 We're just waiting for one of our guests to arrive, but we'll start. We're a Swiss organisation that likes to run on time. Welcome very much to our fourth press conference today, day two, the summit on the global agenda. This one is about the launch of a new report, the future of manufacturing, driving capabilities and enabling investments. We're digital first here at the forum, so this is available online. It will be launched immediately and hard copies will be available later. I encourage you to first look on our website if you want to download the report. It's a collaboration with UNIDO and the forum of course. I'm going to keep my words to a minimum. I'm not by very much means not the experts on advanced manufacturing, but I'm going to introduce first my panel. So on my immediate left I have Fadi Farah, co-founder partner, white short partners in the United Kingdom, followed by Jean-Paul Rodrigue, professor of Hofstra University, USA, and a member of the Global Agenda Council again. Third we have Augusto Louis Alcorta, director of development policy, statistics and strategic research at UNIDO. After on Augusto's left we'll be joined by Badra Al-Amana, who's just on his way from another meeting. We'll be with us very shortly. Badra is the chief executive officer of Strata Manufacturing, a Mubadada company investee and also another member of the Global Agenda Council. Right on my far left last but not by my name's least is Jennifer McNelly, the president of the Manufacturing Institute and again a member of the council. So I'm going to ask first of all for Fadi to provide a bit of context around the reason for this launch taking place. Thank you and I want to address it through two questions. First, why manufacturing and what we have been doing about it. Why manufacturing? First, it represents about one-fifth of global employment. Secondly, it's a major driver of capital investments, knowledge developments and innovation. And third, according to some analysis, it has a very high correlation with GDP growth. The more you industrialize a nation, the more you GDP grows. Now the question is what do we do about it and this council has been working very hard compiling in this report the future of manufacturing, driving capabilities enabling investments. What are drivers of manufacturing capabilities and where are potential investment opportunities. But we also are launching a joint initiative together with UNIDO, together with the World Economic Forum on looking at further dialogue between policy makers, corporations and society at large so that those three stakeholders can start to converge on key manufacturing topics and to start having a voice for manufacturing. With this in mind, I would like to hand over to Jean-Paul to tell us a bit more about the content of the report. Okay, thank you. Just to let you know it's about a report with four major sections. Basically each one dealing with a specific dimension and with the introduction. Basically underlying the need to focus on capabilities more than let's say comparative advantages or competitiveness. That's a new term which is coming up that is as an economy gets more and more sophisticated. It's no longer going to show competitiveness, it's an issue of building capabilities to innovate to continue the growth process. So that's pretty much one of the key points in the introduction process. Then the next chapter was written by UNIDO which pretty much tried to measure and rank the competitiveness of respective industrial nations around the world according to their index that they've been monitoring for several years. And then a third section focused on the apparel industry. Written by Gary Gareffi which is currently sitting in the room here which tells about the value chain which has been established around the world regarding this industry and how some countries are growing and expanding this value chain by timing up and building their own capabilities. In the conclusion we pretty much question where this is heading. We are the factors that could be disrupting the future of manufacturing. We talk about factors of convergence that is which are positive factors and factors of divergence which could undermine future global manufacturing growth. And then we underline the need for a forum regarding this and that's going to be addressed. Thank you very much and Paul. About two years ago there was a meeting between the then director general of UNIDO and some of the members of the web and we discussed at the time the possibilities of collaborating. UNIDO is United Nations Industrial Development Organization and the web had at the time as one of its councils, the advanced manufacturing council. So we said well we have lots of areas of commonalities. Why don't we start working together and identify areas that we can develop jointly. At the time we thought of an initiative that has now been implemented where UNIDO is collaborating with the global agenda council in two specific areas. One area is this report which this one is the first one which we hope will be developing the many reports and many more knowledge products that we hope we will developing in the future. And the second area is an event or a series of events that will bring the voice of manufacturing into the global context. Not only bring the voice of manufacturing at the same time we address the fundamental global issues that have been faced by manufacturing at this moment. And that is a collaboration that we are starting between UNIDO and the Global Agenda Council. We would like eventually to develop some principles that will be accepted by the three main constituencies of manufacturing firms, public sector and society in large. I'm sure my colleagues are going to develop on that point in the past. So from the UAE's perspective this is a very good initiative that we are very proud to be part of especially since the report has been launched in the UAE. The UAE is known for its Savavavi Economic Vision 2030 and the UAE is 50th anniversary which is happening in 2021. Manufacturing is a key component of it obviously from the diversification perspective as well as from a knowledge based economy in terms of building up capabilities. So we are very keen to contribute towards this initiative. Use some case examples with respect to in my case as an example is aerospace and building parts for aircrafts. But the UAE again is into ship building, steel manufacturing, aluminum manufacturing and obviously into renewables and semiconductors outside the UAE. The concept of global value chains, the concept of capabilities development, very close and very important to us. So we are very proud to be part of this. Jennifer. So as we look to the future of manufacturing and as current chair of the GAC as we begin a new session we actually ground our strategy both in the context of building capabilities but really the global value chain. And as we look to this future we actually bring in the core constituencies of individuals, of governments and of civil society and how we do that mutually benefiting all for inclusiveness, sustainability and sustained manufacturing. Thank you. I'm happy to open the floor to any questions. I have a couple so please allow me to indulge myself. John Paul, you mentioned the challenges facing and opportunities facing manufacturing. You discussed, you mentioned divergence and convergence. Perhaps you could elaborate more on these specific challenges. Okay, okay. What seems to be converging is basically what we talk about around the world. People agree that the future manufacturing is about skills, about the development of skills either by educational system or within the corporation itself. This is very, very important for instance. We can talk about also convergence. Countries more and more agree and the example of the internet is very good regarding this that they need to be a system that foster innovation. It could be part of national policy, could be part of individual initiative. That's a factor of convergence. Those are examples we use. And what I mean about divergence, what could be problematic about the future. And we mentioned here that the issue of, for instance, of political instability could be a great factor. Again, a major reason around the world where there's very little investment in some countries is basically people don't trust the politics, don't trust the long term prospects of an economy. Simply you cannot do business there. And also currency fluctuations could also be a problem. Access to resources are other examples of these factors of divergence I must say. So that's some examples. Maybe if I could add a few words on this. Ultimately economies that industrial as well are the ones where conversions from those three stakeholders happen. Skills development, innovation. And one of the reasons why we're launching or starting this initiative that includes events, summits and so on is to have more dialogue between the different stakeholders. So that we can look at those factors of conversion and push them to other countries. So that we create a virtuous circle of industrialization. Any more questions? Last chance. OK. One more from me and then we're done. Badra, you're ahead of a successful manufacturing enterprise here in the UAE. An economy which has risen in the global competitiveness report rankings that we have produced at the forum. Quite significantly over the past few years. But what would you like to see in terms of policy to enable manufacturing to take off further here as you say as you build towards 2030 and beyond? I think we've been very fortunate with the... Let me just think about the capabilities perspective because the report talks about this and it's a key theme. Competition in the long term is going to be on capabilities and not on low cost. And that is an important theme here because when you start talking about developing capabilities and where the next investment will head towards, you want to make sure that there is a capability that exists there that can contribute towards obviously innovation and the future prospects of the company. So from our perspective, more policy that develops the human capital, more policy that trains the human capital, more policy that enables the human capital to grow and expand beyond obviously the geography of the UAE is something that is very important to us. The UAE is a small market compared to the rest of the world and we obviously see things in global context. Thank you. And again, to offer some context on the outlook on the global agenda of the report that the network put out on Friday, one of the big challenges of course was persistent jobless growth and another was income inequality and the mantra that we're hearing a lot over the part of the course of this summit is how to boost innovation, how to drive education relevant skills, how to enable and empower the gender parity in the workforce too. So all of these, we have 86 councils and I would be surprised if these issues were not being touched upon by almost all of them. Everybody's time is very, very precious at this summit so I will call this meeting to a close now but I'd like to thank my panel for joining us and thank you also for attending and I look forward to seeing you at the next press conference here in 45 minutes. Thank you. Thank you.