 Hi, I want to say good morning, good afternoon, and good evening, everyone. I think what's very different from the usual West experience is that you can actually see all these little windows popping up, and people joining from different time zones. So it's indeed very special and welcome to our session, reimagining manufacturing industries for growth. My name is Lisa Xuan, and I'm an anchor with China Central Television's Business Channel, as well as a member of the West's Young Global Leader Community. We all know that the world has experienced tectonic changes since we last met in Davos in person around the same time last year. At that time, it would have been very hard to believe that my study would one day be live-streamed on the West's website. Perhaps more so than ever in our lifetimes, manufacturing companies have seen shocks and changes in supply and demand, and are now faced with this unique challenge to reinventing themselves to become engines of economic growth. I want to give you some background of our session. Our session is part of the two initiatives under the forums shaping the future of advanced manufacturing and production. This is the focus area in the platform. The first initiative is the Global Lighthouse Network, which aims to accelerate the more inclusive adoption of advanced technologies in manufacturing, and to date, 54 manufacturing lighthouses have been identified from different industry sectors. The other initiative, which I would also like to make special mention of, is the New Business Models Initiative, and that is led by the Web's Global Future Council. Today's session will be divided into two parts. The first 30 minutes will be an interactive discussion with our panel speakers. That will be live-streamed on the forum website, and the second 30 minutes will continue as a group dialogue session, so where all the participants can join in for a dialogue via top link. We have a very incredible group of panelists representing industry-leading lighthouses in their respective fields, so let me introduce them to you. They're Mr. Dimitri De Vries, who is the Co-CEO and COO of Royal DSM. Welcome. You can wave your hand or say hi to people. Hi. We have Mr. Bjorn Rosengren, who is the CEO of ABB. Welcome. Thank you. Welcome. We have Ms. Kathy Wengel, who is the Executive VP and Chief Global Supply Chain Officer of Johnson & Johnson. Welcome. That's early in the morning there. We definitely know that the pandemic has triggered a greater urgency around a cost reduction, a supply chain optimization, and also the adaption for our technologies to more effectively redesign our manufacturing processes. To start our session, I would like to go around a room and get a very short and focused answer from each one of our panelists. Have you experienced major supply-demand shocks in your sector and what is the one top priority in terms of tech innovation that you are aiming to adopt in order to boost productivity and growth in a sustainable way? Let me start with Mr. Dimitri De Vries of Royal DSM. I actually know that you adapted very quickly early in the pandemic and started manufacturing no-swaps for the first time in your company's history. But more generally, what was the most significant technological challenge or innovation that you have encountered in the past year? I think what we have seen is that there was an immediate disruption of supply chain. As we are producing food ingredients, which I've been critical as well as electronics in the biomedical device square, we were immediately asked how we could keep out the supply chain. So there we've applied our innovation pretty quickly. I think we have moved all our offers and supply chain personnel who don't need to be in a manufacturing or warehouse side to move from one weekend from working at their offices and warehouses into working from home. We could do that by applying our digital network from day one to two. So in one weekend, we've moved 10,000 people in one go and keep the supply chain uninterrupted. And I would say that was a major step, which we would not have seen before. And we were very proud that we could do that. But I can tell you, every day it was surprisingly we could do and keep the supply chain up and running during the pandemic. And just very quickly, thank you very much. And very quickly to Mr. Rosengren, that I noticed that ABB saw a very typical V-shaped pattern last year. So during the first two quarters of 2020, you were impacted by lockdowns. But in Q3, your profit, if I'm right, rose by 86% as infrastructure demands surged. So my question is that it usually takes time to adjust production capacity. But what did you do to really improve all these efficiency and flexibility? And what is the next frontier in technology innovation that you think will drive a further industrial transformation and growth? Yeah, thank you, Lee. It's exciting to be here. It's been a challenging year, not least for me, as I'm quite new in ABB. And of course, going into the pandemic, there are, of course, huge challenges for a company like ABB, which is global. And in so many different parts of the world, we are also supporting so many different segments of the world. And of course, there's been different challenges in different parts. But I think the first immediate reaction, of course, in a pandemic for a company like ABB, it was, of course, to make sure that we can try to keep our people safe. That has always been number one. And the second thing is, how can we support our customers globally to make sure that they can have their operations up and running as much as possible? That has been the focus for us during this pandemic. Then I think if we're going more into see a little bit what is actually happening in the industry and what has been important for us, we can see that there are things that is influencing the transformation of industry. And there are certain trends which we see are important. One thing is that consumers are asking for more customized individual products, which leads to shorter production series. So you have to adopt your production according to that. We see also higher unpredictability and therefore uncertainties and fluctuations in bands. And I think COVID is a very good example of that. And I think as number three, I think there is also, we see also, of course, the technology which has been available during this whole period, including artificial intelligence and connectivity. And I think all have helped us to drive the trends to support our customers, to have to be more flexible, but also to work more simpler. So a little bit from our perspective, I think when we look at the customer perspective, is that more focus on automation and robotics has been important. Robots is nothing new, but of course, technology in the robots has actually helped us, both because they are more intelligent today, easier to operate, and it helped us customer to become a little bit more flexible. So I think that's been important parts to work. Then of course, in the pandemic, costs have been much lower as we've been traveling and we're using technology to actually support our customer in an efficient way. And we learned to adopt this and that has actually helped us to produce better numbers. Yeah, thank you very much. I think you talk about this idea of being very people-centered and very customer-centered. And you mentioned something that the customer nowadays, they need all these customized products or service and there's great unpredictability. I think all of those pose challenge in terms of supply chain. So I would also like to go to our next panelist, Ms. Wengel, who is the Chief, Executive VPN Chief Global Supply Chain Officer of Johnson & Johnson. So let's focus more around supply chain. So how are our technologies driving growth in global supply chain? Well, thank you Sushen and it's terrific to be here with everyone at this Future Manufacturing Initiative. It's been so important to us at Johnson & Johnson to be part of from the beginning. And as you mentioned, we could hardly imagine being together a year ago and now what's happened in the world and certainly supply chain to become more and more front and center through that. In our industry, healthcare, even more critical throughout the pandemic, our sites around the world, more than 100 plants, 300 distribution centers, from the very beginning in Wuhan, all the way through where we are today. I share with my colleagues that first and foremost, the importance of our team, whether it's suppliers, whether it's our employees, keeping them healthy and safe, as the pandemic grew, making sure we provided them with all the tools they needed to keep our essential, our frontline superheroes, as we call them, as well as all of us working, as mentioned, from home. But all of that was around ensuring that healthcare was delivered really around the globe. And so when we look at how supply chains, not only therefore kept businesses going, kept every one of our businesses going amidst the pandemic, but they really are an engine for growth. And so if we look at technology and that intersection of what technology is doing with science today and how it allows us to not only develop new medicines or medical devices in a different way, but to manufacture and to distribute them in different ways, it's clearly an engine for growth. So I'd say there are kind of three main areas I'd focus on in that growth piece. First is channels for access. So as we saw through the pandemic, as hospital systems were overwhelmed, there had to be new channels and new points of access, telemedicine, the ability to do more things in an outpatient setting. And that creates a whole different dynamic for providing products rather than to big hospitals that might have warehouses, to small clinics and much more on time. Things like demand sensing and e-commerce. And I think we all believe a fundamental permanent shift in how even all of us as consumers may be buying our goods. So that supply chain as a mode for access and whether it is that 11, 11 day in China or it's our drone program in the Kalingana region of Uganda that allows us to reach HIV patients directly with the delivery of their medicine, that's really key. And then the other thing I'd focus on is really agility resilience throughout the pandemic, supply chain, traceability and visibility. As ports were closing, as aircraft was being grounded, we would have a ship that would have our goods on it, we would see it and suddenly the port where it was heading was closed and we had to figure out how to reroute those critical healthcare supplies. And so having that direct live visibility was huge. And then I'd really echo and close with that the message about personalization in all our industries, how things like 3D printing allow us to do much more precision products for people, whether it's in a consumer business with a custom face cream or a medical device implant or personalized medicines, the technology is just unlocking totally new ways to grow. So accessibility, agility and personalization. I think all of those are the key takeaways and the key changes, technological changes that we are seeing in the supply chain and also shaped by the pandemic. And we think that leading manufacturers are likely to be able to deploy all these more advanced technologies at scale more easily. And so I just checked earlier today that all of your stocks have been buoyed by the market valley up between 52, even over 100% since the lows of late March last year. So clearly this speaks to investors' confidence looking into the future. But the recovery we are seeing in the industry has been uneven across different subsectors. So my question, which is in keeping with the goal of the web platform for this panel is to discover a new business models and also new forms of private and public partnership that can transform industries more inclusively. So I wonder what is your take on that? Dimitri? Yeah, you want me to start? Yeah, great. I appreciate that question because I think the question is the key to the future. I think companies who think that along the axis of people, planet, profit, you can only be successful on profit, I think those will be the dinosaurs of the future and we all know that currently no dinosaurs exist. So I think the new way of shaping companies is around people, planet, profit in a holistic way. And we feel as TSM and need personally very strongly that the economic system which we have today is too much monodimensional towards profit. So we feel that you were referring to public-private. I would basically say this is not only public-private. This is consumers, it's governments, it is manufacturing companies, it's suppliers, in the holistic view on how you impact people, planet, profit. And during the COVID-19 pandemic, we've seen fantastic examples where consumers, governments, but also producers work together. I mean, you were highlighting a little bit that we were developing no squabs for the tests. We've never produced those. We were asked by the government to see if we could ramp it up because they wanted to ramp up the test numbers. Within two weeks, we had these squabs innovated, we have them being tested, we have them being 3D printed locally where it was needed, all in close collaboration with universities, governments and companies. So I think the new model is based on what we've learned in COVID-19 to use the economic system in a way that waste impact of people is incorporated in how we present a profit and loss, not only financially, but overall. So taking the full responsibility of the holistic system, but the system is being misused currently because waste and making profit at the cost of the planet is not being incorporated in the way how we measure the success, but also the responsibility of companies. And there we stand for, and I think the learning from COVID-19 pandemic, we need to apply in a new way of how business needs to operate, a new, innovative business model along the three axis of Triple P. Yes, we've been talking about this notion of stakeholder and then ESG, all these responsibilities. But one question, I think for Dimitri and also for our following speakers is that how do we really ask companies, especially public companies, we are responsible for our stakeholders and also our shareholders. So how do we really quantify and measure those efforts? I think that's also something worth discussing. And if you have something else to add on this front. Yeah, we have trials a little bit how to measure this. So what we, for instance, measure is not only what we call scope one is called two emissions of CO2, but also how we impact a better carbon footprint for our customers. And we call that brighter living solutions. And if we come with a solution for our customers in the value chain, we measure that. And today, 65% of what we sell falls under that category. So it also means that 35% still has room for improvement. And we have a target to move that year after year up into percentages. So you can start measuring that. I think it's not easy, but it's coming. And if you start sending the metric, you will have a good discussion. And today, we as DSM, we also ask our auditor, our financial auditor to audit our brighter living solution to our sustainability metric. So it's a next step in that journey. Indeed, so we are keeping very clear track of it and then keeping all the metrics and KPIs. Thank you very much for your input. Mr. Rosengren? Yeah, maybe I can add on to that also. I think... Of course. Yeah, I think it's important for all our stakeholders. And of course we have our financial measures that we need to reach, but of course they're becoming other objectives. And we have so many stakeholders who look upon us in different way. And I think part of our business model is actually to helping our customers to become more sustainable. So that drives both businesses as we can also measure what we can help them to improve their footprint. So it's not only taking care of our own operations, which is, but also to support the customers. And we see more by investors. And it's also our financial investors who take this very high up on the agenda because they see that the company that will be successful in this will also be more successful into the future. So I guess the ecosystem has to thrive so that everyone will benefit from it. But then Mr. Rosengren, I'm just wondering, following what you just said, are there any new business models that you're currently planning to adopt or exploring in terms of creating these new value for all of your stakeholders and whole society? You know, I think in the end, our success is the success of our customers. And the new technology gives us opportunities that we didn't have before. And just an example, so we have something which we call the collaborative operation offerings. And I think this is a way where customers can connect their production sites, but also vessels and mines all over the world. And they can be connected and they can be supported 24-7 remotely by the digital technology which being available. And that really helps them to adopt their business models at a certain thing, what's taking place. Besides that, the customer sites, I think also even governments around the world are embracing the benefits of this technology. And I think it can in terms of, to create both resilience and security. And we see some countries are also looking into the role that robots can play as part of national contingency plans, both in terms of production of critical goods, as well as in healthcare system. I just give you an example in Singapore, for instance, one of our collaborative robots are supporting the healthcare system with the processing 50,000 COVID tests every day with the robotics, which is actually ensuring consistent quality, but also freeing up medical personnel and reducing the risk of the infection. So it's actually using the digitalization and automation to create this collaboration. And I think by using that, new business model can actually be created. Yes, being from this part of the world, I actually did read about the story of your cooperation in Singapore and also in Thailand about having robots helping develop vaccines and all these public health projects. And Ms. Wengel, I just wonder how are you thinking through a business model transformation at Johnson & Johnson because I think our future and also all the talking points you just mentioned requires more dynamic changes than simply applying digital technologies. Absolutely, and I think if I bring the two streams of your question together, first around stakeholders and then business models, you know, I'm here in front of our Johnson & Johnson credo, which for the last three quarters of a century, in fact, guides our business model. And in fact, it is about the importance of all stakeholders and how you deliver on all of those fronts, whether they're highly measurable or whether they are more subjective. And the four paragraphs of our credo talk first about, first and foremost, first sentence, our patients, our consumers, the surgeons, the mothers and fathers, our very first responsibility to them to continue to reduce costs so more people can have access to build a robust supplier ecosystem that also can earn a fair profit. It then goes to employees, the importance of us, recognizing everyone for their merit, to build diverse and inclusive culture that drives innovation. It goes to communities and our responsibility to have a healthy planet. We've had publicly facing climate goals for more than three decades and how we work together in communities. We recently announced our race for health equity, which is really around how to ensure equitable access to healthcare even in more disadvantaged or communities that are more disadvantaged, how do we close those gaps? And then lastly is about, frankly, our stockholders and financials, but it's not that they come last, is that if we do all those other things wisely, if we invest wisely in how technology and science come together, that everyone will earn a fair profit and that we will be a sustainable company making a sustainable impact. So that really is our business model and over 135 years, and how that business model works with healthcare systems around the world certainly has evolved. I think one area for us, our goal building the digital thread for healthcare is around, we talk internet of things, let's talk about the hospital of things and how do we help hospitals no matter where in the world use from the simplest technology to the most advanced robotics, use digital to really drive down the cost of care, enable more access, and most importantly, enable healthcare workers to be more effective, to spend more of their time on delivering care than of managing where inventory is in the hospital, of figuring out which patient needs which size knee that's going into surgery tomorrow, let's let digital drive all of that. So those are some of the areas that we're working on. And that sounds very promising. In fact, how far do you think we are from getting there? Because I think it's, I think it's something we want to achieve but it's very different from what we're seeing in the news every day. Well, I think it, you know, there's like anything where there's a very wide variation, right? You have some of the most advanced government run, you know, health systems, if you take the UK and the amount of data, for example, they built around the virus and the pandemic in a very methodical way very quickly and how that data is being used to guide what they do. And then you go to other advanced economies that don't have a harness digital as much or to hospital systems that have been able to manage these surges versus others that just at a fundamental level, you know, don't have the resources or the support to do that. So, you know, our goal is to make sure you bring the right tool and the right solution for the right problem. You know, a phrase that I remember from some decades ago working in some different countries was around, don't bring me an airplane if I need a bicycle. So, how do you help make sure that everyone, you know, can't improve and move there and the beauty of digital and all things digital and on the four-hour technologies that as the costs go down, sometimes it's the simplest solution that just makes a huge difference. Well, I mean, there are so many questions that I want to ask on that front, but due to the time limit, I have two more questions that I'd like to touch upon before we dive into the group dialogue. So, one is on trade. So, unfortunately, we don't have a representative from mainland China in our panel today. I learned that among the 54 companies in the Global Lighthouse Network, a 16 of them are Chinese companies and I'm sure all of your companies either deal with or compete with or both with Chinese companies. So, one thing we can't deny is that many manufacturers, they are caught up in the tussle between a trade tensions, protectionist, national security interests, and also free markets. And where should we draw the line? And do you think an inclusive future can really exist in today's tech and trade competition? Anyone wants to answer that question? Look, I'll start, you know, as a global company, you know, we are not only very proud of, but very committed to our global footprint. And no matter what country we're in, the importance of healthcare is very clear. If we speak specifically to China, we're very proud to have been the first joint venture pharmaceutical company in China more than four decades ago. And in fact, I'm very proud. One of our lighthouse factories is in fact our medical device plant in Suzhou, China. So I think we all have to realize the world is interconnected. It is global. We all rely on each other. And we need to ensure, right, that we can maximize the value for patients around the world by having access to the best technologies and the best solutions. Yeah, but indeed we are, sure. Oh, please, come on. So I hurt someone talking, but then I'll continue. So let's talk more about workforce because the pandemic has widening gaps in many different ways. And there will likely be a growing mismatch between the current workforce's skills and employer needs as they fly our transforms industries, we guess a lot faster than workers can adapt. And how, well, as we roll out more automation, how do we support the workforce and make sure that they do not fall behind? Yeah, I can maybe start there. I think this is of course a very important question. And it's been on the agenda for quite some time as technology involves like it does. I think it all boils down to education. We need to reskill the workforce to ensure that we bring them up and get them with us in this technological transformation is taking place. So very much is focused on reskilling the workforce. Maybe Lee, I can build on that. First of all, I'd like to come back on your trade question. I mean, we're also a global company acting in all countries. And we clearly want to say that the global trade and the open trade economy we had really added to the growth and the prosperity of the world. The issue is that the division of that prosperity and wealth was not nicely distributed. There were people left behind. And I think that also has been the theme of the World Economic Forum last time when we're at Davos. And I think that's a clear statement. So let's not debate that global free trade is bad for the world. It's good for the world, but it's what we do with it. That growth needs to be more inclusive. And that's what we stand for. And therefore we need to rearrange a few of these growth figures that we include other people. That to close that first question. And the second question on the workforce. I am worried, but I'm worried building on the other remark of Björn saying, obviously it's education, absolutely. It is digital working, absolutely. Where I'm afraid of is that if we go more into digital working, more into the digital way as we have experienced the whole block over the last year that I miss the soul of the company you're working for. The soul of the business you're working for or your governmental party because all these digital is nice. But the emotion, the smell of the place, the heart and soul of why you work for a certain company. And I do work 30 years for TSM. And TSM is my heart. But it's very difficult to raise new leaders in your company who feels the same way if you only go digital. And therefore my biggest concern is how do we get the soul into the company, into the people in a more digital way of working? Because that we cannot deny. Nevertheless, we're all human beings. We like the face to face contact. And it doesn't need to be all effective and productive. There's also more to it. And I don't have a solution, but it's a concern which is on top of mine. Yeah, Dimitri, I'd better just add on to that because I agree with you 100% that it is a challenge, especially when you are a big company in global and in different parts. And me as new also in the company, you can imagine how difficult it is to interact in all different kinds. But I think you have to find a combination of that. I still think it's important. You need to sniff the culture of the company and you need to meet people, especially also customers to understand really to build up relation. But I think using the technology that is being available, of course, we can be much more efficient than we have been before. And we have done a lot of things which has been maybe not necessary before. I think we've been traveling too much and so on where we can actually limit that thing, which will actually be good not only for the society, but also for the company and the efficiency to drive progress. Yeah, I guess we both, we need technology and all these new business in terms of achieving this more sustainable future for the manufacturing sector. So thank you.