 Welcome to the ITU studio in Geneva, Switzerland, where I'm very pleased to be joined in the studio today by J.P. Morgan, who is board member for the Utilities Regulation and Competition Authority, also known as ERCA, from the Bahamas. So, Morgan, thank you very much, and you've been with us today. Well, it's good to be here. I was here at the beginning in 2000, year 2000 for GSR, so it's... Well, this is, as I said, we're now GSR 2018. So, a few years later, I just want to... I mean, this is what we're looking at here at new regulatory frontiers, being the sort of the key phrase for this one. What in your mind does that mean? You know, over the years, you know, we've been through this transition, this great, big technological transition. It never seems to stop, does it? We started with the liberalization of the sector, the mobile sector, and this opened up all sorts of things. We've been through 2G, 3G, 4G. We're now looking at 5G. We're looking at all sorts of new technologies that these will spawn. And I think with each change, the technology has been challenging us. It's not stopping at all. It's really on a relentless path. And I think the challenge that we face is how do we, as regulators, how do we, as a society, keep pace with these changes and how do we use these technological advances for good? I think this is where, you know, over the years the GSR has really been very useful. I keep telling my colleagues that the GSR is the only forum I need to attend because it's the one time that I get a forward look once a year in terms of what's likely to happen. And I think that we will have to recognize that a change will continue. And, you know, investments will have to take place. And new technologies are going to bring new products and new ways of life and new impacts on how we think and how we do business. And so how, in your opinion, do you think we can work together to achieve new sustainable investment models, for example? It perhaps is the most distressing question, I think, because let's face it, in the days of the multinationals, or the multilaterals rather, the world banks and, you know, these sorts of, we thought we had the formula, didn't we? Those were the days when the governments owned these infrastructure companies. And that was the model. With privatization, the multilaterals sort of stripped away, fell away. They had their own finance and houses and so on. It has become increasingly difficult, I think, to attract investment that's sustainable because of the inherent risk associated with technology advances. So on the pin in that, I think the regulatory frameworks, the legal frameworks, have to try to learn this, have to try to mitigate, moderate these risks, excuse me, to enable what I would call the non-conventional investors to, you know, to look at this sector. And to perhaps, at the same time, we have to think of new ways, more innovative ways, in fact. In fact, you know, I was thinking about it the other day, where, you know, the investments that go into sobering cables, for instance, the companies, the telcos no longer invest in these companies. It's the content providers who invest in these companies. So that's probably sustainable, I suspect it will because, you know, they will be around for a long time, so long as there's content and there's a lot in it for them, obviously, as well. Absolutely. And so that's one mechanism, as the requirements that are placed on the infrastructure changes from voice to data to content, then I believe the purveyors of these products and services will have to find themselves invested in these technologies to deliver the services that they require. How they fund it, well, I don't want to call in the names, but they are all awash out there with all awash we cash. But it doesn't, I think, detract from the view that I have that, you know, hedge funds, trust funds, all of these, I think, are areas which we will have to explore to see if we might be able to create a kind of risk profile for the industry that will allow these kinds of investments to, you know, to take place in the sector. We were talking to, excuse me, some examples of collaboration in terms of mechanisms for sustainable investment in infrastructure. What about keeping up to speed? What about the technology changing so fast that it's very difficult to regulate, that it's very difficult to know what's coming next and to be able to regulate for that? How can one mitigate that? The regulator, the governments, excuse me, where it starts, have to recognize that they will never be able to keep pace. So the laws, the regulations, all of these instruments that are there to protect society, to protect individuals, have to have the ability to change themselves fairly quickly because, you know, the technology isn't going to wait. And so we, as regulators, and since we are in this forum, have to recognize that the lighter the regulation, the better it shall be, or the better it will be, the lighter the regulation. And in fact, I keep telling my staff, for instance, that, you know, if the day comes that we find that we are an inhibitor to investment, then we're not doing our jobs. And it really means lighter touch regulation. Perhaps you replace ourselves with a situation where we look at outcomes more so than trying to put pressure on these investors to do so and so and so. But they'll do it because it's a highly competitive industry. So we need to, that is to just create that framework where risk is, I can't say low, but risk is low, or at least, and can be anticipated. And the certainty that they need, that the market will be there with something that we, as regulators, can try to promote and stimulate. And coming back closer to home, what's the landscape like in terms of AI and IoT in the Bahamas? It's still a long, still a little way away. I was talking to my colleagues yesterday, after that session yesterday, and we're saying, you know, for the first time, and I've been in this business, this industry for a while, I said, for the first time, I was actually frightened or scared because the possibilities of what AI brings and the possibility that these machines could one day be so intelligent that they're so intelligent that they just grow, they just feed on themselves, developing their own software, for instance, as they grow. I'm actually frightened that we, how should I put it? That if we are not prepared for it as a society, then we could misuse AI and actually use it for the wrong reasons. And then of course along comes the problems with cyber protection and cyber crimes and this sort of thing, which is something I think which will then start to loom as a major issue for us in the next period of the technology development. So it's exciting times, but we can't afford to trade slowly, but we have to trade carefully. In the old days is to make here slowly, and I think this is what I would suggest. Well, thank you very much for joining us in the studio today. We wish you the very best, obviously, with this making hay slowly future that we have ahead of us. And we hope very much to catch up with you again sometime in the near future. It did an absolute pleasure. Thank you very much indeed. Thank you.