BUSINESS FACULTY

Administration and International Business Career

T1

“Gloria Company.”

Authors:
N00059399- Cano Sanchez, Jose Angel

N00134380-Rodriguez Aguado, Cristell Milagros

N00155255-Valverde Cerpa, Ana Belén

Teacher:
Mg. Marvic Carrasco Benavides

Lima-Perú
2023
 TABLA DE CONTENIDO

I. INTRODUCTION.......................................................................................................... 3

II. ABOUT THE COMPANY..............................................................................................4

a). Description.................................................................................................................. 4

b). Country- Bolivia......................................................................................................... 4

c). Competence............................................................................................................... 5

d). What is the value proposition?...................................................................................6

e). What is the influence of different generations (Millennials, generation X, etc.)?.........8

f). How culture affects the business in the chosen country (or will affect)........................8

g). What are the challenges in the new country regarding culture?..................................9

III. ECONOMIC ANALYSIS.........................................................................................10

a. Gross Domestic Product (GDP).................................................................................10

b. GDP Real.................................................................................................................. 11

c. GDP per Capita and...................................................................................................11

d. Real GDP per Capita.................................................................................................12

e. The Unemployment Rate...........................................................................................12

f. Inflation....................................................................................................................... 13

g. Foreign Exchange......................................................................................................18

h. Balance of trade.........................................................................................................19

i. Country Risk...............................................................................................................20

j. Gini Index....................................................................................................................20

k. What is the economy trend and forecasts in the country............................................21

IV. CONCLUSIONS.....................................................................................................22

BIBLIOGRAPHY................................................................................................................23

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pág. 3
 I. INTRODUCTION

Over time, globalization has allowed many companies belonging to different industries to
cross international borders, which has allowed the development of communication, market
alliances and accelerated economic growth, which has benefited many organizations.

Globalization has allowed many companies to adapt to change, learn more about cultures
and, most importantly, look for "differences" and try to bring them to light collaboratively.
There are several concepts that explain internationalization in detail.

Internationalization is the globalization process that a company goes through. In turn, it is

a process by which a company projects its activities outside its country of origin. This is
done with the purpose of obtaining greater profitability and creating value for a company.
Although, as indicated by (Canals, 1994), the objectives of internationalizing a company
are three: Opening new markets, seeking lower production costs and carrying out an
efficient production and distribution process.

In this way, many companies implement various internationalization processes in the

international market, and this process is increasingly common not only for large
companies, but also for small and medium-sized companies.

Therefore, it is important to carefully research the markets in which a company wants to do

international business. Once all of this is in place, a strategic plan should be developed to
serve as a guide to achieving the goals set by the company.

In this way, the main objective of this work is to provide a clear guide to the
internationalization process of Group Gloria and the analysis of the economic environment
in the international market.

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 II. ABOUT THE COMPANY

a). Description

Gloria S.A. was established in Arequipa in 1941. Today the company is part of one of the
largest conglomerates in Peru, Group Gloria, which is formed by companies operating in
the food, cement, paper, paperboard, packaging and agribusiness industries.
Gloria is specialized in the manufacturing, marketing and distribution of dairy products, as
well as industrialized milk and their derivatives. To a lesser extent the company produces
soft drinks, juices, nectars, canned fish and jams. Gloria S.A. is not only a leader on its
local market, but currently holds a highly recognized position in other Latin American
countries: Argentina, Bolivia, Puerto Rico, Colombia and Ecuador.
Its biggest export markets are: Gambia, Bolivia and the Bahamas. Gloria has been listed
on the Lima Stock Exchange since 1995.

b). Country- Bolivia

Bolivia is positioned as the main destination for Peruvian evaporated milk in the first
semester. The company's internationalization process took place at the end of the 90's,
beginning to establish itself in the Bolivian market. The objectives for which the company
chose to carry out operations outside the national market were mainly two:
The first, where they sought to associate with various international companies in the same
field to start a new project, oriented to the long term, and thus be able to obtain greater
economic benefits and diversify the risk.
The second objective was to improve and expand its distribution network, contact with
suppliers and customers internationally, where they can manage their own operations. The
brief interview with Mr. Javier Martinez (Export Manager of the Gloria company in Peru)
told us that only a few countries have their own collection points, which are Puerto Rico,
Colombia, Ecuador, Bolivia and Argentina.
It is worth mentioning that the country of Bolivia was the first market where the Gloria
group entered, acquiring 70% of the shares of the company Pil Andina S.A., thus making a
foreign direct investment (FDI), establishing a joint venture with said Bolivian company,
generating that years later the Gloria group becomes a creditor of 100% of the shares.

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 c). Competence

The dairy products market in Peru is characterized by operating with a high concentration,
since the three main companies (Gloria, Nestlé and Laive) supply more than 90% of the
market, while the balance is made up of artisan producers.
Gloria was founded in 1941 and is the leading company in the sector and incurs a lot in the
diversification of both its products. Nestlé Peru is a subsidiary of the Swiss group Nestlé, a
company that began operations in the country in 1919, through the importation of
products. Currently, Nestlé Peru has three plants located in: Lima, Chiclayo and
Cajamarca, for the collection of milk. Laive was founded in 1910, under the name of
Sociedad Ganadera del Centro, changing its name in 1994. Currently, the company has
four plants nationwide, two located in Arequipa and two in Lima, with its main center
collection in Majes - Arequipa.

These three companies are in intense competition with each other and offer an important
variety of products, with an increasingly wide range and with innovative presentations in
each case. Among the main strengths of the dairy industry in Peru, its vertical integration
stands out, since the three companies mentioned are in charge of the collection of fresh
UHT milk (its main input), and the processing, packaging and distribution.
This allows obtaining significant economies of scale, as well as the creation of barriers to
entry in the face of the possibility of new competitors.

Peru, in recent years, has shown stable economic growth that fosters a favorable
environment for the production of this food and its marketing to the domestic market, as
well as abroad. Currently the total production of milk is 1.90 million MT and the equivalent
of 350 thousand MT is exported, so this must be added to the signing of Free Trade
Agreements (FTA) with different countries, which facilitate the exchange and trade of
different products, under optimal trading conditions.

It is known that a great part of the milk industry in Peru is mainly destined for the
production of evaporated and pasteurized milk. At the consumer level, dairy products are
part of the basic family basket and, in addition, represent an ideal element for human
development and help combat child malnutrition. Evaporated milk is the most demanded
dairy product in the Peruvian market.

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Another relevant factor in milk production and more precisely in the national dairy sector is
the competitiveness of the three companies mentioned in previous lines, which own almost
100% of milk production in the market.

Therefore, the continuous investment in technology allows it to continuously improve the

quality of its products and innovate in order to respond quickly to the tastes and
preferences of consumers. Thus, despite a high level of rivalry between the three existing
competitors, Gloria manages to maintain market leadership with a greater range of
products.

d). What is the value proposition?

They were born as a dairy Company, however, with the passing of the years they have
diversified.

 Milk and derivatives

 Dairy mixes
 Drinks
 Canned fish
 Non- dairy foods

There’re 3 words to define Gloria

Family: For the trust in working with food aimed at strengthening the little ones and
reinforcing, throughout the life cycle, the balanced diet that we deserve.

Mother: For the permanent connections that unites nutrition and mother’s teachings in our
childhood.

Tradition: For all effort that is achieved penetrate the hearts of Peruvians.

But these words are holding with other values that they want to honor: Quality and
commitment.

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Gloria as a value proposition presents three important pillars:

Society:

General manager Valeria Flen Silva said “We are going to help about bonuses and feed
for livestock. (Diario El Comercio, 2022). For the other hand, the aim is they grow with
them at the same time.

Its current competition is Laive, Nestlé and small artisan producers Gloria has diversified
its product portfolio in order to increase its production and continue leading the national
market against its competition.

Nutrition:

In recent years, Peru has seen many cases of diseases that affect the population such as
problems of obesity, anemia, diabetes, malnutrition, that is why, what a glory it has as
purpose of combating the nutritional challenges of Peru and the world. They call it "high
quality products that taste like Gloria" not only high quality products, but also an approach
to scientific nutritional information.

Program:

Gloria initiated a program that provides quality nutritional information and consulting.
During the pandemic in Peru that began 2020, they adapted the situation and reinforced
their program through digital media.

Gloria has been fostering relationships with it’s livestock providers getting more
employment and value in communities.

Sustainability:

In Gloria they are aware of the impact generated by the actions they operate, which is why
they carry out their activities with low solids, environmental protection and natural
resources.

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Why is canned packaging important to you?

They looked to their packaging has less impact in the environment as possible. They
designed canned 100% recyclable. It’s degrades in (1, 15 years later), for the other hand it
has a technology that helps a lot to care the canned to high, down or different weather
called “Vent Hole”.

e). What is the influence of different generations (Millennials, generation X, etc.)?

Generation Alfa: Children were born after 2010.Peruvian girls and boys have access to a
digital program “Learn Nutrition with Gloria '' which provides knowledge of nutrition and
hygienic measures in a fun way through videos, songs, etc.

Study of brand made every year by Arellano consulting “day 1” in newspaper “El
Comercio” shows Gloria is a brand engraved by Peruvian guys around 80 years and also
it’s consider as the company that most promotes the growth of society or care for the
environment and as the dairy brand that they prefer and consume the most.

f). How culture affects the business in the chosen country (or will affect)

Bolivian culture positively affects the Gloria company. Because their cultures are similar,
which facilitated efforts to establish themselves in said market. The issue of location was
also an advantage, since it was sought that the collection points for the products are close
to the factories where the manufacturing process is carried out.

Basically, the development of the dairy products that are made are diversified, since they
are focused on children and young people as the main age groups. The main objective is
to reach children - young people from 04 to 17 years old; For this reason, captivating and
attracting the attention of this group of people implies that new marketing ideas have to be
incurred monthly, despite the fact that Bolivia is one of the countries where milk
consumption is one of the lowest in the world. and one of the last in the region.

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Where they use the same sales promotion for a large part of the products they launch on
the market. Generating, a growth in sales and profits, which helps to develop business
growth; since in Bolivia, Pura Vida milk is also distributed, and some other own brands of
the same local company.

g). What are the challenges in the new country regarding culture?

Currently, the group currently controls 91% of the dairy market in that country, under the
representation of the company "Pil Andina". The secret of its success in the Bolivian
market lies in the ability to adapt to the needs of its customers, developing packaging with
less capacity than the standard, as well as various types of labels. The internationalization
process used by Gloria S.A. in the Bolivian market was a Joint Venture, since Gloria and
Pil Andina became partners, sharing the same business impulse in matters related to milk
production.

The primary objective of the group was to acquire said organization and take advantage of
the infrastructure of the Bolivian company, optimizing its resources and creating a cost
leadership approach, as in Peru, where they sought majority participation in each region,
with in order to be able to manage their prices and that these are accessible.

The constant production that Pil Andina has in Bolivia is optimal, since it obtains the
highest economic profitability around the price of the product in the market. It has three
Andean basins: Cochabamba, La Paz, and Santa Cruz. The total supply of milk is
distributed from these three cities, with which the company subsequently produces the
various dairy products and plans to increase milk production.

The Bolivian Government hopes that in the coming years the company PIL Andina will
increase its sales levels to Venezuela, Peru, Colombia, Chile and Paraguay, countries
where the production of powdered milk is currently exported. At the same time, they try to
reverse 55% of the per capita consumption of milk, which is 35 liters per person per year,
an average that should be 60 liters.

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The challenge, which is presented in this country, is to manage a constant technological
update, since all technology purchases are made centrally through a company located in
Florida – United States. This company is in charge of coordinating all the advisory and
engineering activities that the company requests and needs, either to solve specific
problems or to incorporate new equipment.

Secondly, to ensure that all the products that go on the market keep a high degree of
differentiation with those of the competition. Quality is the concept that prevails over the
products offered by the company. Pil Andina S.A. establishes a marketing plan similar to
Gloria's, since they always plan to launch more than two types of promotions a year, which
generates positive results, because it is currently the best positioned dairy company in
Bolivia thanks to its constant innovation of products.

III. ECONOMIC ANALYSIS

a. Gross Domestic Product (GDP)

Image 1.

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Source: Datosmacro

It can be seen in image 1, that Bolivia's GDP in 2021 was 34,391 million, with a growth of
6.1%, unlike the previous year, which had a variation of -8.7%.

b. GDP Real

Image 2.

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Source: World Economics

Bolivia has a real GDP of 30 billion dollars at the end of 2019, and at the beginning of
2020 with a real GDP of 27 billion dollars.

c. GDP per Capita

Image 3.

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Source: Datosmacro

In image 2, it can be seen that Bolivia's GDP per capita in 2021 was 2,906 million and with
an annual variation of 4.9%, higher than in 2020 where the figure was -13.3%.

d. Real GDP per Capita

The gross domestic product (GDP) is equal to the total expenditures for all final goods and
services produced within the country in a stipulated period of time. including the inflation,
that is, that they are not used to produce anything else. The real GDP is taken from the
base year.

e. The Unemployment Rate

PERÚ:

Unemployment rate in Lima in the third quarter in 2021, the unemployment rate was 7,8%
being 6.0 percentage point less than in the same period of 2020(13.8%).In the year 2021,
the unemployment rate of Metropolitan Lima was 10.7%, decreasing by 2.3 percentage
points compared to the year 2020, however, compared to the year 2019, the
unemployment rate is higher by 4, 1 percentage points.

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 This information is presented in a technical report on the Labor Market Situation in
Metropolitan Lima, prepared with the results of the Permanent Employment Survey (EPE).

Employed population of metropolitan lima reached 4 million 909 thousand people in the
fourth quarter of the year 2021.

The Working Age Population (PET) is fit to perform productive functions. In Peru, people
aged 14 and over are considered who live in urban and rural areas.

In the third quarter- July, August, September 2022 the population economically
active(PEA) was 71.5%, however, the Population economically not active (No PEA) was
28.5%.

Source: INEI

BOLIVIA:

During the 2021 in the labor market there was a 15% increase in the employed population
urban and decrease in the unemployment rate to 5.2%. As a results, the employed
population reached to history levels, 4.320.106 people employed. At the same time with
the reactivation of the economy, paid the Bonus against Hunger, a measure that not only
boosted economic growth through domestic demand, but also had an impact on the
redistribution of income, by reduce poverty and inequality.

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 Cochabamba was the one with the greatest reduction, going from 11.9% in 2020 to
5.3% in 2021.It should be remembered that this department was one of the hardest hit by
the COVID pandemic.

In Santa Cruz, it recorded a rate of unemployment at the end of the period of 4.9%, lower
in 3.6pp compared to 2020. Likewise, the unemployment rate of the population of young
people between 16 and 28 years old fell to 8.4% in December of 2021. By gender, male
unemployment was lower by 1.2pp in relation to women.

f. Inflation

Keeping the exchange rate fixed is one of the ways that the country has found to stabilize
prices. While most Latin American countries struggle to lower inflation, which in some
cases exceeds double digits, Bolivia stands out for having the lowest consumer price index
in the region, 1.90% accumulated until September 2022.
How can this be explained in light of the global macroeconomic context? Is it sustainable
over time?

Claudia Pacheco, vice president of the College of Economists of Santa Cruz, commented,
in an interview with Lex Latin, that since 2011 Bolivia has achieved a stability that can be
considered "sensitive" and that it has made inflation in the country one of the lowest with
policies such as keeping the exchange rate fixed.
However, it considers that in order for it to be sustainable over time, it must involve
analysis and certain adjustments, such as reducing current spending, regenerating Net
International Reserves (NIR), cutting subsidies and granting institutional independence to
the Central Bank, among others.

For economists, the fixed exchange rate in a small economy like Bolivia's has managed to
"control" inflation, providing some stability to the trade balance and prices, since it is open
to the market. However, he assures that this has been to the detriment of the national
industry. "Imports of products at a lower value, due to the devaluation of their currency,
cause price competition in the domestic market, which has undermined the national export
industry, which does not reflect a real profit for the producer and which decreases their
competitiveness due to the real exchange rate appreciation”, he maintains.

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Source: Ministry of Economy and Public Finance of Bolivia.

The specialist warns that some fiscal and salary policies such as the double Christmas
bonus have generated an overvaluation of the currency, contrary to the fixed exchange
rate policy. Added to this is the fact that if the NIRs continue to decline, the time will come
to devalue the currency, putting the “stability” of the financial sector at risk.
While other countries in the region had to implement exchange control mechanisms to
support their currency and there were large divergences between the official exchange
rate and the true price of the US currency on the street, in Bolivia you can buy and sell

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 dollars freely, and the exchange rate has been maintained thanks to the fact that
the government supports it by injecting dollars from its reserves into the market.
Hugo Siles, economist and Minister of Autonomies under Morales, believes that "the
immense resources obtained from the nationalization of hydrocarbons by former President
Morales made it possible to pursue a policy of appreciation of the Bolivian that has
contributed to low inflation."
But the current Minister of Economy and Finance, Marcelo Montenegro, told BBC Mundo
that "the key element" that explains the low relative inflation in Bolivia is that "agricultural
production has increased a lot, especially tomato and onion, which It is allowing us to have
elements that moderate and mitigate inflationary elements".
Subsidies and restrictions on exports
Producers and consumers around the world are hit by rising fuel and food prices. Until
now, Bolivians have not felt that blow. In their country, the price of gasoline remains stable
at around US$0 50 per liter and items in the basic basket have not experienced large
increases either. Experts point to generous government subsidies as the cause. Despite
the fact that oil prices continue to skyrocket in international markets, the state monopoly
that distributes gasoline In Bolivia, has fully absorbed this impact by not altering its
subsidized price. Consequently, agricultural producers have not been pushed to pass on
to final consumers the increase in their production costs derived from the rise in fuel
prices, as has happened in other countries.
The country also has mechanisms that help contain inflation in the food sector, such as the
Empresa de Apoyo a la Producción de Alimentos (Emapa), a state company that provides
financial support to agricultural producers, and the Rotating Fund for Food Security., which
imports food from public accounts and distributes it on the market to keep prices low.
In one of its latest actions, the Fund injected 10,000 tons of wheat flour into the market to
prevent a rise in the price of bread. Lian Lin, an analyst at the Intelligence Unit of the
weekly

"The Economist", says that "these things keep food inflation going down and that means a
large part of the total Consumer Price Index."
Another brake on the rise in prices implemented by the government are the export
certificates that are required for all products sold abroad.

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 When their supply in Bolivia at a price that the authorities consider fair is not
guaranteed, they can deny the certificate to export, thus forcing an increase in supply in
the domestic market that also alleviates inflationary pressures.
A recent World Bank report estimates that the Bolivian public debt will be close to 80% of
the Gross Domestic Product (GDP) by the end of 2022, more than ten percentage points
above the regional average.
The Ministry of Economy and Finance responded with a statement in which it assured that
the public debt to GDP ratio stood at 43.6% in February, "below the limits established as
recommendable."
The Executive also accused the interim government presided over by Jeanine Áñez, the
leader who assumed power after the fall of Evo Morales and today is in prison accused of
terrorism, sedition and conspiracy, of the "explosive increase in internal debt registered in
2020".

Hevia indicates that "the fixed exchange rate has been very effective in controlling
inflation, but it has unwanted effects on the economy because it discourages local
production by making imports cheaper and requires a large cushion of external resources
to sustain it”.

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 And that use of resources to support the national currency has been perceived for
some time as a notable increase in the fiscal deficit and a sustained decline in the
international reserves of the Central Bank of Bolivia.
Until 2015, Bolivia accumulated income mainly from gas exports and had up to US$15
billion in Central Bank reserves. But that figure has been falling and in December 2021 it
was US$4,752 million.
With a fiscal deficit that, according to the projections of the Central Bank, will end the year
at 8.5% of GDP, there is concern that the country will continue to use up its reserves to
pay for the subsidies that keep prices under control and that are estimated to cost it to the
State about US$4,000 million each year.
Montenegro indicates that "the important thing is the trend" and promises: "Gradually, we
are going to reduce our fiscal deficit."
There are other factors of concern. Roberto Laserna, from Ceres, affirms that "the
nationalization of hydrocarbons generated a large volume of resources in the short term,
but in the medium term it discouraged foreign investment."
This has translated into years of falling gas production and Bolivia has been unable to
meet some of the supply commitments made with neighboring Argentina, with which new
agreements are being negotiated. Former Minister Siles sees no reason for concern. .
"Bolivia sells gas, electricity, and raw materials such as soybeans or minerals, whose
prices on the international market are also rising, which will bring in more foreign
currency." And he predicts: "The government is not going to eliminate subsidies or alter
the exchange rate because that means shifting the burden to the vast majority of the
population.
Not everyone is convinced. Lian Lin believes that "Bolivia will still enjoy some tailwind from
the price of gas but in the future the exchange rate will have to come down a bit at least
and there will be some kind of gradual devaluation and cuts in prices." government
programs". Time will tell which prognosis is correct. For now, the last Bolivian debt
issuance last February was placed at an interest rate of 7%, an increase in the required
return on bonds that is usually associated with lower investor confidence and which
reveals the greater difficulty that the Bolivian State now finds in financing itself.

g. Foreign Exchange

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 On November 28, 1986, with the New Economic Policy, Paz Estensoro signed the
law for the entry into circulation on January 1, 1987 of a new fully convertible national
currency, the Bolivian, equivalent to one million pesos and with a rate of flexible exchange
in relation to the dollar and that after a transition period is the only legally accepted
currency as of January 1, 1988. Between 1863 and 1963 the Boliviano was the national
currency until its replacement by the Bolivian peso. The Central Bank of Bolivia, founded in
1928, is the economic body responsible for issuing currency.
Bolivian bills and coins in use
The coins of 10, 20 and 50 cents, and 1, 2 and 5 bolivianos are currently in circulation,
with the inscription "Union is strength" on the obverse and the Bolivian coat of arms on the
reverse with the inscription "Plurinational State of Bolivia".

Regarding the bills, at the moment there are 10, 20, 50, 100 and 200 bolivianos in
circulation.

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h. Balance of trade

Source: Datosmacro

For the year 2021, Bolivia had a surplus in its trade balance of 1,470.9 million dollars,
3.62% in its GDP, this is an important change in the balance, since, the previous year, it
had a deficit of 64.8 million dollars. The variation in the trade balance occurred because
exports were greater than imports.

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i. Country Risk

According to the risk rating agency Fitch Ratings, it maintains that Bolivia maintains a B
rating, having a stable outlook, Fitch mentions the good administration of the public debt,
and the relevance of the liability management operation in international markets, it is also
expected that the deficit continues to decline.

Source: Fitch Ratings

j. Gini Index

At the national level, the Gini index went from 0.602 in 2005 to 0.420 in 2021, which
indicates a decrease in inequality regarding the distribution of income in Bolivian society.
The value of the coefficient had a greater decrease between the years 2005 and 2011,
going from 0.602 to 0.465 respectively.

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k. What is the economy trend and forecasts in the country

According to the International Monetary Fund, the Bolivian economy would have a
projection of 3.8% in 2022, and 3.2% by 2023.

In addition, in the first quarter of 2022, the GDP registered a growth rate of 3.97%, which
would reflect a stable economy and would be recovering from previous years.

Next, a graph will be shown with the variation of GDP in the first quarter of 2022.

pág. 24
Source: Statistics National Institute

IV. CONCLUSIONS

 Gloria to be able to position itself in international markets, create relationships with

various companies in order to diversify risk and increase profitability. Achieving,
improving and expanding its international distribution network, managing its own.

 The success of its positioning in Bolivia is that it adopts a polycentric position, since it
easily adapts to the needs and culture of the market, seeking to adapt to the
changes, regulations and policies that each country implements.

 Gloria has implemented programs for the local population and employees to combat
malnutrition in Peru, thus working in conjunction with its corporate social
responsibility.

 During 2020 Cochabamba has been the most affected department in Bolivia in the
face of covid 19. However, it has reduced its unemployment rate to 11.9% in 2020
compared to 5.3% in 2021, which improves expectations for the following year.

 In recent years, Bolivia had an increase in GDP, especially in 2021, where the growth
it had was considerable with 6.1% compared to previous years, thanks to different
economic activities, such as exports of goods and services.

 Bolivia reflects a stable economy for its citizens for the moment, thanks to the fact
that in the first quarter of the last year 2022, it reflected an increase in GDP of 3.97%,
this is thanks to the economic reactivation, among these activities, the main one is
the transport and storage.

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 BIBLIOGRAPHY

o Retrieved from: Lex Latin (18-10-22) Bolivia tiene la inflación más baja de América
Latina: ¿cómo lo ha logrado? : https://lexlatin.com.

o Retrieved from: Página oficial, Gloria S.A.: https://www.gloria.com.pe

o Retrieved from: Canal Ipe (10-03-17) Perú y Bolivia: 10 cosas que nos unen :
https://www.canalipe.tv .

o Retrieved from: Peru Retail (06-01-22) Gloria: conoce la historia del gigante de la
leche en el Perú: https://www.peru-retail.com

o Retrieved from: Agraria (05-07-22) Bolivia se posiciona como principal destino de

la leche evaporada peruana en el primer semestre : https://agraria.pe

o Retrieved from: Pareja, M; Sotelo, J. (2018). Estrategias de Internacionalización de

la empresa Gloria S.A.: https://repositorioacademico.upc.edu.pe

o Retrieved from: Página official, Pil Andina: https://pilandina.com.

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https://abi.bo/index.php/noticias/economia/28365-fmi-ratifica-su-proyeccion-de-
crecimiento-economico-para-bolivia-de-3-8-este-ano

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 (PIB,medidas%20de%20reactivaci%C3%B3n%20econ%C3%B3mica
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https://abi.bo/index.php/reportajes/36-notas/noticias/economia/27400-fitch-ratings-
mantiene-la-calificacion-de-riesgo-soberano-en-b-con-perspectiva-estable-para-
bolivia#:~:text=%2D%20La%20Calificadora%20de%20Riesgo%20Fitch,este
%20martes%20el%20Mihttps://iisec.ucb.edu.bo/indicador/indice-de-gini-
21#:~:text=A%20nivel%20nacional%2C%20el%20coeficiente,de%200.602%20a
%200.465%20respectivamente.nisterio%20de

o Retrieved from: Worlds Economics:

https://www.worldeconomics.com/GrossDomesticProduct/Real-GDP/Bolivia.aspx

o Retrieved from: Artículo oficial by bvl, “Tras las protestas estamos enfocados en
retomar nuestros niveles de acopio”. Arturo Pallete

o Retrieved from: "Nuestra estrategia de sostenibilidad integra a toda nuestra

cadena de valor". Valeria Flen Silva:
https://www.gloria.com.pe/images/valeriaplen.pdf

o Retrieved from: Reporte de Sostenibilidad 2021

https://www.gloria.com.pe/images/Reporte%20de%20Sostenibilidad%202021.pdf

Retrieved from: https://repositorio.economiayfinanzas.gob.bo/documentos/2018/UAEF/

Memorias/MEB_2021.pdf

o Retrieved from: https://www.gloria.com.pe/Site/nuestrocompromiso/sostenibilidad

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