 and Commissioner, we are very glad to start the conference. Now I promise to start the conference after the film. We have always a very depressing film in the beginning to make us more optimistic, but the film is not starting and we will see the film later between after the coffee break. Good morning to our 7th Urban Age Conference and you have read in the newspapers that it is an important conference and you have to prove that the press is true. I'm very glad to greet my colleague Gunnit from Deutsche Bank India who have helped us here with our partner in this conference and I'd like you all to welcome now Dr. Ackermann for the opening of the conference. Dr. Ackermann, it's your floor, please. Dear Commissioner, dear Howard, Excellencies, ladies and gentlemen, dear members of the Urban Age family. Considering the rapid growth of the world's cities which is nearly overwhelming people, many are no longer speaking just about an urban age but rather about an urban revolution. At nearly matching speeds, both wealth and poverty are increasing in the world's large metropolitan areas and the challenges connected with this development are obvious. Today, one in six residents of big cities lives in a slum. There's already been talk of a planet of slums we will face in the near future. The London School of Economics and Deutsche Bank's Alfred Herrhaus Society have joined forces several years ago together with partners from all over the world to shape the urban age so that it does not ultimately overpower us. It is therefore a pleasure to welcome you to our seventh Urban Age Conference, this time here in this beautiful city of Mumbai. And I'm looking forward to exciting, in-depth discussions that are capable of addressing the problems we are facing and not just here in this city. Over the course of this year, we have examined the problems and successes of India's cities. The Urban Age team has been to Delhi, Kolkata and Bangalore. And our investigations are converging here today in Mumbai. Each of our conference cities can see itself reflected in other conference cities and thus gain ideas for their own actions. Last year, I raised the question in Berlin as to whether cities could become more important than nation states. Although it is true that failing cities can lead to failing states and therefore pose a risk to nation states at the end. It is also certain that cities nearly everywhere are the centers of strengths in the global economy and thus provide an important contribution to a country's prosperity. Cities are the places of hope for those who migrate into them every day. Over the long term, we must not disappoint them. They must be able to share in our cities' prosperity. I'm aware that this is a nearly irresolvable problem, but the previous conferences I have participated in have made me more optimistic. Cities alone cannot solve the problems that sometimes descend upon them. In the 21st century, cities must become the responsibility of each and every country. India is leading the way by good example, and corresponding plans are being prepared in the United States of America. Nations and cities depend on each other for their success. Excellencies, ladies and gentlemen, we all carry a great deal of responsibility for the success of our cities. And I really do hope that we will be able to live up to this at our conference here in Mumbai. Thank you again for coming here today to make your contribution to our cities. Thanks and have a good conference. Thank you.