 Your Highness, Sheikh Mohammed bin Rashid al-Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. Your Highness, Sheikh Mansour bin Syed bin Sultan al-Nayan, Deputy Prime Minister and Minister of Presidential Affairs of the United Arab Emirates. Your Highness, Sheikh Abdullah bin Syed al-Nayan, Minister of Foreign Affairs of the United Arab Emirates, distinguished members of the federal government, distinguished senior officials from the government of Dubai. It is an honor to have you all with us today. Welcome to the 2011 Summit on the Global Agenda. We are delighted to be back in the United Arab Emirates. So we also have our distinguished speakers, excellent panel, His Highness Sheikh Abdullah bin Syed al-Nayan, Minister of Foreign Affairs, Prime Minister Gordon Brown, Professor Klaus Schwab, Executive Chairman of the World Economic Forum. We also have our co-chairs, His Excellency Sultan bin Syed al-Mansuri, Minister of Economy of the United Arab Emirates, and also His Excellency Nasir Muammar Abdullah, Under Secretary Abu Dhabi Department of Economic Development, representing Nasir Ahmad Khalifal Suwadi, Chairman Abu Dhabi Department of Economic Development. Your Highnesses, Excellencies, Ladies and Gentlemen, the Summit on the Global Agenda takes place against a backdrop of unprecedented global challenges. Not only has the chair amount of challenges increased, but their complexities as well. Given the United Arab Emirates' position as a global knowledge hub for research, innovation and education, Abu Dhabi this year has and is an excellent place for convening more than 800 of the leading experts from academia, business, civil society, international organizations and governments from more than 80 different countries. This Summit is a unique event, the largest impact-orientated brainstorming in the world. During these two days, the Council members will discuss and develop new models to tackle the most pressing global challenges, like the public debt crisis, what it takes to avoid a second dip, resource scarcity, youth unemployment, inclusive growth and the nexus of food, water and climate change. What we are seeing is that the complexities of the 21st century is outstripping the capabilities of our existing economic and governance models. What is needed are new models, new form of cooperation and problem-solving. New models need to be developed, which are capable of cutting across nations, industries, cultures and currencies to address the challenges in today's complex, interconnected world. In a nutshell, this is what this Summit aims to achieve in the two coming days. I have then the pleasure to introduce the first speaker, his Excellency Sultan Bin Said Alman Sorry, Minister of Economy of the United Arab Emirates. Excellency. Assalamu alaikum warahmatullahi wabarakatuh. Your Highness, Sheikh Mohammed Murashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates. Your Highness, Sheikh Abdullah Bin Zayed Al Nahyan, your Minister of Foreign Affairs, Professor Klaus Schwab, Chairman of World Economic Forum. Your Highnesses, Excellencies, Ladies and Gentlemen, welcome to the fourth Summit on the Global Agenda to be held in the United Arab Emirates. On behalf of the government of DOE, let me state what a privilege it is to host this important dialogue and partnership with the World Economic Forum and representative of its Global Agenda Councils. We are gathering today at a very important time with a scale of economic and political change witnessed in recent years. The need for new models to address the world's challenges has never been greater. The Summit of the Global Agenda is truly a unique initiative. By bringing together experts from academia, business, civil society, and government, it takes an unusually broad perspective when considering international issues and development recommendations. Diverse international participation is another key advantage of the Summit. It actually enables us as a group to determine when a national or at the level of national or global action are required and also to address a particular issue in a sustainable way. As we have found in previous years, often what is needed is a mix of all three. The Summit of the Global Agenda is specifically designed to tackle these types of multi-level challenges and also make practical recommendation on how they can be resolved. Few international forums have such a broad and flexible mandate, and it is this dynamism that makes the Summit on the Global Agenda a natural fit for the United Arab Emirates. Ladies and gentlemen, this year on December the 2nd, the UAE will be marking its 40th anniversary. And as people that we economically devastated by changes in the building industry in the 1930s gained a second chance as a prosperity through the discovery of oil in the 1950s and are now active in the broad array of diversified industries, adapting to change, and also has been actually central to countries' development. Equally important to our countries' development has been cooperation with other nations, and this year has been no exception. In April, Abu Dhabi was named as the permanent home to the headquarters of the International Renewable Energy, which is IRENA. Throughout 2011, the UAE has held the rotating presidency of the Gulf Cooperation Council, the GCC, during a historic period over the wider region. And a month from today, the UAE will be participating in the G20 Summit in Can, France for the first time in our nation's history. Along this week's Summit on the Global Agenda, each of these developments has been consistent with the record of the UAE as a responsible global citizen and also as an active participant in international decision-making process. The significance of this should not be underestimated as the need for expanded international cooperation continues to grow. The nature of issues we face today from climate change to financial instability such that no nation can address them alone. Our responsibility to other nations continues to grow too as it becomes increasingly clear that in today's interconnected world, events in one country can have a significant impact on others. And while the need for international cooperation isn't new, the methods by which it can be achieved are undoubtedly evolving. Specifically, the mechanism we rely on to promote cooperation are having to more adequately reflect the increasing influence of emerging economies in the international system. This is something we should keep in mind over the next two days. And there's little point creating new models that do not take into consideration the different needs of countries at varying stages of the development cycle. Also, there is little point creating models that will remove incentives or obstruct the private sector from investing and creating jobs in the global economy. We need to listen carefully to the concerns and priorities of people from around the world and particularly those from different backgrounds if we are going to develop practical solutions that the international community can genuinely get behind and support. It's not necessarily a matter of adopting the priorities of others, but we must demonstrate an ability to understand them. If we can do that successfully, even just in the confines of the summit, then the new models we identify over the next two days will have a much greater chance of succeeding than anything we could develop in isolation. Ultimately, that is what the summit is all about, bringing people together from a variety of countries and from a variety of fields in order to develop the pragmatic solutions that take into consideration the full range of perspective. I would encourage everyone to take full advantage of that and to actively participate in this week's discussions. We should not underestimate the importance of these international dialogues. Through initiatives such as the summit on the global agenda, we have a unique opportunity to develop solutions to some of the world's greatest challenges and make a lasting contribution to peace and prosperity. Your Highness, ladies and gentlemen, it is a pleasure to be working with all of you and I do also wish you the warmest of welcomes to the United Arab Emirates. Thank you again for participating. Thank you so much for the welcoming words, Minister. Next speaker is the other co-chair, his Excellency, Nasser Muhammad Umar Abdullah, Undersecretary Abu Dhabi Department of Economic Development. Bismillah ar-Rahman ar-Raheem. Your Highness, Sheikh Muhammad bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates. Your Highnesses, your Excellencies, ladies and gentlemen, on behalf of the government of Abu Dhabi, let me also welcome you to the capital of the United Arab Emirates, to Yachts Island and to the Yachts Marine Circuit. Three years ago, at the time of the first summit of the global agenda, there was very little on the side we are gathered on today. The restructures did not exist, nor did the building we are standing in. And in a month's time, things will look more different. Formula One teams and their engineers will be unloading container loads of equipment right outside. The world's sporting media will be filling the story from the very room we are using of this morning session. And on the day of Abu Dhabi Grand Prix, what was once a small, pale diving village we will be broadcast into the homes of more than 600 million people around the world. I mentioned this all to tell you that here in the United Arab Emirates we have some experience adapting to now to the new models and finding different way of doing things. In fact, the ability to adapt to a changing circumstances has been the center of our national identity. This openness to change remains the heart of a government's vision for the future of the Emirate today. And nowhere is more evident than in our plans for economic development and diversification. The government's economic vision published almost three years ago map out an ambitions plan for the development of more sustainable knowledge-based economy for Abu Dhabi by the year 2030. According to that vision the non-oil sector will eventually contribute more than 60% of the Emirate GDP. The government takes the view that an increasingly diversified economy will be less prone to the volatility than one dominated by a single community providing a more stable economic foundation for the future. In order to achieve this we are particularly focused on the development of non-oil export oriented sectors here at home. In addition to providing high quality jobs for young UAE nationals the success of these industries will have little to do with fluctuations in the price of oil and more from our perspective that is true measure of our diversified economy. You can see evidence of this approach in number of industries with a number of government-owned investment companies taking the lead. The master initiatives aiming to create a competitive renewable energy sector here in Abu Dhabi. The advanced technology investment company is a major player in the semiconductor industry through the establishment of ship manufactured global boundaries. In aerospace the Mogadala-owned company Strata is producing composite materials for global companies such as Airbus and the nearby city of Alay. Those are some examples among many. And each of these enterprises has the potential to act as a help for the growth of a thriving new sector in the Abu Dhabi economy. These initiatives have potential to generate income, create jobs, provide new opportunity for private sector and contribute to the ongoing diversification of the emergency economy. There is evidence to suggest we are making progress. Last year the non-oil sector contributed half of the MRS GDP for the first time. It is our hope that the development of Abu Dhabi economy to the year 2030 becomes a new model for use of public-private cooperation to accelerate successful diversification of a single commodity economy. Obviously we are in a fortunate position. Placed by abundant natural resources and financial strength they provide. We are able to take risks in some highly competitive capital-intensive industries. However, I believe that what is more important is the wisdom of our leaders and the ability of the government to take long-term perspective when developing policies and plans. It is that long-term vision that led us to establish the Abu Dhabi Investment Authority in 1976, from which Emirate can draw much of its financial security today. It is that long-term vision that behind the establishment of world-leading educational institutions such as New York University and the Paris Sorbonne in the Emirate of Abu Dhabi. And it is this point that I would like to bring to our discussion today. While each nation must determine its own way of doing things at home and when it comes to addressing major international challenges, we need to be able to think long-term. On issues such as climate change, food security, geopolitical stability, we need to consider not just our immediate interests, but those of the next generation and the one after that. For me, the principle of long-term thinking must be an important element of the new model we developed and discussed at this week's summit. I look forward to working with you all over the next two days. Thank you very much. As-salamu alaykum wa rahmatullah. Thank you so much, Minister. I then would like to invite our Executive Chairman, Professor Klaus Schwab, to deliver the keynote address. Your Highness, Sheikh Mohammed bin Rashid al-Maktoum, the Prime Minister, Vice President of the United Arab Emirates and Ruler of Dubai, Your Highness, Sheikh Mansour bin Sayyed bin Sultan al-Nayan, Deputy Prime Minister and Minister of Presidential Affairs, Your Highness, Sheikh Abdullah bin Sayyed al-Nayan, Minister of Foreign Affairs, esteemed representatives of the Government of the United Arab Emirates, esteemed co-chairs of the Summit of the Global Agenda, Excellencies, dear members of the Global Agenda Councils, friends. It is a special privilege to be here in Abu Dhabi in the United Arab Emirates under the leadership of the President and the Ruler of Dubai of Abu Dhabi, His Highness Sheikh Khalifa bin Sayyed al-Nayan. This is our fourth Summit on the Global Agenda and I am particularly grateful for the great support of the Federal Government and particularly to the Prime Minister, Vice President of the United Arab Emirates and the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid al-Maktoum. You are here with us today and you have been our visionary host during the first three summits for which we want to thank you greatly. We are here in Abu Dhabi this year, another great location and I would like to thank the Government of Abu Dhabi and above all the Crown Prince of Abu Dhabi, His Highness General Sheikh Mohammed bin Sayyed al-Nayan for making this Summit possible. The United Arab Emirates participation in the G20 process this year reflects its important role as a substantive hub of the region, of the global economy, of the international community. The United Arab Emirates stand for global citizenship. One that clearly recognizes that global issues, global challenges require global solutions. Together with our friends from the UAE, we have built over those last four years this Summit into the foremost global brainstorming in an interdisciplinary way. Meeting here, you, the best minds from all over the world and from all disciplines, our responsibility is not to look at the world in the normal or short sighted way, but rather to break out of conventional modes and traditional silos and to look in a much more systemic, much more strategic and much more collaborative way at what's happening in the world today. We need new models, new models to guide global, regional, national and business decision making. Having been intensively engulfed in crisis management over the last years, we have neglected the fact that the context for decision making has involved and in many cases has been altered in dramatic revolutionary ways. Our focus on what some people call now the Great Depression has blinded us for the great transformation following a decade characterized by explosion of global challenges and most recently a deep economic and financial crisis, we now live in a completely different context in a new reality. The world has become much more complex, interconnected and at the same time the world is experiencing a erosion of common values and principles that undermine public trust in leadership as well as future economic goals and political stability. This is why we want to concentrate in the next two days on the new models needed to provide a more appropriate framework for truly relevant decision making and in this context we can look at our current host for setting a strong example. Abu Dhabi, Dubai and the United Arab Emirates are the best examples for haps, for innovation and shaping new models. In terms of looking much more at sustainability of the economic model in terms of outward orientations and in terms as we just heard also of new models for public-private partnership. Building on the changes which are happening let me just outline to you five new models which I consider musts if we are to successfully push beyond the current impasse in addressing our critical challenges. First, a new model is needed to account for the fundamental geopolitical and geoeconomic changes which have happened and which continue to take place. At the same time, new global players in particularly non-state actors are emerging at an unforeseen pace. Metals become even more complicated by the fact that the seismic shift of power is accompanied by a structural shift where power becomes much more distributed leaving almost 7 billion people who want to have Cersei and today have the capability to do so. Thus, we need new models where governance processes integrate much more all those newcomers in the most needed and most appropriate way. A second model, new model, is needed which acknowledges what we said we are living today in a multicultural, multi-ethnic and multi-religious world. Pre-labeling Western values will have to increasingly accommodate for example, Asian and Arab values and vice versa. In economic terms, just to give an example by 2024, four of the five largest economies in the world will be non-Western and close, that's my prediction and close of half of the Fortune 500 companies will originate in what we call emerging countries. This will directly impact on all of us in terms of new brands, new lifestyles and new industrial economic ownership structures. The third model, new model, must come to grips with a new reality characterized by growing resource scarcity and this has serious implications on energy, food and water security. We will have to develop new taxation, new business, new lifestyle models to internalize external costs in order to efficiently reduce our ecological footprint. A fourth new model is needed to seriously address the social impact of globalization. While globalization has brought vastly improved economic welfare to hundreds of millions of people, billions more have to be lifted out of poverty. Growing inequities within and between countries and rising unemployment, particularly use unemployment are no longer sustainable and are triggering social protests around the world even as we witnessed the last weeks on Wall Street. We must rethink our traditional notions of economic growth and global competitiveness by not only focusing on growth rates and market penetration but equally if not more importantly by also assessing the quality of economic growth and here I think we can also learn from our host country. How is growth achieved? How sustainable is it? What is the cost to the environment? How are the gains distributed? There's a consequence of such growth what has become of the family, of the community fabric as well as of our culture and heritage. So time has come to embrace a much more holistic approach to global economic development, cultural being and social progress. Ladies and gentlemen, fifth we need a new model to master the advent of technology. The velocity of technological change for which we are not really prepared will accelerate in an exponential manner having significant implication on all of us. What is particularly striking for me as an engineer I may add is the character changing nature of technological change. Today's technological evolution no longer solely affects what we are doing but also affects who we are. Of course the internet in many ways is still a tool but it has also become a part of our internal DNA. This new dimension of technological progress and societal change is still in relative infancy. The other ways of a forthcoming evolution in technology such in genetics in stem cell technology, nanotechnology in neuroscience and so on will all provide opportunities and threats regarding the alternation of ourselves and this raises fundamental moral and ethical issues for which we are not yet prepared and for which we have to develop new models. I have outlined only five of the new models which form part of the great transformation to illustrate that we are at a historic inflection point. Many other new models have and will be developed by you over the next 36 hours. Underlining all those new models is velocity, multiplicity and interconnectivity. Creating a global system with a mastering of complexities is the foremost challenge. Of course, the more complex a system is the greater the risk of systemic breakdowns that we should not forget. Also, the greater the potential for our well-being and for further opportunities. When we look at our global governance system above all our global governance we observe as it has been already mentioned the stress symptoms of leaders who are having difficulty in coping with the complexities of today's world. The subprime and the euro economic crisis are primary examples of the unintended consequences coming from actions in uncharted territories. Today, the entire world includes the group of 20 countries is consumed by firefighting, rather than the prevention and risk mitigation. And I think here Abu Dhabi in early November during a big message, look more forward. Look at the world's not only challenges but also opportunities. But when we look at the system at the complexity of our system there is a tipping point where velocity, interconnectivity and complexity become so pervasive that the whole system may collapse regardless of whether certain elements at the surface have been addressed. Here in Abu Dhabi is the right place where we must, we together individually and collectively have the foresight, the commitment and the collaborative spirit to shape the new models which are needed to safeguard our global future and the future of the next generations. Thank you. Thank you so much, Prof. Zeshwab. I now have the great honour to introduce His Highness Sheikh Abdullah bin Sayyed Al-Nayan the Foreign Minister of the United Arab Emirates. Bismillah ar-Rahman ar-Raheem. Your Highness Sheikh Mohammed bin Rashid Al-Maktoum Vice President, Prime Minister, ruler of Dubai. Sheikh Mansour bin Sayyed Al-Nayan Deputy Prime Minister Excellencies, ladies and gentlemen, Prof. Shwab, allow me in the outset to welcome our distinguished guests from the capital, Abu Dhabi. I am pleased to see representatives from many countries around the world who have come to participate in this fourth edition of the Summit of the Global Agenda. International cooperation for us in the UAE has always been an important element of our traditions and it is acquiring increasing importance. It has manifested clearly daily in such multilateral meetings that are conducted. In fact, the challenges that we face today require the development of new models or adapt traditional models in order for us to be able to reach good results and overcome these challenges. Allow me to give you some examples of current issues for us here in the UAE. These issues show the need for a comprehensive solution in order to tackle these increasingly complicated challenges. For instance, piracy. Maritime piracy is one of the biggest challenges that the international community faces. It threatens international training and limits opportunities for prosperity and stability in many regions around the world and especially in our region. It is clear that traditional models that we've been using so far to counter piracy considering that this is a security issue, this model needs to be adapted and changed. In fact, countering piracy from a security perspective is very important, but we should also tackle it also on the political and economic level, especially with the latest development in the Horn of Africa and the drought facing a lot of people, especially in Somalia. The UAE is confident that in addition to efforts to counter maritime piracy, there should be initiatives for economic and social development and we need a more sustainable solution for this phenomenon. Second, food security is another area that we need to look at from a broader perspective. It is estimated that around 900 million people worldwide experienced famine and chronic hunger in 2010. No doubt that the tragedy we witnessed in the Horn of Africa as I mentioned demonstrated the urgent need for concrete efforts from countries that have been affected by the national community in order to address this issue effectively. We have looked at the challenges of food security in detail and we will notice that we will not be able to come to a solution unless we look at freshwater resources and water security, especially that we know 70% of these resources. Therefore, the UAE firmly believes that food and water security need to be addressed in a more holistic way while putting water security at the heart of any future plans aimed at increasing global food production. The need for a more holistic response also applies to counter-terrorism. My country has taken significant steps in this area including countering money laundering, improving port and container security and certain measures to monitor experts to strengthen maritime corridors and cooperate on military and security operations. In addition, the UAE has recently announced that it will host the regional headquarters for countering radicalism and radicalism here is not necessarily religious, Muslim, Christian but radicalism in general. We see that this issue requires that we take international action but also action from the civil society. In our view, any radicalism that fuels terrorism around the world should be countered firmly but also from a cultural ideological and intellectual point of view and we should tackle these issues with greater wisdom. As for issues that require a multilateral response, few can be considered as complex and as widespread as human trafficking. I am proud to say that the UAE in this region has adopted the first law in the region to counter human trafficking. The law stipulated that victims of human trafficking should get the necessary support and legal assistance. Also, authorities should be better prepared in determining the victims of human trafficking and know how to treat them. In the nuclear arena it's very important to broaden the existing model. We should be on the way to determining or to adopting entirely new standards. It is well known that we are working to establish a domestic civil nuclear power program at various levels of safety, security, non-proliferation and more importantly high levels of transparency. At all stages, the UAE has demonstrated the peaceful objectives of its program without ambiguity. This includes a voluntary commitment to forego the domestic enrichment of nuclear fuel locally. This program was considered to be the golden standard by other countries. We are proud of that and we hope that this will be used by both countries who are developing a program and who already have a program to adopt these standards. I mentioned each of these examples to show that the dialogue over the next couple of days is very important for the UAE and for the World Economic Forum as well as the international community. Regardless of whether this has to do with providing power to households countering global terrorism protecting the world's most vulnerable people from hunger and exploitation, the international community is relying on the creativity and commitment such as yourselves to develop the solutions needed to address these challenges. We appreciate your traveling here to participate in this important summit in the UAE. This summit is indeed important because of the benefit that it can realize. I wish you all the best and a very smooth stay in our capital. Thank you. Thank you so much, Your Highness, for your leadership and for underlining the need for more holistic approach to food crisis, human trafficking and terrorism and also the new models that are needed. Who is better equipped to follow up on such a note than Prime Minister Gordon Brown? We welcome you. Your Highness, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai. Your Highness, Deputy Prime Minister and Minister of Presidential Affairs of the United Arab Emirates. Your Highness, Minister of Foreign Affairs of the United Arab Emirates. Distinguished members of the federal government. Distinguished senior officials from the government of Abu Dhabi. Let me say first of all on behalf of the 800 members of the Global Agenda Councils who are present today representing 80 nations from around the world are gratitude to the United Arab Emirates for their hospitality of this great event. Let us congratulate them as they celebrate a historic anniversary on December the 2nd which will show how far this country has come. Let me also congratulate them on the global vision they have for the future of this country which shows how far they intend to progress in future years. And it is indeed a recognition of the importance of this country that in the deliberations of the G20 which will take place in France in November this country will play a very prominent role. It is indeed a pleasure for all of us to be with you at this great event this week. And I want also to congratulate Professor Klaus Swab because he has seen what many other people did not see that the future of this world depends on global cooperation. It depends on countries working with countries on businesses working with businesses on civil societies in each country working with civil societies in other countries. And the vision that he set out today of the great transformation is something that reflects one basic fact about our world that I think will inform the work of every agenda council as it meets this week. We used to talk about shared problems where countries shared problems with each other. We then talked about common problems problems we had in common together. I think it is more relevant now as we begin our work of the global agenda councils to think that there is a category of problem now that is a global problem. In other words it is a problem that cannot be solved without people coming together from different nations and on the basis of international cooperation to work out solutions. Problems of financial stability problems of climate change and the pressure on resources problems of pandemics in health problems of inequality and poverty problems that cannot be solved unless nations come together and work together for common solutions. Professor Schwab has inspired the creation of a new group, the global issues group which is based on the understanding that there are these global problems which cannot be solved without cooperation and that is why he has brought together and I am pleased that he has asked me to chair this group he has brought together the head of the International Monetary Fund the president of the World Bank the Secretary General of the United Nations the head of the International Labour Organization the head of the World Trade Organization head of the World Food Programme the presidents of the World Health Organization and all the regional development banks that they should meet regularly doing something that should perhaps have been done long ago to look together at the long term issues that face the global economy and global society and I want to say to the Global Agenda Councils today that we will work closely with each of the Agenda Councils as we try to find a common view as to how we face what are these new issues that Professor Schwab has set out in his visionary talk this morning and we will want to work with Global Civics Society as well because we recognize that one of the features of the new world is that people can contact and communicate with each other almost instantaneously in every part of the world and the new organizations and the new communications that arise from that will have a profound effect on how we see world events in the future now global cooperation is even more necessary today because we are facing in my view a new but avoidable global downturn and either we cooperate and write a new chapter in the history of international cooperation to deal with the economic problems that arise this year or I'm afraid that we will face a disorderly retreat into a new kind of protectionism that will damage our ability to build on the successes of globalization over recent years in the last few weeks alone I think it is true and important to record that we have seen countries like Brazil impose tariffs on goods coming into their countries we have seen currency interventions by countries from Switzerland to India to Indonesia to Japan to Korea we have seen capital controls now back on the agenda we are seeing in the banking system a deleveraging of banks that has a home bias and is therefore reflecting a new kind of protectionism in the banking system it used to be said of the Habsburg Monarchs of Europe in the 19th century that they would never learn by the mistakes and the danger is that we do not learn the lessons of the protectionists that engulfed us in the 1930s and was responsible for the loss of so many millions of jobs as well as the conflicts between different parts of the world so we have a new responsibility in the next few months to avoid a protectionism that could ruin the chances of a successful globalisation over these next few years I believe that we are also at a historic juncture in the world economy and this I think should be reflected in the work of the Global Agenda Councils as well for 150 years as Professor Swab has indicated in his remarks the majority of the world's output the majority of the world's investment the majority of the world's trade indeed the majority of the world's consumption was carried out in Europe and America they had a majority of the world's production and the world's consumption only in the last few years has that as a result of the changes and the forces of globalisation been seen to change for the first time in 2010 only 40% of output of the world is in the west only 41% of the world's manufacturing is in Europe and America only 41% of the world's investment 43% of the world's trade is in Europe and America investment in other words the world is changing very fast and the old world in which the west monopolised production and consumption is changing but there is one fact about this historical juncture that is quite unusual it is that while the majority of the world's production has now moved from the west the majority of the world's consumption still is in the west 10 years ago the American economy could drive the rest of the world economy forward 10 to 15 years from now the rest of the world as both the majority producer and consumer will be able to drive the world economy forward at the moment there is a precarious balance between those who consume but don't produce and those who produce but don't consume and that is why if we are to move out of our current difficulties it is absolutely essential that producers and consumers work together and that means in my view that you need a global growth pact a coordination between the different nations of the world so that we can move the world economy at this historical juncture forward into higher levels of growth and higher levels of opportunity now of course we have particular problems in Europe which has moved to become the epicenter of today's crisis where it was America in 2008 whose banks were failing I think people now recognise that in Europe we not only have a fiscal problem but we have a banking problem and we have a growth and competitiveness problem and that Euro in its present form will not survive but will have to be reformed that Europe's banking system will have to be recapitalised that Europe will have to find a strategy to run the different needs of the different countries that are finding it difficult to raise funds from the international markets and in my view because the ramifications affect not only Europe but the rest of the world then the European Central Bank and the European Finance and Stability Facility will have to work with the international monetary fund to find a way through these difficulties over these next few weeks all this emphasises is that what happens in one continent affects another and that we have to have a better system of international cooperation for the future John F. Kennedy was the President of the United States of America and gave a famous inauguration address in 1961, 50 years ago when he took on the presidency and many of you will know of some of the famous words from that address and a few months ago it was decided to re-record that address but have people from every country of the world contributing a sentence or a few words to that new recording so it be in an international language if you write and of course many of you will remember these famous words about the torches past to a new generation a recognition that change is an inevitable feature of our human life never fear to negotiate, never negotiate from fear the idea that we have to be strong but we have to be strategic and trying to ensure cooperation around the world all these famous words Richard Nixon actually was asked which of the famous words from this great inaugural address he would like to have read himself and he said before he died that the ones he would have loved to have read were I hereby accept the office of President of the United States of America I was fortunate in being asked to read some words and the words that I were asked to read divided we shall surely fail and I think that is true of the present circumstances but united there is little that we cannot do together to deal with the mortal problems of poverty of hunger of malnutrition of disease of war and of course of conflict and Kennedy went on and gave an address in 1962 in Philadelphia and instead of calling it the declaration of independence he called it the declaration of interdependence and that is where we are today the work of each of our global agenda councils is informed by this new sense of our mutual dependence upon each other the necessity for us to recognize that there are global problems that now need global solutions the need for us to think imaginatively about the forces at work in the future including the change in civil society that's going to affect our life but I've got no doubt that 800 people meeting here courtesy of the government of the United Arab Emirates is best place to chart a new vision of the future even in difficult times and point the way to a more prosperous and fairer world society of the future my grateful thanks Gordon thank you so much I think this is ending on an excellent note with high spirit even at an unparalleled important juncture for the world as Prime Minister Gordon Brown also mentioned and the two coming days are about now developing the models that are necessary to get things back on track and Prime Minister Gordon Brown also shared with us one of his ideas creating a global growth pact and a better system for global cooperation I think this is very important and I know that all the consul members are no extremely eager to get on with the work Your Highness, Sheikh Mohammed bin Rashid al-Maktoum thank you so much Your Highnesses, thank you so much Excellencies, this has been for us the best kind of opening we are all energized, honourable consul members we are looking forward to the exchange in the afternoon we will have no 15 minutes break and we will be back here at the second plenary then it's lunch and then it's hard work thank you, thank you so much