 We're very pleased to release this morning the Global Innovation Index for 2012. It focuses on the theme of stronger innovation linkages for global growth. In recent months it will not have escaped your attention that there has been a considerable policy discussion about how to deal with the economic crisis and what economic policies are appropriate. In particular there has been some calling into question of the emphasis in economic policies on austerity measures and some suggestions from many quarters that we should achieve an appropriate policy mix between on the one hand achieving sustainable public finances and on the other hand policies that encourage growth and employment. And it's very much in this context that we're pleased to launch today the Global Innovation Index for 2012 because we believe that innovation is a crucial element in that policy mix and especially in relation to economic policies that encourage growth and employment and sustainable growth. And to support the debate about these issues the Global Innovation Index contains a number of metrics which help us to assess and provide a continual assessment of innovation and policy performance in relation to innovation. This year's index as I mentioned places great importance on the need for having strong linkages between the various elements that operate within an innovation ecosystem. Let me say that WIPO joined in Sayed in 2011 last year as one of the knowledge partners and this year we've moved up the innovation ranking and become not just a knowledge partner but a co-publisher of the Global Innovation Index. One word on why we have done that. Well because the reason why we have an intellectual property is of course to promote innovation. Intellectual property is we believe an essential part of the overall innovation ecosystem. Intellectual property encourages innovation investment in innovation and encourages those who innovate to be able to have a framework in which to trade their intellectual assets and the fruits of their innovation. Thank you once again for coming and I'm going to hand over to Sumitra or Saman would you like to do the introduction. Good morning and thank you very much Francis for your introduction. We are talking about as Francis said a very important theme of innovation and it's very important to also realize that our definition and our view of innovation has also innovated if I can use that word over the last 10 or more years. Historically innovation was often thought of as a specialized improvement in products and processes done by a few specialized scientists inside the research laboratory of a company and organization. Today we think about innovation in a much more broader perspective but innovation happening not just within the product labs of companies but across the entire organization across multiple actors including the government including other non-governmental organizations and also across society as a whole. And it's in this light and it's in this flavor that we have created the global innovation index to capture some of these broader holistic aspects of innovation. So when you ask the question what does the global innovation index capture? It captures two important elements. It captures the ability and the capability of an economy to innovate and that is captured by five what we term as input pillars around institutions, human capital and research, infrastructure, market sophistication and business sophistication. So those elements represent the capability of an economy to innovate. We also capture the actual successes or the outputs in innovation of an economy and we represent them by the two output pillars in the global innovation index model namely the knowledge and technology outputs and the creative outputs. So it is in the holistic view that you should consider these results and these results are computed prepared by a team that extends across INSEAD, WIPO, across the knowledge partners, Booz & Co, Alcatel Lucen and the Confederation of Indian Industry. And in particular I think I would like to also mention that two of our key researchers Daniella Benavente and Shasha Vincent is here with us in the room. I'd like to thank them also for the contributions. Now if you look at the entire result we look at about 141 countries or economies in this year's edition covering a broad majority or high majority of the economies in the world and we look at data from a number of different sources and we take extreme care to make sure the data is as recent as possible and we spend a lot of time trying to make sure that we have the broadest and the best data available which of course varies from year to year. Now this year we have also introduced two additional changes in the model to reflect the evolving nature of innovation. We've introduced a focus on online creativity because we do believe that a lot of innovation today happens in the online space. We've also introduced an element on ecological sustainability because we do believe that sustainability is an important part of the capability of an economy to innovate for the future. If you look at the rankings we produce two rankings from the model and the analysis. One is the overall index which is an average of the scores on the input five pillars and the two output pillars and that average score is termed as a global innovation index. You have the results with you in the press release but this year we are very pleased to say that the top three countries are Switzerland, Sweden and Singapore. You see among the top ten a high predominance of European countries. At the same time you see also both Asian economies like Singapore and Hong Kong and also North American with United States at position number ten. We also compute another index which is an efficiency ratio and the efficiency ratio is the output divided by input. It is not the average it is essentially showing how efficiently is an economy transforming its input capability into innovation outputs. And this is interesting because the results in the efficiency ratio are very different. The top three economies on the efficiency ratio are China, India and Moldova. There you have a mix of both high income economies and also low income economies and the top ten rankings of the efficiency ratio. China as we'll see later has been doing extremely well in the overall rankings. Now if you look at some of the overall results from this year's study, you do see that the high income economies dominate and high income economies do tend to have a significant lead around the various elements of innovation, capability and innovation outputs as compared to other low income or middle income economies. At the same time what you do see are some interesting changes, interesting trends in some of the middle income and low income economies also pushing the innovation frontiers. One example is China which is ranked at position number five on the technology and knowledge outputs. So it's a very critical element of knowledge production and China did extremely well on that element. If you look at India also, it's a low income economy but it's ranked number ten on the creative intangibles. So it's doing very well in terms of creating new innovative business models, new innovative models using some of the capacities in the economy. Now one of the concerns we have identified on the report is the tendency in some economies to perhaps slow down the rate of investments in research and development inside their own businesses and governments. And we feel that this is of some concern because if one slows down the rate of investments innovation, it is not often easy to pull back and recreate the same kind of momentum once the current crisis or the crisis disappears or at least becomes less accentuated. So it is very important to maintain the rate of investments innovation if one wishes to emerge from this crisis on a stronger footing and also wishes to become more competitive in the future. In this case, we see that some countries have increased their business R&D spending. Turkey, Slovakia, Korea, Poland, Ireland, Hungary and Portugal stand out as economies where the business R&D spending, in fact, has increased in the last few years. As Francis mentioned earlier, we do believe that linkages across the various actors in the innovation ecosystem is very important. And we have a number of more in-depth studies looking at how linkages happen across different actors and how different economies in the world, be it in the Middle East, be it in India, in Asia or in Russia, are looking at the innovation ecosystem. So I'd like to encourage you to look at the chapters that accompany the data production, the data analysis, and the report that go into more depth on the linkages in the innovation ecosystem. We also see that inside Europe, there is a very clear differentiation or some kind of a gap emerging on the innovation capability, innovation results between Northern Europe and Southern Europe. A good news is that some of the Eastern European countries are emerging as fast learners and approaching their levels of performance, improving them significantly. You see in North America some signs of weaknesses in some variables. And we do caution that these economies have to invest in some key fundamentals that can improve their innovation capacity further and sustain their performance in the next few years. We do see that in some of the brick economies, there are some areas of weaknesses at the same time, some areas of strengths. And we do recommend that the brick economies continue to invest in innovation, the innovation infrastructure, because they have to both realize their potential and at the same time the world is expecting more from them in terms of driving overall growth and consumption in the world. As a final comment, I would like to mention that innovation is a changing phenomena, is changing definitions, are being applied to innovation. Measurement of innovation is a difficult challenge at the same time, the challenge that we all have to address. If not, policymakers don't have the right level of data and framework to analyze and to make the right decisions. So we do hope that this Global Innovation Index provides the right element of support to policymakers worldwide to be able to benchmark, to be able to learn, and to be able to further improve their own decision-making. Thank you. Thank you, sir, Mr. Barr. Please. Yes, sir. Good morning, everybody. It's a real pleasure to be with you here on such a location. And I'm even more delighted to have this opportunity to say a few words about innovation and Switzerland as a link from a business perspective. When Henry Nestle invented his first product 150 years ago, he could not have foreseen the future position of Switzerland as the global innovation champion, as it was just explained today. Nor could Henry Nestle have imagined that thanks to a sustained investment in innovation, his company would become one of the hotspots of patenting activity in Switzerland. I'm often asked what it takes to be innovative. Innovation is all about real thought leadership and the capabilities behind it, such as understanding the consumer, developing leading technologies, having environmental sustainable solutions beyond the new solutions, and having the right route to market. Innovative companies also embrace a culture of engagement, openness, and sharing both inside the company and outside. In other words, you need to be in the right environment for innovation. There is no doubt. And that's the beauty of doing R&D here in Switzerland. In fact, over half of Nestle's investment in research and development are in Switzerland. For example, this year alone, we are inaugurating three new research and development facilities in Switzerland. One for health science, one for systems like Nespresso, Dolce, Gusto, Specialty, those who are the tea lovers, and one for clinical research. This country provides a particularly rich and stable environment for innovation. Let me highlight three important advantages of doing research and development in Switzerland. Firstly, the education system. The dual system of general and vocational education in Switzerland provides an exceptional talent pool. There are 61% of the youngsters are all in this dual education system. This is incomparable to any other country in the world. In terms of general education, Swiss universities are amongst the best in the world and they produce some outstanding graduates. Every year, we recruit quite a substantial number of these into our international graduate programs. At the same time, vocational education is a very attractive way of preparing the next generation for the workplace. We fully support vocational training by receiving students to do apprenticeships with us, whether it's in our R&D centers, our factories, or in our headquarters. Secondly, there is cluster thinking. To understand what drives the economic performance of a country, you need to understand what's happening at a local, regional, and international level. By doing this, you can start to see the relationships and links between clusters of manufacturing companies, service providers, financial institutions, universities, and the government institutions behind it. And this gives the strength of this industry, academia, government networks that directly has implications for innovation. What it means is you cannot dislink production and R&D totally. You will fail on a long term. Let me give you a concrete example of how Nestle is applying cluster thinking in life sciences. We have just established our new Nestle Institute of Health Sciences in the Innovation Square at the EPFL in Lausanne. This means that we can be fully integrated in the local cluster of modern biotechnology, nutrition science, and life science activities on the campus, and at the same time, be part of a company. And further still, we extend our cluster thinking in life science across the borders of Switzerland by engaging in international collaborations and partnerships. One of those examples is our Alliance with Epigen, which is one of the best reputed consortium on epigenetics and an international cluster of life science experts in Singapore. With that, I almost come to the end because this depth in connectivity and networking really helps to drive the innovation agenda forward. There's a third point, and that's clearly the working environment. Switzerland is unbelievable attractive to young families, to prospective employees in both for the work and the non-work environment. I arrived here 22 years ago, and it would be difficult for me to leave again Switzerland because of all the positive sides, from teaching to working to sports environment. In short, Switzerland is a great country in which to do research and development. It facilitates innovation, helps to secure business growth for the long term. Thank you. Thank you, gentlemen.