Private investment in Peru faces challenges despite economic and political improvement.

During the "Perspectives 2025" forum organized by Gestión, Elmer Cuba, a representative of Macroconsult, made his stance clear regarding the current situation of private investment in Peru. Despite the recent improvement in the country's macroeconomic outlook, which translates into higher Gross Domestic Product (GDP) growth and a decrease in inflation, Cuba argues that these indicators are not enough to change the investment climate. In his analysis, the expert projects zero percent growth in private investment this year and only three percent for the next, reflecting a very slow recovery marked by political uncertainties. Cuba argues that, although the country is in a process of economic reactivation, companies continue to face serious challenges related to the quality of public management. "Companies operate in a local environment, and that is where issues of low state quality arise," he emphasized. This situation highlights the importance of selecting the right political leaders, who must work on deep state reforms to create a conducive environment for investment. The forum, which brought together specialists and leaders from the economic sector, focused on the evaluation, planning, and growth of Peru. Key figures such as José Arista, the Minister of Economy and Finance, and Raúl Pérez Reyes, the Minister of Transport and Communications, were present and also addressed the economic context of the country. The participation of these ministers in the event underscores the relevance of the discussion and its impact on economic policy decisions. The energy and mining context also had significant representation at the forum, with contributions from prominent leaders such as Mehdi Ben Maalla, CEO of Engie Energía Perú, and Víctor Gobitz, president of the National Society of Mining, Oil, and Energy (SNMPE). These expert voices provide a comprehensive view of the challenges and opportunities in a sector that is vital for the Peruvian economy. In the financial realm, a detailed analysis was presented by Juan Pedro Oeschle, CEO of Santander Perú, which is essential for understanding market dynamics. The discussion panel, which included figures like Mauricio Guzmán from SURA Investments and Jorge Beingolea from Credicorp Capital, offered a critical perspective on how investment strategies should adapt in a changing environment. The panel on consumption, led by Gustavo Yrala from DATUM Internacional, provided valuable insights into the trends and expected behaviors until 2025. Alongside him, a debate was held with leaders from the retail industry, who discussed the necessary adaptations in this sector in a post-pandemic recovery context. Finally, the analysis of the tourism infrastructure context, which included executives from Airports of Peru and LATAM Airlines Peru, highlighted the importance of this sector for the country's reactivation. Tourism infrastructure is a key pillar for attracting investments and fostering economic development, especially in a country like Peru, which has great potential in this area. The return of the "Perspectives" event, after the pause caused by the pandemic, marks a reactivation of the tradition of dialogue and analysis that has been fundamental for business decision-making in the country. The Gestión initiative aims to continue the legacy of its former director, Julio Lira, by providing a space for private and public sector leaders to exchange ideas and focus efforts toward sustainable growth and improving the investment climate in Peru. Cuba's message resonates in a context where political stability and public management capacity are crucial. Without these reforms, he warns, macroeconomics alone will not be able to transform the environment to attract the investments that the country desperately needs to move towards a more prosperous future.