00:00Diego, bienvenido a HSBC.
00:01Muchas gracias, es un placer estar aquí.
00:03Delighted to have you.
00:05¿Cómo te encuentras México?
00:06Muy bien.
00:07Es muy emocionante venir a México, especialmente en este momento,
00:10cuando el mundo del mercado está cambiando mucho y México está en el corazón.
00:14Sí, eso es.
00:14Por años, como you sabía, el mercado operó a la lógica de eficiencia.
00:18No es exactamente el caso.
00:20Hoy, el ambiente demanda algo diferente.
00:23¿Cómo están las decisiones de los negocios de los negocios de los negocios?
00:26¿Cómo está cambiando en tu posición?
00:28Over the decades, supply chains evolved with one objective.
00:32Cost minimization.
00:33Y, you can argue, supply chains did that incredibly well.
00:36They were intricate and complex, in some cases not very transparent,
00:40but it was where the cheapest product came from.
00:43That, unfortunately, is no longer the best strategy.
00:46You have to take into account geopolitics,
00:50you have to take into account resilience,
00:52and you have to take into account strategic decisions
00:55that you make in terms of demand.
00:57So, we're seeing a fragmentation,
00:59and I would argue a rebuilding of supply chains in 2026.
01:03Right.
01:03As you mentioned, supply chains are being reconfigured all around the world,
01:07around factors that go well beyond cost.
01:10Which variables are shaping how companies structure their global operations today?
01:13The obvious simple change that companies have seen is tariffs are back in play.
01:19I know.
01:20So, the world of trade is getting fragmented based on tariff rates,
01:25where it's best to produce.
01:26The US, at the end of the day, is still 30% of the global economy.
01:29Of course.
01:29And it's very difficult for a global company to ignore the US consumer.
01:32So, that's the first factor.
01:33The second is technology is evolving at an incredibly fast pace.
01:36And manufacturing is no longer labor-based.
01:39Technological advancements mean you actually follow where the technology sits
01:43and where the new developments are.
01:45And then thirdly, you need resilience planning.
01:48So, you don't want to put all your eggs in one basket.
01:50Right.
01:51So, having a plan B and fragmenting markets,
01:53you have countries thinking about Asia for Asia,
01:56America for Americas, and so on and so forth.
01:58So, resilience planning and scenario planning becomes super important.
02:01HABC often emphasizes a key idea, which is global scale with local execution.
02:07In practical terms, how does that translate for a company operating across multiple markets,
02:14if not every market?
02:15So, two points.
02:17Firstly, thinking global is easy to say.
02:19It's very difficult to do.
02:21And we still see companies struggling to look beyond their immediate geography.
02:26So, European companies tend to look at Europe.
02:29Latin American companies tend to look at Latin America.
02:31Our message is the world is a lot smaller than you assume it is,
02:34and your demand tends to travel a lot more.
02:37So, building partnerships and exploring new demand markets is the first one.
02:41The second is selling into a different market often requires you to manufacture in a different place too.
02:48So, look at your procurement strategy and your supply chain strategy
02:52in tandem with your business strategy.
02:53And that's another big lever.
02:55And then finally, working capital is underutilized.
02:59I would wager to say almost every company is leaving value on the table when it comes to working capital.
03:04And that's a lever that will give you flexibility to expand into new countries and to tailor your proposition.
03:10We are going through a period of huge and very accelerated technological innovations.
03:18What transformations are beginning to reshape how international trade is managed right now?
03:23So, we're seeing that today.
03:24So, in 2025, global trade in goods grew by 4%.
03:31Half of all that upside came from AI.
03:35AI-driven trade.
03:37So, I think I would put companies in two categories.
03:40Companies that are capitalizing or positioning themselves to capitalize on the AI boom.
03:44And companies that are setting themselves up to be left out.
03:48So, this is where I think the world is going to get fragmented very quickly.
03:51But it's not too late for companies to move.
03:54And that's imminent in terms of the opportunities at their doorsteps.
03:57Thank you very much, Vivek. That was wonderful.
03:58Thank you, Diego. Pleasure to have you.
04:04Thank you, Diego. Pleasure to have you.
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