Peru is once again awakening international interest. The good prices of our export products, the macroeconomic strength and the expectations of greater political stability offer us an extraordinary opportunity. But good winds alone do not guarantee sustained growth, formal employment or well-being. To convert them into development we need decisions, reforms and institutions that work. On October 26 and 27, InPeru will perform its XIX Roadshow in New York. Entrepreneurs and representatives of the public sector will present opportunities to institutional investors, financial intermediaries and companies interested in the country. We want to mobilize resources from the capital markets and attract foreign direct investment into productive projects, infrastructure and new ventures. There are reasons to look at Peru with optimism. However, investors do not only evaluate profitability and natural resources. They also observe the stability of the rules, respect for contracts, legal certainty and the state’s capacity to make projects viable. An international presentation can open doors; Lasting trust is built with facts.
That is why the decision of the Chamber of Deputies to limit the delegation of legislative powers to citizen security and El Niño is worrying. The Senate is still debating the text and could introduce adjustments in these matters. But the economic reforms, investment promotion, support for MSEs and modernization of the State that the Executive had requested were left out. I do not question the importance of the priorities approved by Deputies. Without security, a healthy competitive market cannot function: extortion and illegal economies destroy businesses and opportunities. And preventing the effects of El Niño means protecting lives, infrastructure and production. Both emergencies deserve effective responses. What is worrying is that the development agenda has been relegated. Deputies have the right to delimit an exceptional delegation. But that attribution carries responsibility: examining the reforms on their merits, demanding technical support and preventing political calculation from replacing debate. Denying powers should not be equivalent to closing the door to proposals that could improve productivity and reduce informality. The Executive must also assume its part. It seems that he failed to convey the economic urgency with the same force as insecurity and disaster prevention. The growth of the coming years is not improvised when difficulties arise: it is built from the beginning of the government. Every month lost delays investments that require permits, infrastructure, financing and predictable rules.
Now it is time to present specific, technically supported and prioritized bills as soon as possible. They must be discussed first in the Deputies and then in the Senate, following a procedure that takes time. Precisely for this reason there is no room for inaction. The government must explain what problem each reform solves, how it will be implemented and what results it hopes to achieve; Congress must deliberate quickly, rigorously and willingly to agree. This agenda is not about favoring certain companies. It consists of opening opportunities for more Peruvians to undertake, compete and access formal jobs. Mypes need fewer barriers, financing, technology and better links with productive chains. Formalization must be a viable and attractive option, capable of expanding income, social protection and productivity. In addition, we enjoy favorable terms of trade, an advantage that may be temporary. If we settle for this bonanza while we postpone reforms, other countries will attract the capital and projects that we could attract today. Development requires seizing the moment, not waiting for it to disappear.
Citizens do not expect unanimity between powers. He expects the Executive and Legislative to work responsibly, negotiate differences and produce solutions. Governance focused on development is worth more than everyday bickering. And it constitutes the best signal for those considering investing in Peru. From InPerú we will bring to New York a message of confidence in the country’s potential. Hopefully we can accompany it with unequivocal signs of reformist commitment. Because behind every stopped project there are opportunities for employment, income and well-being that do not reach families. We have an opportunity that we should not waste. The responsibility is shared. And time counts. The well-being of millions of Peruvians requires action now.
*El Comercio opens its pages to the exchange of ideas and reflections. In this plural framework, the Diario does not necessarily agree with the opinions of the columnists who sign them, although it always respects them.
