< Previous88 MAY 2019 SI T E S E L E C T IO Nrecovery in a matter of months. Getting our workers back to their pre-crisi s salaries and standard of living will obviously take longer. e key is that this recovery must be sustainable long-term. e transitional government will lay the foundations for this.Do you worry that, in July of 2017, Donald Trump asked subordinates why the United States was not at war with Venezuela, given Venezuela’s oil reserves?Guaidó: e truth is that he did not act or make decisions based on rumors, but on real facts.What do you think of Trump’s appointment of Elliott Abrams as Special Representative in Venezuela, given his record of allegedly covering up human rights abuses throughout Central America during his tenure as a Reagan diplomat ... and his conviction in the Iran-Contra scandal?Guaidó:He is an emissary with an obviously controversial history. But he knows the region very well and has experience in political transitions, such as the fall of Duvalier’s dictatorship in Haiti in . I believe that he is betting that the transition in Venezuela is legitimate and he supports it because it is the will of Venezuelans. It is what I would like.How will the country open up to foreign investment and support?Guaidó:We must begin by restoring trust and rebuilding our institutions. Democratic elections within the framework of our Constitution and with international verifi cation will be key. at will restore institutional stability to the country and create the conditions for the return of the investments we need for reconstruction. at is why we need a transitional government that will ensure that fair and open electoral process.How will you deal with widespread corruption throughout the government and the military?Guaidó:I chaired the Standing Committee of Comptrollership of the National Assembly in , and that experience taught me that widespread corruption in Venezuela has four causes: impunity, perverse incentives, lack of transparency in the execution of public spending and discretion of the authority, that is to say the lack of adherence to the laws and the institution of government. e Maduro regime does not answer to anyone, and it is completely out of control. at is the origin of his ignorance of the National Assembly. Because if parliament could eff ectively control and sanction ministers, impunity would disappear and there would be much more transparency for citizens. at is why ending the seizure of government in Venezuela is the fi rst major blow against corruption and the widespread looting of the country’s resources. It is the end of indiscriminate looting of the public fi nances. e usurper’s regime demonstrates unequivocally that corruption kills, kills, kills.Where will Venezuela be in 10 years?Guaidó: e leading country in Latin America.We’ll leave it right there. Mr.President, we want you to be right. It is not for me to evaluate whether I am ‘the leader.’ I honor my duty as a Venezuelan citizen to help save my country.”— Juan GuaidoIt is not for me to evaluate whether I am It is not for me to evaluate whether I am evaluate whether I am ‘the leader.’ I honor my duty as a Venezuelan ‘the leader.’ I honor my duty as a Venezuelan ‘the leader.’ I honor my All photos by Leo Alvarez(continued on p. 102) S I T E S E L E C T I O N MAY 2019 89Too often, newly elected politicians, posturing for their constituencies, publicly ponder cutting funding to investment promotion agencies “to cut government spending.”Too often, politicians are stupid.Look on the previous pages at the cities and countries ranked as the Best to Invest, those most successful in attracting investment to their regions. Note how frequently those places recognized as the best places to invest also feature some of the world’s top IPAs. IPAs like Dubai FDI, a permanent fi xture in these rankings. While global FDI plummeted by nearly a fi fth last year, Dubai’s exploded, increasing by %. Does anybody think Dubai FDI didn’t play a major role?Politicians take note. is is no accident.We live in a world where technology and access to limitless data have seemingly conspired to make business more impersonal and dispassionate, where fake news out-tweets real reporting, where labor is performed by machine as often as man. In such a de-humanizing world, it’s more critical than ever to recognize the all-too-often underappreciated human beings in investment attraction, the heroes who work tirelessly, out of the limelight, for economic growth and job creation. eir whole job, their whole reason for being, is to improve the lives and livelihoods of the people they serve. What these folks do matters. eir work is absolutely essential to every community, in every city, in every nation.Essential. eir work creates jobs. eir work puts food on the tables of families. eir work ensures the next generation enters the future with equal parts of hope and opportunity. eir work is critical to the economic well-being — to the future — of the regions they serve. ey deserve to be celebrated, and in this section we laud the best of them.Best of the BestInvestment promotion agencies — the national, municipal and regional organizations working to connect businesses with their communities — have never been more important. Conway’s Vice President, Advisory, Chris Steele, agrees. “Good IPAs recognize that they are the critical interface between their jurisdiction and the global B2I: 2019 T OP INVESTMENT PROMO TION AGENCIESby ADAM JONE S -K ELLE Yadamjk@ site s ele c tion.c omcommunity of investors and companies outside. Remember that, for all our data, this is a very human business.”And that’s what separates the best of the best from the rest: ey know it’s personal. To the best of them, data is merely a tool to serve the needs of their communities. Remember, data doesn’t make decisions. People make decisions. e men and women in the world’s Top IPAs make their impassioned, personal cases over and over again, hour after hour, to ensure decisions are made in their favor. is is one of the few awards Site Selection bases on subjective input. But we still insist on keeping even a subjective ranking at arm’s length from our personal opinions, ensuring the independence of the rankings. For this award we reached out to , experts around the world, The people working at the world’s top investment promotion agencies link global capital to the lives of their fellow citizens.www.investinisrael.gov.il• Singapore ranks 4th globally and 1st in the region for institutional protection of intellectual property in The World Economic Forum’s Global Competitiveness Report.• New Projects in 2019 include investments by: P&G ($12 million); Bombardier ($85 million); Razer ($100 million). nationalmida.gov.my• Malaysia ranked 1st in Asia and 5th globally in Bloomberg’s Most Attractive Emerging Market Scorecard for 2018.• The country’s services sector has emerged as one of the key drivers of the economy, consistently contributing over half of the nation’s GDP. nationalinvestkl.gov.my• Companies Operating under Malaysia’s Regional Treasury Management Center can enjoy a 70% tax exemption for 5 years (effective 7.5% tax rate) on Qualifying TMC income earned outside Malaysia.• AstraZeneca is to invest more than $125 million in Malaysia over the next ve years, including a new headquarters in Greater Malaysia’s Nucleus Tower and a Global Business Services hub equipped with robotic technology and advanced automation. regionalinvesthk.gov.hk • The International Institute for Management Development (IMD) World Competitive Yearbook 2018 ranked Hong Kong second out of 63 economies.• The multi-award-winning Hong Kong International Airport is the world’s busiest cargo gateway and one of the busiest passenger airports. Getting between the city and the airport only takes 23 minutes via the Airport Express and in-town check-in is available for those seeking maximum convenience. regionalAsia Paci c90 MAY 2019 SI T E S E L E C T IO N national nationalportugalglobal.pt• Portugal’s top industry clusters include: Aeronautical, Space and Defense; Automotive; Construction Materials; Fashion; Food and Agriculture.• In 2018, Google opened a support center in Lisbon to serve Europe and the Middle East and North Africa. Google is hiring 500 technical workers. nationalgtai.de• GTAI is advising and supporting British and international companies seeking to establish post-Brexit business operations in Germany.• Germany offers a competitive system of corporate taxation. With an average overall burden of 29.83%, companies are better off here than in other large industrial countries and at the same time enjoy the advantages of German location. nationalinvestinwallonia.be• Wallonia ranked 1st in a 2017 PwC study of top logistics locations in Belgium.• Foreign investors are covered by a guarantee that covers 33% of their investment in cases of bankruptcy. regionalberlin-partner.de• In 2018, Berlin Partner facilitated 323 projects representing a combined investment of nearly $670 million and projected to create 8,810 new jobs.• 176,000 young people are enrolled in higher education, with 30,000 graduates coming annually into the labor market. regionalWestern Europe94 MAY 2019 SI T E S E L E C T IO Nhipa.hu• Between 2014 and 2018 HIPA contributed to nearly 400 successful investment projects in Hungary totaling $14 billion and representing more than 75,000 newly created jobs.• Hungary has reduced its corporate income tax to a at rate of 9% and added new cash incentives to encourage corporate R&D and technology investments. nationaleas.ee• EAS is Estonia’s largest support organization for entrepreneurship.• Since 2011, nearly 1,800 projects have received government startup aid totaling $19.6 million with an average grant of more than $11,000. nationalesbas.com.tr• ESBAS Industrial Park is home to global powerhouses Hugo Boss, Stork Fokker Elmo, Pratt & Whitney, Delphi Packard and Cummins, Inc. • Space Camp Turkey, an ESBAS enterprise, has hosted over 80,000 young people from 45 countries since its launch in 2000. regionalizka.org.tr• Izmir is considered the wind energy capital of Turkey, with wind investments totaling $2 billion and 4,000 employees in the wind energy equipment sector.• Approximately 30% of the companies with international capital in Izmir operate in the industrial sector, with 8% of those in the industrial machinery industry. regionalEastern Europe & Central Asia S I T E S E L E C T I O N MAY 2019 95gafi .gov.eg • With a growing population of 90 million people, Egypt represents one of the largest markets in the Middle East and North Africa.• “Investment Without Challenges,” an initiative of Egypt’s Ministry of Investment and International Cooperation, delivers speedy follow-up and problem-solving expertise to individual investors. nationalinvest.gov.ma• Morocco surpassed South Africa as Africa’s top maker of passenger vehicles in 2017.• The country’s rapidly expanding aerospace sector now comprises 140 companies including Boeing, Safran, Matis, Bombardier and Dassault Aviation Airbus. nationalinvest.durban• Invest Durban was recommended by the Durban City Council and organized private business as the “First Stop Shop” to stimulate economic growth and new investment in the Durban.• Durban recently placed among Mercer Consulting’s Top 5 cities for quality of life in Africa and the Middle East. regionaltikzn.co.za• KwaZulu-Natal represents the second largest provincial economy in South Africa, contributing around 16% of the country’s GDP.• The strength of KwaZulu-Natal as a preferred destination for investment is aided by two major seaports — Durban and Richards Bay — as well as Dube TradePort, home to King Shaka International Airport. regionalAfrica96 MAY 2019 SI T E S E L E C T IO Ninvestinisrael.gov.il• Israel is a world leader in UAV production, cybersecurity, automated vehicles and alternative fuels.• The Israeli semiconductor industry includes hundreds of companies and more than 150 design centers; the country’s sustainable energy sector counts more than 100 startups. nationalbahrainedb.com• Since 2018, Bahrain has allowed 100% foreign ownership of businesses.• Bahrain offers no exchange control restrictions, no taxes on personal or corporate income, no capital gains tax and no Value Added Tax. nationalded.abudhabi.ae• Abu Dhabi has launched a $272 million program to attract and develop technology startups.• Abu Dhabi ranks 12th in the world among business locations in the World Bank’s Doing Business Report 2019. regionaldubaifdi.gov.ae• Dubai is a preferred global Foreign Direct Investment destination for more than 70% of Fortune 500 companies.• The emirate enjoys a strategic location on the new Southern Silk Road between Asia, Europe and Africa and is poised to take advantage of economic activity among the world’s fastest growing and developing economies. regionalMiddle East S I T E S E L E C T I O N MAY 2019 97Next >