 Good morning, warm welcome to this strategic outlook Eurasia session at the 2022 World Economic Forum Annual Meeting here in Davos, Switzerland. I'm Eric Duchek, I'm with the forum. Those of you who have been with us for some time in person digitally, you would know that this is a bit of a tradition to have a moment to strategically think about the Eurasia region and doing so could not be more important this year. We are gathered here in person two years after we have not been able to meet in person because of a once in a century pandemic that has inflicted pain, loss of life and economic damage in every corner of this world. We're gathered here, it will be three months tomorrow since the start of Russia's invasion of Ukraine and the ensuing tragic war in Ukraine that is still ongoing. We are gathered here at a time when the global economy, when it was just about to take off or at least find some pathways to recovery, is hit with different uncertainties, particularly the geopolitical uncertainty and dealing with the cascading effects of this geopolitical uncertainty in terms of particularly the energy systems and the food systems, a global economy that is having inflationary pressures we haven't seen in decades. A global economy that is seeing a lot of economies, fiscal positions being stretched this morning, we heard from the IMF head that 60% of the low-income economies of the world have debt vulnerabilities, 60%. And we're also convened at a time when we have this big global fight against climate change. This is the decade we're supposed to deliver on the net zero transition or at least make sure that we accelerate cooperation there, but it is now happening in a more complex international system. So against this backdrop, of course, policymakers are affected and are reacting. Every corner of this world, every company, every country is affected, including the Eurasia region. And we're going to be talking both about the impact, but more importantly, we're going to be spending time about or on how we are reacting, what we can do not only now, but also where decision makers see this is all headed so that ultimately we can also find pathways to increase competitiveness and resilience in the future. So this is a very important conversation, and I have a very important panel to help us navigate this and unpack this a little bit. So let me introduce my panel. I'd like to welcome Madame Odile Francoise Rono Basso, President of the European Bank for Reconstruction and Development. One welcome. I'd like to welcome Mikhail Jabarov, Minister of Economy of Azerbaijan. Also a warm welcome to Kairat Kalimbetov, Governor of the Astana International Financial Center Authority in Kazakhstan. And last but not least, a warm welcome to Dr. Yuan Ding, Vice President and Dean of the China-Europe International Business School in Shanghai, China. So with this very complex landscape, I'd like to start with you, Madame Rono Basso. EBRD, an extremely important organization for Europe, Eurasia also, Middle East and North Africa. You're a big investor in Eurasia. I saw your recent report, I think it was in March or April, that you put out an update on the economic outlook in the context of the war in Ukraine. Could you tell us a little more about what is in the report? How do you see the impact on the economies of Eurasia in this current context? Thank you very much and thank you for the invitation and the opportunity to discuss about the region, the impact of the war, but also the opportunities. I think that always a way we should think about our action. So indeed, we've updated our economic outlook. And what is very clear, of course, the impact of the war on Ukraine is very important on Ukraine. It's very important on the neighboring countries, but it also has a huge effect more broadly. And countries, I mean, Eurasian countries are also deeply affected through different ways, in different ways, depending on, I mean, the specific features of the economy. And overall, our assessment is that we have revised downwards the gross perspective by reducing them by 1.4%. And I would tend to believe that overall, our scenario is quite still maybe on the positive side because it's based on an assumption that the war on Ukraine will stop. I mean, there will be a source of ceasefire in the coming months. So it's not, I mean, it's not forecast related to a long war. But so the assessment of the impact for the region is 1.4, which would bring a growth in 2022 of around 3.2% and 3.5% on average in 2023. But all this is very, as I was underlying, very uncertain. When we look at the different channel, how the economies are impacted, I think the first impact is through food, energy, metal price, which fuels inflation. On average, inflation has reached 12% in the region, which is the highest level since 2011, I believe. So it's already there, higher inflation pressure, post-COVID in the context of the recovery. But this increase of food, energy, and metal prices will have a significant effect on inflation. But the countries in the region are also affected by the very close link for some of them with Russia, with impact, for example, on remittances. A number of countries are very highly dependent. And it's the case of Uzbekistan. And the remittances represent quite a high level of GDP. But also all the trade flows, so direct export or trade flows through Russia to Europe. And sanctions on Russia has a huge impact on all this export capacity, but also all the infrastructure for transport and for export towards Europe. And last effect also, I mean, the third effect is also the increase of the cost of financing. Geopolitical uncertainty creates aversion to risk. And we see that in the region, but also elsewhere. So interest rates tend to increase. I think that there is a yield increase in cost. I mean, it has increased by more than 3% or 3.3%. And this has a particularly significant impact on some countries like Mongolia, Tajikistan, so most fragile countries. So the situation is, of course, very different. It's difficult to talk of the region country as a whole, because, for example, Kazakhstan or Azerbaijan may benefit from increasing, I mean, really benefit from increasing in prices and energy. But others will have more damaging impact. So this is what we see as an impact. Of course, this also creates, I mean, and there are some opportunities for investment and shifting the economy and so forth. And maybe we come to that at a little point. No, thank you so much. If I could move to Minister Jabarov. I saw the economy contracted minus 4% 2020, of course, COVID. Rebounded over 5%, I think 2021. I saw the report from EBRD. So for 2022, I think it was still about five, but of course, I think we need to watch that by a major, major economy in the region. So tell us, just again, for the lay of the land, how do you see the impact, particularly the economic impact of the different things that I've mentioned, the geopolitical uncertainty, but also, of course, COVID and the state of the global economy as it is right now? Thank you. Thank you very much. First of all, it is honor and pleasure to be at this distinguished audience and forum. I'd like to convey the best and foremost regards of permanent participant that speak of the forum is Excellency President Aleve, who, as we speak, is working with President Charles Michel, Prime Minister Pasciano, delivering long and lasting peace in the region, region torn by separatism for almost last three decades. And that is the reason why he has not been this year at Davos. Indeed, it is absolutely correct that entire region has been affected. It has been affected in different ways. And in case of Azerbaijan, I think the issues which Madam President has alluded to, namely energy, food security, connectivity are obviously the, and of course, the level of digitalization and preparedness of the economy to work under current circumstances have been the ones which have been defining the landscape and context. It is true that when you look at figures, economy of Azerbaijan is performing strongly, both in terms of fiscal, but also in terms of the economic output. But if we look a bit broader, I think the following landscape, the way how we see it is formed as follows. First of all, we see increased importance of regional cooperation with, for obvious reasons, changed connectivity landscape, so-called middle corridor becomes extremely important for all regional actors, but also for cargo flow from east to west, China to Europe, vice versa, and therefore investments that have been made in previous decades in transport infrastructure, clothes, and reliable cooperation with neighboring countries is really an asset that is yielding dividends today. Of course, energy. When we talk about energy, I think two main dilemmas are what would refer to as 525 and issue of what and how. When we talk about what and how everyone agrees that what needs to be done is speedy transition to green and renewable energy. I think the previous years, and especially this year, has shown all of us, especially here, consumers in Europe, that on matter of how there needs to be much more discussion and look, because very simply when region Azerbaijan specifically is being asked for more energy, which we have, which we are happy to supply to the market, but when you look at how, you suddenly realize that for the last few years, the sector has been severely under-invested, reflecting the changed policy of, obviously, financial institutions, policymakers relating to fossil fuels, including natural gas, and therefore that focus shift in terms of how to translate the needs of today, and to combine them with a necessity of being tomorrow, there is this five-year horizon, not 25, not 15 years horizon, but this five-year horizon, which is a second part of the dilemmas that we need to address at least the way it seems from us. And talking about food security, of course, on one hand, the obvious challenges and the rising prices, supported also by both rising inflation and shortened supply, would impact the same that would impact those economies, which are more vulnerable and unlike, again, in case of Azerbaijan, which has strong fiscal position, very low external debt-to-GDP level energy inflows. Many countries do not have that luxury. And again, when we're talking about a regional impact of it, yes, that is something on which we believe we need to put more focus working together, which we try to do through regional cooperation. And maybe to finish this part of intervention, we strongly believe that they need to combine the challenge of the day with the focus where we are moving together is something on which regional international institutions, regional institutions, not only on bilateral level, but that level of discussion is extremely useful and we are committed to continue to be safe, stable supplier when it comes to what we supply in terms of goods or services to the markets and at the same time, in terms of the policy dialogue participation and overall priority of macroeconomic and strong financial framework. Thank you. Minister, thank you so much. If you allow, I'll just have a follow-up question because you are very popular right now, I'm sure with the European decision makers in particular on the energy side. 2020 was the opening of the, is it the South Southern Gas Corridor? And 2021, 8.1 billion cubic meters float through that. The capacity, I think, is ultimately 20 based on the research we've done. So overall, how do you see the future, particularly of the Azerbaijan, European energy flow? If you could maybe give us a little more on where you see it with regard to this pipeline but there may be other things you're looking at. Thank you very much. First of all, if we look at the map, it is important to keep in mind that before contributing to energy supply and security in European Union or in Europe, similarly on the way Azerbaijan is a major supplier to Georgia, Turkey. And further on, it is Greece and Bulgaria, Italy, Albania. So volume is actually much bigger than that and the volume to which we refer is the volume which is reached as European market. Ah, okay. Second point, to put it very simply, is there more gas to be supplied? Yes, there is. Are we working on it? Yes, and we didn't start it today but this was a process which was started well before. Latest developments. And I think renew Europe document dated 18 May which has been just out, makes a very specific reference to prospects and necessity of expansion of supplies, so-called 1,000 gas corridor. We are working with our partners and by way of reminder from mid 90s, Azerbaijan carries out a policy of joint development of its natural energy resources. So we have major, in addition to our national, energy national oil company, we also have a major European partners with us. That effort, by the way, has been supported at time by UBRD as well. And the prospects of Azerbaijani and Caspian gas is very different. Now, there is a very important point which doesn't need to be underlooked and it is as follows. Azerbaijan in 2012 started the process and was basically a major risk taker for making sure that there is a significant investment in pipelines, there is a significant investment in exploration and development and production. So financial risk, in a way, was borne by a supplier. And whether or not and to what extent and what is the level of commercial risks that could have been taken now, additional risks by companies working in Azerbaijan, local or foreign, and how these risks need to be shared and managed, how we need to use the strength of international financial institutions, how necessity to make this transition smoothly and contribute to energy security. And that is exactly the focus of our discussion with colleagues, friends, and partners and we are committed and open to this. No, thank you so much. Very interesting, thank you. Thank you. I'd like to move to Mr. Kelimbetov. Kazakhstan, $170 billion economy. He also returned to growth in 2021. The biggest economy in Central Asia. You have the new Kazakhstan agenda. How could you tell us a little more about that? Because I think the president talks a lot about that and you've been rolling out certain things over the spring. And I think it is, of course, in this context of these global headwinds. So if you could just also assess a little bit the impact of the situation on Kazakhstan first. Thank you. Thank you very much for this great opportunity to be here. I think it's really interesting to discuss what's going on in our part of the world. As my colleagues from Azerbaijan mentioned, I think that we can divide countries in the region for the exporters and importers of commodities and we are in Kazakhstan in good situation. So just to remind you that Kazakhstan produces 1.8 million barrels per day. And the biggest trade partner of Kazakhstan is the European Union. So it means that when we start to diversify the trade, our economy, so it was 20 years ago, I think it was the right investment to the infrastructure. And nowadays we have reserves of fund for rainy days, which we call National Fund, and also reserves of central bank is more than 85 billion US dollars. So which is a good, I think, let's say reserves for whatever problems which we can have in the different circumstances. By the way, when it was like COVID time in 2020, 2021, I think Kazakhstan shows very good response to COVID. So we vaccinated the more than 70 percentage of the adult population. So I think the situation with, let's say, with this pandemic issues been resolved very well in Kazakhstan, which is allow us actually to get the, to reshape our economy. And we actually, through the V-shaped form, the economic recovery last year was about 4%. And this year we expect that it also would be more than 2%. So it's the most, let's say, pessimistic scenario is not less than 2%. I think it shows resilience of the Kazakhstan economy. In fact, in our CIS regions, I think that this year Kazakhstan would be the largest in terms of GDP per capita. So it's a good result from one side, the model of economic growth, focus on commodities, on diversifying our roots. So we do have from one side opportunities to export through, let's say, through Russia, but as my colleague from Azerbaijan mentioned, I think that now we countries in the region want to strengthen in the capacity so-called middle corridor, which is just remind you from the border of Kazakhstan with China to through Kazakhstan, Cyprus, Taktau and further Baku and Georgia and Turkey and Eastern Europe, let's say. So these I think is a great opportunities, but not only. So we're also thinking about opportunities to get access through China to East Asia or through Uzbekistan, Afghanistan, Pakistan to South Asia. So it's a different opportunities. Now, I think the key lesson, which we should conclude from the current situation, no one wants to depend from just one country or one sources or one industry. So that's something which we have to diversify. And I think Kazakhstan is doing great job in terms of the, let's say, the export route, but also in terms of the FDI coming to Kazakhstan, so it's different countries. It's China, US, UK, and I think that we will focus on this. From the other side, I think we do understand that in the era of decarbonization, we should start to think about how to be diversified on the influence just from the oil and gas or any other commodities. So we should focus on the other sub sectors of our economy. So one of these is the key, is obvious, is the development of agri-industrial sector, agriculture. It's a huge opportunity, especially, we now see is a huge problem for the supply chain in terms of the, let's say, export of grain from our region. So we do understand there will be some problems due to the conflict in Ukraine. And I think that Kazakhstan being in top five exporter of grain also will play like a significant role in we can be reliable partner to the global community in terms of the, let's say, supplier of these very important products. So I think that having this kind of the fiscal prudence in Kazakhstan, we now focus on further reforms. And as you mentioned, the President Tokay focus on constitutional, political, and economic reforms. So in fact, in a couple of weeks, we will have a referendum in Kazakhstan, which is a political reforms towards democratization, towards decentralization, increasing the role of parliament. And I think this is also very much important in a, let's say, circumstance, which we do have usually the power to try to strengthen in, let's say, the leverage. But now I think we see that the Kazakhstan focus more inclusive model of economic growth when the people should not just get money from the redistribution of the oil wealth, but they should focus on creating job places, they should be part of this growth. So this is something which is President Tokay focusing on. And I think that these reforms, which we call new Kazakhstan, new economic policy, would be something which may Kazakhstan even more resilient. No, Governor, thank you. Obviously, there is a lot of, of course, people follow the reforms after also the January events. And so this is of extreme importance to your country and to the region overall. If I could just follow up on the energy side, I think for some time, Novorossiysk was, there were some closures and that's, I think, the main route for Kazakh energy to the world. You've mentioned a few projects. Are these projects that have been there before? Or, and is it more about accelerating work there? Or are you also thinking about in this immediate context, let's say over the past few months, are you also thinking about other new things to add to diversify the picture there? I think that what you mentioned is that 80% of Kazakh export is going through Russian territory to the sea port on Black Sea, which is called Novorossiysk. So I think it was like some technical problem in March, April, which will be fixed. Now we come back to the 100% of capacity and I don't see any kind of problems in the future because it's a Caspian pipeline consortium where we do have the interest of all companies which are working in Kazakhstan, including American and Russian companies as well. From the other side, we don't see also the any kind of the risk in terms of the sanctions because after the Crimea events, I think that we clarify that this is like a Kazakh oil going through the CPC. So we got the license from US Treasury and I think that everyone realized it. So this is very important to provide, let's say enough oil for the global markets and the Kazakh stun wants to be also reliable partners in this area. So this is like a for today story, but we do have a plan as well to increase the production of oil and gas in Kazakhstan significantly and we do have a significant investment previously and we do have a significant presence of the global oil and gas major companies, American, Chinese, Europeans. And I think that we have to increase the capacity for experts in Kazakhstan. So one of the already prepared great opportunities is again, so-called middle corridor. And I'm talking about that probably we have an idea to increase the capacity of seaports from the eastern coast of the Caspian Sea. So the Azerbaijan has a great capacity where we can, if we'll join us too, we can start to think about even this, let's say increasing the volume of Kazakh oil in Bakut-Belisi-Jihang oil pipeline or to do something more in this direction from one side, in the other direction, I think that we have oil and gas pipeline from the west of Kazakhstan to the west of China. And I think that we also can think about as well. So these are different ideas that we have this capacity. But from the other side, we are thinking that we should diversify our economy. So maybe we will develop more of the petrochemical industry. We will more focus on the gas-based station, let's say more from the coal-based station to the gas-based station. We do have a very ambitious plan of decarbonization to be carbon neutral up to the 2060, in fact, that even until now, EBRD is the biggest investor to Kazakhstan. So I think that we have a bigger plan for in terms of decarbonization with EBRD. So many plans, and I do believe that that can kind of create a real global energy hub in our part of the world when Kazakhstan and Azerbaijan will provide its oil and gas to the rest of the world. Thank you so much. I'd like to move to Professor Ding. You know, I mean, you work for a business school that is the embodiment of European Chinese relations, economic relations. You know Europe and China very well. You could argue that the competitiveness of Eurasia or Central Asia is really dependent also on healthy volumes or increasing volumes of trade between Europe and China and of course also connectivity in Central Asia and South Caucasus as well. But so given the global context now, Professor, how do you see this working? Are you pessimistic or do you remain somewhat optimistic that we can make this work going forward? Yeah, so thank you for your question. I think we need to take a more historical and holistic view about this important issue. So the discussion in Davos or in other spheres talking about this Eurasia integration is related to several very important elements which happened during the past two or three decades. One, of course, it was the open up of China then China became a powerhouse, a great trade nation and with a huge support and engagement from Europe to take China into the international community with US and in Europe of course the big driver was Germany. And on the other side we also saw the end of the Soviet Union and the independence of various countries from Eastern Europe to the Central Asia. And when we saw more and more economic integration between China and Europe, then it came the idea about this whole continent level regional integration. And of course it was strengthened by the initiative taken by China called one by one law initiative from 2013. We were a little bit in a rosy time and the billions of dollars were invested into this initiative from China, from different cities of China building so-called the Continental Bridge. So with the railway and we also saw along the road in different Central Asian countries, Eastern European countries, we started to smooth up this kind of connectivity to Germany even to London. So there's also the connection directly to UK. But the but is that we are now in a very different geopolitical and economic landscape. On one side we saw there's more and more reluctance about from especially from Europe to accept fully China as a partner. And there is a rephrased before the pandemic talking China on some issues about a competitor which is legitimate. So and also more recently we saw there more and more resistance from the German government and the German corporates to taking China as the privileged partner continuously supporting the trade investment relationship between these two countries. So if there is a decline or a slow down of the integration between EU and China and which was illustrated last year by the suspension of the comprehensive agreement on investment, the validation. So which shows that we are in a not ideal situation. And another big problem my colleagues just mentioned about the difficulty of this war in Ukraine and the disruption on the supply chain designed between these two ends between China and Europe. So what I see in the future is that it will be extremely difficult to go back to the old setting which means a promotion on common prosperity along the road around the Silk Road to get all the country involved. However, for these countries in the middle like Central Asia, even the Eastern European countries it not necessary to be a bad time. In the sense that all the bigger powers including of course China, EU and US were focusing more from their own geopolitical importance the engagement with these countries which means there is some economic political support for more engagement with these countries and also there are a lot of concrete economic benefit. We talk about substitution of this grain and oil from Russian or Ukraine by these countries. And of course that will be a huge incentive for your European countries. We see from my colleagues talk and also from China because you all know that there is a risk of secondary sanction against Chinese companies of course mainly SOEs about their involvement with Russia. So it is also Chinese interest to diversify their supply especially with Kazakhstan which is the neighbor and they already start some very solid connections for the gas and oil facilities. And also a country we touch upon a little bit Uzbekstar which is now fully accepted by the international community for the trade. They had some labor issues in the past which can be a huge hub in the international tech tech-style business as you know they are the the major cotton producer. So if you combine all that I think we can see a rosy future for this country independent. Not necessarily playing the role for the huge volume of trade through their land like a corridor but mainly as a major economic partner. Of course since you have more great power talking to you and you have a better leverage also to get a better term for your national development. So I just stop here thank you. Thank you professor. We have 10 minutes left so I'll do another round. We will move from the risks to the opportunities. Madame Renault Basso you work on many axes in the region but I'll be particularly interested on I know you work a lot on the green agenda and also on connectivity but if you can just give us your insights there. No thank you listening a lot have been said already and listening to co-panelists. I was thinking that from our perspective as a building and we are indeed big investors in the region I think in both of countries we are the first one in terms of investment from MDB. I would say there are four areas of I mean where we focus investment and we think we should do more. First one is infrastructure and there were some mentioned on the middle corridor but I think there is a lot of that can be done to strengthen the port capacity at Akto, Baku, road, railway, pipelines possibly. I think that the southern corridor there is as it was mentioned capacity to upgrade to increase the capacity and I guess this would should be part of and there are some studies being on the production side and consumer side to be sure that this fits but I think that's there is a lot of opportunity there but also private sector investment for example for manufacturing containers. There are needs in order to rebuild all this trading flows and infrastructure. Second opportunity is the region can be helpful and can play a very positive role in dealing with food crisis. Kazakhstan and Uzbekistan are net exporter of food and anything that and we will focus on anything that we can do to step up production, export and so forth to deal with the current challenge. Third area and the one you mentioned is the green agenda. I think the region is because countries are the huge I mean important natural resources in fossil fuel and so forth. They start from a level of green energy relatively low so there is a lot of capacity to step up and we are working very closely with Azerbaijan, with Uzbekistan, with Kazakhstan. What is the strategy? How to move from the current situation to increase renewable to develop long-term strategies to develop framework for example we are working with Azerbaijan an auction framework being implemented now to get private sector investment to develop renewable. I think this is important for the, because of the importance of the green agenda and also for the diversification of the countries moving forward so we are in a very specific time where energy security now is at the core of the concern but developing renewable and developing for example the grid that is needed to be able to have more renewable are also very important for the long-term energy security agenda. So I think this is something we are working with all the countries in which we intervene. Our objective for the bank is to have 50% of our financing in the green sector. We reached that objective last year so to do that we need to really tilt all our investment in that sector. That doesn't mean for example we were big financers of the southern corridor tap, tap, tap. This doesn't mean that this is excluded but we need to show if we were to invest now in this kind of project, increasing the capacity that is consistent with the Paris Agreement, the objective of the Paris Agreement. So because this is now a key enabling condition for us everything we do has to be consistent with the Paris Agreement. And last point which is also very important is that this country can be very, I mean can play a very important role in the ongoing reorganization of the supply chain. I think that, I mean, Sanction Russia has an impact on supply chain. This, I mean, development also in China they need to diversify and so forth and it was when the capacity for example for Uzbekistan to develop textile but a lot of, I mean there is a lot of potential. For that, what is very important and I'm very happy of what was said about the reform agenda in Kazakhstan and so forth is to have, to continue with the reforms, be attractive for private sector, rule of law, transparency and so forth. This is an important agenda for all countries in the region. They are implementing it but I think continuing reform is will be important to get out of the situation and have a strong rebound and take the opportunities that are there despite the overall headwinds. Thank you so much, Madam President. We have about two minutes each for the remainder. So Minister Jabarov, on the opportunities, if you could, I know you have big plans on renewables. We're quite interesting to hear. Also digital, we work with you on the fourth industrial revolution and I'm also just interested because you mentioned the talks in Brussels and of course then if there is then peace what that means for connectivity of Azerbaijan all in two minutes, if you can. Renewables, Madam President already talked about it just to give two highlights. One, renewable energy of Azerbaijan including Azerbaijani sector of the Caspian Sea in terms of energy production exceeds the fossil fuel energy production in Azerbaijan mainly made up of the wind power. As we speak, number of the projects have started for implementation. EBRD is financing two of them. We are very thankful but they suggest a small piece of the second element of the renewables is that we are very well aware that in the longer term fossil fuel demand and going out of the market would be very clearly linked to the quote-unquote greenness of the fossil fuel produced. So with that in mind, we see very bright future both for renewables but also for traditional fossil fuel energy. Digitalization, we actually hold in very high regard the level of cooperation we have with the forum once again. Likewise. I think it's extremely important not only from the point of view of what is happening today in terms of the sectoral and policy development but first and most importantly from the impact that it has on a human capital development which is definitely a most sustainable way of investing into the future. You asked about connectivity and impact of peace treaty and implementation of Zengizur Corridor project to link Azerbaijan via Armenia to Nakhchivan further on to Turkey. In a nutshell, this means several things. First is further increase of reliability of what we call a middle corridor. Second, mutually beneficial regional cooperation between countries of South Caucasus and restoring of the peace stability and neighborhood. And that's why Azerbaijan has been vocal on peace treaty being signed as soon as it is practically possible. And that is it. Last point which was not in your questions but 15 seconds is priority for us continued reforms of SOE, state-owned enterprises. And quietly without any further allowed the further development of the private sector which is already is accounting for more than 80, 80% of tax revenues in Azerbaijan which in effect is a derivative of the reform policies that have been carried out in the economy. Thank you very much. Thank you so much minister. Governor, if I could go to you. I looked it up. You had at your authority 50 companies when you started in 2018. Now you have almost 1300. So great growth there. What are you doing to then grow that number even further again looking? I know you've been working with green bonds but we also work together on the fourth industrial revolution. So again in two minutes if you can give us some of you. Just to remind that Astana International Financial Center is the first and yet only the common law jurisdiction in the former Soviet Union area. So this is what created for the better investment climate. So first is dispute resolution authorities where we invited retired British judges and it's good for the global investors to Kazakhstan to get the resolving of any issues between each other with the government from one side. From the other side is also the continued processes of privatization in Kazakhstan. So in our stock exchange we are jointly with our partners preparing to be listing of the national oil and gas company. Gas company previously was a national uranium company which Kazakhstan and you do understand that the role of Kazakhstan uranium, raw material uranium is now huge in terms of the plan of decarbonization and nuclear power among temporary green let's say. And I do believe till 2045 the Kazakhstan will play significant role. I think the most important for us is like not just like exponential growth of the companies which is straight but really achieve financial connectivity. So here we I think we're very well connected to the Western community but from the other side we now build the very good preach with the Chinese financial institutions such as Shanghai stock exchange such as China Development Bank, People's Bank of China maybe to open the offshore clearing center to maybe to work in this currency in the region. So these are some great opportunities to increase the investment to the region. From the other side we will continue to work with our let's say global stakeholders, Citibank, NASDAQ, Goldman Sachs or with IDEA also to bring as more investors as possible and I think that we have seen the resilience during this few months, this year, during the COVID time so last 30 years. So I do believe we will continue this relationship and cooperation. Great, thank you Governor. Last but not least Professor Ding, you know Eurasia very well. So also just on the opportunity you already were talking about the opportunities but if you can just be a little maybe concrete where do you see it on the connectivity or on the green and particularly also the governor mentioned now some of the plans with China. What do you think are these opportunities for China on the connectivity front or a green front in Eurasia? So as the leading business school in China but also in Asia, we are very willing to be part of this regional development. So from our side we see clearly we can help and contribute a lot to that development on the first front. I think Minister mentioned about the human capital and we will be extremely happy to work with different countries, authority and company in the region to bring you some world-class management trainings and short programs or long programs. We'll be very happy to be partner on that and we have 100 full-time faculties based in Shanghai Beijing so it's very easy to come to the region. On the other side, since we are mainly working on executive education, so we have under our arm the largest group of Chinese alumni more than 26,000. So many of them actually working are the business decision makers owners of this green energy textile energy business and finance industry. So we were really fine to create some business exchange opportunities and bring some of these people into your place or bring your people to Shanghai, to Shenzhen and really to discuss all these business opportunities. I'm sure that it's important that the government or government organization set the stage, actually the actors, they must be the business people and we are very confident that we'll be able to help you to create this kind of networking sphere on these particular topics and industry. Thank you very much. Thank you so much Professor, thank you so much. All of you, it's clear that Eurasia is at a pivotal time, the world is at a pivotal time and I think this was extremely useful not only to the people here but also as you know this was a live stream session so there are people watching this digitally just to help them understand what's happening and make the right decisions around Eurasia going forward. So thanks so much, all the best. Thank you. Thank you for your consideration.