1. No category

/RVKXPHGDOHV5DPVDU
\ODSURGXFFLyQGH
DUUR]HQ8UXJXD\
'U*HUDUGR(YLD
/LF'LDQD0XVLWHOOL
352%,'(6
(Q MXQLR GHO 3XQWD GHO (VWH IXH VHGH GH OD  &RQIH
UHQFLDGHODV3DUWHVGHOD&RQYHQFLyQ5DPVDU&23GRQGH
SDUWLFLSDURQ PiV GH GHOHJDGRV GH SDtVHV 8UXJXD\
DVXPLyOD3UHVLGHQFLDGHO&RPLWp3HUPDQHQWHGHOD&RQYHQ
FLyQ5DPVDU\UDWLILFyHOUHWLURGHOVLWLR5DPVDU%DxDGRVGHO
(VWH \ )UDQMD &RVWHUD GH OD OLVWD GH 0RQWUHX[ 8UXJXD\ GH
HVWDIRUPDUHQXHYDHOFRPSURPLVRGHFRQVHUYDUORV%DxDGRV
GHO (VWH WHQLHQGR HQ FXHQWD OD LPSRUWDQFLD SDUD HO SDtV GHO
PDQWHQLPLHQWRGHODLQWHJULGDGHFROyJLFDGHVXVKXPHGDOHV
SURPRYLHQGRHOXVRUDFLRQDOGHORVPLVPRV
/DPLVLyQGHOD&RQYHQFLyQ5DPVDUHV´FRQVHUYDU\SUR
PRYHUHOXVRUDFLRQDOGHORVKXPHGDOHVPHGLDQWHDFFLRQHV
ORFDOHV\QDFLRQDOHV\JUDFLDVDODFRRSHUDFLyQLQWHUQDFLRQDO
FRPRFRQWULEXFLyQDOORJURGHXQGHVDUUROORVRVWHQLEOHHQ
WRGRHOPXQGRµ/DILORVRItDGH5DPVDUJLUDHQWRUQRDOFRQ
FHSWRGHXVRUDFLRQDOHOFXDOHVWiHVWUHFKDPHQWHYLQFXODGR
DO GH GHVDUUROOR VXVWHQWDEOH (O ´XVR UDFLRQDOµ HTXLYDOH DO
PDQWHQLPLHQWRGHORVEHQHILFLRVVHUYLFLRVGHORVHFRVLVWH
PDVDILQGHDVHJXUDUHOPDQWHQLPLHQWRDODUJRSOD]RGHOD
ELRGLYHUVLGDGDVtFRPRHOELHQHVWDUKXPDQR\ODPLWLJDFLyQ
GHODSREUH]D
+R\HQGtDODV]RQDVGHKXPHGDOHVVRQFRQVLGHUDGDViUHDV
LPSRUWDQWHVSDUDODFRQVHUYDFLyQSRUODJUDQGLYHUVLGDGGH
HVSHFLHVTXHDOEHUJDQ\ORVVHUYLFLRVDPELHQWDOHVTXHSUR
YHHQ6RQXQDIXHQWHQDWXUDOGHDJXDDOLPHQWRV\ILEUDV\
FRQVWLWX\HQKiELWDWGHYDULDGDVHVSHFLHVGHSHFHVSODQWDV
\ DYHV DFXiWLFDV PXFKDV GH ODV FXDOHV VLUYHQ GH VXVWHQWR
HFRQyPLFRSDUDGLVWLQWDVFRPXQLGDGHVHQYDULDVSDUWHVGHO
PXQGR
6LQHPEDUJRQRKDFHWDQWRVDxRVDWUiVODFRQFHSFLyQVREUH
6(7,(0%5(
ORVKXPHGDOHVHUDWRWDOPHQWHRSXHVWD(QORVVLJORV;,;\
;;ORVEDxDGRVHUDQYLVWRVFRPROXJDUHVGHVDSURYHFKDGRV
\GHJUDQULHVJRVDQLWDULR\SRUORWDQWRVHFRQVLGHUDEDTXH
HVWRVDPELHQWHVQHFHVLWDEDQDFFLRQHVSDUDVHUVDQHDGRVR
PRGLILFDGRV(QHVHFRQWH[WRHQODGpFDGDGHOXQJUX
SRGHSDtVHV\RUJDQL]DFLRQHVVHPRYLOL]DURQHVSHFLDOPHQWH
SUHRFXSDGRVSRUODFUHFLHQWHSpUGLGD\GHJUDGDFLyQGHORV
KiELWDWVGHKXPHGDOHVSDUDODVDYHVDFXiWLFDVPLJUDWRULDV$
SDUWLUGHDKtVHOOHJyDXQDFXHUGRLQWHUJXEHUQDPHQWDOSDUD
ODSURWHFFLyQGHORVKXPHGDOHV(VWHDFXHUGRIXHILUPDGR
HQODFLXGDGLUDQtGH5DPVDUHOGHIHEUHURGHORFXDO
GLRRULJHQDVXQRPEUH\HVHO~QLFRWUDWDGRPXQGLDOTXH
VHFHQWUDHQXQ~QLFRHFRVLVWHPD
8UXJXD\ DGKLULy D OD &RQYHQFLyQ 5DPVDU HQ LQFRU
SRUDQGR HO iUHD GH ORV %DxDGRV GHO (VWH \ )UDQMD &RVWHUD
FRPRVXSULPHU6LWLR5DPVDUHQOD/LVWDGH+XPHGDOHVGH
,PSRUWDQFLD,QWHUQDFLRQDO/DViUHDVGHVLJQDGDVFRPR6LWLRV
5DPVDUVRQDTXpOODVTXHVHFRQVLGHUDQTXHWLHQHQXQJUDQ
YDORUSDUDHOSDtV\SDUDHOPXQGRSRUORVVHUYLFLRV\EHQH
ILFLRVGHORVHFRVLVWHPDVTXHSURSRUFLRQDQ
%DxDGRVGHO(VWHHVWiORFDOL]DGRHQODFXHQFDGHODODJXQD
0HUtQ\FRVWD$WOiQWLFD\HVFRQVLGHUDGRXQRGHORVVLVWH
PDVGHKXPHGDOHVPiVH[WHQVRVULFRV\YDULDGRVGH$Pp
ULFDGHO6XU(QVXQXHYDGHOLPLWDFLyQVXH[WHQVLyQDEDUFD
SDUWHGHORVGHSDUWDPHQWRVGH&HUUR/DUJR7UHLQWD\7UHV
/DYDOOHMD\5RFKDFRQYDULDViUHDVSURWHJLGDVLQFOXLGDVHQ
HOOD(VXQDGHODVUHJLRQHVGHPD\RULPSRUWDQFLDQDWXUDO
\SURGXFWLYDGHOSDtV6XWHUULWRULRFRPSDUWHODJXQDV\ED
xDGRVGHGLVWLQWRWLSRH[WHQVDVSOD\DVHQODFRVWDRFHiQLFD
PpGDQRVSDOPDUHV\WDPELpQDUUR]DOHV6RQHVSHFLDOPHQ
WHLPSRUWDQWHVSRUODUHVHUYDGHDJXDGXOFHTXHFRQVWLWX\HQ
\SRUVXULFDELRGLYHUVLGDGVLHQGRKiELWDWSDUDPiVGH
HVSHFLHV GH DYHV DFXiWLFDV 7DPELpQ WLHQH XQ LPSRUWDQWH
SDWULPRQLRDUTXHROyJLFRGHFHUULWRVGHLQGLRVHOHYDFLRQHV
GHWLHUUDFRQVWUXLGDVSRULQGtJHQDV
$OPLVPRWLHPSRTXHHVDUHJLyQGHKXPHGDOHVHUDLQVFULSWD
FRPRVLWLR5DPVDUSDUDVXSURWHFFLyQVHOOHYDEDQDFDER
DFFLRQHVHQHOWHUULWRULRTXH\DKDEtDQPRGLILFDGRODVFDUDF
WHUtVWLFDVGHO6LWLRRULJLQDOPHQWHSURSXHVWRGHGRQGHXQDV
KDVGHODVKDVWRWDOHVIXHURQDIHFWDGDVSRU
DFWLYLGDGHVDJUtFRODVRSRUREUDVGHLQJHQLHUtDGHVWLQDGDVDO
ULHJR(VROOHYyDTXHHQORVDxRVORV%DxDGRVGHO(VWH
IXHUDQ LQJUHVDGRV D XQ OLVWDGR GH 6LWLRV 5DPVDU FRQRFLGR
FRPRHO5HJLVWURGH0RQWUHX[XQDHVSHFLHGH´OLVWDQHJUD
GHKXPHGDOHVµSRUVXIULUPRGLILFDFLRQHVHQVXVFDUDFWHUtV
WLFDVHFROyJLFDV
/DSURGXFFLyQGHDUUR]HQORV%DxDGRVGHO(VWH
(O6HFWRU$UURFHURHVXQRGHORVVHFWRUHVSURGXFWLYRVPiV
LPSRUWDQWHVGHODUHJLyQHVWHGH8UXJXD\'HQWURGHO6LWLR
%DxDGRVGHO(VWH\)UDQMD&RVWHUDHQSDUWLFXODUSRVHHXQD
H[SUHVLyQGHVWDFDGDSRUHOiUHDTXHRFXSDSRUVXLPSRU
WDQFLDVRFLRHFRQyPLFDSDUDODUHJLyQ\SRUVXVLQWHUDFFLR
QHVFRQHODPELHQWHQDWXUDO
(QORVGHSDUWDPHQWRVGH/DYDOOHMD7UHLQWD\7UHV5RFKD\
&HUUR/DUJRODVXSHUILFLHRFXSDGDSRUHOFXOWLYRHQOD]DIUD
IXHGHORUGHQGHKDVFDVLHOGHODUUR]
FXOWLYDGRDQLYHOQDFLRQDOTXHRFXSyHQWRWDOXQDV
KDV
3RUVXVFDUDFWHUtVWLFDVGHGLVSRQLELOLGDGGHVXHORVDSWRVHQ
ODVSODQLFLHV\DEXQGDQWHGLVSRQLELOLGDGGHIXHQWHVGHDJXD
HQODUHJLyQHVWHVHGHVDUUROOySURQWDPHQWHODDJULFXOWXUD
DUURFHUD FRORQL]DQGR SULPHUR ODV OODQXUDV PHGLDV \ DOWDV
DG\DFHQWHVDOD/DJXQD0HUtQ\PiVWDUGHDYDQ]DQGRVREUH
]RQDVEDMDVPHGLDQWHREUDVGHVLVWHPDWL]DFLyQ\GUHQDMH
6HJ~QVXQXHYDGHOLPLWDFLyQXQRGHORVWLSRVGH8QL
GDGHVTXHFRPSRQHQHOVLWLR5DPVDUVRQODVWLHUUDVGHUH
JDGtRTXHLQFOX\HQFDQDOHVGHULHJR\DUUR]DOHVTXHHVWiQ
GHQWURGHODFDWHJRUtDGHKXPHGDOHVDUWLILFLDOHVUHFRQRFLGD
SRUOD&RQYHQFLyQ'HODVKDVTXHFRPSRQHQHO
VLWLR5DPVDU%DxDGRVGHO(VWHXQDVKDVFRUUHVSRQ
GHQDHVWDFDWHJRUtD
8QDGHODVFDUDFWHUtVWLFDVTXHYDOHODSHQDVHxDODUGHODV]R
QDVGHFXOWLYRHQHOVLWLR5DPVDUHVTXHEXHQDSDUWHGHODV
iUHDVVLVWHPDWL]DGDVPDQWLHQHQXQDHVWUXFWXUDGHPRVDLFR
HQTXHDOWHUQDQiUHDVEDMRFXOWLYRGHDUUR]FRQSDUFKHV\
FRUUHGRUHV GH HVWHURV DVRFLDGRV D ODV SDUWHV PiV EDMDV
(VWDViUHDVFRQVHUYDQDWULEXWRVGHKXPHGDOHVVHPLSHUPD
QHQWHVTXHSHUPLWHQDODVDYHVDFXiWLFDVHQFRQWUDUVXKiEL
WDWDOWHUQDQGRHYHQWXDOPHQWHFRQORVFLFORVGHLQXQGDFLyQ
HVSRUiGLFRVGHODUUR]
(O DUUR] HV XQR GH ORV DJURHFRVLVWHPDV PiV DVRFLDGRV D
ODVDYHVDFXiWLFDV\GLYHUVRVWUDEDMRVDQLYHOQDFLRQDOUHSRU
WDQHOXVRTXHGLIHUHQWHVHVSHFLHVUHDOL]DQGHHVWHFXOWLYR
(QWUHODVDYHVTXHXWLOL]DQHOFXOWLYRHQDOJXQDGHVXVIDVHV
VHHQFXHQWUDQFKRUORV\SOD\HURVPLJUDWRULRVTXHUHDOL]DQ
LPSRUWDQWHVPRYLPLHQWRVDQXDOHVHQWUH$PpULFDGHO1RUWH
\ $PpULFD GHO VXU (Q WRWDO PiV GH HVSHFLHV KDQ VLGR
UHSRUWDGDV KDFLHQGR XVR GH GHO FXOWLYR HQ DOJXQD GH VXV
GLIHUHQWHVIDVHV
'HVGHVHKDQGHVDUUROODGRHVWXGLRVFRQDSR\RGHOD
$&$ SDUD OD GHWHUPLQDFLyQ GH UHVLGXRV GH DJURTXtPLFRV
WDQWRHQVXHORV\DJXDVFRPRHQJUDQR/RVUHVXOWDGRVGH
GLFKRV HVWXGLRV FRQVWLWX\HURQ XQ HOHPHQWR FODYH SDUD HO
DFFHVRDPHUFDGRVPiVH[LJHQWHV\JHQHUDURQDQWHFHGHQ
WHVSDUDODHODERUDFLyQGHO0DQXDOGH%XHQDV3UiFWLFDV$JUt
FRODVSDUDHOFXOWLYRGHODUUR](VWRVDYDQFHVGDQFXHQWD
GHODSUHRFXSDFLyQSRUODVXVWHQWDELOLGDGGHOFXOWLYRFRPR
IDFWRUGHWHUPLQDQWHSDUDVXFRPSHWLWLYLGDG
6LQ HPEDUJR HV QHFHVDULR SURIXQGL]DU HO FRQRFLPLHQWR
GH ODV LQWHUDFFLRQHV FRQ OD ELRGLYHUVLGDG \ HQ SDUWLFXODU
FyPRLQIOX\HQVREUHODELRWDODVQXHYDVUHODFLRQHVHQWUHODV
GLVWLQWDVXQLGDGHV GH SDLVDMH HQ XQ PRVDLFR GRQGH FRQYL
YHQUHOLFWRVGHKXPHGDOHVQDWXUDOHVDUUR]DOHV\ORVQXHYRV
FDPELRVGHWHUPLQDGRVSRUHOXVRGHWLHUUDVSDUDFXOWLYRVGH
VHFDQRFyPRDIHFWDQDODVGLIHUHQWHVHVSHFLHVGHDYHVODV
GLIHUHQWHVSUDFWLFDVGHOFXOWLYRGHDUUR]HQTXp PHGLGD
HOPLVPRRIUHFHRSRUWXQLGDGHVRUHVWULFFLRQHVSDUDGLIH
UHQWHVSREODFLRQHVeVWDVVRQDOJXQDVSUHJXQWDVTXHGHEHQ
VHUFRQWHVWDGDVSRUODLQYHVWLJDFLyQ\TXHGHEHQHVWDUFRQ
WHPSODGDVHQXQSODQGHPRQLWRUHR\JHVWLyQSDUDFXPSOLU
VXIXQFLyQ
6(7,(0%5(
8QDQXHYDRSRUWXQLGDGSDUDORV%DxDGRVGHO(VWH
$ ILQHV GHO HO JRELHUQR GHO 8UXJXD\ SUHVHQWy D OD
&RQYHQFLyQ5DPVDUXQDSURSXHVWDIRUPDOSDUDUHWLUDUDORV
%DxDGRVGHO(VWH\)UDQMD&RVWHUDGHOUHJLVWURGH0RQWUHX[
TXHLQFOXtDLUHGHOLPLWDU\FODVLILFDUHOVLWLRDFWXDOPHQ
WHKD\KDVFRPR6LWLR5DPVDUFRQXQLQFUHPHQWR
QHWRGHKDVLLODFRPSHQVDFLyQGHOUHWLURGH
KDVSDUDODFRQVWUXFFLyQGHXQ3XHUWRGH$JXDV3URIXQGDV
FRQODLQFRUSRUDFLyQGHXQQXHYR6LWLR5DPVDUFRUUHVSRQ
GLHQWHDOÉUHD3URWHJLGD/DJXQDGH5RFKD\LLLODGHILQLFLyQ
GH RULHQWDFLRQHV SDUD OD JHVWLyQ \ HO PRQLWRUHR GHO 6LWLR
%DxDGRVGHO(VWH\)UDQMDFRVWHUDDWUDYpVGHXQDLQVWLWX
FLRQDOLGDGIRUWDOHFLGDQXHYRVPDUFRVOHJDOHVUHFRPHQGD
FLRQHVGHEXHQDVSUiFWLFDVSURGXFWLYDV\HVWUDWHJLDVGHRU
GHQDPLHQWRWHUULWRULDO\XVRUDFLRQDOGHODJXDVHJ~QLQGLFD
HOUHSRUWHRILFLDO
UDFLRQDO\ORVDSRUWHVTXHHOSDtV\HOVHFWRUDUURFHURKDQ
UHDOL]DGR KDFLD HO GHVDUUROOR GH VLVWHPDV VXVWHQWDEOH GH
SURGXFFLyQHQHVWHUXEUR
3RURWUDSDUWHVHDVXPHXQQXHYRFRPSURPLVRSRUSDUWH
HOSDtVTXHLPSOLFDHOGHVDUUROORGHXQSODQGHPRQLWRUHR\
JHVWLyQGHOVLWLR5DPVDUSDUDHOPDQWHQLPLHQWRGHODLQWH
JULGDGGHOPLVPR(OORHVXQGHVDItRLPSRUWDQWHTXHGHEHUi
VRVWHQHUVHFRQHODSRUWHGHWRGRVORVVHFWRUHVLQYROXFUD
GRV
352%,'(6 HV HO 3URJUDPD GH &RQVHUYDFLyQ GH OD %LR
GLYHUVLGDG \ 'HVDUUROOR 6XVWHQWDEOH HQ ORV +XPHGDOHV
GHO (VWH TXH IXH FUHDGR HQ SDUD OOHYDU DGHODQWH
SUR\HFWRVGHFRQVHUYDFLyQLQYHVWLJDFLyQFRPXQLFDFLyQ
\ HGXFDFLyQ DPELHQWDO \ SURPRYHU OD SURGXFFLyQ UHV
SRQVDEOH 6XV DFWLYLGDGHV VH GHVDUUROODQ KDVWD HO GtD GH
KR\HQHOiUHDGHODFXHQFDGHODODJXQD0HUtQ\SDUWHGH
OD YHUWLHQWH DWOiQWLFD
HQ ORV GHSDUWDPHQWRV
GH &HUUR /DUJR /D
YDOOHMD 0DOGRQDGR
7UHLQWD\7UHV\5RFKD
'H FDUD D ORV QXH
YRV GHVDItRV TXH DVX
PH HO SDtV IUHQWH D OD
&RQYHQFLyQ 5DPVDU
352%,'(6 KD HODER
UDGR XQD SURSXHVWD
SDUDHOGHVDUUROORGH
XQ 3ODQ GH PRQLWRUHR
\ JHVWLyQ SDUD HO VLWLR
5DPVDU %DxDGRV GHO
(VWH \ )UDQMD &RVWHUD
FRQVLVWHQWHFRQODVUH
FRPHQGDFLRQHV GH OD
&RQYHQFLyQ HQ OD PD
WHULD
/D SURSXHVWD GH
352%,'(6 DSOLFD HO
FRQFHSWRGHXVRUDFLR
QDOGHORVKXPHGDOHVSODQWHDXQDSODQLILFDFLyQFRRUGLQDGD
LQWHULQVWLWXFLRQDOPHQWHGHVGHODVSROtWLFDVGHFRQVHUYDFLyQ
GHKXPHGDOHV\ORVDFXHUGRVSDUDDOFDQ]DUORVREMHWLYRV\
DFFLRQHVGHJHVWLyQ\PRQLWRUHRSURSXHVWDV
6HSODQWHDXQVLVWHPDGHPRQLWRUHRHQIRFDGRDOORJURGH
REMHWLYRVGHJHVWLyQGHPHGLDQR\ODUJRSOD]RTXHGHEHUtDQ
VHUiQYDOLGDGRVFRQSDUWLFLSDFLyQGHLQVWLWXFLRQHVS~EOLFDV\
SULYDGDV(QWUHHVWDV~OWLPDVHOVHFWRUDUURFHURHVXQDFWRU
IXQGDPHQWDOSDUDKDFHUSRVLEOHODLQWHJULGDGGHO6LWLR5DP
VDUEDMRHOSULQFLSLRGHOXVRUDFLRQDO
'LFKDSURSXHVWDIXHHOHYDGDDFRQVLGHUDFLyQGHOD&RQYHQ
FLyQSODVPiQGRVHHQHOGRFXPHQWRGHOD&RQIHUHQ
FLDGHODV3DUWHVUHXQLGDHQ3XQWDGHO(VWHVHJ~Q
´(O~QLFRVLWLRHOLPLQDGRGHO5HJLVWURGH0RQWUHX[GXUDQ
WH HO SHUtRGR REMHWR GH H[DPHQ IXH HO VLWLR
5DPVDU %DxDGRV GHO (VWH GH 8UXJXD\ /D VROLFLWXG GHO JR
ELHUQRGHHOLPLQDUHOVLWLRGHO5HJLVWURVHOOHYyDFDER
DxRVGHVSXpVGHVXDGLFLyQDO5HJLVWURHQ(QOtQHDFRQ
ODSUiFWLFDHVWDEOHFLGDOD6HFUHWDUtDVROLFLWyDVHVRUDPLHQWR
GHO*(&7VREUHHVWDVROLFLWXG\ORWUDQVPLWLyD8UXJXD\µ
8QRGHORVDVSHFWRVPiVUHOHYDQWHVGHODUHGHOLPLWDFLyQ\
FODVLILFDFLyQGHODQXHYDSURSXHVWDHVHOUHFRQRFLPLHQWR
KWWSZZZUDPVDURUJ
GHODVWLHUUDVGHUHJDGtRTXHKDQVLGRDIHFWDGDVDOFXOWLYR 352%,'(63URSXHVWDSDUDHOGHVDUUROORGHXQSURJUD
GHDUUR]FRPRXQWLSRPiVGHODVFDWHJRUtDVGHKXPHGDOHV
PDGHPRQLWRUHR\JHVWLyQSDUDHO6LWLR5DPVDU%DxDGRVGHO
H[LVWHQWHV (QWUH ORV IXQGDPHQWRV TXH VXVWHQWDURQ GLFKD
(VWH\)UDQMD&RVWHUD'RFXPHQWRWpFQLFRLQWHUQR
SURSXHVWD HVWiQ HO UHFRQRFLPLHQWR GHO SULQFLSLR GHO XVR )XHQWH$&$
6(7,(0%5(
6(7,(0%5(