#EnVivo Conferencia de prensa de Carlos Slim Helú

There, ready, finally, no, no, there. No. Okay, fine. Okay, okay, we'll lend it to each other. There are several topics, one of them is even though I wanted to do it quickly, it's better if we take a little while, it's a little history of how the group was formed. How it has been formed. How are you? Then a plan we have on behalf of the foundation. There are several foundations, right? Foundations we've worked on several fields intensely but we're going to do it very thoroughly and then comment on how we think the future of Mexico will be. So, what are the expectations? What happened? It has been 90 years to the present day. Then I'll start with the group. Well, I just wanted to tell you that in January, on January 31, 1955, I began to make my balance sheets. It's the first balance of the group, from the beginning of what is a group. Pesos with zeros become very back then they were 52985 in 2015 and in 2000 I say sorry in 1965, 55 in 1956 were $240.95 and by December 64 there were 373.85. That was the capital of the group. 1964 these were investments, etcetera, etcetera, and it is in 1965 where the group begins its development. In 1965 we entered a business of Jarritos del Sur bottling plant. It was called the other one was in Morelos and Guerrero. Activity of little jars, how good they are! How good they were! When State of Hidalgo, State of Mexico, etcetera, that was a very interesting company that we had in Cuernavaca that we developed. Afterwards there was a little jars for little cowboys and obviously sales were good. But also during we founded in 1965 Inbursa, which is where our financial group is located. Sorry, 1 million pesos, that was 8,000 and well, this year we're celebrating our 60th anniversary and have gone from being a house of the bag is always very solid in all aspects, including them in the banking of 95. Already of 65 in insurance company Mexico insurance of Mexico and we've already become that financial group cluster. Except in '93 when they already gave us the company's foundation is 60 years old. 84 is 40 years old, this is from 84 it has the of time invested in care. Efficiency operation is where it is today. It is among the five most results whether the third bank or very close to the third bank in results during this last. This is the financial group there. The companies are indeed in view of the cluster. I must say the expensive property that is the living date Dora Carzo. We acquired it in '76 under very good conditions, complicated in 1976, which is still part of us and part of our partner that we had since then at Galas de Mexico. 1976 and after the company had already come out ahead after 86, 76 days of strike and supply problems. As you can imagine, we made labels for cigarettes, for beers, for everything, but we also sold calendars which are unfortunately no longer used. Calendars was the leading company in calendars and also wrapping paper for gifts, etc. I had large work in that area. It continues to be a company that currently operates very efficiently. However, we had 12,000 clients at that time at Galas, 25% of the market, sorry, 25%, 26 of sales of Galas. That was the modern cigarette shop, remember? Each pack of cigarettes had various brands, parties, etc., etc. Well, they meant the 25th or 26th of the integrate. Then it stopped being a customer. Ours was integrated on its side. And so it was as this we acquire the competitor that's called Cigatam. In this company, Cigatam, we entered in 81, the year before the great catastrophe that financial institution we had and of there were problems, and well, this company that at that time had 25% of the market. Our partner was Philip Morris who was the owner of the brand, etc. It really was the cigar maker was very important in the group development because it was a company that we were able to raise was growing a lot. From 25% grew to 7% of the market and we took 8% of the market to 50% of it. That brand is called Marlboro. Some of you must know or must have known that brand. I was just starting out, I didn't have it yet year-on-year development of the company. We obviously learned a lot, but at the same time it was a company who sold for cash and didn't have to invest a lot in equipment in production equipment. So I had a really good cash flow. Then these two companies were very important. At the same time back then, in the 80s, well, Galas I already said, Inbursa was already one. There was also a very important company that grew very well and had very good flows. And from here I'm going to all this thing that you have in this place. Here comes the Carso group since then to a financial group that is from 65 to the Frisco group that was bought in '86. The insurance company isn't here inside Inbursa. Obviously the bank is also involved. We currently have 359,000 employees, 364,000. The company is present in 49 countries. Places like this, for example, the bank is in two places Mexico and Brazil without... Well, anyway. This won't take long, they can make me the group because... It turns out that in 82, 600,000, the truth is that they were was these conditions are simply amazing. To avoid going too far back, Telmex was worth $172 million dollars in the 80s around 82 or 83, then it was going up. Was watching 84 in the nationalization of the banks. The president and the government pledged that all the assets that the banking that was not strictly the banks were going to be privatized, and from there where the privatization of packages comes in. We bought the package of packages number two of Bancomer. There was difficulty because at that time there were no credits, but I told them that we had very good cash flows in the 8,1000 the package and in that package there was the insurance company were coming, this other types of papers, shares of other type including modern including Anderson Clayton etc. etc. That's how we acquired many companies in 1985. We acquired Loreto and Peña Pobre, Porcelanite, most of Sambor, that was expensive, that was worth it, it was expensive. Agusa, which is a printing company. And well, I even told them which in all of the 80s is basically the group formation at that time. That that accordion. Well, as I was saying, it was really a farce but we had 10% of some, 5% of some. The pack we bought in 58, we sold 58 million. We sold this Penwalt chemical to the Valley group. 1980s and so a large group was formed. Frisco, a very important company, is also... after all this came in the 80s, as I was saying. Things were improving; there were some they were acquiring more value. And in '88 and '89 it ended the debt crisis in the 80s starting at 82. The interest rate rose above 20% in the United States. 20% interest then almost all countries that had debt like... Then came a 6-year period that step by Mexico is important. Telmex was in the Telmex. Many people were in groups to be able to... Associated with Telefónica de España and I think I was associated with GTE at that time. It used to be called GTE, today it's called Verizon. Back then they were two foreign companies, a European telephone company from Spain and this is it. We on the other side France Telecom, which was the French telecommunications service company and with Southwestern Bell. Then it became an SBC, today it's an AT&T. For all these years that was the two associations that we reached the end but patch that goes around bragging that he won. This person is a good person to universities in the United States. Well, this friend didn't just do the improving. No, not 100% of the company will be privatized. Which would be like there in our case invested 5% a little over the last minute and we bought the or 54, I don't remember exactly. How much was it? The way in which the 24.5 was held 5 among the private sector, 10 which is already for entering the contest. I'm leaving before the contest. The story of this Telmex one is definitely worth it. The fact that they have it is very interesting. Telmex telecommunications in Mexico. I lost the little piece of paper, well... Telecommunications in Mexico began in 1876. 1876 was also interesting because the first thing that was done was to install six lines and those six lines went from the command to the offices of the police. That's how they started, with six lines. I don't remember what year it was. There's a very interesting conversation. I hope they haven't found it structured and that it has been true. I heard it once a conversation regarding the very interesting telephony between Porfirio Diaz and the most important businessman and scientist who I believe that in the 20th century, it was Thomas Alva Edison. Oh dear, maybe it wasn't with Edison. It was good. I think I made a mistake. Okay, let's go to put that it was who they don't remember who spoke to whom. Porfirio Diaz on the telecommunications was not... I don't remember anymore. I suppose it was a no. It was a because talking to a character of that magnitude in the United States to Mexico was something very special. Well. Then Telmex becomes a who's who. Yes, it was Edison. Oh yes. Okay, it was with Edison. What year? 1907? Oh, in 1907. Oh, I mean long after it happened in 1907. Okay, get your act together. We agreed on telecommunications were... So, when I was the two companies were there as children telecommunications because it was all about telephony. One of them was called Mexican Telephony and the other was Ericsson. So you guys to speak on the phone about Mexican women to be able to communicate. So they already knew. Or was it Ericsson's then? That lasted a good time, huh? I don't know when it will be in... And then the two of them follow use a single network that communicates everyone on the internet, anyone two. And in 1958, two important figures arrive Mexican businessmen to negotiate with Ericsson and with the other company that telephony then Mexican telephony. But Carlos was very outstanding in 1958 and today's Vallina Eloy Vallina that he is the grandfather of the son who is here today. He passed away recently, but I hope his grandson Eloy Vallina and Carlos Trouyet were to negotiate in of the company. So this company was years the government for reasons of type of government 4% in preferred shares and the private individuals had more. Many of you must agree that in order to have a Telmex or bonds then many people everyone had to buy them. Attention and well, relatively speaking, I would say that it's sad that when it was in the hands of private individuals aged 58 to 72 invested 65 million in a year, so it was nothing. Then they made up things about things, etc. Then the government of 1973, 72 a 89 and its investment was 330 million. Well, it was a problem, huh? When we loved the private sector, from 58 to 72 years old, is behind that that Telmex holds Telmex shares in 73 is the 72, 73 the government that had 48 according to the private individuals who had many shares not the shareholders not the people and buy 3% of then the government goes to the market, 51 and 49 remain in the hands of private, that's for 1972, 73. The government has the Telmex has 51% and private companies have 49%. Well, we all have it, those of us who had the phone because we had to have bought shares and of course it was in the bag, and in the bag there was investors and there were many who they were in the United States. So, the 49 because he was completely Mexican, all that. What the Mexican government does is decide privatize the 20.4 of the 51 that it has. When it's a man before that, well, also to give it a little boost, I think it's going I don't remember if I bought it at 56 or 58. That goes up and the company that was worth 170 million then 300 million then 400 million. Here I have the data in 1986 it was worth 173 million, in 86 Sorry in 1987 630, in 1988 was already worth the is announced privatization rises to dollars. This is worth $7.274 billion. If they want write it down and the winning bid that 7. That is the value of 100%. But as I've told you, he bought the the government had the 51, which raised it as if to they had number 49, but since they already bought they had it like the and the ones for strong vote are the double A that that's the one that's being sold. So the government tenía como 56 o 58 per. sells to same price 4.4 per the three groups 20.4 plus many 86157 million when the stock was worth the market. So, that's how the note was made the market and to Mexico because it was the first every time these placements arose and it went up, it went up action. Then the government did placements two placements of the shares that he had left, that is, he had 56 - 4, 52 - 24, 32, that is, from that 32 he made two Telmex. It's true that even though they said it was when first, we'll say the first year in there was we had installed them, we did a intensive 3-year plan obviously that helped a lot. We made an important one, we called it a people who changed jobs they were switching to a multi-system one, I was going to say and the salary he had was high, I don't know it was going to the high compactability where women retire at 48 years and men at 53 is a catastrophe not because they were already in their best time for training and such was that retirement. And well, fortunately many or they voluntarily stayed longer. I must say that we currently have more of 40,000 retirees, like 41,600 more or at least those who have retired due to the early retirement has already changed. The conditions were very recent, but it was a mistake to delay it so much. But fortunately, it's been a great team what has happened at Telmex despite because first we competed against AT&T and to Banamex and to Bancomer and to Alfa and to everyone. Together they said they were going to finish us off. There's no lack of that. Oh well, the companies already saw them there. The 359,000 people. We have this América Móvil in 24 countries. So he's in Brazil. We have other countries around. It was mentioned here in 2008 that there was a very difficult situation and the company had too much bankruptcy and excessive debt and acquisitions. Fortunately, we got in there end of 14, in December 14 has 71,370. We already divided it into two people. Well, in actually, there are more than two, and it's very the functions are interesting. One of the functions is the environment has a fantastic garbage collection service. After garbage collection, they go to recycled and then goes to the incineration or landfills. It's a very interesting company that is in the United States, working well in USA. Obviously its main function is in Spain and in so it's in Central Europe then that manages inclusive water. So, the truth is, man, this is that of the we already have that treatment. Made here in Atotonilco works very well, it lasts 35 national drainage as you know. I used to go to the Grand Drainage Canal. The city was sinking, the canal started in instead of that being the case, the water began to go like that, then there had to have been an engine. The tunnels lead to Totonilco, and there it treats the water, which is 35 meters of treatment, etcetera, etcetera. Then the water administration said that it is very important. We have other activities. We did this company did they've seen it in photos, it's from FCC project. Obviously with Real Madrid. We had done that Atlético one. We caught Atlético in conflict but we were also half past the hour. It was in dispute, we settled it, and the most difficult to believe he had a steel ring. It's in the center, people walk around there that at night it seemed to levitate. That bow, not like a flying saucer. No, later they thought about it and installed shade sails in all directions. Then he already knew, removed the spell. The spell of the east. This company also has a building, I mean it has apart from the construction company has concessions and it has cement factories very important large cement and a real estate area is a company because it has they are everywhere from the Maya train and there were two very good engineers who were here and they were calling our engineer he says don't invite me to plays again. Two. Don't bring me back to these weeks works because he went every two weeks President to supervise the slabs. Well, I think that we'll finish with this and to get things moving. Yes, good afternoon. Carla Martinez from the group Excelsior image. Well, to me I'd like to know what you think about all of this. So, regarding this company America Mobile telecommunications you have repeatedly commented that, well they're practically extending their infrastructure for third parties. I'd like to know if they're using it now the sector. We told the business partners who were experts and who put the by suggestion, as they were of currency and already all the brick device the charge the such such cards and then we'll transfer it to the cellular, what we call this cards. The card started out very expensive and the price gradually decreased. Telefónica to Mexico said no, well, we don't so then we started to go on other sides we compete against the setback grew so much cell phone, and especially with prepaid plans and when the price dropped and when it so he made sure that the local phone line was working. Shops have it, and some no places. Then that's the question first, you already agree on that's the second one. IFT. Look, we have a bad memory already the one that we this would regulate us, they would do things to us they gave us things, they took things away. etcetera, this is fine, it was accepted to give to the other support for their development now the truth is, we didn't believe that she would need a lot of support, that's what it was. largest in the world nor telephone company that it was the largest in Latin America, I don't know if let me explain, we gave support to the big, which was irrational, well, but let's say that's fine. And then what happens? We had another problem with the IFT never gave us television. prepaid, we never used it. He gave and the presidents so it's not a service that unique once in a place in the world, don't have. So we have a Telmex hit hard, that this has a huge network everywhere. Not the entire republic is full of T and the entire republic is full of cable. But we can't broadcast television. He still pays, in fact there was a time when that was going to they gave, but they made them march backwards. So we don't understand them. Then what I can say is that it wasn't so autonomous. Now, to base my opinion on what I think it wasn't so autonomous, but that's another problem, isn't it? because it also had a function that if he was fulfilling his duties because it turns out that the president of the yes, I'm not talking about the ones from before, because later then I chose them, this one came, he put it on legal director of the presidency. So who did the president obey of the IFT to the legal director and to who obeyed not one who had intermediate, a very intermediate that obeyed the orders of others who did not they had no reason to be issuing orders and that other one, the truth is, he worked well. For years there was a good relationship with the president. He told me we have to deal with him. The first three years were great, but then they already brought him into line through another channel and it didn't work well, so that's a shame. I hope that's what it was. So from what point see the IFT. I'd rather switch back to your Telmex América Móvil telephone all companies of telecommunications, all companies telecommunications of everyone says that's wrong because instead trillion and 4 trillion and I don't know what in instead of giving it to him, that should be pesos to hire the service or 200 to pay for a bandstand service. Well, everyone on Netflix is offering this. No, well there isn't one. Yes, not all of them, everything. And in fact, not the FCC, it was the IFT. The United States was already going to do it, it was already going to do this authorize but they moved there a medium movement silicon Val and such and they stopped him, I think it was Obama, not him. Obama, well, this one. But all telecommunications are all very companies punished, for example, in to say that I had won this one that he I had won, and they gave it to me. But what would I tell them about the structural aspects? Sonos idiots who put things without to know that they write because they say so no, we already sent him the full study and they don't show it anymore they agreed not to put it on anymore, and now it's over they removed from the, what's it called, from the they already removed the online service from the online store. But structurally they are wrong because they claim, let me give you an opinion. Right now we are experiencing that it comes later, at the end we are living a difficult time in the world that is the civilizational change and such. And it is already seeing problems. I think it's Nobel Prizes and those scholars of economics and of the company and well, they've never done it company as I said parrots have never paid a salary. Yes, but let me continue then. Okay, then they suddenly decided to say that we are in the era of globalization and you have to buy where it's cheapest. And what happened to the United States? Well, it stopped producing assets and is going through a time when a fundamental change is coming because it's not there may be dependencies like this simplistic, and those are the awards Nobel did ask him because they they speak as an example of what in Mexico we do not have institutions that in the United States, for example, has an office of patents that enable innovation and that a private group would capture that rent that value and that we would then have in we would have more innovation. What about you? He has an opinion on that because he just spoke to us. First, this company was 49th because it was Mexican, okay, and 51 was from what was proposed in the state was the 20.4 that had the c this France Telecom the this good attitude is it had 3.8% when it was privatized. Now, what was tel, I already read to you what they invested but didn't see what happened now that we take advantage of the rent. You know us. So, do you think that people who didn't had principles such as I presume they we fled, devastated, from her 15 years ago. I would be delighted to keep it today. The fund is being adequately funded. The labor cost is 270 billion pesos and the pension fund is worth 150,000. And that the pension fund did not come with the government, that pension fund we formed. We don't know right now if there's an exact one from background. Hey, no, but keep going and see what happens that we are exploiting a rent. Yes, Telmex no nonsense. And we started to go down. Here, broadband prices are no tax. There won't be anyone here who knows, okay, there preponderance opportunity for us to go number of we call him tel telephone. Imagine how wonderful Telmex would have been. He did very well at the beginning because market revenue is becoming in a ball of snow. Wait, wait, the market mobile. Put the landline on the landline. Go how much income do we have first, no we have pay TV. So we have zero participation, you are of agreement not all of the three zero television stations you are of the local agreement barely works and in broadband we have about 38% of market. Then the truth is that in the yes, we definitely need to have about 25% market, 20, and we invested a lot there. We need to install fiber optics to do this, change that, or rather that at Telmex we have the certain something market share economic reduced, that's very reduced, and let's see in mobile telephony we have a leadership position important. Who started with the mobile telephony? Who started before the others? Well, if so, it was never this. Telcel monopoly. Telcel started out when the other had 100% the other two yes, and then it turns out we compete against this Telefónica, not because they're fools, but wait a minute. And now it turns out that we are very bad and abusive because we have more market share that the most the largest in the world and the other largest of let's see why we were second in the first place in the third market we compete against Telefónica that came to compete head-on to everything that was given here linked to Televisa because they had their partnership there. that failed them at the end of the agreement and I don't know what needs to be done to punish them. Right now even the 70 is also at that there are already three from the government, yes. So it's wrong that Telcel is competitive and this good and win and them win and the one who okay, thanks. If that's bad, then so I don't know if that's what they think Nobel Prize winners are idiots. Thank you, sir.

We told the business partners who were experts and who put the by suggestion, as they were of currency and already all the brick device the charge the such such cards and then we'll transfer it to the cellular, what we call this cards. The card started out very expensive and the price gradually decreased. Telefónica to Mexico said no, well, we don't so then we started to go on other sides we compete against the setback grew so much cell phone, and especially with prepaid plans and when the price dropped and when it so he made sure that the local phone line was working. Shops have it, and some no places. Then that's the question first, you already agree on that's the second one. IFT. Look, we have a bad memory already the one that we this would regulate us, they would do things to us they gave us things, they took things away. etcetera, this is fine, it was accepted to give to the other support for their development now the truth is, we didn't believe that she would need a lot of support, that's what it was. largest in the world nor telephone company that it was the largest in Latin America, I don't know if let me explain, we gave support to the big, which was irrational, well, but let's say that's fine. And then what happens? We had another problem with the IFT never gave us television. prepaid, we never used it. He gave and the presidents so it's not a service that unique once in a place in the world, don't have. So we have a Telmex hit hard, that this has a huge network everywhere. Not the entire republic is full of T and the entire republic is full of cable. But we can't broadcast television. He still pays, in fact there was a time when that was going to they gave, but they made them march backwards. So we don't understand them. Then what I can say is that it wasn't so autonomous. Now, to base my opinion on what I think it wasn't so autonomous, but that's another problem, isn't it? because it also had a function that if he was fulfilling his duties because it turns out that the president of the yes, I'm not talking about the ones from before, because later then I chose them, this one came, he put it on legal director of the presidency. So who did the president obey of the IFT to the legal director and to who obeyed not one who had intermediate, a very intermediate that obeyed the orders of others who did not they had no reason to be issuing orders and that other one, the truth is, he worked well. For years there was a good relationship with the president. He told me we have to deal with him. The first three years were great, but then they already brought him into line through another channel and it didn't work well, so that's a shame. I hope that's what it was. So from what point see the IFT. I'd rather switch back to your Telmex América Móvil telephone all companies of telecommunications, all companies telecommunications of everyone says that's wrong because instead trillion and 4 trillion and I don't know what in instead of giving it to him, that should be pesos to hire the service or 200 to pay for a bandstand service. Well, everyone on Netflix is offering this. No, well there isn't one. Yes, not all of them, everything. And in fact, not the FCC, it was the IFT. The United States was already going to do it, it was already going to do this authorize but they moved there a medium movement silicon Val and such and they stopped him, I think it was Obama, not him. Obama, well, this one. But all telecommunications are all very companies punished, for example, in to say that I had won this one that he I had won, and they gave it to me. But what would I tell them about the structural aspects? Sonos idiots who put things without to know that they write because they say so no, we already sent him the full study and they don't show it anymore they agreed not to put it on anymore, and now it's over they removed from the, what's it called, from the they already removed the online service from the online store. But structurally they are wrong because they claim, let me give you an opinion. Right now we are experiencing that it comes later, at the end we are living a difficult time in the world that is the civilizational change and such. And it is already seeing problems. I think it's Nobel Prizes and those scholars of economics and of the company and well, they've never done it company as I said parrots have never paid a salary. Yes, but let me continue then. Okay, then they suddenly decided to say that we are in the era of globalization and you have to buy where it's cheapest. And what happened to the United States? Well, it stopped producing assets and is going through a time when a fundamental change is coming because it's not there may be dependencies like this simplistic, and those are the awards Nobel did ask him because they they speak as an example of what in Mexico we do not have institutions that in the United States, for example, has an office of patents that enable innovation and that a private group would capture that rent that value and that we would then have in we would have more innovation. What about you? He has an opinion on that because he just spoke to us. First, this company was 49th because it was Mexican, okay, and 51 was from what was proposed in the state was the 20.4 that had the c this France Telecom the this good attitude is it had 3.8% when it was privatized. Now, what was tel, I already read to you what they invested but didn't see what happened now that we take advantage of the rent. You know us. So, do you think that people who didn't had principles such as I presume they we fled, devastated, from her 15 years ago. I would be delighted to keep it today. The fund is being adequately funded. The labor cost is 270 billion pesos and the pension fund is worth 150,000. And that the pension fund did not come with the government, that pension fund we formed. We don't know right now if there's an exact one from background. Hey, no, but keep going and see what happens that we are exploiting a rent. Yes, Telmex no nonsense. And we started to go down. Here, broadband prices are no tax. There won't be anyone here who knows, okay, there preponderance opportunity for us to go number of we call him tel telephone. Imagine how wonderful Telmex would have been. He did very well at the beginning because market revenue is becoming in a ball of snow. Wait, wait, the market mobile. Put the landline on the landline. Go how much income do we have first, no we have pay TV. So we have zero participation, you are of agreement not all of the three zero television stations you are of the local agreement barely works and in broadband we have about 38% of market. Then the truth is that in the yes, we definitely need to have about 25% market, 20, and we invested a lot there. We need to install fiber optics to do this, change that, or rather that at Telmex we have the certain something market share economic reduced, that's very reduced, and let's see in mobile telephony we have a leadership position important. Who started with the mobile telephony? Who started before the others? Well, if so, it was never this. Telcel monopoly. Telcel started out when the other had 100% the other two yes, and then it turns out we compete against this Telefónica, not because they're fools, but wait a minute. And now it turns out that we are very bad and abusive because we have more market share that the most the largest in the world and the other largest of let's see why we were second in the first place in the third market we compete against Telefónica that came to compete head-on to everything that was given here linked to Televisa because they had their partnership there. that failed them at the end of the agreement and I don't know what needs to be done to punish them. Right now even the 70 is also at that there are already three from the government, yes. So it's wrong that Telcel is competitive and this good and win and them win and the one who okay, thanks. If that's bad, then so I don't know if that's what they think Nobel Prize winners are idiots. Thank you, sir.

You said it, and it goes with what you were telling me about the technology. The technology is applying a lot through it.

He'll have the data right now. What they're looking for isn't exactly how it is. They study at Capatate para el Empleo (Train for Employment). They are dedicated to technology topics, topics, as I already mentioned, of programming. They existed and today they have become the main sources of employment in our country.

Thanks. I don't know if there's one...

But the foundation... And well, it's been very, very good that the vast majority of the money goes to the programs.

I don't think that's our way of doing things, but we have adapted some things that we have done. This, who knows it? Not you. Roberto, that's right, engineer. We have several programs. One of the programs is the project of The Pool in Mesoamerica. Look, the first one was the polio one or the big one, and we gave him a certain amount, and that's it. He continues because he still can't eliminate polio. It was for the purchase of vaccines, precisely for buying a vaccine which is very important, in which we have cooperated with him every time he asks us, because it's very important for Mexico, even though much of Mexico doesn't use it. The invasion of corn and wheat... Simit, the research center. So if Latina Madrid... And we've already done two things together with the Simit: a phase one years ago came to Mexico for the inauguration of what we had built, and now we are doing another project for the Simit, a research center for the tribe's corn, which is very important. It's been used by many. This originated years ago with the Arm Bruna of Pakistan and India, who were dying of hunger, and with the corn, how is it? How is green corn called? They call it the Green Revolution. This revolution saved the famine that was there in, I think, 1961. The one who was here in the center, I forget his name, they gave him the Nobel Prize for this food thing from India. And what this center is doing is research so that it can be more efficient where it is sown, whether it's low, cold, hot, etcetera. But don't keep going like that.

And the region is also a very significant, relevant contribution that allows the supply of vaccines against polio worldwide, and we achieved that goal. We also work with the President Carter, may he rest in peace, at the Carter Center in the elimination of a disease called onchocerciasis, which is the blindness of the self. It is caused by a fly that causes blindness in the people who get infected, and it has already been eliminated from Latin America except in an area at the confluence of the Amazon between Venezuela and Brazil, with a population of 4,000 indigenous people who live there, they are migrants and nomads, and it has not been possible to control it. But those are some of the projects we do with international organizations. He came about two or three times, engineer. That's very, very advanced. He was there with us, working with great interest. Then those that are done in collaboration... Yes, we entered, for example, the one we did with the Worldwide Fund. You know it, the Worldwide Fund is a fund dedicated to protection and the conservation of the environment. We worked on it here in Mexico, and the condition we set for them was that everything would be for the project and nothing for administration. It was planned to do it in 5 years. We did it through third parties and it greatly prolonged the entire program. Then yes, we always have those kinds of programs in Mexico, looking for it to be in Mexico. Right now in this project I was talking about, Arturo, is there a foreign foundation that probably will help us in a project that is an ambitious project?

This is very important. Let's see, before I go to the other one... Okay, before the thing in the field of telecommunications. We know that in telecommunications we also have a proposal from the Federal Government in charge of the regulation and monitoring of all networks. They can be both judge and jury. Perhaps the agency to be both judge and jury, now that there will be CFE and Altan as competitors, etcetera. Then if you'll allow me... Something is urgently needed. Well, before I want to get to the important part, some comments. Look what has happened in Mexico. What interests us? We are interested in the future of Mexico, in the present and future of Mexico, and we have seen and analyzed in several ways what has happened in the past. During the various stages, there was a great golden age that they called the Mexican miracle, from 1933 to... We grew at 6.2, 6.3 annual. And what has happened is that in the last 43 years we have grown at 2% more or less, 1.9, 2%. Then the growth of 43% is what we have experienced in these 43 years, and in the last 24 we have grown at 1 and a half. Before, the population was growing, then it grew to 1 and a half. We believed in two or one... This means that we believed in point 3, point 4. I don't know if I'm explaining myself well. This is the growth, but this would require stopping the growth in the population to extract the income per person. That's what we have lived. In fact, despite having had very good national technocrats, we grew with 196% inflation. Interestingly, we got the data: we did 14 tax reforms up and down, back and forth. Then, no, I wouldn't say there were that many care in economic growth and in development. There are 14 tax reforms. And what was happening in the tax reforms? Well, if it went up, this tax is good; if there was another one, something else was getting off. In a case that we are currently seeing, I'm very optimistic because it gives the impression that the president is not looking for sloppy wages and costs. I think he said something yesterday or the day before yesterday about macroeconomics. If we don't lose inflation suddenly, because we did this one thing for this other thing, if we take care of inflation and inflation is at reasonable levels, and macroeconomics is stable, it's not jumping around from one side to the other, we are good. We are convinced; we have been here studying what the future can be. The future could be very good. It coincides with what the president said in the Mexico Plan. He's talking about a formula for growth that brings several points, but to grow you need investment, investment, and more investment. So that becomes a very important factor. I had a note here; it's sad to see it because it says if Mexico instead of growing 1.0 would have gone 2% more, that is, instead of growing 1.0 it had grown 3.4, or instead of growing... It's not really anything when you think about the 6% before, and in China, and so on. What's going on with that 2%? It would have been fantastic. We would have been 43 years with the 2% increase, imagine where we would be. But let's forget about it, let's not dwell on that and instead think about the future. In the future, we must take care of inflation, we need to take care of the deficits, the approaches to managing resources, etcetera. I am the opposite; I know that many don't, and we can discuss it today. Good. Maybe some things need fixing. But a tax reform, for example, what price do they want to increase the VAT on? Or what? The income tax increases, it raises it by 5%, I don't know how much. What happens with the rent? Companies are raising their prices. If VAT goes up, products go up. If the tax on the product goes up, then they raise the price of the product. And if the product... What happens? To make it better, to make it taller, that pays interest rate than what... I don't know if you receive a tax increase. Stability, macroeconomic stability continues to exert inflation that turned out very well. Then download another medium depending on that inflation falls more than ensure that stability is maintained, macroeconomic factors which are decreasing. Financial expenses. Sorry, the interest rate. It's a rate that reduces the deficit, I don't know if I'm explaining myself well. For example, let's assume that the rate was at number 11 a while ago, and I don't know how long ago, and that right now it's 9 and a half, and that it goes down to 8. It has already dropped three points. Those three points multiplied by the debt or by... What we're doing is more stable. It's important that a tax reform... I don't know if you more or less understand me. Well now, what's going on? What are they planning? What is Mexico's plan? Note: well-paid jobs. This is very important what we are talking about. The fight against poverty is linked to employment, linked to better conditions of jobs. The part that said that we place more emphasis on training, when we do, for example, this distribution of employment so that the distribution can be made for the little boxes where food is put, etcetera. Then we see all this. They were asking about the risks of employment, that it will generate employment, greater access to secondary and higher education. We agree, they are from the Mexico Plan. I was just adding to this one that we bring from the training for education and training for education so that it generates employment.

Courses and I believe that confirms them. Ministry of Education still... But put one which talks about further increasing purchases. Very interesting in the... It says we must invest starting from... Because why doesn't he invest well? This average of 22 years is fast. 1.77, The Netherlands grew by 28. Invested the... Mexico grew 228, grew 160. What happened? He invested 228, 214. Invest the 21st... When he grew up... And who is investing a lot? They are not investing to grow at one. He's going to continue investing how much? I said look, here I have the sheet. 2.2 in the 24. Invest in things we cannot be things. Let's invest that then in what the president refers to: 25 to 28. Which one of the interesting things about all this when we are talking about investment, that throughout the world the main... In Mexico, private investment is like a... This is good because more is invested in this. Gerardo, more or less good, 80%. And who is the other investor? The state, the public investment that can occur in three or four according to the revenue, according to the spending, according to the interest rate situation, etcetera. And the other is the foreign investment that comes and invests in the 2%, 3%. So what I'm proposing is that we are convinced that we need to invest more than 25%. If possible, this. Of course, the government won't have next year the chances of doing it. The year that... It is necessary that there be communication between the company and the government, and that this year we can invest 25% or close to 25%, already as something from the private sector to invest. The investment, the investment of the sector... Well, it depends on what is invested in and it depends on what is invested to see what the result is. And right now the scheme... I was wondering, has she already left? We are going to invest now in infrastructure. We will have to invest. There are already road projects that the engineer commissioned a while ago. Six years ago he was already predicting where we need to... I think that the one I see as sensible time, and to do it as soon as possible, we are looking at it. For example, they asked me about the house, but delaying production is falling behind. This is what we're talking about. In telecommunications, if CFE is going to be the network, it also urgently needs to strengthen transmission. This is enormous if we add to that what we were talking about, the one about artificial intelligence. That's why we suddenly see that Amazon is going to invest 6 billion here and there, etcetera. Then if we can take investment... It's a matter of social justice and ethics. People who are marginalized may prepare so they can be trained, so they can... The president says greater access to science and technology, jobs, well-paid jobs. That's when employment starts to improve, that jobs improve, not only more jobs but also improvements in jobs. So I think that we have a very good national environment.

No, look, I'm not going to do anything. When I'm dying, we entrepreneurs are creators and temporary wealth managers. I'm not going to take anything from wealth, I don't even know them. They just don't handle it well. I've already... The fact that they are going to donate 50% has been criticized. That they have to donate is their own commitment to solving the problems of society, not to make donations. You imagine, you know the United States budget? He doesn't know, but neither do I, but it's huge. You know what those donations are all about, right? They're worthless, even if they're 200 billion dollars. It doesn't matter at all if they do what they need to do already. Bill Gates is doing it, huh? He is already surrendering to promote the foundation, and so on. But they spend a lot on the foundation, and it's already being rejected because they say if I give you 100 pesos, they're going to spend 80 on the foundation. There is a foundation that taught me that is called the Gulbenkian, a lord who donated it in Portugal. And it turns out that from the annual budget of the foundation, like 70% goes to wages, not surrendering. Yes, what she has done, the foundation is starting almost... He has done a lot, but there is still much to do. I don't know if I'm explaining myself well. Of course, yes, thank you very much. Do you think I was going to donate to Bill Gates? Look, I appreciate them. And Warren is a great guy. Warren's son is 94, I don't know. Howard's son is here, and I think he already said he was going to give them 1% and I don't know what else. So much nonsense is already being done. The joke is that they work in such a place.

I haven't yet reached that technological aspect. I understand him well. If I know, for example, that in 1900, you know what the technological change was from the industrial society to the current one, although they call it the fourth industrial revolution. Do you know what that change was? That of the laps, the BJT? Of that... They discovered the transistor. It grabbed a lot. It's that right now it's invisible, but invisible, it is the most important. And there are people doing it in Taiwan, they are very good at doing this. What is it called? Samsung in Korea? Well, doing it, etcetera. It's not ours. The president wants to do it. Losses occur; I believe that what they want to do is fine, that science and technology... I'm going to tell you what technology did to China. China in 1976 or thereabouts, 78, decided four modernizations: modernize in science and technology. If you want to see it, it's already there. Deng Xiaoping in a book called that, I recommend it; it has many chapters. It's called 'From Silk to Silicon.' And that's where these points come from.

Foreigners, huh? Because let's assume you have a fortune that you bequeath to six children. They have to sell to pay the taxes. I don't know if I'm explaining myself well, and by the second or first generation, the company has no head, and it's most likely that it will be acquired. I think the important thing is this one: understand that... I hope... It is important that there are entrepreneurs who have capitals in any country, huh? Because, for example, when they talk about equality, they're talking nonsense. Because how is equality? Here, as in Haiti for example, they're all the same. That's what they say. Mrs. Merkel, when she was... Maybe Merkel did too. England's Thatcher, when they criticized 'Hey, there's more inequality.' They say yes, and there used to be equality here. There is inequality here now, and it's with... Let's assume what the company is. China decided. Look, China is a communist country. How did it develop? Because it released the business community, and there is Alibaba and other companies, and there are loads of Chinese businessmen, very capable. What is the United States doing now? Curiously, the United States is gathering business owners and executives from India. The big American companies bring there. I don't know... The inequality of equality is very... Matthew, it is necessary that there be a minimum level of well-being that Mexico should have, and any country that... You who provide employment to large corporations... That's not coming. I'll explain, Mateo. So let's suppose that have more than 1 million pesos and 10% of that... What is going to... The capital that is available is invested.

We have been a group of investment, nothing like that. Look what happened. I don't know what a good investment it is. And now what we are proposing additionally is to make a large investment, much bigger. I don't know if I'm explaining, but I mean, I participated in the Maya Train, participated. I'm not talking about the health right now, that our plan... You asked what the plan was. It had to be very health activity, important. Sorry, the foundation, health, food, such and such. And now with President López Obrador... This was introduced to me by a mutual friend who they don't like each other much anymore, but a... Furthermore, I believe it is admirable. Héctor Aguilar Camín, and they should take better... Well, this was... He was the elected head of government of Mexico City, had not yet taken office, and he told me that he wanted to promote the reform, and why he wasn't investing in the historic center. That had been discussed for many years, and whether it was an agreement... The truth is that everyone... We took some people from Telmex with us because... He did a lot of things, and now you see how it is. You pass by Madero and it's transformed the historic center. None of that then. This later, difficulties... He then invited me, for example, to be a patron member because I was good friends with... They met... He invited me to the museum.

You were telling me that I made two trips with him, and this one is very interesting, the interoceanic one that I think is called... to visit her often at the National Palace. What do you think? That was a...