A Strategy for Sustaining Growth and Prosperity for Peru

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1 A Strategy for Sustaining Growth and Prosperity for Peru Professor Michael E. Porter Harvard Business School Urubamba, Peru November 12, 2010 This presentation draws on ideas from Professor Porter s books and articles, in particular, Competitive Strategy (The Free Press, 1980); Competitive Advantage (The Free Press, 1985); What is Strategy? (Harvard Business Review, Nov/Dec 1996); Strategy and the Internet (Harvard Business Review, March 2001); and a forthcoming book. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or otherwise without the permission of Michael E. Porter. Additional information may be found at the website of the Institute for Strategy and Competitiveness, Version: November 27, Copyright 2010 Professor Michael E. Porter

2 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers 2 Copyright 2010 Professor Michael E. Porter

3 GDP per Capita (in 1990 PPP US$) $6,000 CAGR: +2.07% Peru s Prosperity Performance CAGR: % CAGR: +4.41% $5,000 $4,000 $3,000 $2,000 $1,000 $ Note: PPP using Geary Khamis calculation methodology. Source: Groningen Growth and Development Centre, Total Economy Database (June 2009) 3

4 PPP-adjusted GDP per Capita, 2009 ($USD) Prosperity Performance Selected Countries, 1999 to 2009 $ 20,000 United States ($46,460) $ 18,000 Canada ($37,840) $ 16,000 $ 14,000 $ 12,000 Mexico Chile Malaysia Trinidad & Tobago Venezuela Brazil Dominican Republic Panama Russia Argentina Uruguay $ 10,000 $ 8,000 $ 6,000 $ 4,000 $ 2,000 Costa Rica Belize Jamaica Paraguay Nicaragua Haiti Guatemala Colombia Thailand Ecuador El Salvador Bolivia Honduras Philippines Peru Indonesia Laos Cuba India Vietnam Cambodia China $ 0 0% 2% 4% 6% 8% 10% 12% 14% Growth of Real GDP per Capita (PPP-adjusted), CAGR, 1999 to 2009 Source: EIU (2010), authors calculations 4

5 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers Sound macroeconomic policies since the mid 1990s, trade opening and a supportive international economic environment have allowed the country to prosper 5 Copyright 2010 Professor Michael E. Porter

6 Exports as % GDP, % Export Intensity Selected Countries Trinidad & Tobago 70% Panama Thailand Vietnam 60% Belize 50% Paraguay 40% Honduras Costa Rica Cambodia Chile Nicaragua Bolivia 30% 20% 10% Canada Jamaica Ecuador Russia Mexico Dominican Republic Indonesia El Salvador Venezuela Haiti Cuba USA China Peru Uruguay Guatemala Argentina India Colombia Brazil 0% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Source: EIU (2010) Change of Exports as Share of GDP, 1999 to

7 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers Sound macroeconomic policies since the mid 1990s, trade opening and a supportive international economic environment have allowed the country to prosper Improvements in basic security and political stability provided an important precondition for these achievements HOWEVER Growth has been highly heterogeneous across different segments of society and different parts of the country 7 Copyright 2010 Professor Michael E. Porter

8 Unemployment Rate, % 14% 12% 10% 8% 6% Improving Trinidad & Tobago Unemployment Performance Selected Countries Ecuador Venezuela Brazil Panama Russia Uruguay Nicaragua Jamaica Colombia Chile Philippines India Argentina El Salvador Vietnam Peru Dominican Republic China Canada Bolivia Costa Rica Indonesia Paraguay Deteriorating Mexico United States 4% Honduras Malaysia 2% Cuba Thailand 0% -10% -8% -6% -4% -2% 0% 2% 4% 6% Change of Unemployment Rate in Percentage Points, Source: EIU (2010) 8

9 % of Population Under the Poverty Line 60% Poverty Rates Peru, 2001 to % 40% 30% 20% 10% 0% Source: Informacion Socio Demografica, from El Instituto Nacional de Estadistica e Informatica (INEI),

10 % of Population Under the Poverty Line Regional Poverty Rates Peru, 2004 to 2009 Coast Sierra Lowlands 70% 60% 50% 40% 30% 20% 10% 0% Source: Informacion Socio Demografica, from El Instituto Nacional de Estadistica e Informatica (INEI),

11 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers Sound macroeconomic policies since the mid 1990s, trade opening and a supportive international economic environment have allowed the country to prosper Improvements in basic security and political stability provided an important precondition for these achievements HOWEVER Growth has been highly heterogeneous across different segments of society and different parts of the country Lack of diversification and dependence on global commodity markets for natural resources is exposing Peru to high levels of volatility 11 Copyright 2010 Professor Michael E. Porter

12 Exports as % GDP, Export Intensity and Size Selected Countries 120 Malaysia Trinidad and Tobago 60 Panama Paraguay Costa Rica Honduras Bolivia Uruguay El Salvador Guatemala Haiti Ecuador Dominican Republic Chile Peru Mexico Argentina Venezuela, RB Indonesia Colombia Canada Russia India Brazil China United States - 1 Source: World Bank (2010) ,000 10,000 GDP $Billions, 2009 (log scale) 12

13 Peru s Export Composition by SITC categories : $4 billion* 2009: $20 billion Crude materials, inedible, except fuels Food and live animals Manufact goods classified chiefly by material Mineral fuels, lubricants and related materials Manufactured articles Chemicals Machinery and transport equipment Animal and vegetable oils and fats * In 2009 dollars. Note: Showing standard SITC rev. 1 categories, goods only. Source: UN Comtrade; authors analysis 13

14 Peru s Exports By Type of Industry World Export Market Share (current USD) 0.90% 0.80% 0.70% Processed Goods Semi-processed Goods Unprocessed Goods Services TOTAL 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% Source: Prof. Michael E. Porter, International Cluster Competitiveness Project, Institute for Strategy and Competitiveness, Harvard Business School; Richard Bryden, Project Director. Underlying data drawn from the UN Commodity Trade Statistics Database and the IMF BOP statistics. 14

15 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers Sound macroeconomic policies since the mid 1990s, trade opening and a supportive international economic environment have allowed the country to prosper Improvements in basic security and political stability provided an important precondition for these achievements HOWEVER Growth has been highly heterogeneous across different segments of society and different parts of the country Lack of diversification and dependence on global commodity markets for natural resources is exposing Peru to high levels of volatility Sustained growth will depend on broad microeconomic and institutional improvement 15 Copyright 2010 Professor Michael E. Porter

16 Inbound FDI Stocks as % of GDP, Average Inbound Foreign Investment Stocks and Flows, Selected Countries 90% 80% Trinidad and Tobago 70% 60% Vietnam Jamaica Chile Panama 50% 40% Malaysia Nicaragua Bolivia Cambodia Belize 30% 20% 10% 0% Paraguay Indonesia China India Haiti Cuba Guatemala Venezuela Ecuador Mexico Russia Philippines United States Thailand Laos Canada Peru Argentina Honduras Costa Rica El Salvador Brazil Uruguay Colombia Dominican Republic 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% FDI Inflows as % of Gross Fixed Capital Formation, Average Source: UNCTAD, World Investment Report (2009). 16

17 Average U.S. patents per million population, Innovative Capacity Innovation Output of Selected Countries Estonia Croatia South Africa Greece Lithuania 1.5 Russia Portugal United Arab Emirates Costa Rica Peru -30% -20% -10% 0% 10% 20% 30% 40% CAGR of US-registered patents, patents = Source: USPTO, World Bank Mexico Saudi Arabia 17 Poland Brazil Ukraine Venezuela Kazakhstan Philippines Colombia Egypt Kenya Ecuador Chile Argentina India Thailand Latvia Uruguay Turkey China

18 Recent Performance of the Peruvian Economy Peru has been one of the most remarkable economic growth stories of the last decade, both compared to its own historic record and to its peers Sound macroeconomic policies since the mid 1990s, trade opening and a supportive international economic environment have allowed the country to prosper Improvements in basic security and political stability provided an important precondition for these achievements HOWEVER Growth has been highly heterogeneous across different segments of society and different parts of the country Lack of diversification and dependence on global commodity markets for natural resources is exposing Peru to high levels of volatility Sustained growth will depend on broad microeconomic and institutional improvement Among the biggest challenges for the country are complacency after years of solid growth and the relatively mild impact of the global economic crisis Sustaining economic growth of 8 to 9% is possible only if Peru can substantially improve competitiveness Peru will need an ambitious economic and social strategy, building on the country s unique competitive advantages 18 Copyright 2010 Professor Michael E. Porter

19 The Need for a Peruvian Economic Strategy Strategy means focus: Peru can not improve everything at the same time but need to prioritize the most pressing issues Strategy means choice: Peru can not be good at everything but needs to define how existing strengths are to be deepened and broadened to provide specific value to businesses Strategy means action: Peru does not need another plan but an action agenda that drives change through a process and institutional structure focused on implementation Peru needs to build a broad consensus on its strengths across society 19

20 Structure of the Project Advisory Board Joint Peruvian and Boston Team Macroeconomic Competitiveness Group Business Environment Group Cluster Development Group Organizational Structure Group Tax Reform Security Health Reform Education Metal-Mechanic Financial Cluster Innovation Infrastructure Labor Energy Water Resources Ease of Doing Business Institutional Strengthening 20

21 Executive Opinion Survey Survey conducted between May 18 and July 8, 2010 Surveyed senior executives including presidents, CEOs and other C-level managers Lima companies above $1 million in sales Other cities companies above $500,000 in sales City Lima 160 Arequipa 80 Chiclayo 80 Cusco 80 Trujillo 80 Iquitos 71 TOTAL 551 Sample Size

22 What is Competitiveness? Competitiveness depends on the productivity with which a nation uses its human, capital, and natural resources. Productivity sets the sustainable standard of living (wages, returns on capital, returns on natural resources) It is not what industries a nation competes in that matters for prosperity, but how productively it competes in those industries Productivity in a national economy arises from a combination of domestic and foreign firms The productivity of local or domestic industries is fundamental to competitiveness, not just that of export industries Only competitive businesses can create wealth and jobs Nations compete to offer the most productive environment for business The public and private sectors play different but interrelated roles in creating a productive economy Peru.ppt 22 Copyright 2010 Professor Michael E. Porter

23 Real GDP per employee (PPP adjusted US$), 2009 Labor Productivity Selected Countries, 1999 to 2009 $120,000 $100,000 UnitedStates $80,000 Canada $60,000 $40,000 $20,000 $ Peru.ppt Mexico Argentina Uruguay Chile Colombia Malaysia Russia Venezuela Peru Brazil Ecuador Thailand Bolivia Indonesia China India Philippines Vietnam Cambodia -2% 0% 2% 4% 6% 8% 10% 12% Growth of real GDP per employee (PPP-adjusted), 1999 to 2009 Source: authors calculation Groningen Growth and Development Centre (2010) 23 Copyright 2010 Professor Michael E. Porter

24 Determinants of Competitiveness Microeconomic Competitiveness Quality of the National Business Environment State of Cluster Development Sophistication of Company Operations and Strategy Macroeconomic Competitiveness Social Infrastructure and Political Institutions Macroeconomic Policies Endowments Macroeconomic competitiveness creates the potential for high productivity, but is not sufficient Productivity ultimately depends on improving the microeconomic capability of the economy and the sophistication of local competition 24 Copyright 2010 Professor Michael E. Porter

25 Peru's Endowments Natural Resources Rich endowment of minerals, fishing resources, forest resources, and fertile land Unique environment for fishing resources One of the largest concentrations of tropical rainforests in the world 70 percent of the world's biodiversity The Amazon region represents an untapped treasure Geographic Location Location in the central zone of South America, on the Pacific coast Shares a border with Brazil, the largest market in South America. Access to the Pacific Ocean and to the Atlantic Ocean through the Amazon River Long coastline that extends 1,914 miles along the Pacific Ocean Natural conditions to develop large and efficient ports Cultural Legacy Deep historical roots with ancient cultures Rich ethnic and cultural diversity Great variety of archeological sites. Machu Picchu is recognized as one of the wonders of the world Commitment to work, creativity, and entrepreneurial spirit of Peruvians 25

26 Determinants of Competitiveness Microeconomic Competitiveness Quality of the National Business Environment State of Cluster Development Sophistication of Company Operations and Strategy Macroeconomic Competitiveness Social Infrastructure and Political Institutions Macroeconomic Policies Endowments Macroeconomic competitiveness creates the potential for high productivity, but is not sufficient Productivity ultimately depends on improving the microeconomic capability of the economy and the sophistication of local competition 26 Copyright 2010 Professor Michael E. Porter

27 Macroeconomic Competitiveness Social Infrastructure and Political Institutions Macroeconomic Policies Human development Basic education Health system Fiscal policy Government surplus/deficit Government debt Political institutions Political freedom Voice and accountability Political stability Government effectiveness Centralization of economic policymaking Monetary policy Inflation Rule of law Security Judicial independence Efficiency of legal framework Business costs of corruption Civil rights 27 Copyright 2010 Professor Michael E. Porter

28 Competitiveness and Poverty Reduction Economic Development Social Development There is a strong connection between economic and social development Improving competitiveness and decreasing poverty requires improving the economic and social context simultaneously Peru.ppt 28 Copyright 2010 Professor Michael E. Porter

29 Determinants of Competitiveness Microeconomic Competitiveness Quality of the National Business Environment Macroeconomic Competitiveness Social Infrastructure and Political Institutions State of Cluster Development Endowments Macroeconomic Policies Sophistication of Company Operations and Strategy Sophistication of Company Operations and Strategy The internal skills, capabilities, and management practices needed for companies to attain the highest level of productivity and innovation possible 29 Copyright 2010 Professor Michael E. Porter

30 Determinants of Competitiveness Quality of the National Business Environment Quality of the National Business Environment Microeconomic Competitiveness State of Cluster Development Macroeconomic Competitiveness Sophistication of Company Operations and Strategy The external business environment conditions that allow companies to reach high levels of productivity and innovation Social Infrastructure and Political Institutions Endowments Macroeconomic Policies 30 Copyright 2010 Professor Michael E. Porter

31 Quality of the National Business Environment Context for Firm Strategy and Rivalry Factor (Input) Conditions Local rules and incentives that encourage investment and productivity Open and vigorous local competition Demand Conditions Access to high quality business inputs Sophisticated and demanding local customers and needs Related and Supporting Industries Availability of suppliers and supporting industries Many things matter for competitiveness Successful economic development is a process of successive upgrading, in which the business environment improves to enable increasingly sophisticated ways of competing 31 Copyright 2010 Professor Michael E. Porter

32 Determinants of Competitiveness Microeconomic Competitiveness Quality of the National Business Environment State of Cluster Development Sophistication of Company Operations and Strategy Macroeconomic Competitiveness State of Cluster Development Social Infrastructure and Political Institutions Macroeconomic Policies A geographic concentration of firms, specialized assets, and institutions in particular fields. Endowments Peru.ppt 32 Copyright 2010 Professor Michael E. Porter

33 Cusco Tourism Cluster Institutions for Collaboration Marketing Agencies Travel Agents Tour Operators Local retail and other services (Internet cafes, etc.) Food Suppliers Property Services Restaurants Attractions and activities (e.g. National Parks, cultural shows) Restoration/ conservation Crafts Maintenance Services Accommodations (hotels, hostels, lodges) Transport (land, air, rail and river) Banking Services / Foreign Exchange Hospitality equipment suppliers Related clusters Government Agencies Educational and Research Institutions Food Cluster Source: Adapted from HBS student project, 2010 Peru Tourism Cluster ; Agung, Anand, Bhardan, Ilanos, Nosher Health Cluster

34 Clusters and Competitiveness Clusters increase productivity and operational efficiency Clusters stimulate and enable innovations Clusters facilitate commercialization and new business formation Clusters reflect the fundamental influence of linkages and spill-overs across firms and associated institutions in competition Competitiveness Master ppt 34 Copyright 2009 Professor Michael E. Porter

35 Jewelry & Precious Metals Footwear Financial Services Fishing & Fishing Products (by Competitiveness number of Master industries) ppt in both directions. Clusters and Economic Diversification Linkages Across Clusters Processed Food Business Services Apparel Leather & Related Products Agricultural Products Distribution Services Publishing & Printing Oil & Gas Transportation & Logistics Education & Knowledge Creation Chemical Products Plastics Hospitality & Tourism Information Tech. Medical Devices Entertainment Aerospace Vehicles & Defense Analytical Instruments Tobacco Note: Clusters with overlapping borders or identical shading have at least 20% overlap Biopharmaceuticals Communications Equipment Lightning & Electrical Equipment Prefabricated Enclosures Building Fixtures, Equipment & Services Power Generation Motor Driven Products Furniture Aerospace Engines Textiles Heavy Construction Services Heavy Machinery Construction Materials Forest Products Production Technology Mining & Metal Manufacturing Sporting & Recreation Goods Automotive 35 Copyright 2009 Professor Michael E. Porter

36 Stages of National Competitive Development Shifting Policy Imperatives Factor-Driven Economy Investment- Driven Economy Innovation- Driven Economy Low Cost Inputs Productivity Unique Value Macro, political, and legal stability Improving human capital Efficient basic infrastructure Lowering regulatory costs of doing business Increasing local rivalry Market opening Advanced infrastructure Incentives and rules encouraging productivity Cluster formation and activation Advanced skills Scientific and technological institutions Incentives and rules encouraging innovation Cluster upgrading Source: Porter, Michael E., The Competitive Advantage of Nations, Macmillan Press, 1990 Competitiveness Master ppt 36 Copyright 2010 Professor Michael E. Porter

37 Macroeconomic Policy: Assessment Sound policies have allowed Peru s fundamental macroeconomic stability to steadily improve over the past decade The implementation of the inflation-targeting framework has been successful in reducing inflation Peru's fiscal stabilization fund provided stability and allowed effective stimulus during the global crisis The economy continues to be highly dollarized with most credits denominated in dollars About half of the banking system is currently dollarized and most commodity exports are priced in US-dollars BUT Peru s public finances remain overly dependent on commodities, with as much as one third of tax revenues coming from commodity-related sources Peruvian tax rates are high relative to peers Peru must set policies that ensured the responsible use of credit 37

38 Political Institutions: Assessment Corruption One of critical weaknesses constraining Peruvian development High corruption is due to weak institutions, poor governance practices and the excessive influence of private interests Corruption cases are usually not reported to authorities The institutions perceived to be most corrupt are Congress, the political parties, the national police, and judicial institutions 38

39 Rank in Global Corruption Index, 2009 Corruption Perception Index, 2009 Low corruption Deteriorating Canada USA Uruguay Chile Improving Costa Rica Cuba Brazil Trinidad and Tobago El Salvador Mexico Peru, Colombia China India Panama Guatemala High corruption Russia Venezuela Dominican Republic Argentina Bolivia Nicaragua Honduras Ecuador Paraguay Note: Ranks only countries available in both years (131 countries total) Source: Global Corruption Report, 2009 Change in Rank, Global Corruption Report, 2009 versus Copyright 2010 Professor Michael E. Porter

40 Political Institutions: Assessment Corruption One of critical weaknesses constraining Peruvian development High corruption is due to weak institutions, poor governance practices and the excessive influence of private interests Corruption cases are usually not reported to authorities The institutions perceived to be most corrupt are Congress, the political parties, the national police, and judicial institutions Security There has been a deterioration of the security situation, mainly due to the organized crime, illegal drug trade, terrorism and a general decline in public safety The influence of drug traffickers is starting to penetrate institutions and the political system Social unrest occurs most often in places where government institutions are weak 40

41 Social Infrastructure: Assessment Education High formal enrollment but low quality Weak infrastructure in the public school system Curriculum is poorly structured, and one teacher must cover multiple grades Health The health system continues to be characterized by generally low quality and high disparities in quality, particularly affecting the poor Poverty diseases such as tuberculosis are still more prevalent than in peer countries Health care spending in Peru remains the lowest among its Latin American peers There is a mismatch between the supply and demand for health professionals 41

42 Assessment: Peru s Business Environment Context for Firm Strategy and Rivalry Factor (Input) Conditions + Abundant resources: mineral, agricultural, fishing, and cultural + Advantageous location + Improving administrative infrastructure + Simplified customs procedures ± Sound banking system, but high interest spreads ± Improving financial markets, but limited venture capital availability Poor physical infrastructure Low skill levels in the labor force, mismatch with demand Weak university-industry research collaboration Few high-quality research and scientific institutions + Openness to foreign investment, trade, capital flows + Improvements in investor protections ± Efforts to strengthen competition policy Rigidity of employment Difficulty in business formation Low intensity of local competition High Informality of the economy Related and Supporting Industries Limited local suppliers and supporting industries Shallow clusters Demand Conditions + Improving consumer protection regulation ± Improving sophistication of local buyers Weak environmental standards enforcement

43 Factor (Input) Conditions Factor input conditions in Peru lag regional peers, particularly in physical infrastructure. Administrative infrastructure Peru has made important reforms in simplifying administrative procedures

44 Ease of Doing Business South America, 2011 Colombia: 39 Venezuela: 172 Guyana: 100 Suriname: 161 Ecuador: 130 Peru: 36 Brazil: 127 Bolivia: 149 Paraguay: 106 Chile: 43 Uruguay: 124 Argentina: 115 Source: The World Bank, Doing Business (2011), 183 countries Peru.ppt 44 Copyright 2010 Professor Michael E. Porter

45 Ranking, 2011 (of 183 countries) 120 Favorable Ease of Doing Business Peru, 2011 Unfavorable Peru s per capita GDP rank: Ease of Doing Business Getting Credit Protecting Investors Registering Property Trading Across Borders Starting a Business Paying Taxes Closing a Business Dealing with Construction Permits Enforcing Contracts Source: The World Bank, Doing Business (2011), GDP rank on GDP per capita, ppp-adjusted Peru.ppt 45 Copyright 2010 Professor Michael E. Porter

46 Factor (Input) Conditions Factor input conditions in Peru lag regional peers, particularly in physical infrastructure. Administrative infrastructure Peru has made important reforms in simplifying administrative procedures Physical infrastructure While Peru has increased infrastructure investment in recent years, it lags in electrical generation capacity, telephone lines, and paved roads relative to its Latin American peers. Infrastructure services remain expensive Education and workforce skills The education system produces comparatively few graduates in technical areas, engineering, and physical sciences Peru is last in spending on education among its peers Financial system Financial assets are highly concentrated. Four banks hold 83% of all bank loans Borrowing costs are high The Peruvian pension fund system is characterized by low participation Science and technology infrastructure Peru s science and technology infrastructure is very weak.

47 Context for Firm Strategy and Rivalry Barriers to trade and investment have been reduced, but labor market efficiency and local rivalry remain limited Foreign trade and investment policy Since the early 1990s, Peru s foreign trade and investment policy has been aimed at a process of deregulation and liberalization of the trade regime Peru has signed a significant number of free trade agreements with several countries, such as the United States and China However, investment flows (in and out) remain low in comparison with its neighbors Anti-trust policy Peru has an advanced regulatory framework for antitrust. But, implementation is weak Peru's domestic industries are highly concentrated, with evidence of oligopolistic practices and cartels A high level of informality in the economy eases counterfeiting and money laundering Labor market Peru s labor market is highly rigid, ranked by the World Bank as 149 out of 181 economies. There is no unified labor code in Peru High non-wage labor costs deter formal job creation

48 Demand Conditions Peruvian consumer sophistication is increasing. Consumer protection and environmental regulations are in place but not well enforced Local demand sophistication Economic growth has led to the emergence of a new middle class that has access to consumer credit, has become aware of new products and brands, and demands quality Quality and environmental standards Regulations exist to protect quality, health, safety, and environmental standards, but there is no mechanism to enforce these regulations or the consumer code. And, in practice, the large informal sector operates outside of these protections

49 Related and Supporting Industries Availability of suppliers and supporting industries remains low, and Peruvian clusters are shallow Export industries Peru s exports are highly concentrated on natural resource-based products. These activities are not well integrated into the local economy and have not generated local upstream and downstream industrial activities Presence of suppliers There is a lack of local suppliers of machinery, equipment and services. Most e products and services are imported Local production of inputs and machinery is in its infancy and cannot support advanced export-oriented companies Cluster Development Nascent clusters are present, but there are few cluster initiatives.. There is a poor tradition of collaboration between the government and the private sector in the area of cluster development

50 2.5% Peru s National Export Portfolio 1997 to 2009 Change In Peru s Overall World Export Share: +0.09% 2.0% Jewelry and Precious Metals Peru s world export market share, % 1.0% 0.5% 0.0% Agricultural Products Financial Services Communications Services Fishing and Fishing Products Apparel Hospitality and Tourism Publishing and Printing Metal, Mining and Manufacturing -0.5% 0.0% 0.5% 1.0% 1.5% Change in Peru s world export market share, 1997 to 2009 Source: Prof. Michael E. Porter, International Cluster Competitiveness Project, Institute for Strategy and Competitiveness, Harvard Business School; Richard Bryden, Project Director. Underlying data drawn from the UN Commodity Trade Statistics Database and the IMF BOP statistics. Peru s Average World Export Share: 0.22% Exports of US$2 Billion = 50 Copyright 2010 Professor Michael E. Porter

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