 Rhaid i chi'n dデlwni, fan i'n gweithio'r dros ydw i'r dod yn ffyddiad diolch yn y sylchroed. Tym, eich ddweud y dysgu i ddweud ddwy i'r gros ond dyma, ac mae'n ddiwedd umruch yn y dylai, ac mae'n defnyddio'n ddiwedd, ond ddwyau'n ddysgu'n ddillaw hi yn ddillwyd y ddigon nhw, i'n amyfiad ar y dyma ni fydd yn dal i'n ddillwy yn ddillwyd wedi weithio'r ddillwyd yn ymwyng. Mae'r cymhiliadau sy'n cymryd yn dweud y Chino yma yw'r angen o'r ffordd o'r angen o'r cymhiliadau sydd yn ymgyrch. Mae'r angen o James Harding. Rwy'n ei ddweud yng Nghymru, ac mae'n gweithio i ddim yn y cyfnod yw'r ysgol... ..y'r cyfônio'r cymhiliadau yw'r cyfnod ymayın. Mae'r rhai cyfnod yma, mae'r cyfnod yma. Mae'n cydweithio'n ddim yn gweithio sydd o sydd o scribu amsorthig. Mae'n cy patron i ddim yn ymdian o'r sydd o bach cyfnod yw'r cyfo-cyfryd yw'r cyfan yma. Mae'n cyfnod yn cael ein gilydd ar y crennwysol sy'n cyfnod o'r angen o'r angen o'r angen o'r ffordd o'r cymhiliadau sydd... y gweld y gwybodaeth a gweld y gweld gwahanol o'r awrchytech yw'r weld. Mae'n gallu'n hawdd y gweithio'r gweithio'r gweithio, dych chi'n gweld i'r gweithiau deilio'r ffondi ysgol yn ddifigol yn oed yn rhan y gweithwyr. Mae'n gweithio'r gweithwyr o'r awrchytech a'r prospectau yma, ..a cefnod ffawr, awn newydd y gwir wedi ddyn nhw'n ddod... ..y cymdeithasol ychydig, ac mae'r ddad reinforcing sy'n ffawr. Mae'n ddod y gwir o yllunio cyffredin ym Chino... ..o gyfrifiad y Caer先o o gyfnod yn ymdangosol... ..a'r ddod y gwir o'r ddod y gwir o'r ddod... ..y ffaith y Chino i gydag yn ei hun i'r ateb yn y cwrt yw'r chynllun syll... ..o Mylidol. Chwyddech chi'n gwybod dasbwynt yn y cyfnod mewn ysgol yma, dyma'n gwybod am y ffrindiau am ymlaen nhw, yn ymlaen i'r amser a'r angen ymlaen ymlaen nhw'n eich wneud, a'r angen i'r newydd ymlaen nhw i'r newydd ymlaen nhw i'r newydd ymlaen nhw i'r ffinans. Yn ddad o'r cyfanserau i gynhyrchu'n yn ymlaen nhw'n gwneud. Ac mae'n yn cael fflaen nhw'n gweithio'n gydag, lwybod a dwy amdano i gael dinheiro i ddweud hynny o ffantoriaeth ein dwych mor ymddangos o'r amguedd prayol. Rydym yn llwydd oeth sut yma fe ddweud o gael unrhyw unrhyw prymunistau, eu prymunistau o George'a i'r Yractli Gary Basfili wedi'u gorfa'i ei gweithredu. Mae'r prymunistau o Mongolia, Cyfrdbale Cymig. Mae'r Fyglwyr, y Ministeri Ffnithesnol, yn ymwstafell Mwstafell Mohamed, a'r Fyglwyr Fyglwyr Fyglwyr, ac yn hynny'n gwneud, Benedict Sebotka, yn ymwstafell Cwmbrwynt Cymru yn ymwstafell Cwmbrwynt Cymru, yn ymwstafell Yragei'r Rysau. Mae'r cyfrifioedd yma yma yw'n gwneud yma yw'n gwneud yma yw'n gwirioneddol yw'n gwirioneddol Mi i gyd yn bwysig eich gweithio'r dweud. Mae'n meddwl i'r dweud eich gweithio'n gweithio, ond mae'n gofyniol o'r cyflog o'r golyf. A'i o'r gweithio i gael o'n gweithio'r dweud o'r gweithio, ac mae'n meddwl i'r gweithio'r dweud o'r wathog. Roedd yn fawr i'n meddwl. Roedd amser hynny'n gweithio'n meddwl i'r gweithio i'r gweithio i'r holl ffosiwn ychydig i'r ddafynol, Oes y cysylltu, a gwybod fel ein chyfrifoedd hwnnw i'w arwain, gallwn i'n ddim yn ei ddweud i siarad ti wedi gwelio y chychbl y priwyddiad ymogol i'r angen i'w ddim yn rhani'n llaw os ymlaen o'r oes am ddim yn rhani'n llwyddiad eu ddredd. O'r arddwch chi'n stryd, wrth gwrs, byddai'n wir i tu. Chi'n mynd i'w enw i'r ddweud o'r dyddiad ychydig fel Gwyrgiad, Hands on the opportunity for Georgia. In concrete terms, do you think that this initiative, the idea of a silk road and the idea in practical terms of an Asian Infrastructure Investment Bank, will make a meaningful difference in Georgia? Thank you very much, dear friends and distinguished audience. I would like to thank you for inviting us today. First of all, I would say that this is my first trip to China and to Talian, so it's a great opportunity for me to be here and talk about this great idea of the New Silk Road concept. We very much support this idea and I want to talk to you about the Georgia's role into this process. First, I have to say that we have great relationship with China. Georgia and China has been developing strong ties historically. Last year, the biggest investor in Georgia was from China, by the way, and FDI grew by 143% from China to Georgia. So, we are developing great relationship. So, China becomes its fourth largest trade partner for Georgia, for us. So, therefore, it is of great importance for us to have strong ties with this country. I very much support the visionary initiative of the Chinese President, I mean the New Silk Road One Belt One Road concept. As you know, Georgia, with its strategic location, can play a very significant role. What I mean, you know that Georgia has proved over the last 10 years or 20 years that we are a reliable transit country. We are growing our economy, we are building democratic institutions, we are strengthening democratic institutions. The business is absolutely free, the media freedom, in terms of media freedom, business freedom were number one in the wider region, I would say. I want to say a few words about Georgia's recent achievements, and then I'll continue about the Silk Road and the Georgia's Road into this project. Last year, we signed the Association Agreement with the European Union, we have free trade with the European Union. We have free trade with CIS countries, including with Russia, with Turkey. Now I want to launch negotiations about free trade with China. I will have a meeting with the Chinese Prime Minister tomorrow, and we are going to discuss about the opportunities that exist in our region. And when it comes to the Silk Road and Georgia's Road as a transit country, it can be interesting in many sense. One thing that I want to mention is that we have proved that we are, as I mentioned, we are a reliable transit country for energy, for transport, and we have an ambition to transform our country into a logistic hub. We would like to build a new port, a new deep-sea water port, with 100 million tonnes per year. This port will be built in seven phases, and then there's a strong interest from the Chinese companies who want to be part of this project. We have launched negotiations about the infrastructure projects, such as the construction of roads, bridges and etc. We're talking about several billion dollar investments in Georgia. You know that Georgia fully supports the creation of AIIB, and I have to tell you that two weeks ago there was a meeting of the founding countries. And representatives came from 50 different countries, and they elected officially the president. By the way, I want to welcome the leadership of this bank. I'm sure that this will be very successful for the region. And I strongly believe that there's a huge potential in this region. The region, which has 60% of the world population, if I'm not wrong, and with lots of UNTEP resources. Can I just ask you, Prime Minister? I'm sorry to interrupt, but I just want to ask you just about the port example. Yes. Because a very concrete example, a very substantial one, clearly it would fit that Georgian ambition of becoming a logistics hub. Is it the case that having an Asian investment partner changes the politics of it as regards Russia, as regards having a US, or what would appear to be a US investment partner. Is that one of the attractions for a country like Georgia of this new financial investment architecture? Well, particularly in this port, I think there is a strong interest from some American companies. Also, as I'm told you, from Chinese companies. And according to, as far as I understand, they have interest to do this port, to realize this project together. So, I think, you know, well, our interest is to make Georgia a place of peace, a center for logistics trade. And, you know, this is our historical mission, I would say. I guess my question is, does it de-politicize within Georgia given the relationship with Russia? I think so, yes. It would de-politize. And I want to tell you that Georgia can be a very effective country in terms of transit of goods from China. And I want to give you an example. The first train from China came to Georgia in nine days. It happened several months ago. It was the first test train. It means that this will actually shorten the period. We're going to, you know, how to say, reduce the time. And we're going to reduce the distance by 7,000 kilometers. It's about saving the money. It's about saving the time. And therefore, I think Georgia can be a very attractive and the shortest route for China. Any general, you know, to connect Asia to Europe is the shortest route. So, therefore, I think that, you know, Georgia can play a very constructive and reliable role into this project. Great. Prime Minister, thank you very much. Thank you. I'll come back to you in a moment. Prime Minister Tumed, can I turn to you? Similarly, there will be great interest in practical terms how this new investment infrastructure can actually make a difference in Mongolia. Do you see practical examples of where it will have an impact? OK. Good afternoon, everybody, ladies and gentlemen. And thank you for this wonderful opportunity. First of all, again, when we start talking about Asian investment, infrastructure investment, bank, these kinds of things, I think it's a second subject. It's more related to tools and financial ways to achieve our goals. First of all, we need to understand what does it mean, one belt, one road definition, and everybody understands differently this term. And by me and somebody will argue, that's not right, but it's fine. Because first of all, I think each country should have their right to call their own one road, one belt. Because in Mongolian terms, it's called New Silk Road, we call it Silk Steep Road. In Chinese meaning, it's Silk Road economic belt. Russians call it Euro-Asian economic corridor. And each country who is presenting here in this hall also understand differently this one road, one belt definition. And that's why everybody has to own their own roads. Because we are not talking about particular roads. If it's not a particular road, it should be a bilateral relationship. Why these many nations when countries will be involved in this discussion? We are not talking about particular road. Also, we are not talking about some kind of build between a couple countries. We are talking about network. And the network itself should be established in real meaning. And for example, when we are connecting Asia with Europe in terms of fiber optic, for example, network, there are dozens of roads connecting Asia with Europe. And that's why one road, one belt definition also should be like that. And each country argue that their road is most important. And Mongolians also cannot argue that. Because the shortest and easiest way to connecting Asia with Europe is through Mongolia. Transiting across Mongolia. And that's why in Mongolians usually talk something like that. If you are a smart mouse, you have versed holes. And that's why many roads should be established under this termination of one road, one belt. And you asked about particular approaches for that. And in July 9 of this year, the presidents of three countries, Mongolia, China, Russia, met in the Russian city of Ufa. And we made three lateral agreement establishing this new road. Connecting Russia, Mongolia and China. And five different meaning. First of all, it's red road, second road. Third, it's oil pipeline. And fourth, it's gasification pipeline. And fifth is electric transmission road. And these five meaning we are going to collaborate these three countries. And I think the similar things also will happen between other countries. For example, China with Georgia, China with Malaysia, I don't know. And all this is going to be one belt, one road. And Asian infrastructure development bank is very powerful tool for this purpose. And that's why we are now starting to talk about new electrical transmission lines between Mongolia and China. And also new pipelines between these three countries. And also tomorrow as Georgian Prime Minister, I'm also going to meet with the Chinese counterpart and also Mr Li Ketsen. And also we're going to deal and discuss also about this object. And a particular project is already developed, especially involving private sector companies. And I think we will be in good shape to establish these new roads. And combining with other countries' new roads, I think under this meaning we will going to have this new silk road. And we start to feel, from the beginning we started to feel like this is the particular, the correct one, the most route. I think this idea going to have very challenging. And other countries will also discuss and argue with that. That's why it's not alternative to each other. It's a combination of an established big network around this idea, this definition. It's the most important thing. I appreciate that. And I really appreciate the point you're making about not being one road or one belt, a network. While we are teasing away at that, there's some people who say it's not really a road at all. That there's a rather romantic idea people have of the, whether you call it the silk road or the steppe road or even a corridor. But actually these are really infrastructure and particularly commodity investments. And they are going to be, possibly not even roads, more like holes in the ground. From a Mongolian point of view, do you think that the primary areas of investment are going to be around energy and commodities? Or do you think they are going to be around transport and infrastructure networks? For example, Mongolia, very plenty of natural resources. We have about more than 80 different natural minerals resources. It's old, mini-live, this table is out there. Over 6,000 deposit areas. The estimated wealth of about 1.3 trillion US dollars. And that's why we have wealth. And other countries has also financial power and also know-how technology. And the good mix of this wealth and technology, I think this is the whole idea of connecting each other, establishing this network. And that's why, again, these Asian investment and fracture banks activities plus collaboration between countries, this is just the powerful tools to achieving, to connecting, to establishing this very important network between countries. Distributing this wealth, distributing this technology, distributing this financial resources among the parties. That's the most important thing in terms of establishing one belt, one road concept. Terrific. Prime Minister, thank you. I'd like to come back to you. I'd like to have a discussion a little later on about the geopolitics of this. But I'm going to turn now to Minister Mustafa Mohammed. We really appreciate you being here. And to get the perspective from Malaysia is really interesting because, of course, the kinds of, the involvement of Malaysia is in some ways different. How do you see, A, this policy, but B also the opportunities for economic cooperation that change as a result of it? Thank you, James. I do trade and investments for my country. And I would like to answer this in two parts. Firstly, the national perspective, my country. Secondly, the regional, just ASEAN. For Malaysia, China is our number one trading partner. And Malaysia is the biggest trading partner for China in ASEAN, among the 10 with number one. So you can see how important this is for Malaysia. We've enjoyed hundreds of years of close collaboration. Plus, we've got a significant Chinese majority who speak Mandarin and all that. So when we've got what we call the comprehensive strategic partnership with China, and we see this as an opportunity to further strengthen ties. I mean, very strong trade ties, investments. Incidentally, for every dollar that China has in Malaysia, we've got $6 here in China. We have more Malaysian money in China than there is Chinese money in Malaysia, ratio 6 to 1. So this is an opportunity to balance, I mean get more Chinese money into Malaysia. Now $6 here, our people's money here, and $1 in Malaysia. So this initiative is an opportunity for us to get more investments from China. So from the strict national perspective, this is very important because we are building upon a relationship which is already there for many years to raise it to an even higher level. So we are excited about this. We created a lot of interest in my country. And we believe this will further strengthen ties between Malaysia and China. That's the national perspective. Regional, and this year we chair ASEAN. ASEAN is known as a grouping of 10 countries. And Malaysia chairs ASEAN. I just chaired the ASEAN Economic Minister's meeting and we had a meeting with our counterparts from eight other countries including China. And we see this as an opportunity to further strengthen ties. ASEAN is growing rapidly, average 5.1% in recent years. This year probably a small dip. But by and large, ASEAN is a dynamic region. 625 million people growing more than 5% per annum in recent years. A growing middle class Indonesia is the fourth largest country in the world. 25 million in ASEAN rich countries and poor countries. Good mix. And many of these countries are looking for opportunities to increase investments. And also improve infrastructure. So some was looking at this as an opportunity to complement what the World Bank and ADB. I mean these institutions have been there for a long time. But we know that that's not sufficient. There's an estimate that there's a financing gap of probably about $500 billion in the next 5-10 years. As far as infrastructure is concerned. So in almost every ASEAN country there's a policy to beef up infrastructure development. And ASEAN Member States are looking at this initiative as an opportunity to step up. And to provide the financing gap that's needed to increase, to improve infrastructure. So that's how we're looking at this initiative. That's the regional perspective. And of course there's maritime and also the road across land. Maritime is the sea. And in this unique position we are in both. We are on land. We are lost with border with China, Vietnam. So interestingly in that, that will be the one road. One belt, one road. And the other is a maritime. And for me in Malaysia we already have connections. This is Chinese company which has already bought 40% of one port in the Malaysian state. And the reason why they did that more than a year ago is to probably support this initiative. So it is already happening. And next week there's a big delegation coming from province in China to one province in Malaysia to talk about construction of ports and maritime part. So it is already happening. So in summary we have been having strong ties with China. And we see this as an opportunity to further enhance bilateral cooperation. That's how I look at it from my point of view in Malaysia. But that's also how my Iceland colleagues are looking at the one belt, one road initiative. So we're quite excited. And can I ask you minister, as I've said to the Georgian Prime Minister, I can see from a Georgian point of view that a big level of Asian investment in something like a port could actually depoliticise, take some of the tension out of a big infrastructure project in that part of the world. Certainly in the UK where you've seen high levels of Chinese investment, there has been a body of opinion that's been suspicious of it and questioned whether or not Chinese investment into big infrastructure projects raised questions about control in the economy. Given the relationship between Malaysia and China, what are the issues there for the Malaysian government and a Malaysian public opinion? We've been an open economy. In manufacturing, you can have 100% foreign ownership, for example, and we have a fairly liberal environment in services as well, and Chinese have been in Malaysia for a long time. For example, in construction, Chinese have been, I mean I talked about trade, about investments, but there's also this construction context. The Chinese companies have been winning lots of contracts in Malaysia. The second bridge linking Penang Island to the mainland was partly built and financed, and financed by the Chinese. We've had quite a number of companies from China involved in property development in Malaysia. Because of this historical relationship, I'm not saying that there's no problem at all, but probably it's not like, say, UK where you come from in some of the countries perhaps, because we have had 600-700 years of close ties with China. So it's not a major issue in Malaysia. Well, that leads me happily, Professor Wu-Shin-Boor, into the question really, which is, what is China's motivation with the Silk Road and the investment banks? What do you think is the longer-term plan? Well, I think this study with China's search for opportunities to promote overseas trade and investment. When the Chinese economy reaches a point that you really need to re-adjust, restructure your economy and rely less on domestic market and promote your overseas investment. And also domestically, there is a problem of the production surplus. So you really, for example, we have built a huge network of highways and high-speed rails. So we have the experience and construction capacity. When we finish doing this, what should we do? Naturally, you look around to find new opportunities. So I would say that this idea comes from China's search for a new model of its economic development. And also we very quickly find out that we cannot do the traditional things when we try to promote overseas trade investment by simply signing the traditional free trade agreement or the investment treaty with others. Because many of our neighbors, they are not developer economies. And you really help them to stimulate their trade and their need for investment. So I think the real cutting edge is really to help them to develop their underdeveloped infrastructure so that it can promote the economic growth. That will create more opportunities for trade and investment needs from China. So basically this is a kind of win-win situation. And also I think if there is a kind of geopolitical dimension of this consideration, is that if China is going to sustain its peace and stability in its neighborhood, you really need to help its neighbors to develop the economy to stabilize the regional situation. So that requires development as a key to solve many of the traditional challenges to stability and security in this region. It's really interesting if I can summarize those two points. The argument that says China's own investment phase begins to slow. It has colossal construction capacity. Where is going to take that? And therefore these investments serve not only those international economies but its own, but also that economic growth in its neighborhood help deal with tensions, help deal with some of the diplomatic challenges it faces. Of course there's a different lens isn't there that's sometimes put on this whole policy out of Washington which is this is an attempt not just by China in fact by many countries across Asia to try and address what is seen as an imbalance in the international financial institutions and recognize the importance of China and other Asian countries within that multilateral funding context. And it's part of a bigger change which is about China's recognition in the world. You didn't mention those things. Is that something that is imposed from the outside also felt internally? When we think about the better road we didn't have the objective of challenging the existing multilateral international financial institutions. But I wouldn't say that when China started to pursue let's say the AIIB secret road fund it will not have any impact on the current existing US-led multilateral institutions. On the positive side it will help complement the infrastructure financing gap that many Asian countries are facing. For example today I think water bank and ADB can only provide 2% of the infrastructure fund that Asian countries need. So there is a big gap and China is trying to fill the gap. So in that sense AIIB can be complementary to water bank and ADB in this sense. On the other hand it will also create some competition and even pressure that is people have all blamed that ADB they have been slow, efficient, not doing a good job in providing enough funding for infrastructure development. So when China started its own project like AIIB along with other countries and also secret road fund that will get ADB to think more seriously about improving its decision making process project designing and focusing more on investment infrastructure. So yes there will be some impact but in the long term as this will make the existing multilateral institutions more efficient and more competitive. Thank you. Can I, spontaneous applause is always welcome. Bendick Sabotka, can I take on that point because some people will look at the investment world now and think there's just a plethora of different multilateral investment institutions. We've talked a bit about the AIIB, we've talked a touch about the new Silk Road funds, there's the new BRICS development fund from a very practical point of view. Sitting where you sit, chief executive of a company that's had really substantial investments take Kazakhstan. Will you talk us through in practical terms how the changes are making a difference on the ground? Thank you, James. I wanted to slightly come back to the virgin point before I come to your question. The new Silk Road initiative is a huge understatement, a huge understatement in my opinion. When I'm invited for dinners in China I like to give a toast and I would like to give the toast to the word China in Chinese which is Tunguo, which if I pronounce it correctly, half way at least, means the middle kingdom. Actually it is in a way the center of the world that has been for the last 2,000 years, the last 100 years were the exception to the rule. The last 1,900 years were the rule. We're actually just coming back to what China actually always was, one of these centers, if not the center of the world. For me it's much bigger than just logistics or building infrastructure, building roads, building projects. This is much more about moving from being an economic superpower as a country alone, stand alone into being a regional superpower. In the course of that projecting geopolitical influence across the region as well. I was born in Germany so I can understand how a country that is as an economic influence and has had for many years, is now slowly coming to terms with the fact that it also has to take some geopolitical and geopolitical responsibility for the region it operates and obviously on a much smaller scale. I think the unwilling hegemon, I think they call it in the economist. For us I think what is unique and what is very different to what we've seen in the past is the way how systematic the government in China goes about implementing it. Here I talk particularly about the institutions that have been put in place and how effective these Chinese institutions support the private sector and the peristatal sector in implementing projects. Particularly I would like to mention Chinese Exim Bank, Chinese Development Bank. A plethora of state-owned companies from MCC, NFC, engineering companies that build projects rolled, China Rail, China Hydro, a large amount of private companies that come in the tailwind of those state-owned companies. It's about the scale and the effectiveness of the execution I think is a real game changer. For us we have, we employ about 75,000 people around the world in the resource sector which probably is not the sexiest industry to be in at the moment, for everyone will know. For us it's a reality when China gets a cold we got pneumonia because we so much depend on Chinese consumers buying our products, because it's in cobalt, it's in copper, iron or aluminium, it's all about China. Most of our commodities we're starting to trade in R&B. So we're already seeing today what I think other industries are going to see very soon as that it's all going to be about China because such a major player, such an enormous factor in the world. So again coming back to the Silk Road point, it's much bigger than just an idea or a romantic idea. And to talk about what it specifically means, we just actually, and that's why I was so impressed because I'm still under the impression of the meetings we had last week in China in the presence of the Kazakh president and the Chinese president. We signed, as part of this New Silk Road initiative, we signed investment projects sponsored by CDB, Exxon Bank, Sinashure and others for infrastructure and industrial projects in Kazakhstan and in Africa over $2.5 billion. And I could feel, I mean those were proud of 20 other projects worth over $25 billion just for Kazakhstan, $25 billion. That is a huge number even for China of outward investment, policy sponsored, supported by policy banks. For us it means we can actually now build projects much faster with the available funding that may not have been available at the speed. And of course a lot of those products will go back into China. So today we sell about 20% of our materials into China. That number will go up, it will increase. So for us the Silk Road, particularly in Kazakhstan, it's a reality. 20% of Kazakh's export go into China, 20% of the oil that's being produced in Kazakhstan is produced by Chinese companies. So when I hear people talk about how this is going to happen and how it's going to come, it's here, it's already there. Can I ask you, one of the questions that surrounded the development funding that's coming out of Asia and led by China has been about the nature of the conditions attached. Over the past 20 years, probably a few more than that, there's been this growing debate about the extent to which the institutions headquartered in Washington have sought to use infrastructure investment as a lever for issues around the environment, social justice, other forms of rights. Is it the case that the kind of infrastructure investment you'll get from China or Asia is less onerous when it comes to those kinds of conditions? I wouldn't say so. I think the standards that are required by the Chinese policy banks are very similar to the international policy banks, if not identical. And in some cases, particularly when it comes to environmental requirements, they might even be stricter. So I wouldn't say this. I think the big difference is in business we call it the getting a done factor. Our experience with some of the international institutions has been that they don't always get things done at the speed that the private businesses need to get things done, whereas in China, we get things done. That's the major difference in the international institutions and the Chinese institutions that are supporting in a very systematic way the implementation of the cycle. Interesting. All right. I'd like to pause for a second because if listening to all of you, actually what's really striking is the level of enthusiasm and excitement around A, the initiative and B, the mechanisms behind it, I just wanted to go back to, we'd like to have the two prime ministers here. I just wanted to go back and ask you a little bit about the geopolitics of it. And to give us, if you like, a very specific view from Tbilisi, from Ulaanbaugh Tawr, because I think it's often the case that when you see the expression of economic power in the form that Mr Sabotka was talking about, there's a presumption that this is met with some suspicion whether it's in Georgia or in Mongolia. And I just wanted to understand from you how you see that, how you see managing the relationship now in effect between Beijing, Moscow and Washington. Can I start with you, Prime Minister? Thank you for this interesting question. So that's why I said that we want to make our country a place of understanding, a place of negotiations and peace. And that's why we said that we want to transform our country into a hub, into a center where Chinese or American or other countries or other companies will invest in. And this would benefit for everyone. Because if you look at the map, if you look at Georgia's location, this is the crossroad, where the crossroad and where the shortest route, as I said, between Asia and Europe. So therefore I think we should be very flexible. One thing is that we have this political vector that we want to get closer to the EU and as well we signed this association agreement, but it doesn't limit us to work closely to develop strong economic trade ties with the Asian countries to have pragmatic and I would say strong economic trade relations with Russia. And if you look at our policy, the policy of the new government, which I represent, we have been very pragmatic with respect to the neighborhood, especially with Russia. And when I said that we are pragmatic, we fully understand the responsibility of Georgia in the region. Because if Georgia is destabilized, it destabilized the whole region, I mean the Caucasus region, and this corridor that we're talking about. So therefore I think this is essential that we agree on one thing, that we need stability. I'm sorry to interrupt, but I'm really interested to know whether or not you think that a strong economic relationship with China and Asia more generally, but particularly with China, will over time prove to be more valuable in managing the relationship with Russia than the EU or US relationships? Well I think we can find many mutually beneficial interests, and this could be one of the reasons. And I think this could help de-escalate the tension, or as we said, de-polite size. If you build a port, if you have a Chinese company, we should say that it opens up new opportunities. We have a big player, a huge player in the region, and it kind of creates a balance. And here I strongly believe that this is the mission and this is the role of Georgia. By the way, I want to add a few words that last year at the UN General Assembly, 69th UN General Assembly, I announced about the establishment of a Tbilisi Silk Road Forum. By the way, for the first time in October, 15th and 16th, we're going to hold a very high level international Tbilisi Silk Road Forum. And let me take this opportunity and invite you all, so you are more than welcome to join us. We have about 200 delegates, a big delegation from China, about 200 members. Many European states are the countries from Central Asian countries. So I think this would be another opportunity to talk about the potential, to talk about the opportunities that exist in our country. And I also want to tell you that in March we signed the cooperation agreement already with the Silk Road Fund. So we're developing this stronger ties. Firstly, let me give a quick plug to a visit to Tbilisi, one of the most lovely cities in the world and a beautiful country. Prime Minister, can I ask you the same question? You've got some experience. And Mongolia's second biggest landlocked country in the world after Kazakhstan. We always thought this is our biggest disadvantage, but apparently it's becoming our biggest advantage now. Of course, Mongolia is now surrounded by two big oceans. In the north, it's a Russian economy, eight in the world, and one of the biggest suppliers in the world. In the south, we have a second economy of the world, and the biggest consumer and also supplier in the world. And that's why it's also a good advantage. But again, you raised about the issues of geopolitics, etc. We have to consider about it, because as a country, when you are surrounded by two big economies, two big neighbors, of course there is a huge influence, and this is our priority for foreign policy. But also we have foreign policy, it's called third-neighbour policy. Under third-neighbour, we assume that any country except our two direct neighbors, and that's why Japan, that's why EU, US, it's under third-neighbour umbrella policy. And also we need to consider again one very important factor in our region, because not only the investment, the invested investment bank, but also Chinese also. I'm sorry, Japanese also trying to also play very active in this region, and just recently Prime Minister Japan Shinza Abe also announced that about also 110 billion US dollars investment also going to distribute through GPAC and JICA, something like these organizations also investing in regional infrastructure development. And that's why these kinds of opportunities also giving us some kind of good patterns to keep between our neighbors. And also as you mentioned that international institutions like World Bank, National Development Bank and other institutions, that's the giving us some kind of confidence that we will be in pretty good shape by balancing all these economic powers. That's very interesting, and clearly this Japanese element is a really, is a very interesting feature of this. I said that we'd make sure we have good 15 minutes for questions, comments, and so I want to make sure that we honour that. Can I abuse my position though to start with? I was having an interesting conversation with Chun Guo Gang just before we started. He's the Vice President of the China Minsheng Investment Corporation. And Mr Chun, you've got an investment in Indonesia that's in exactly this territory. I wondered whether you could talk from a Chinese private sector point of view about this policy and how it's changing your thinking at China Minsheng. Sorry, I speak Chinese. So I listened to the remarks from ministers and prime ministers on one road and one silk initiative. As for the private companies, we are beginning to see more opportunities. So as a matter of fact, the private companies in China has a history of only about 30 years after China started the opening up policy to the outside. However, at present, the private companies takes about 65% of the economic total volume. So as a result, as mentioned just now, we are facing the overcapacity of production. And therefore, the One Road, One Belt initiative has provided us with more opportunities showing us the directions for the future development. As mentioned just now, it's not a matter of one specific road. It is indicating the direction for the future development, how we can invest and in what way and where we can invest. So this is what we are more interested in. If we, just like what happened before, now invest as a single entity, it would not be as effective as we have a collective power, collective strength. Our company, the Minsheng Investment Company, has a very short history. We hope that we can set up a platform on which not only the private companies can pull their resources, but also find opportunities by working together to go global. So that is to say, if individual companies go abroad to invest, it's not as powerful as the investment through the collective power. As a result, we will be more risk resistant. So One Belt One Silk initiative, to some extent, has provided us with more opportunities. And at the same time, it is also a kind of a safeguard for our investment. Recently, we have decided to invest in about 500,000 American dollars to set up an industry park. About 10 shareholders are very interested in this. They have decided to join this big program. So we hope that we can do this project well by working together with the Chinese government and local governments and also the local communities. We hope that we can produce a good program so that more private companies are interested in it or get interested in it. Questions, comments, points of view, I'd ask you just one thing. Would you just say who you are and the organisation you represent? Yes, man, there's a lady there, and then there's a gentleman at the back. Thank you very much. A question to Professor Wu in recent years. China is trying to promote the construction of railway networks overseas. And it is the same to Japan. There is a competition between China and Japan in terms of the construction of railways. However, it seems that both are losers in the competition. So is it possible for us to have a co-operation rather than fierce competition between the two countries? Thank you very much. Sorry, I didn't hear your name. Professor Wu, I'm going to come to you in a second. There's a gentleman at the back who also had a question. Did he know he's now doing something else? Let's do railway competition between China and Japan. An example of infrastructure investment in which no one seems to win. Is that right? We can make this a win-win situation. This is very interesting because in the past Japan was the leader in East Asia in terms of trade and investment. But in the last 10 years, China owed to Japan in frozen economic relations with many of our neighbors. Including FTA with Asian countries now promoting infrastructure development. And Japan tried to catch up and compete with China. So now wherever China goes, Japan follows and compete with China. Sometimes, of course, this will provide better opportunities for the host country. Because they have two. You compete with each other. They can get a better offer from either of you. But your comment is a good question whether in the future this competition can also become some coordination, cooperation, collaboration. I think it depends on the political willingness. For example, in the international market, China and India, we used to compete for the construction contracts in Africa or the Middle East. I think there are more than one cases in which the two countries decided to cooperate rather than compete with each other. So that's a win-win situation for both sides. So I think theoretically, yes, this opportunity exists. But in reality, that depends on a lot of factors. Particularly the political relations between two countries. Other questions or comments? Ma'am, yes, it's a lady here. So I'm from the Institute of International Economic Trade Corporation of the Ministry of Commerce. So just now, I listened to your comments on one Silk Road, one Silk economic belt. I heard a lot about the economic cooperation. I think it's more important for us to get back to the intention, the origin of this important initiative. We hope that according to the Chinese government, so in the coming 10 years, the trade volume between China and the neighboring countries will be doubled to about 2.5 trillion more American dollars. So that is to say, in this initiative, trade is a very important issue. China will not only export, but also import with the focus on the quality. So I hope more attention can be directed to this. And we also hope that we can see more imports from our neighboring countries. Gentleman at the back who's got his hand up to... So I'm from China first finance newspaper. My question is to the Prime Minister of Georgia. Just now, you talked about the deep water port with a capacity of 100 million tonnes. I would like to know what is the money to be invested in it and which companies, Chinese companies, are more interested in it. Thank you. I'm just in order to make sure that we have time to finish up properly. I'm going to leave those questions there. If I may, Prime Minister, I'm going to ask you to answer that first. And then, if I can, I'll ask Minister Bustav Mohamed just to address the question about trade. The waiting has been around investment in this conversation, but just the trade point. Prime Minister of Georgia. Well, thank you for your question regarding the deep sea water port in Anaklia, the Black Sea that we're going to build. We're talking about the private investments of local companies, Georgian companies. American companies, Chinese companies, big companies from China, just China Power and CRCC, if I'm not wrong. They're going to invest into this port. It's a $5 billion investment in total. As I said, it's 100 million tonnes per year. It will have the capacity. But we're going to develop this port in seven phases. So this is the private investment, as I said. Thank you. Thank you, Prime Minister. Minister Mohamed, the point that Madam Shin made about trade is clearly quite a forceful one. We'll just address it from a later point of view. Thank you, James. A couple of points. Firstly, an overall comment, which is it's got to be a win-win trade on investment. It's got to be mutually beneficial. That's very important. The balance of benefits has got to be quite as balanced as possible. That's a very important point. Benefits China and benefits all of us. That way you can get buy-in. On trade, yes, it did. We want China to import from... It's not just China exporting, also China importing. But besides that, there's investments, of course. Tourism, there's connectivity. People to people, young people, university. So it is more than trade. It is more than exports. It is imports, investments, tourism, people to people, culture, physical connectivity. The impact is not limited only to... It's not just economic. It's more than economic, socio-economic. That's why there's some exciting possibilities going forward. I think that's why there is this excitement. One has got to look beyond trade and one has got to look beyond economic commerce. It's more than that. Thank you, James. Thank you very much. I said that we'd finished promptly at 4.30. And we will. One of the odd requirements of the World Economic Forum is to try to summarise what can be, as Mr Subbock rightly pointed out, an historic change. And I think that, or at least I hope that, what you've heard here this afternoon, both in the level of support that we've heard from the Prime Minister of Georgia and Mongolia, from the Minister of Trade and Investment from Malaysia, but also in concrete terms from private sector executives, people like Mr Chinggore Gung from Benedict Subbotka, is a sense that, led by China, an Asian wave of infrastructure is going to have a fundamental impact on not just operations on the ground, very large infrastructure projects and new routes of trade, but also the diplomatic relations between countries that stretch all the way from here to the borders of Europe. I think that if there is one single thing to take away is this phrase that we've heard again and again, this sense that in each case it has to be an economic win-win and the new reality of being able to exploit competition in the multilateral investment world in order that each country and private sector companies too can pursue those investment opportunities. Thank you to all of you for sparing the time this afternoon. I know there's a great many demands on your time here in Dalyen these next few days. We really appreciate you spending the time, but thank you in particular, I hope to our extremely informative panel. Thank you very much.