The Global Boardroom Day One Summary

11:20 – 11:30 GMT

Opening Remarks

John Ridding, Chief Executive Officer, Financial Times

Roula Khalaf, Editor, Financial Times

The coronavirus pandemic has carried on longer than expected. It’s been a rollercoaster ride of events and emotions

JR: There was some respite in the summer, severe second waves in the autumn, a sequence of daily record cases in the US over recent weeks, a second lockdown here in London... and then on Monday soaring sentiment on the news of significant progress in developing an effective vaccine.

RK: Back in May we were thinking about the end of lockdown. Governments were trying to find the right balance between re-opening economies over the summer without letting the virus slip out of control. Six months later, many countries in Asia have been able to move on and have the virus under control. In other countries, including the UK, US and Europe, the first experiments of living alongside the virus haven’t been successful, but we have made considerable progress in scientific and medical knowledge and in our ability to do business within the constraints of infection control.

There have been many important developments away from the pandemic - the US election, Brexit, US/China relations, Big Tech, climate change

JR: We’ve had a new US president, the messy denouement to the long-running saga of Brexit drags on, a growing decoupling of the US and China, and Big Tech on the march and at bay somehow at the same time.

RK: We will remember 2020 as one of the most dramatic, difficult, shocking years of our lives. There will be economic scarring and lingering social, financial and business costs. Yet there is some cause for optimism.

RK: There are three crucial issues as we look beyond the crisis. First and foremost, Joe Biden’s election – his victory represents a new era for America and he is going to bring a welcome revival of American leadership. Second, the IMF now recognises that austerity cannot be the answer in rebuilding economies; the IMF’s guidance is to borrow and spend. Third, climate change – the US will re-join the Paris climate accord, the EU has taken the lead with recovery plans to build back greener, and I’m encouraged that more of the CEOs I speak to see climate action as a priority for their companies.

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11:30 – 11:55 GMT

Keynote Interview

Justin Trudeau, Prime Minister, Canada

Moderator: Roula Khalaf, Editor, Financial Times

The US election – Canada can work with the new president

JT: My job is to work with whoever gets elected in the United States. Over the past four years we were able to renew the North American Free Trade Agreement, even with an American president who is still a little bit unpredictable and protectionist. I look forward to being able to talk with the new president much more about climate change and some of our other priorities.

The Canadian government has been among the most generous in the amount it has spent to support people, businesses and the economy during the coronavirus pandemic

JT: When the pandemic hit we realised the best way to get through this was to be there for Canadians. We decided we were going to do whatever it took, for as long as it took, to support Canadians.

Canada’s energy sector accounts for 10 per cent of the economy, much of it fossil fuel-based, but it is transitioning to cleaner energy

JT: We are phasing out coal-fired (electricity) plants across the country. The world continues to need fossil fuels but our companies are innovating tremendously to reduce carbon emissions.

A Canada/UK free trade deal should be in place by the end of the year before Brexit happens

JT: I spoke to Prime Minister Johnson a few days ago and told him we are on the edge of having an agreement. There are still a couple of little things to work out. We are ready to have it done before January 1. However, the UK hasn’t had to negotiate trade deals in the past few decades. There is an issue of not really having the bandwidth within government to move forward on this.

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12:00 – 12:45 GMT

Managing a Pandemic: Lessons learned in an unfolding crisis

Marc Casper, Chairman, President and CEO, Thermo Fisher Scientific

Yvonne Doyle, Medical Director and Director of Health Protection, Public Health England

Martin Lush, Vice President, Global Health Sciences Division, NSF International

Anders Tegnell, State Epidemiologist, Sweden

Moderator: Barney Jopson, Executive News Editor, Financial Times

The COVID-19 vaccine announced by Pfizer and BioNTech this week has generated a euphoric reaction around the world, which some feel is justified but others think may be overblown because it will take some time to roll out vaccination programmes.

YD: It is reasonable for us to be optimistic that a vaccine has been developed and that other vaccines will also appear during this pandemic. But it will not be available to the mass population quickly.

AT: It’s going to take a long time to vaccinate the population to stop the spread of the pandemic. We’re talking about six, seven or eight months.

MC: We don’t have any idea yet of what the duration of immunity is (with this new vaccine).

ML: It’s great news but it should be accompanied by very big ‘buts’… but we still need everybody to comply with social distancing, we still need everybody to wear masks, we still need to abide by the rules and guidance issued by our governmental authorities.

Sweden is not currently in lockdown and has stood out in Europe for not implementing a full legal lockdown at any stage, but it has still been hit hard

AT: The level of population immunity, or herd immunity, we are going to need is still a big mystery. It’s very difficult to understand how many people in a population have immunity and who have not. We are looking for a sustainable strategy. Yes, we see the numbers increasing from very low levels. We still have 75-80 per cent of ICU (intensive care unit) capacity left.

The world should be paying attention to the wider problems caused by the coronavirus lockdown measures, such as other health problems being neglected

AT: We haven’t talked enough about the side effects of lockdowns on public health and how we can alleviate them in the future.

MC: I am worried about all the doctor visits that haven’t happened over the last eight months and the unintended effects on the health of the population. Cancer doesn’t wait for a pandemic to end.

ML: My biggest fear is that we don’t learn from this pandemic. We need to be investing money to ensure this doesn’t happen again. Investing in public health systems, research and development targeted to prevention and solid cash put into a global emergency response.

YD: It would be wonderful if we spotted the economic opportunities that we have learnt about during this pandemic and we move to a greener economy.

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13:00 – 13:45 GMT

Moral Money Live: The role of business-based solutions in addressing the climate emergency

Jim Fitterling, Chairman and Chief Executive Officer, Dow

Andrew Morlet, Chief Executive, Ellen MacArthur Foundation

Takeshi Niinami, Chief Executive Officer, Suntory

Jay Rosen, Chief Financial Officer, The Red Sea Development Company

Moderator: Gillian Tett, Chair, Editorial Board, and Editor-at-large, US, Financial Times

Political intervention is not just welcome, it’s necessary

JF: No company or country can do this alone, the problems are too big, we all have to work together.

JF: A lot of American businesses are already signed onto Paris, including Dow; but we have to make sure everybody is signed on globally, otherwise we move the carbon problem elsewhere. We have to do it in a way where the whole world is working together to bring down CO2 emissions.

JR: With COVID, it’s become more important than ever to diversify Saudi Arabia and move away from fossil fuels.

Plastics are still critical to modern life; but in future they must be more widely recyclable and recycled on a greater scale

TN: Before the COVID crisis plastics were synonymous with necessary evil, but plastics have been critical for use in PPE among other applications.

AM: We have to take roughly 50 per cent of plastics growth out of the global business plan.

AM: It’s not enough to say that we’re providing recyclable plastics, they have to be consistently recycled globally.

Business models have to evolve; otherwise, economic growth will depend on the destruction of the environment

AM: We have to make a positive contribution to natural systems as we grow, rather than extracting value and causing collateral damage in the process.

AM: Addressing climate change solely through renewable energy concerns only gets us half way there - the rest comes down to changing business models.

JR: We’re looking to focus on creating regenerative business environments. There is of course a cost, but also ROI in the long term.

TN: Some innovative, smaller businesses have not been resourced enough to work with us until recently.

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14:00 – 14:45 GMT

Moving to Net Zero: How will COVID-19 reset the climate change agenda?

Carlos M. Duarte, Professor, Tarek Ahmed Juffali Research Chair in Red Sea Ecology, King Abdullah University of Science and Technology

Lynn Jurich, CEO, Sunrun

Rachel Kyte, Dean, The Fletcher School, Tufts University

Todd Stern, Senior Fellow - Foreign Policy, Energy Security and Climate Initiative, Brookings Institution

Moderator: Leslie Hook, Environment and Clean Energy Correspondent, Financial Times

The current crisis has changed international attitudes to climate change

CMD: Saudi Arabia has made it a priority to be in charge of climate stewardship.

LJ: To create change there is a formula of discomfort versus vision.

TS: The COVID crisis is leveraging the kind of funds that wouldn’t be possible otherwise.

CMD: The pandemic started due to our destruction of ecosystems. We need to fix both the climate and biodiversity if we are truly to protect ourselves.

Technology and innovation has now reached the stage where it can be widespread enough to affect real change

CMD: If we can have cyclical economies for plastics and carpets, why can’t we have one for the globe as a whole?

LJ: Battery storage and electric vehicles are coming down in cost, which will reshape our use of energy. Accelerating the use of this will make the necessary difference. If a homeowner converts to electric, they can save $2,000 a year.

The election of Joe Biden has the potential to create a race to the top in green action

RK: Solar and wind are not red state, blue state issues. There are very clear and obvious things that could be done to remove immediate pain points, and achieve the medium and long term objectives of curbing emissions.

RK: When the US joins the race, it tries to win. There is now the potential for a race to the top. With the return of the US, it will be harder for climate deniers to operate.

TS: China’s latest commitments to climate change won’t be enough unless they aim to get emissions under control this decade. By the 2030s it will be too late.

RK: We have the possibility for a green, hydrogen economy; but it requires research and development investment from a Biden administration.

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15:00 – 15:45 GMT

Cyber Security in the Post-Pandemic Era

Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard

Shafi Goldwasser, Professor and Director of the Simons Institute for the Theory of Computing, University of California, Berkeley

Deborah Petterson, Deputy Director for Private Sector Critical National Infrastructure, National Cyber Security Centre

Moderator: Dan Thomas, Chief UK Business Correspondent, Financial Times

Cyber criminals acted quickly when COVID hit

DP: With 95 per cent of the workforce in some companies moving to homeworking, [it struck me] how resilient our infrastructure was. But we saw how quickly criminals pivoted into this space: the fake cures, the fake testing equipment, fake PPE. Within two days of the furlough scheme being launched we saw scams. In March alone the National Cyber Security Centre took down more COVID-focused scams than any other scams. And the US saw something similar as well.

AB: With lockdowns, digital transactions at Mastercard went through the roof, so we had to make sure stakeholders, consumers and merchants were able to accept digital products safely. Contactless was doing very well before COVID, but this environment changed consumer behaviour – we saw a 40 per cent increase in contactless transactions. There was also a dramatic increase in cyber attacks and fraud.

DP: There is a threefold increase in ransomware, but it has also moved from just encryption of data to threats about releasing data, and moving into the operation technology space – a specialisation of looking into disruption power systems, gas pipelines.

Global collaboration is needed to fight security threats

SG: COVID has no geographical boundaries, and so collaboration is absolutely necessary to mitigate risks. We need to find new ways to collaborate in a secure fashion, but privacy regulation inhibits this.

AB: Everything is connected, and that creates more vulnerabilities. No one organisation can handle this alone. Cyber hacks at Mastercard became very frequent [during the pandemic], so we changed the algorithms in our fraud solutions, for example.

SG: Who do we trust? It has completely changed in this digital reality. We should have standardised encryption schemes. We need to get to it and speed up the standardisation process, which usually takes years — because we can’t trust anything that isn’t mathematics and technology. We need clarity — who is the enemy, what can we assume about trust models, what are the methods out there — and we need to do it quickly.

Organisations have to step up

DP: We wrapped ourselves around the NHS in a more interventionist way than we have ever seen. We had to innovate in a way we haven’t before.

AB: Everyone has to be responsible for making the system stronger — that’s the only way we can create a safer digital world. We have to work with regulators and governments to make sure there are standards that we follow. Unless everyone follows those standards we will have a broken world.

DP: In the past four years the NCSC has been focused on getting security intelligence out to industries more quickly so that they can better defend themselves. We held off tens of millions of attacks to the NHS. The public were receiving phishing attacks: 2.3m members of the public have reported suspicious emails, and we have taken down 20,000 urls that we did not previously know existed.

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16:00 – 16:45 GMT

Swamp Notes Live: US Presidential Election Analysis - The shape of things to come

Rana Foroohar, Global Business Columnist, Financial Times

Edward Luce, US National Editor, Financial Times

Peter Spiegel, US Managing Editor, Financial Times

Anne-Marie Slaughter, CEO, New America

People voted along socio-economic lines

PS: I was surprised by the Hispanic vote that shifted from Hillary Clinton in 2016 towards Donald Trump. The suburbs also reminded us that that is where elections are fought in America – this was where Joe Biden won the election.

RF: Identity politics is not what we thought it was. Look at the way the Latino vote was split: affluent Cubans in Miami concerned about democratic socialism on the left are not the same as a Puerto Rican immigrant family in New York. Identity may be more about class identity and economics than race and ethnicity. People began voting on economic interests. The knitting together of race and class is very interesting.

EL: We believed the polls because they were in accord with the world we saw around us. It’s a very divided country and it’s hard to see bipartisanship working well for the Biden administration in the circumstances.

AMS: The Democrats backed themselves into a corner by saying “we’re about health, and you’re about the economy” – that they would protect lives and Trump would protect jobs. Biden should have talked about lives and livelihoods.

There are still some fears of an attempted coup

AMS: The media has called it but the election is not certified. Until the votes are certified the election is not over – and until then Trump is within his rights to demand recounts. The Senate Republicans are not congratulating Biden because they are all focusing on keeping the majority in Georgia. They are not going to take any risks of alienating any part of Trump’s space. Even if Trump won the election he would have fired Secretary of Defence Mark Esper.

EL: If Trump still pushes once the election is certified, it gets into unconstitutional territory. I think Trump probably will fire CIA Director Gina Haspel, and FBI Director Christopher Wray – both are in his eyes disloyal. If they are fired this idea that a coup is going on is going to be given a rocketboost. The next 70 days are going to test all of our paranoid limits.

Predictions for the Biden presidency

EL: Continuity between the Obama administration and Biden, is that Mitch McConnell is Senate majority leader – it looks likely that he will again have the whiphand, and he’s got two main principles: no new taxes, which destroys the funding for Biden’s investment plans, and getting Conservative jurists confirmed. January 5 is massively important.

AMS: Biden is an internationalist and a multilateralist — he wants to engage the world. Whereas Trump is a 19th century great power politician who doesn’t believe in international institutions. A Biden foreign policy can be characterised by 3 Ds: Domestic renewal — investment in infrastructure, technology innovation, innovation and equity. They are clear that unless the US can repair itself it can’t lead. Democracy — Biden wants a free world. He will convene a G10 to focus on mobilising democracies — that is a long way from Obama. Deterrence — with dramatic modernisation. Make China think really hard about taking any action.

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17:00 – 17:45 GMT

The Future of Work post-COVID: A new paradigm

Susan Lund, Partner, McKinsey & Company

Nicola Mendelsohn, Vice President, EMEA, Facebook

Ann Mukherjee, Chairman & CEO, Pernod Ricard North America

Mark Read, CEO, WPP

Moderator: Sarah O'Connor, Employment Columnist, Financial Times

It is time to plan for long-term remote working

AM: The biggest thing people have to embrace is talk about the new normal — it’s become the “now normal”. This is now our way of living. We were already an agile company. We have dealt with this [at Pernod Ricard] with a lot of listening, and not being afraid to say “I don’t know”.

NM: 95 per cent of [Facebook] employees are still working remotely and most of our offices are closed. We are starting to think about what the world after this looks like. People that want to look at working remotely are now going to be able to do that. It’s an opportunity for people to look at how they want to work and how they want to live.

MR: Lots of things have got better, but we have to be careful about viewing it as a universally beneficial thing. Lots of people want to work remotely, but you’ve got a responsibility to train people, and you can’t do all of that from home.

We are entering phase two – which will be different

NM: Everybody’s used up that adrenaline that got us through the past six months. Now it’s about building digital muscle. Some companies were better placed to adapt and some just were not ready. As we go into winter months in the northern hemisphere, companies have to think about how they support employees’ mental health.

MR: People have worked really hard – [at WPP] they have worked morning, noon and night. Clients have seen people go above and beyond, and our [customer satisfaction] scores are noticeably up.

SL: When people go to offices I don’t think they will be sat in front of their computers. We can onboard new employees, forge new relationships — offices will start to look different, and to have more team rooms, collaboration spaces.

ML: It’s been a great period of self-reflection and has upended a lot of things. People have realised that things like your title, your status … are much less important in this environment. It’s who you are, how you behave.

Tips for working remotely

ML: My top tip for working remotely is to turn it into an advantage, not a disadvantage. I think there is creativity in how you do this. For example, we turned pitching into an art form on Zoom and we set up a studio to do them.

AM: Think back to what your life was like pre-COVID. What portion of your life was social, what was work… Don’t forget all of that. You have to be intentional and design your days to replicate that. If you can’t go to a bar to meet a friend, get a drink and meet them online.

NM: Recognise that the period we have gone through is not going to be the same as the one we are going into. Think about how to surprise and delight people. We do coffee roulette — you put your name down and then you get a video chat with people you have never met before from around the organisation. We use Oculus VR rooms as well, and you see each other as avatars in space, for example.

SL: Remote work can be really transactional. You have to create space for social time. It’s important to check in on everybody and hear about how they are getting on, their work, their family. We need to make individual outreaches to colleagues.

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Sessions 18.00-21.45 from Day One will be added here tomorrow morning GMT

18:00 – 18:25 GMT

Keynote Interview

Reid Hoffman, Co-founder, LinkedIn

Rock Khanna, Senior Partner, McKinsey & Company

Moderator: Hannah Murphy, Tech Correspondent, Financial Times

The pandemic has accelerated digital transformation extensively across all sectors and has presented many opportunities for growth

RH: You should view technology as not a “build-once” but as a constant investment. Technology invention is expensive, it has to be a core confidence and not something you build on the side. Don’t think everything should be the thing you should build and leverage technology from other people.

RK: Have a view on where you think you can win and invest behind it, do not invest somewhere you cannot see a real return.

Technology has been at the heart of society’s behavioural shift throughout the crisis

RK: When the pandemic hit, many people thought it was going to be a short-term phenomenon and they reacted like it would be. People’s mindset has shifted

RH: There will be more of a pattern of distributed work but digital tools will persist. Technology is changing the infrastructure of the way we work together.

Organisations that had previously invested in innovation are faring better than those who had not

RH: If you don’t have a technology strategy, you are probably already failing, the pandemic has made this more apparent.

RK: If someone offers a better experience than you, you may lose that customer. If you do offer a better experience, people will come your way and stay, putting a huge premium on leveraging technology.

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18:45 – 19:10 GMT

The Challenge of Treating and Preventing COVID-19

Anthony Fauci, Director, National Institute of Allergy and Infectious Diseases (NIAID)

Moderator: Hannah Kuchler, US Pharma and Biotech Correspondent, US, Financial Times

An exciting time for vaccines and is the end in sight?

AF: When you have respiratory-borne virus with the efficiency of COVID-19, you have to have a vaccine to see an end. I did not expect a result as striking as this. The good news is that there are other vaccines very close behind.

Global infection surges are a reminder that now is not the time to relax

AF: In the United States, in Europe and in the UK, we are in a very difficult situation. We are seeing major surges. Many of the states are having exponential increases in cases, even though the good news is here, but we should intensify our public health measures.

AF: If we all globally work together to intensify our efforts of control as the vaccine is starting the roll out, this is what we need to do. We are very very far from victory. One of the things I’ve learned over the decades, don’t ever get over confident and don’t assume anything.

The question of immunity remains unanswered

HK: Do you think we are likely to have to vaccinate again and again?

AF: We don’t know how this is going to act with regard to the durability of immunity, even though we are very excited about the high degree of efficacy of the vaccine. What we do not know is how long that immunity will last.

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19:35 – 19:55 GMT

The Urban Rethink: View from Los Angeles

Eric Garcetti, Mayor, City of Los Angeles

Moderator: Gillian Tett, Chair, Editorial Board, and Editor-at-large, US, Financial Times

Cities worldwide facing big medical, economic and fiscal challenges

EG: As a leader, whether in the private sector or public sector, this has absolutely been the most challenging of moments. I often say leadership isn’t defined by what we seek to do and how well we do it, but what we don’t expect to happen and how well we react to it.

Los Angeles has been one of the most proactive cities in the fight against COVID-19

EG: Los Angeles has been a lot of firsts in the United States. We were the first city to close down places of gathering, the first city to have a mask mandate, first city to offer city-wide testing, including asymptomatic people, and first to erase the race gap.

EG: Then there is the psychology of convincing people they should get the vaccine when there is a lot of propaganda over the years that all vaccines are bad. This is a moment where we need to impress upon people how crucial this is and if you don’t participate, you don’t participate in the economy.

Cities like Los Angeles are under immense fiscal pressure, which has only been made worse by the pandemic

EG: We’ve never lived through a moment like this. Luckily we built up our reserves to twice the strength of 2008 before the 2009 crash. The Trump Administration still has a moment to do the right thing to pass a package that wouldn’t just aid cities and states, but get to our key industries.

EG: We are paying out of pocket to do things like testing, not fully reimbursed. We are out of pocket to make sure our unhoused populations are in hotels and motels so they aren’t vulnerable and dying from COVID. We are the ones who are stepping up to give business assistance, to save small businesses, repurpose streets for outdoor dining. America will crumble if Washington doesn’t help America’s cities.

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20:00 – 20:45 GMT

The Urban Rethink: How will our cities be reshaped by the crisis?

Andy Burnham, Mayor of Greater Manchester

Vimal Kapur, President and CEO, Honeywell Building Technologies

Claudia López, Mayor of Bogotá

Xin Zhang, CEO and Co-Founder, SOHO China

Moderator: Hannah Murphy, Tech Correspondent, Financial Times

Reshaping employment may change how cities are used

HM: Cities have been bearing the brunt of COVID-19, according to the UN. Ninety per cent of COVID cases have been in urban areas.

AB: The challenge for recovery in cities will be harder, particularly as people will probably change how they work. This pandemic has stretched economic and social divides. We need to resolve to improve the quality of work for everybody coming out of this pandemic – improvement in pay, terms, flexibility and conditions.

XZ: What we have seen in China is that none of that doubt – about whether people would want to go back to cities – was realised. Once there’s no COVID people feel safe, life goes back to normal. You will still see 50 per cent of people in the street wearing masks because people get into the habit.

It’s time for greener cities

CL: We need to take advancing steps towards a digital, green social contract. We doubled the amount of cycle lanes in Bogota [this year]. We estimate 20-30 per cent of people who used public transport for work will not do so anymore because they will work from home — so we now have the worst deficit ever in public transportation funds. But we have the best air quality in Bogota’s history.

VK: We all collectively need to start doing something about climate change proactively, before it becomes another issue that the pandemic has become. How do we lay more standards of energy efficiency so that everything around us is more sustainable?

AB: The place to look for job creation is clearly in the green economy. [In Greater Manchester] we have a target to be zero carbon by 2038. We can start by retrofitting properties, making existing homes zero carbon.

Tech use has increased in this pandemic, but the cost of investment for cities is still high

XZ: Technology has been the big winner here.

XZ: There was a complete shutdown in China early on. Because it was so drastic, China was able to contain the virus, and by May we saw most buildings opened and people went back to work. We had infrared cameras in every entrance of the building, and everyone had a QR code to show they were COVID-free.

VK: We see customers demanding more technology to improve air quality in public spaces: restaurants, airport terminals, hospitals.

AB: We have long been talking in Greater Manchester about an integrated health and care record – all of a sudden the crisis made everyone go, right, let’s get this sorted.

AB: We need to start talking about digital connectivity as a human right. If you are delivering public services in that way you have to ensure that everybody has a device and connectivity.

CL: We are under enormous fiscal and economic pressure: we need to do more with less. We need to go deeper into the 21st century green economy, rather than dreaming that we need to get back to the old economy. The cost of access to technology and access to green jobs is still high and that’s the challenge.

VK: Every technology evolution eventually balances the technology versus economics. Think 10 years back about solar or wind energy, we thought it was never going to scale – that’s history now.

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21:00 – 21:45 GMT

LatAm Tech in the Spotlight: Opportunities for growth, leapfrogging and social impact

Ivonne Cuello, CEO, Association for Private Capital Investment in Latin America (LAVCA)

Marcos Galperin, Founder and CEO, Mercado Libre

Luis Alberto Moreno, Former President, Inter-American Development Bank (IDB)

Moderator: Michael Stott, Latin America Editor, Financial Times

Tech adoption is higher since COVID, but widespread connectivity is still a problem

LAM: The story four or five years ago, [compared with] today, is very different. Since COVID, people are adopting technology in ways we have never seen, but what’s holding it back from accelerating further is 50 per cent of Latin American people do not have access to smartphones or are not connected.

IC: A lot of the opportunity in tech comes from solving issues of inefficiencies and inequalities across the region.

Predictions for the next chapter in LatAm tech

IC: The growth of venture capital investment in Latin America exploded over the past few years and was doubling year on year since 2016. With the pandemic the numbers went down, but we still see strong demand for Latin American start-ups.

MG: The pandemic has supercharged ecommerce and fintech. It accelerated trends that were already happening in Latin America.

IC: Last year in terms of number of deals, healthtech was one of the most attractive sectors in the region. Now, with the pandemic, it has continued to show opportunities, along with education technology.

LAM: One of the big changes is going to be the use of electronic invoicing. Mexico today issues over 1.5m invoices a day. Using software as a service will also be critical in ecommerce, in the development of small businesses.

There are big opportunities for growth

LAM: For the most part, Latin American companies tend to stay in Latin America. The opportunity is enormous. We are still just touching a small percentage of the population and the work that still needs to be done in Latin America is so monumental.

MG: We need to increase our productivity. Labour productivity has remained stagnant for many years. The gig economy requires much more flexible labour laws – and we have a hard time reforming those labour laws.

MG: Governments have a role to play in helping incubators to get companies going. The key is to maintain policies across many different political administrations and through time – these types of things don’t give results immediately.

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21:45 – 21:55 GMT

Closing Remarks Day One

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