JOSÉ CARRAL ESCALANTE
Club de Industriales sees various areas of opportunity in Mexico to further advance the economy and society.
BIOGRAPHY
José Carral Escalante has 70 years of experience in international banking and holds a graduate degree in law from the National Autonomous University of Mexico, a postgraduate in comparative law and international trade at the University of New York and in banking and finance from the University of the Americas, as well as a scholarship by the Giannini Foundation at UCLA at California - Berkeley. He is chairman or member of the board of directors of several companies and institutions. He was awarded Order of the British Empire by Great Britain, Commandeur de L'Ordre de Leopold by the king of Belgium, and Order to the Merit for Distinguished Services by the government of Peru. He has honorary PhDs from the Technological University of México and from the International Law Mexican Academy.
What are your main priorities as the president of Club de Industriales?
Under my leadership, so far, we have been able to double our exquisite gallery of modern paintings. This is a unique club. Even though we are not a museum, we are famous for curating the best collection of modern Mexican art. Our gallery is famous among Mexican presidents and ministers. Notably, we have also had the opportunity to entertain kings and queens of the UK, Sweden, Norway, and Belgium, as well as several presidents of the US and almost all of the presidents of South American countries. We also host heads of banks and central banks. Our list of members contains all the big names from the oil, transportation, steel, and cement industries.
What is your perception of the new president's vision for business in Mexico?
As president of one of the most attractive and wealthy nations in Latin America and the world, Andrés Manuel López Obrador's challenge is to provide a better life for all 120 million Mexicans. His mission is to correct the mistakes of former presidents. His most important mission is to eliminate corruption and then fight poverty and generate jobs. The majority of businesspeople agree with the president's objectives; however, we do not necessarily agree with the way he is doing it and think he is making mistakes. He does not accept any contributions made by previous governments or members of the public or business world. We have built a great nation, and we must continue to fight and incorporate models of governance.
How do you mitigate the risks of the new administration while continuing to undertake new projects?
None of the major companies have left Mexico, which is a positive sign. They are all here and waiting to grow. We are the ones that are building industries and working to offer more and better paid jobs. We have brought in new technology and are the ones who maintain the relationships between Mexico and countries around the world. We will continue to work hard and advance our economy and society. Mexico has 11,000km of coastlines, which means the country will always be an attractive place for investors. The country also has significant potential to develop solar and geothermal energy. For example, we export geothermal energy to the US.
How has financial inclusion advanced in Mexico?
I was the first person to introduce a credit card in Mexico through the BankAmericard Credit Card, followed by Visa. Bank of America decided to launch its card in Mexico after I went to San Francisco and convinced my executives to offer it in Mexico under specific conditions. My suggestion was to introduce USD credit cards with a maximum limit of USD100,000 to the most important executives and business leaders in Mexico. Back then, we were the number-one bank in Mexico—we even financed Pemex. To date, Bank of America is one of the largest foreign banks in Mexico.
What will digital banking bring to the sector?
According to my understanding, the president recently approved a plan to use technology and innovation to offer banking services to people living in remote areas. These include agricultural and indigenous communities. I am not directly involved, but I am pushing for this technology to be enabled. It is one of the largest areas of opportunities.
What is your message for potential investors?
Mexico is making great efforts to improve the overall living standards. At present, the main challenge is to improve the economic conditions of around 40 million people living in southern Mexico and enable their participation in the economy. Education and innovation are two tools the government can use to its advantage to bridge the gap between different regions of Mexico. The end goal is to develop remote regions to the point where they can better participate in the export market.
JOSÉ CARRAL ESCALANTE
TABLE OF CONTENTS
Focus
Inclusive development
Home to more than 22 million people, Mexico City is one of the most important cultural, financial, and educational centers in the world. While the lack of a coordinated approach to urban development has hurt the city's potential in the past, the current government is fully determined to promote inclusive growth and capture all the gains associated with urbanization.
read articleInterview
Alexis Langagne, North Latam Managing Director, Prosegur Security
With a cybersecurity firm, a guarding services firm, an electronic security systems company, and a video security company under its umbrella, Prosegur Security is the only company to offer a 360-degree security solution in Mexico.
read articleInterview
Rafael Fernando Marín Mollinedo , General Director, Public Decentralized Office of the Interoceanic Multimodal Corridor of the Isthmus of Tehuantepec
With the development plan of Isthmus of Tehuantepec in hand, Mexico will bring about greater economic development in the country's often-overlooked south.
read articleForum
Engineering
Each one of the three companies featured in this forum are known for disrupting the construction industry in their own unique ways. While Grupo Beck is a pioneer of the integrated delivery process in Mexico, Bovis is among the first companies to build high-rise buildings in the country. Sacyr Concesiones, on the other hand, uses infrastructure development as a means to promote equality.
read articleInterview
Fabrizio Feliciani, Regional Director, UNOPS
As the UN's special projects services unit, UNOPS' main goal is to support public institutions that are undertaking important infrastructure projects to contribute significantly to advancing a country or region's development agenda.
read articleInterview
Alejandro R. Paolini, Managing Director of Mexico, Central America & Caribbean, Siemens Healthineer
Siemens Healthineers' aim is to support the growth and development of Mexico's healthcare sector and help the government with innovative technologies, especially those that help treat chronic diseases.
read articleInterview
Yon de Luisa Plazas, President, Mexican Football Federation (FEMEXFUT)
Mexico's Liga MX is among the world's top-10 football leagues, and FEMEXFUT plans to push it into the top three by improving four key pillars, namely sporting success, sports justice, international relations, and social responsibility.
read article