5(3257$*(0 (',)Ý&,2 62/$5 ;;,
R HOHFWULFLVWD
UHYLVWD W¹FQLFR SURILVVLRQDO
0DULD -R¶R 0RUDLV
HGLI½FLR VRODU ;;,
^80 (;(03/2 '( (),&,Ù1&,$ (1(5*®7,&$`
2 HGLI½FLR TXH DFROKH R 'HSDUWDPHQWR GH (QHUJLDV 5HQRY²YHLV GR ,1(7, DSUHVHQWD XP FRQFHLWR LQRYDGRU GH FRQVWUX¸¶R HQHU JHWLFDPHQWH HILFLHQWH HP 3RUWXJDO $ LQWHJUD¸¶R GH VLVWHPDV DFWLYRV GH FDSWD¸¶R GH JDQKRV VRODUHV FRP VLVWHPDV SDVVLYRV GH DTXHFLPHQWR H DUUHIHFLPHQWR ID]HP GR 6RODU ;;, XP H[HP SOR SDUD FRQVWUXWRUHV H SURMHFWLVWDV
$ FRQMXJD¸¶R QXP ÇQLFR HGLI½FLR GD FDSWD¸¶R GD HQHUJLD VRODU QD VXD YHUWHQWH W¹UPLFD FROHFWRUHV VRODUHV H HO¹FWULFD VLVWHPD IRWR YROWDLFR UHVXOWRX QXPD FRQVWUX¸¶R H[HP SODU GR SRQWR GH YLVWD GD HILFL»QFLD HQHU J¹WLFD $ LQWHJUD¸¶R GHVWH VLVWHPD FRP VROX¸ÆHV SDVVLYDV GH GHVHPSHQKR W¹UPLFR GH YHQWLOD¸¶R H LOXPLQD¸¶R QDWXUDO ID] GR HGLI½FLR 6RODU ;;, SHUWHQFHQWH DR 'HSDUWDPHQWR GH (QHUJLDV 5HQRY²YHLV GR ,QVWLWXWR 1DFLRQDO GH (QJHQKDULD 7HFQRORJLD H ,QRYD¸¶R ,1(7, XP YHUGDGHLUR H[HPSOR GHPRQVWUDWLYR SDUD FRQVWUXWRUHV H SURMHFWLVWDV HP 3RUWXJDO 2 FRQFHLWR GR HGLI½FLR 6RODU ;;, WHP QR 6RO R VHX SULQFLSDO IRUQHFHGRU GH HQHUJLD $VVLP R FRQVXPR GH HOHFWULFLGDGH ¹ JDUDQWLGR DWUDY¹V GRV SDLQ¹LV IRWRYROWDLFRV LQVWDODGRV QD IDFKD GD 6XO HQTXDQWR TXH RV FROHFWRUHV VRODUHV RSHUDP FRPR VLVWHPD DX[LOLDU GH DTXHFLPHQ WR 1R H[WHULRU R SDUTXH GH HVWDFLRQDPHQWR HQFRQWUD VH WDPE¹P FREHUWR SRU SDLQ¹LV IR WRYROWDLFRV UHVSRQV²YHLV SHOD SURGX¸¶R GH HOHFWULFLGDGH TXH VH OLJD ³ UHGH FRPXP GR ,1(7, 7DPE¹P R DUUHIHFLPHQWR GR HGLI½FLR VHU² QDWXUDO H YDL UHFRUUHU ³ HQHUJLD VRODU $FWXDOPHQWH D TXDQWLGDGH GH HQHUJLD JHUDGD SHORV Y²ULRV VLVWHPDV TXH LQWHJUDP R HGLI½FLR
¹ VXILFLHQWH SDUD DVVHJXUDU FHUFD GH SRU FHQWR GDV VXDV QHFHVVLGDGHV WRWDLV DVVHJXURX DR u(OHFWULFLVWDv +¹OGHU *RQ¸DOYHV DXWRU H FR RUGHQDGRU GR SURMHFWR GH LQYHVWLJD¸¶R
DLQGD FRP DSRLR ILQDQFHLUR GR SURJUDPD GR 0LQLVW¹ULR GD (FRQRPLD H ,QRYD¸¶R GHVLJQD GR 3ULPH 3URJUDPD GH ,QFHQWLYRV ³ 0RGHU QL]D¸¶R GD (FRQRPLD +¹OGHU *RQ¸DOYHV Q¶R WHP GÇYLGDV HP DILU PDU TXH uR HGLI½FLR 6RODU ;;, FRQFUHWL]D RV HVIRU¸RV GR 'HSDUWDPHQWR GH (QHUJLDV 5HQRY²YHLV '(5 GR ,1(7, HP SURMHFWDU H FRQVWUXLU GH UDL] XP HGLI½FLR TXH SRVVD FRQVWUXLU XP H[ OLEULV GD HILFL»QFLD HQHUJ¹ WLFD HP HGLI½FLRV H GD XWLOL]D¸¶R GDV HQHU JLDV UHQRY²YHLVv 'H LJXDO PRGR GHVWDFD TXH uGHVWH SURMHFWR GH LQYHVWLJD¸¶R H GHVWH HGLI½FLR HVSHUD VH TXH SRVVD FRQVWLWXLU XP H[HPSOR H XP FDVR GH HVWXGR GRV VLVWHPDV H WHFQRORJLDV QHOH LQWHJUDGRVv
0ÂGXOR GH SDLQ¹LV IRWRYROWDLFRV FRP YHQWLOD¸¶R LQ IHULRU H VXSHULRU
&RP XP LQYHVWLPHQWR D FLIUDU VH QRV PLOKÆHV GH HXURV D FRQVWUX¸¶R SUHWHQGHX PRVWUDU TXH XP HGLI½FLR FRP HQHUJLDV DO WHUQDWLYDV ¹ XP PRGHOR HFRQRPLFDPHQWH YL²YHO GHYLGR ³ GLPLQXL¸¶R FRP RV FXVWRV GH H[SORUD¸¶R HQHUJ¹WLFD 2 SURMHFWR FRQWRX
&21)2572 7®50,&2 '85$17( 72'2 2 $12 2 HGLI½FLR WHP XPD ²UHD WRWDO GH PHWURV TXDGUDGRV GLYLGLGRV HP WU»V SLVRV XP GRV TXDLV VHPL HQWHUUDGR QD SDUWH 6XO 2V FRPSDUWLPHQWRV GH VHUYL¸RV H ODERUDWÂULRV IRUDP GLVWULEX½GDV GH PRGR SRGHU VH WLUDU R PDLRU SDUWLGR GD LQVROD¸¶R 2 REMHFWLYR GR SURMHFWR 6RODU ;;, LQDXJXUDGR HP -DQHLUR GH IRL FRQVHJXLU GRWDU