD YH] PDLV MRYHQV WUDEDOKDGRUHV WrP SURFXUDGR WHUDSLD SDUD OLGDU FRP R ¨EXUQRXW© GHFRUUHQWH GH XPD YLGD SURILVVLRQDO ¦GHVJDVWDQWH H VREUHFDUUHJDGD§ 0XLWRV WrP RSWDGR SRU VH GHVSHGLU GDV HPSUHVDV
J;OMNIL=B(=IG
=;LIFCH; GIL?CL; ][lifch[gil_cl[:[]ilc[hiilc_hn[f(jn
$ SVLFÃORJD FO¾QLFD &DUROLQD )HU UHLUD DOHUWD TXH FDGD YH] PDLV SHVVRDV SULQFLSDOPHQWH MRYHQV WUDEDOKDGRUHV W¼P SURFXUDGR WHUDSLD QRV ÈOWLPRV DQRV PD QLIHVWDQGR VLQWRPDV GH CEXU QRXW GHFRUUHQWHV GH XPD YLGD SURILVVLRQDO kGHVJDVWDQWH H VR EUHFDUUHJDGDy R TXH DFDUUHWDP FRQVHTX¼QFLDV Q·R Và SDUD RV LQ GLY¾GXRV FRPR SDUD DV SUÃSULDV HPSUHVDV 3RU CEXUQRXW HQWHQGH VH XP kV¾QGURPH GH HVJRWDPHQWR I¾VL FR H PHQWDO TXH YDL DFRQWHFHU HP VLWXD¹ÇHV ODERUDLV DOWDPHQWH GHV JDVWDQWHV TXHU D Q¾YHO I¾VLFR HPR FLRQDO FRJQLWLYR H FRPSRUWD PHQWDO DIHWDQGR D FDSDFLGDGH GH D SHVVRD OLGDU FRP HODV 3HUGHP VH RV OLPLWHV H D QR¹·R HQWUH D GL PHQV·R SHVVRDO H D SURILVVLRQDOy HVFODUHFH D SVLFÃORJD 6HJXQGR &DUROLQD )HUUHLUD HVWH TXDGUR FO¾QLFR WHP VLGR FDGD YH] PDLV HYLGHQWH HP WUDEDOKDGRUHV D SDUWLU GRV DQRV GH LGDGH Q·R VHQGR M³ XPD SHUWXUED¹·R kH[FOX VLYD GH SHVVRDV TXH HVW·R K³ PDLV WHPSR QR PHUFDGR GH WUDEDOKRy k3HOR FRQWU³ULR WHP VLGR FDGD YH] PDLV XP TXDGUR TXH VXUJH QD FKDPDGD JHUD¹·R CPLOOHQQLDO QDVFLGD HQWUH RV DQRV H TXH K³ VHQVLYHOPHQWH RX DQRV HQWURX QR PHUFDGR GH WUDEDOKR H YDL FRP H[SHFWDWLYDV GH WUDQVIRU PDU D VXD FRPXQLGDGH D VXD UH JL·R H LQYHVWLU QD VXD FDUUHLUD 0DV D YHUGDGH º TXH VH GHSDUDP FRP XPD FXOWXUD GH WUDEDOKR TXH FDGD YH] PDLV QRV LQFXWH R SUHVHQWLV PR LVWR º ID]HU PDLV KRUDV GR TXH DV HVWLSXODGDV QR KRU³ULR GH WUD EDOKR H HVWDU VHPSUH GLVSRQ¾YHO H QRV FRORFD HP SLORWR DXWRP³ WLFRy UHSDUD $ SVLFÃORJD UHDO¹D TXH RV SULQ FLSDLV VLQWRPDV GH CEXUQRXW SDV VDP SHOD kSHUGD GH DXWRUUHDOL]D ¹·R LVWR º D SHVVRD WHU VHPSUH XP VHQWLPHQWR GH IUDFDVVR RX GH LQ VDWLVID¹·R FRP D VXD SUHVWD¹·R H D VHQVD¹·R SHUPDQHQWH GH Q·R FRQVHJXLU OLGDU FRP D VREUHFDU JD ODERUDOy SDVVDQGR WDPEºP SHOD kH[DXVW·R HPRFLRQDO HP TXH R WUDEDOKR SDVVD D VHU YLVWR FRPR DOJR SHQRVRy
Jmc] fia[ [f_ln[ j[l[ [ h_]_mmc^[^_ ^_ m_ chp_mncl _g _mno^im mi\l_ [ m[ ^_ g_hn[f him ; il_m k7DPEºP K³ D TXHVW·R GD GHV SHUVRQDOL]D¹·R RX GHVXPDQL ]D¹·R HP TXH K³ XPD FHUWD LQ GLIHUHQ¹D H IULH]D ¯ DVVXPLGD XPD SRVL¹·R PDLV GLVWDQFLDGD FRP FRQWDFWRV PDLV LPSHVVRDLV VHP DIHWLYLGDGH HP TXH Và R FRUSR HVW³ SUHVHQWH H D SHVVRD GHVOLJD FRPR XPD IRUPD GH VH DXWRSURWHJHUy GL] $V SULQFLSDLV FDXVDV GR CEXU QRXW GH DFRUGR FRP &DUROLQD )HUUHLUD HVW·R DVVRFLDGDV D kOR FDLV GH WUDEDOKR SRXFR VDXG³YHLV RQGH H[LVWH XPD JUDQGH FRPSH WLWLYLGDGH TXH Q·R º SURPRWRUD GH PDLRU GHVHQYROYLPHQWR SDUD D HPSUHVD QHP SDUD R SUÃSULR FRODERUDGRU PDV VLP JHUDGRUD GH FRQIOLWRV ( RV FRQIOLWRV Và V·R SRVLWLYRV TXDQGR V·R GHYLGD PHQWH PHGLDGRV VHQ·R V·R CPREELQJ LVWR º CEXOO\LQJ QR WUD EDOKRy UHVVDOYD $OºP GLVVR VLWXD¹ÇHV HP TXH H[LVWH kDFXPXOD¹·R GH WDUHIDV LVWR º XPD SHVVRD QR WUDEDOKR ID] D IXQ¹·R GH WU¼V RX TXDWURy kSUH FDULHGDGH ODERUDOy kULJLGH] GRV KRU³ULRVy kLQIOH[LELOLGDGH GDV HP SUHVDVy kH[LJ¼QFLD H IDOWD GH
DSRLRy H kPDX DPELHQWH HQWUH FR OHJDV H FKHILDVy V·R WRGDV kSUR PRWRUDV GH WR[LFLGDGH ODERUDOy H SRGHP FRQGX]LU DR CEXUQRXW GRV WUDEDOKDGRUHV 6HJXQGR &DUROLQD )HUUHLUD kGDGRV GH TXH GR PHX SRQ WR GH YLVWD GHYLDP VHU DWXDOL]DGRV PRVWUDP QRV TXH HP 3RUWXJDO GDV SHVVRDV DWLYDV HVWDYD HP CEXUQRXW H HVWDYD HP ULVFR 6H DFUHVFHQWDUPRV DTXL TXHVWÇHV FRPR R WUDEDOKR UHPRWR RX R WH OHWUDEDOKR WHPRV XP DXPHQWR VLJQLILFDWLYR GH SHVVRDV D SURFX UDU WHUDSLD SHOD TXHVW·R GR CEXU QRXW 3HVVRDV TXH M³ WLQKDP SUR EOHPDV HP HVWDEHOHFHU OLPLWHV HQWUH D YLGD SHVVRDO H ODERUDO YL UDP LVVR DJUDYDGR FRP R WUDED OKR D HQWUDU GHQWUR GH FDVD QRV ÈO WLPRV GRLV DQRVy DOHUWD &RPR FRQVHTX¼QFLD D SVLFÃ ORJD DILUPD TXH kFDGD YH] PDLV WHPRV MRYHQV TXH RSWDP SRU VH GHVSHGLU H DOWHUDU R VHX SHUFXU VR SURILVVLRQDO FHQWUDGRV QD TXHVW·R GD VDÈGH SVLFROÃJLFD SHUFHEHQGR TXH PXLWDV GDV HQ WLGDGHV H GRV WUDEDOKRV HP TXH HVW·R LQVHULGRV Q·R Y·R DR HQ
FRQWUR GRV VHXV YDORUHV SHVVRDLV H ODERUDLV H TXH UHVXOWDP QXP GHFUºVFLPR GD VXD VDÈGH SVLFR OÃJLFD H DWº I¾VLFDy FRQVWDWD k3HVVRDV HQWUH RV H RV DQRV V·R DV TXH VH W¼P PDLV GHV SHGLGR 7DPEºP H[LVWHP SHVVRDV DFLPD GRV DQRV TXH R W¼P IHL WR PDV º PHQRV FRPXP SRUTXH W¼P PDLV D SUHVV·R FXOWXUDO GR WUDEDOKR SDUD D YLGD WRGD H D QR ¹·R GH HVWDELOLGDGHy H[SOLFD DFUHVFHQWDQGR TXH D JHUD¹·R CPLO OHQQLDO DOºP GH VHU D kPDLV EHP IRUPDGD GDV ÈOWLPDV GºFDGDVy SURFXUD kYDORUL]D¹·R SURILVVLRQDO H XP HTXLO¾EULR HQWUH D YLGD SHV VRDO H SURILVVLRQDOy $SHVDU GLVVR &DUROLQD )HUUHL UD GHVWDFD TXH kQHP WRGD D JHQ WH VH SRGH GHVSHGLU GH XP ORFDO GH WUDEDOKR WÃ[LFRy k2 GHVSHGL PHQWR VHULD D HVWUDWºJLD LGHDO PDV HVWDPRV QXP PHUFDGR QD FLRQDO H UHJLRQDO OLPLWDGR H WH PRV SRXFDV DOWHUQDWLYDV 6DEH PRV TXH D TXHVW·R ILQDQFHLUD WHP LPHQVR LPSDFWR QR QRVVR GHV HQYROYLPHQWR SHVVRDO SRU LVVR PXLWDV YH]HV DWº FKHJDUPRV ´ GH PLVV·R WHPRV XP SHUFXUVR PXL
WR ORQJR ,QFOXVLYH K³ SHVVRDV TXH GXUDQWH Y³ULRV DQRV V·R Y¾WLPDV GH CPREELQJ y VDOLHQWD 3RU HVVH PRWLYR D SVLFÃORJD FO¾ QLFD UHVVDOYD TXH Q·R VÃ RV WUDED OKDGRUHV W¼P GH FRPH¹DU D LPSRU OLPLWHV H D GL]HU CQ·R FRPR DV HP SUHVDV GHYHP WHU XP SDSHO PDLV DWLYR QD SUHYHQ¹·R GR CEXUQRXW k$QDOLVDQGR DV EDL[DV PºGLFDV GDV HPSUHVDV QR VHWRU SULYDGR H SÈEOLFR YDPRV SHUFHEHU TXH XPD WD[D VLJQLILFDWLYD V·R GH EDL[DV SVLTXL³WULFDV UHODFLRQDGDV FRP TXHVWÇHV GH WUDEDOKR ( XPD HP SUHVD TXDQGR WHP HVVH DOHUWD YHU PHOKR SUHFLVD GH SDUDU H VH UHRU JDQL]DU H HQWHQGHU TXH D VXD IRUPD GH IXQFLRQDPHQWR WDP EºP HVW³ D SRWHQFLDU LVWRy DOHUWD k1HVVH VHQWLGR º LPSRUWDQWH TXH RV KRU³ULRV H D FDUJD GH WUD EDOKR SHUPLWDP XP HTXLO¾EULR HQWUH D YLGD SHVVRDO H D SURILVVLR QDO FRP UHVSHLWR SHODV QHFHVVL GDGHV ILVLROÃJLFDV H HPRFLRQDLV GDV SHVVRDV ( D¾ SRWHQFLDU D FR PXQLFD¹·R LQWHUQD HVFODUHFHU R SDSHO GH FDGD SHVVRD QD VXD IXQ¹·R YDORUL]DU H FULDU XP VLV WHPD GH UHFRPSHQVDV TXH Q·R SDVVD VÃ SHOD TXHVW·R PRQHW³ULD PDV WDPEºP SRU DJUDGHFLPHQ WR H UHFRQKHFLPHQWR SRU SDUWH GDV FKHILDVy UHVVDOYD )DOWDP GDGRV VREUH VDÈGH PHQWDO QRV $¹RUHV $ SVLFÃORJD FO¾QLFD &DUROLQD )HU UHLUD FULWLFD R IDFWR GH Q·R H[LVWL UHP GDGRV DWXDOL]DGRV UHODWLYRV ´ VDÈGH PHQWDO QD 5HJL·R DOHU WDQGR SDUD D QHFHVVLGDGH GH kKD YHU HVWXGRV TXH QRV ID¹DP UHIOH WLUy VREUH HVWD PDWºULD k2 HVWXGR PDLV UHFHQWH º QD FLRQDO H º GH TXH QRV LQGL FDYD TXH XP WHU¹R GD SRSXOD¹·R D¹RULDQD WLQKD GLILFXOGDGHV GR SRQWR GH YLVWD SVLFROÃJLFR 6HP GÈYLGD TXH HVWDPRV FRP XP HV SD¹DPHQWR WHPSRUDO EDVWDQWH VL JQLILFDWLYR 3UHFLVDPRV GH ID]HU XP PDLRU LQYHVWLPHQWR QD ³UHD GD LQYHVWLJD¹·R DR Q¾YHO $¹RUHV SDUD TXH HVWHV GDGRV SRVVDP VHU DWXDOL]DGRV H DFLPD GH WXGR SDUD TXH VH SRVVDP FRQVWUXLU UHVSRV WDV WDQWR SÈEOLFDV FRPR SULYDGDV TXH Y·R DR HQFRQWUR GDV QHFHV VLGDGHV GDV SHVVRDVy GHIHQGH Ƈ