 Thank you, John, for that introduction. I'm going to talk to you today about this enterprise map project, which I started some years ago, born of a feeling that there was a very serious lack of information about the kinds of things that I would take for granted as background knowledge in any IO economist who wanted to talk about firms or industry in any part of the world. And that basic background knowledge was just not there. And so I decided to provide the low-level public good of putting on the table a volume for each of a series of countries that were growing fast and were exciting a lot of attention in the sub-Saharan African region. So I'm going to tell you what starts to emerge when you bring together the picture of what's happening in these countries. Now, it's common ground here, of course, that some half dozen or so countries in sub-Saharan Africa have been growing very fast for the past decade. And this has, of course, attracted huge attention because it breaks so much from the pattern of the preceding 50 years. And so everyone's asking, how can that be sustained? I also want to ask, well, what are the key cross-country differences here? If we look at the change in size and composition of GDP for this group of countries, and these are the larger countries that are growing fast and they're among the countries that have attracted most attention in this respect, what we see is that GDP growth has indeed been very impressive over the past 10 or 12 years. We see that agriculture, including agribusiness, has played a very large part in this, as is inevitable given the huge size of the initial base we're starting from here. The much smaller base of the industrial sector, which here I'll define as manufacturing, agribusiness, and construction, has been starting from a much smaller base, but it's been growing impressively, on average, over these countries, doubling in a decade. The question is, what kind of industrial structure do we have? Where does this growth come from? And that's the kind of thing I want to talk about today. If you look at the figures, it's very striking that the industrial base has indeed been growing at an impressive rate, which is quite different from one country to another, but nonetheless, by and large, talking about something like a doubling in a decade. Now of the contributions to GDP growth, one contribution is the rise in raw materials prices that has been a great step change advance for some countries. But that's not in the nature of things, the kind of thing that is a source of continuing growth. Moreover, the agricultural sector would continue to be a key contributor, especially through agribusiness. But my focus today is on asking about the volume of industrial output. I want to ask, can this continue? And I want to point out that simple extrapolation of past trends here misses the fact that some qualitative changes are going to be needed if that rate of growth, a doubling in a decade, is to continue for the next decade. So I'm going to ask, what are the current industrial capabilities of these countries? And above all, where did these capabilities come from? This is the central thing that I look at in these enterprise map volumes, because I want to know where the capabilities came from. Because until we understand that, we're not well placed to ask, how can those capabilities continue to develop? And where will the future advances in capabilities come from? So looking at industrial capabilities as comprising agribusiness manufacturing and construction, I set out to provide a systematic and uniform account of where the capabilities are, industry by industry. And if you picked up a volume on your way in, you'll know that there's a chapter on each industry, sector of the economy. And what I do within each sector is to do what an IO economist likes to do, which is to break down that industry into its different submarkets or groups of firms. Because these industries are not unified groups of firms, on which you can suddenly just take a data set and start running regressions. They tend to form a number of submarkets or clusters of firms that are largely not competing directly with each other, but are linked in some secondary way, they're on the demand or supply side. And what I'm trying to do is provide that map, that map that shows you where the firms are across the industries. The primary users of this book are actually non-academic governments, FDI agencies, and companies. And it's proving very useful to governments in understanding what the pattern of firm activity is in the economy. So for example, in the steel engineering and assembly area, the submarkets in the sub-Saharan Africa region would include at least three groups of firms, one of which would make galvanized coil or sheet, corrugated sheet, rebars, et cetera. A second quite different group of firms are making cars, truck bodies, et cetera. A lot of small firms are making hand tools and other final products. And in some countries, there will be a fourth sector, the heavy end of the industry, doing something like aluminium or copper at the upper end. Now, if you look at these volumes, you'll see that I encapsulate the picture of the economy in two diagrams at the start of every volume. The first thing is this picture here. This could be done for production, but it's easier to get the statistics for exports. And the picture emerges in pretty much the same way, whether you do production or exports. So here is the export map for Ghana. It looks very similar in the other countries. It carries a message. The top rectangle shows you the major export industries. It shows you how those break down. You'll see that gold is 64% of Ghana's exports. Major primary exports typically account for about three quarters of exports in these countries. I'm interested in the other quarter. What are the other export industries? And here, it fans out into the lower rectangle. And in the lower rectangle, you can see what the other 17% of the Ghanaian exports are made up of. Typically, for these economies, you'll find it's just four or five industries that make up that rest. And now, for the punchline, the interesting thing is that in each and every one of these industries, exports are dominated by a mere handful of companies. You're talking about three or four companies that are accounting for half of exports. And if you add all those companies together, the exact numbers vary, of course, from country to country. But roughly 20 firms are going to account not only for half the country's exports, but for half the exports in each and every important export industry. So understanding this small group of large firms is crucial to understanding the economy. If you don't really understand those 20 or so firms, it's very hard to see what's driving the economy. And so I'm going to come shortly to a number, 50, which might seem small to you unless you began from here. With 50 firms, you can really span the capabilities of an economy. The second picture I'm going to show you is when I've picked out 50 firms that cover all the mountain tops. In other words, I'm not looking for a random sample. I'm actually looking for the peaks of the mountains. I'm looking for each market and sub-market. So in steel, engineering, and assembly, I'm going to look for the biggest firms making one kind of thing and then for the biggest firms in another cluster. But I'm looking not for the 50 biggest firms, but for 50 firms that will span all the mountain peaks across all the markets and sub-markets so that we've picked up all the industrial capabilities of the country. In other words, there may be duplicates of these firms, other firms that do the same thing, that are not among the 50. But with these 50, you've seen all the industrial capabilities of the country. So it's a large and representative sample. The total universe from which that sample of 50 is drawn might be 60, or 70, or maybe 80. But that covers all the peaks. Now, I'm looking here at where those capabilities came from. The most surprising thing to people in looking at these origins comes from this box. Look at the right-hand box in the diagram. It shows you those firms that have grown out of being a public sector company set up by the government or those that were foreign companies coming into the country. That's the right-hand side of the box. The left-hand side of the box shows you the domestic private sector companies. And these tend to be dominated by two groups. Those that were set up ab initio as industrial concerns and those that were actually late offshoots of trading companies. Now, trading companies don't get good press in sub-Saharan Africa. They tend to be thought of by governments as very secondary to the economic development and growth of the country. But what I'm showing you here is that for Ghana, about half of the local private sector companies in the industrial sector were actually set up by trading companies. You might ask why. Well, trading companies have a great advantage. And it's not just that they have access to finance that's internally generated. Much more importantly, as I'll show you later, they tend to have extremely good market knowledge. They know where to get into the market, what to produce. And this local market knowledge, together with having a well-functioning midsize company already in place, are their great assets. And again, I'll come later on to the crucial economic resource that is a well-functioning midsize company. In Ethiopia, incidentally, 26 out of 28 of the firms on the left-hand side began life as traders. In Zambia, the figure is much less. That in itself is interesting. So what industries are in place? When we look at the industries across these countries, what we find is that there's a certain broad range of first level or basic manufacturing. It covers food and drink, an area where, as I'll again explain later, it has been hugely expanded in recent years with new entrants and new activities into new lines of business. It includes building materials, cement tiles and ceramics, metals, steel fabrication, drawn wires, steel made from scrap. It includes plastics like moldings, pipes, cables. I'm asking, what do these basic manufacturing activities have in common? Well, there's a strong domestic demand. You can sell adequately on the domestic market to make your firm viable, domestic sourcing of raw materials, in most cases, and some degree of natural protection. And these tend to be very viable sectors. But what you get is minimal leaks or reliance on international supply chains. Now, the most striking thing to emerge from these volumes, the fifth volume on Mozambique included, which is about to appear, is that the industrial structure looks remarkably similar across the countries. In fact, it looks very similar indeed to a small open economy which is about to open up to the world market. If you take Ireland in the 1970s, the country moved from a very closed economy to a very open economy almost overnight. And over a period of a decade in the 70s, the opening up came in 58. But the accession to the EU came in 72. Ireland moved from having exactly this type of industrial structure to having an entirely different kind of industrial structure 10 years later, as the multinationals came in and essentially came to dominate completely the industrial sector. So this is the picture that we get fairly uniformly across this group of countries. And what I want to do is to tell you some stories because one of the most important things to understand is what's been happening over the past 10 years as the industrial sector has roughly doubled in size. What has that involved? What's been going on? I've told you what kind of industries are there and what kind of structure is there. I've told you it's this basic manufacturing range of industries. So how is it doubled in size? And the good news is that it's a whole lot of different things, a huge variety of stories. And the importance of this lies in the fact that that suggests it's a hearteningly robust process. It doesn't depend on any one thing. Let me begin with an example. In Ethiopia, trader Mohan Kothari is in business for 30 years. He's importing and exporting things. He realizes that he's importing a lot of drawn wire. Now, that's where you take a bar of steel and you pull it through a machine until it gets thinner and thinner and in the end you've got wire. You can use it, for example, as barbed wire. This drawn wire is being imported and he realizes this is a good line of business. Because he's been importing and exporting for 30 years, he knows how to avoid the pitfalls. There's a famous anecdote in Ethiopia about somebody setting up a factory to produce matchboxes and being delighted that he could reduce his unit cost to 38 births, 38 European cents. A month after he opens his factory, he gets a letter from China offering to deliver matchboxes to his factory door at eight instead of 38. Now, this is what Mohan Kothari knows what not to do. He knows that the steel bar that's used for drawn wire is in short supply in China. The Chinese are importing their supplies from the Ukraine. So he can go to the Ukraine, source from the Ukraine and he's on a level playing field. He's not gonna be driven out of business. This is the market intelligence aspect of the trader turned industrialist, which is so valuable. Soft drinks used to be imported into this part of the world and a mere 10 years ago there used to be a conventional wisdom that of course we import soft drinks because people like the nice international brand, the good packaging, the things that look cosmopolitan. Nowadays, that's vanished. Soft drinks are being produced to international standards and marketed locally with great success throughout all these countries. Why? The technology is the last thing to be a barrier here. If you want the technology, you can buy it off the shelf. Tetra Pak Limited go around Sub-Saharan Africa offering to put in production lines. You put in oranges at one end and you get perfectly international quality orange juice cartons coming out at the other end. So it's not technology that's the barrier. It's having a well-functioning mid-sized company that can take that technology and make a go of it. In Ethiopia, there were several firms that tried to do this and in the end some of them got into financial difficulty. They were taken over by Axis Capital that played a large role in turning around some of these mid-sized companies and now mineral water, fruit juices, et cetera, produced in Ethiopia as elsewhere in a way that wasn't true 10 years ago. Let me tell you the story of Dr. Julius Keoma. It's a great story to tell academics. Dr. Keoma was an engineer to start with, Zambia. He worked in the Bureau of Standards. He decided to quit his civil service job and try to become an entrepreneur. So like many entrepreneurs, he set up a business and the business failed. He was in cassava process. But like all good entrepreneurs, he just turned around and looked for another business. Most businesses fail. Most entrepreneurs don't fail. They just go and set up another business. Dr. Keoma got together with trade kings a trading concern that was a great source of revenue to him. The banks weren't interested in supporting him. He wanted to pick up on a plan that had lain around since the 1980s. When in the late 80s, the Russians got together with the Zambian government and decided that they could help the Zambian government to realize its long-term ambition of having a fully integrated steel operation in the country. Well, Dr. Keoma dusted the dust off the long-abandoned report and decided with Café Steel to set up a steel plant initially manufactured from scrap. He spent two years gathering his scrap steel. It's always a controversial thing in these countries that so much scrap steel is exported. Starting up, you need to have a good stock. But he set up a steel plant from scratch, Greenfield site, and it's operating wonderfully. And now he's moving on to phase two of that process, which is to mine iron ore and have a fully integrated, vertically integrated steel operation, the first in that region, not just in Zambia, but in the region. And this is one of the great success stories in the Zambian industry at the moment. If you want to find world-class companies, where do you look? Well, you will find world-class manufacturing in sub-Saharan African countries. Look, for example, at Lafarge. It's a multinational cement company, operating excellently in Zambia at the moment, but about to construct a new plant, which will be a really world-class plant. But you find it also done by local concerns. If you want to find one of the nicest flour mills that you could ever walk into, try walking into Bacressa in Tanzania. Not only are they excellent, but they're also about to construct a new flour mill, which really will be world-class. They're not sufficiently proud of their present one. They want an even better one. Small business people can be quite astonishing in some of these countries. It's one of the joys of doing a project of this kind that you meet such people. Mr. B. K. Amandi, when he was an 11-year-old boy living in a village up in the north of Ghana, felt that life would be much more interesting if he moved down to the capital city where his uncle lived. So he moved down to his uncle's place, and by the time he was in his mid-teens, he was already interested in having a little business. He went, he tells the story himself in these words, he went scavenging for waste aluminium, dust and waste in the local aluminium plant. And he'd bring it home to his uncle's place and he'd melt it down and make pots and pans to sell in the local market. The teenager was caught, as he tells the story, one night by four American executives at the aluminium plant, who quizzed him about what he was doing, and when he said he was taking away the scrap, they said, well, we don't mind you doing that, we're trying to get rid of it, but we're really curious as to what you do with it. So he brought them to his uncle's house and they said, wow, we could show you how to do this much better. So they showed him how to do it better. And this was the start of an educational process that brought him to the UK for a year where he spent his time looking at aluminium being processed and then went home and set up a very successful aluminium business back home in Ghana. And then it was doing so well that he wanted to expand the business. So he found himself a Swiss partner who, well, let's say the results were financially unhelpful and he went bankrupt. And he had to pick himself up from that and start again. But this time he thought, well, I've done aluminium now and going to get into steel. And now he's running one of the couple of firms in the country that do large-scale steel fabrication and he's beautifully positioned to take advantage of the new oil industry where he's hoping with an Indian and Nigerian partner to get into the supply chain in a serious way. Anna Temu is a lady who is impressive in the same way, but she started out with chickens. She was also an 11-year-old when she decided to take an interest in business and was selling eggs from the chickens, which she was raising. As she got older, she thought while she was at university that the next line of business she'd get into would be flour milling. And it took her a while to realize that as a very small-scale flour miller, she was never going to make much money. She ended up getting good advice, went to the University of Indiana, learned a lot about nutritional additives in flour and decided to come back and set up Power Foods, which sells a variety of products that are basically nutritionally enriched flour. And it's a very successful business. She also provides an excellent example of some of the barriers facing small businesses. She spent five years trying to get a change of title from the land that she had acquired in her own name, a change to being in the title of the company, because she couldn't expand her business premises until the land was in her own name. After five years of frustration, there was no legal obstacle to this. It was purely bureaucratic delays. She gave up last year and decided to expand her operation on a different site, remote from the capital city, where she could have a bigger premises. So these businesses can face lots of unnecessary challenges, as I'll explain later. But the point of all these examples is to just show you the range of things that are going on across industries and across types of company, across types of endeavor, that this is not a narrowly base group. This is not driven by any one simple thing. It's a whole range of expansion of industrial activity that's been going on. And that suggests a great robustness. It also suggests that in handling these things, it's a good idea for governments to think about facilitate rather than anticipate. If governments try to anticipate the range and diversity of these activities, they'd be at a loss to do so. But to facilitate, to get barriers like land registration out of the way is really a great priority. Now, that's a picture of Dr. Kayoma. If you only have a photo, I'm going to show you in this. But I wanted to show you the man who set up the integrated steel operation that is going to be a great contributor to the Zambian economy. And I'm going to ask a couple of questions. I'm going to talk about two driving changes because the real question is, can this continue? And I'm going to raise a couple of hard questions here. I'm really warning against an easy, complacent extrapolation of the events of the last 10 years. I'm going to suggest that the distance that has been traveled in the past 10 years is very impressive and important. But it's not going to continue in the same way at that pace for the next 10 years. I'm going to ask, how strong is the population of well-functioning mid-sized companies, and does it matter? And I'm also going to ask, how broad is the range of industrial activity? Already seen earlier in the slide, how the exports, and it's true also of the production of these countries across the industrial sector, is dominated by a very, very small number of larger firms. We'd really like to see a much larger population of mid-sized companies underpinning and broadening those industries. The well-functioning mid-sized firm is itself the scarce resource. This is what I want to point out. I want to point out that it's not technology that's the scarce resource in this range of industrial activity. It really is having a population of well-functioning mid-sized companies. And the asset test of that, the fingerprint of that story about capabilities being the important thing, lies in looking at the way firms switch. If you take a company like Millet Textiles, we all know that clothing and textiles has taken a terrible hit in sub-Saharan Africa with the ending of the old quotas, the arrival of Chinese competitors. These firms have really been suffering. But Millet Textiles in Tanzania doesn't go out of business. It simply switches into soft drinks. It has become the aquafresh company. So the idea is that once you've got a well-functioning mid-sized company in place, it can move. It can switch from this line of business to another. In the United States, facing low-cost competition from China back in the 1980s and 90s, the key factors from Peter Schott and his co-authors that determined the survival of companies were, number one, their productivity, which was obvious. But number two, their ability to switch from one line of business into another. You get out of the threatened area into another area. Zambia's Invesco Limited did exactly the same thing. They started life as a trading company and then became an industrialist producing fungicides. That market dried up. It had to do with complex considerations about supply of copper and so on. They were copper-based fungicides. But they turned themselves into a soft drinks company in the meantime. So the well-functioning mid-sized company, once it exists and is efficient, it can change its line of business. So your stock of wealth, your capabilities in the country depend crucially on having that large population of mid-sized companies. The large firm sector will undoubtedly continue to be a key driver of growth. But what I'm asking about is how about building up the population of well-functioning mid-sized firms? And I want to point out the macroeconomic picture from this. Man Soderbaum, who's here, has done some work in Ethiopia to give some striking figures. Figures are very hard to obtain on this subject. But they illustrate a point that is so easily forgotten, especially when people use this phrase SMEs, bringing together the small and medium-sized enterprises. I want to point out there's a very big difference between small and medium-sized. The process of economic growth and development depends upon the shifting of people from areas where value-added and wages are very low into areas where value-added and wages are much higher. And what Man's has found looking at Ethiopian manufacturing is that if you move from small-scale firms, and this is based on a sample of all the companies that enter the manufacturing sector in Ethiopia in 2007, 2008, if you move from companies that employ less than 10 people, fewer than 10 people, up to companies that employ over 50 people, you're talking about a three- or four-fold increase in value-added per person and in wage rates. Now, the increase in wage rates, of course, every economist will immediately want to say, well, that could reflect differences in the individual training and skills of those people. But the differential is too big to be wished away by such explanations. There really is a big difference in value-added. And much of that increase in value-added is captured in the form of wages, whether through bargaining or the payment of efficiency wages, so that it is reflected in higher wage rates. So if you want to move from being a low-income country to being a middle-income country, and this has become the mantra across this area of sub-Saharan Africa over the past few years, in Ghana, they talk constantly about moving to middle-income status, then one of the key drivers of that will be the shifting of people out of low-wage agriculture into either agribusiness or manufacturing or elsewhere where value-added and hence wages are much higher. The second driving change that I want to talk about is the breadth of industrial activity. And I want to show you just one scatter diagram in this talk. Now, I want to draw attention to two features of the scatter diagram. On the horizontal axis, you have the wealth of a country, rich countries on the right, poor countries on the left. It's the log of GDP per capita. Now, on the vertical axis, you have a measure of the balance of industrial activity in the country. What I've done is I've taken the exports that are coming from middle manufacturing, that is to say, not the set of industries that I described earlier as being the standard industries already well in place in sub-Saharan Africa. I'm talking about the middle ground manufacturing. These, basically, are metals, plastics, machinery, including electrical equipment and transport. In other words, this is middle ground manufacturing. And I want to ask, is there any relationship between the extent to which a country is active in middle ground manufacturing and the wealth of that country? And I want to make a careful statement in two contrasting steps. First of all, you'll see on the left-hand side of the diagram, those countries that have low incomes are not involved in middle-level manufacturing. But on the right-hand side of the diagram, you see that while those countries that are involved in middle-level manufacturing are all at least middle-range countries, middle-income countries, it is not the case that you have to be involved in middle-made manufacturing to be a middle-income country. You can easily get rich on natural resources. Look at Norway. Even though it's quite sophisticated in terms of its manufacturing capabilities, the export weight of oil exports drowns that out, makes this score quite low. But what you will also notice is if you do have a large proportion of your exports coming from middle manufacturing, then you certainly will be a middle or rich country. So you can always get rich like New Zealand. All you have to have is the most efficient agricultural sector in the world. Yes, you can get rich like that. So I want to make this point in a very qualified way. I want to say a move towards middle-level manufacturing is not a necessary condition for Ghana moving to middle-income status. Nor am I arguing for any simple kind of causality. I'm not saying that moving to middle manufacturing makes you rich. That's not what I'm saying. What I'm saying is that those countries that have developed the underlying industrial capabilities that allow them to have that mix of manufacturing will also be middle or high-income countries. So those capabilities that are driving you up the chain in terms of sophistication of manufacturing are also the base of the country's wealth. So with that kind of background in place, I want to ask, what are the prospects for broadening the manufacturing base, for moving into new industrial areas over the next decade? I'm really asking 10 years from now, where will these industrial structures be in these countries? I'm asking, can they broaden? What distinguishes middle-range manufacturing from the basic activities above is a qualitative change. This is something that I want to place great emphasis on. There really is a reason why you see the particular range of manufacturing activities I described earlier. It's not that you slowly move step-by-step towards having that range. Countries acquire that range pretty quickly. It's not very difficult to have that range of activity. But making the next step towards middle manufacturing does involve a qualitative change. That doesn't mean that it has to occur suddenly, but it is qualitatively different. Because the central idea is that now you're suddenly involved in industries that are intrinsically bound up with international supply chains. You're essentially making a lot of things that are intermediate goods. And that means that the quality standards that are demanded of you are global quality standards. And that means the demands on quality are enormously higher. You can survive with mid-level quality in those industries we discussed earlier, even though you'll find real excellence, including excellence that I've already alluded to in sub-Saharan African countries. But here, the demands are inexorable. Whether manufacturing multinationals will move to sub-Saharan Africa is one of the big questions that's now open. Could Ghana, or Zambia, or Ethiopia form a base for multinationals that are producing manufactured goods and using it as a hub as multinationals use Ireland as a hub to get into Europe back in the 1970s? Is that the kind of picture that we're going to see? That's an open question. There are things working against it. Companies like Diageo operate very successfully across sub-Saharan Africa, but they find the transport of goods across borders to be hugely challenging and involving great delays. Cross-country logistics have been a great argument against using that kind of base. On the other hand, we have new low-cost air freight that may change that. In other words, there are a lot of things happening here, and we don't know what the future will hold. But I want to point out to you something interesting about this transition to mid-level manufacturing and what it requires. India, China, and Eastern Europe made that transition in the 1990s. Ireland made it through the advent of multinationals coming into the country in the 70s. Contrasting story of South Korea in the 1980s was driven much less by multinationals and more by domestic firms. So there are different kinds of story, different kinds of roots. But the fundamental idea is that the driving force of higher quality that is required in middle manufacturing is changes in working practices. Technical know-how becomes dominant only at very sophisticated manufacturing operations. Throughout middle-level manufacturing, right up to the manufacture of auto components, it's working practices that dominate. And quality is the key driver. And that is where some sub-Saharan African countries are already beginning to focus their efforts. In Ethiopia, for example, there is great activity by Jaika and others in introducing Japanese manufacturing processes, Kaizen and so on. And this is really the way these countries are now looking to improve the quality performance of their manufacturing sector through improving working practices. And once you start getting into middle manufacturing, the other thing that happens is that huge transfers of capability start to happen. When people talk about spillovers from MNCs, the fact is it's very hard to show their horizontal spillovers. But it's very much easier to show, as Biato-Yuborchitz has shown, that there are important vertical spillovers. Because it becomes a matter of aligned incentives for companies up and down the supply chain to raise the quality of their suppliers in order to get high-quality, low-cost inputs. And so this vertical relationship is central to understanding the spillovers of MNCs to a domestic economy. And getting people into those supply chains is the great ambition. And so I want to talk about MNCs as the driver of both my driving changes. I want to point out that discussions of the roles of multinationals in sub-Saharan Africa these days really needs to begin with a distinction. There are two different groups of multinational corporations. Those involved in natural resources and those involved in general manufacturing. And what distinguishes those two types is the bargaining power of the host country. The oil is in the ground or under the sea. The multinational has no choice but to come if they want it. Therefore, the local government has potentially great bargaining power if it knows how to exercise it in ensuring that it can get local companies integrated into supply chains. But pulling off that trick is a lot harder than it looks. Manufacturing MNCs can go anywhere. And companies compete for them. And they compete by offering a better business environment. And offering that better business environment will be crucial if we start to get general manufacturing MNCs coming into sub-Saharan Africa. So I'm going to just point out that while policy involves a daunting list of things that countries are told to do, I tend to feel that those countries must sometimes feel like businesses I've talked to and I've done benchmarking operations. I've benchmarked a lot of industries in India and China. And when you go along and talk to the group of CEOs after you've benchmarked the industry, the last thing they want is a list of 17 things that are wrong or 27 things that they should fix. What they really want is, look, tell me three things that I could fix pretty easily and they'll make a big difference. That's where you want to be. So I like to look at the broken wheels and say, these are broken wheels we could fix and it would be really useful to fix them. And in taking the perspective that I've offered you today about the different MNCs and what they can bring to the economy, I have tended personally to focus on two broken wheels. One is the local content office and the other is the investment agency. Right now I'm involved in Ethiopia in working with the newly appointed head of the investment agency that brings FDI into the country in trying to turn it from the usual kind of passive authority into a proactive agency. And being a proactive agency is something that was pioneered by Finland, Ireland and Singapore. It simply means that instead of the traditional Ethiopian approach of we will allow you to operate in the country, we will give you a license and we will keep track of all license holders. You instead realize that look, there are an awful lot of license takers and there are a very small number of those that are potential serious job creators. And you want to build relations actively with those potential job creators because you want to remove unnecessary barriers that they face, accidents that they've come across before those things become critical, before they come to you and you end up putting out fires. Building those relationships is seen as central in those countries that have been most successful as attracting FDI. But that means changing the culture of the agency. It means getting people to think about their jobs in a different way and turning the culture of an agency around is something that takes time and effort, but that's currently very much what needs to be done. On the local content office, I'm currently engaged in preparing a report for Tanzania on this based on Ghanaian experience. With local content, the real question is, how do you get your local companies to be integrated into the supply chain of these multinationals? This is one of your great opportunities for building up capabilities in local companies, but it's an opportunity that's so often lost. Very often when natural resources are at hand, people take false trails. They think, look, I'll be a mega electricity supplier to the region, and that's not a very good idea. Or they think, I'll set up a polyethylene plant. The world is full of polyethylene plants. You'll never make any money. Instead, you want to think of fostering your mid-sized companies through intelligently integrating them into the supply chain. Crude rules about local content tend to backfire. You get a lot of futile economic activity generated. What you really want is a government that knows what local capabilities are, that understands how supply chains work and what it is feasible to achieve and what is infeasible for safety reasons, for example. You can't integrate certain kinds of company into the operation until they've been brought up to speed with international standards. And that means training centers for companies where they spent two years building up their business skills and their technical skills and then you integrate them in. But that kind of thing takes time and effort and above all, knowledge and understanding of what local capabilities are. And hence, I come back yet again to the value of simply without grinding any axes, putting the facts on the table and saying, look, this is what the industrial capabilities are and this group of countries right now and your guess is as good as mine as to what the future holds.