Horasis Global Meeting 27 -30 May 201 7, , a Horasis leadership event under the patronage of the President of the Republic of Portugal

Co-hosts: City of Cascais Estoril Conferences

Report inspiring our future

Upcoming Horasis events: Horasis India Meeting Interlaken, Switzerland, 25-26 June 2017 Horasis China Meeting Sheffield, United Kingdom, 5-6 November 2017 Horasis Asia Meeting Kolkata, India, 26-27 November 2017 Horasis Global Meeting Cascais, Portugal, 6-7 May 2018

Horasis is a global visions community dedicated to inspire our future. (www.horasis.org)

© Horasis 2017 – All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means. 2 Horasis Global Meeting 27 -30 May 201 7, Cascais, Portugal a Horasis leadership event under the patronage of the President of the Republic of Portugal Building Togetherness

Co-hosts: City of Cascais Estoril Conferences Government of Portugal

Co-chairs: Barbara Barrett Chairman, Aerospace Corporation, USA José Manuel Barroso Chairman, Goldman Sachs International, United Kingdom Eduardo Catroga Chairman, EDP, Portugal Vijay Eswaran Chairman, QI Group, Malaysia CP Gurnani Chief Executive Officer, Tech Mahindra, India Alan Hassenfeld Chairman, Hasbro, USA Werner Hoyer President, European Investment Bank, Luxembourg Kevin G. Lynch Vice Chairman, BMO Financial Group, Canada José Antonio Martinez Founder and Chief Executive Officer, The Science of Digital, Spain Strive Masiwia Founder and Chairman, Econet Wireless, South Africa Rajiv I. Modi Chairman, Cadila Pharmaceuticals, India Kenneth S. Rogoff Professor of Economics, Harvard University, USA Evgeniya Shamis Founder and Chief Executive Officer, Sherpa S Pro, Russia Heinrich Weiss Chairman, SMS Group, Germany Ann Winblad Managing Partner, Hummer Winblad Venture Partners, USA Deborah Wince-Smith President, United States Council on Competitiveness, USA William Y. Zhang Chairman, EU -China Municipal Development Commission, China

Knowledge Partner: Institutional Partners: Estoril Sol Turismo de Portugal KPMG aicep Portugal Global CIP – Confederation of Portuguese Business Academic Partner: Global Innovator Conference (GIC) Nova School of Business and Economics

3 Horasis in Cascais – dreaming the future, embracing the past

Hotel Cascais Miragem – the venue of the Horasis Global Meeting

4 Table of Contents

Foreword 6

Former European Commission chief optimistic about EU future despite Brexit 38

US companies no longer know rules of game under Trump 39

Why Princess Diana offers a unique window into the world of globalisation we must seize post-Brexit 41

Governor of the Bank of Mozambique says the country’s public debt is ‘frightening’ 46

New wave of robots will be beneficial to all 48

Registering participants

5 Foreword

By Frank-Jürgen Richter, Chairman, Horasis, Switzerland

The second Horasis Global Meeting was held in Cascais, Portugal over 27-30th May 2017. We thank our host, Cascais – a beautiful coastal city on the Atlantic coast – that is developing into a global centre for dialogue: Horasis is proud to be part of the process. Earlier Cascais hosted the 2015 Horasis China Meeting, the 2016 Horasis India Meeting, and now the Horasis Global Meeting António Costa, Prime Minister of Portugal, welcoming participants having as its theme – Building Togetherness . , President of to have a few populist strongmen hunting Portugal, affirmed in his welcome speech that for power, the global economy is growing. “... we need to build a new togetherness, It’s an interesting contradiction (noting the to raise our belief in our inventiveness and decoupling of economics and geopolitics) our ability to overcome oppression.” and it is a conundrum that will need some more time to decipher. ‘We need to build a new togetherness, Since last year’s Horasis Global Meeting the to raise our belief in our inventiveness and our ability to overcome oppression.’ world has seen important global changes Marcelo Rebelo de Sousa, President of Portugal which are beginning to challenge all of us: some are unsettling, yet others are more like a continuation of an earlier world order. We chose this theme because there has been Unfortunately strife continues round the a surge in populism and isolationist ten - world, especially violent in Syria; and its den cies that run counter to good wisdom neighbour, Turkey, has its own specific and we hoped through our discussions to issues – some of which are intimately explore how we can both build and cement connected with Syria (like the large number togetherness. From the time of Adam Smith of refugees it hosts), and the claims of the (172 3-1790) we have seen counter-pressures Kurds for their own lands (some of whom against cooperation, even though in his book live in Turkey). We might say the world is ‘The Wealth of Nations’ he stated “... in becoming increasingly conflicted and the general, if any branch of trade, or any globe is more stressed, in part by the division of labour, be advantageous to the unending migration of people fleeing public, the freer and more general the conflict zones. In turn this creates greater competition, it will always be the more so.” pressure upon global groups like the UN, We stress that nations and their peoples, IMF, World Bank; and further along, the rather than reinforce a silo or isolationist Food Aid Program, Disaster Relief, and mentality ought to join openly with others, medical and charity relief groups. via trade and by a free exchange of labour, innovation and entrepreneurship to make But, as we consider the real data, we find the most of our global resources. At the there are relatively few people who are present time, even though the world seems being displaced. Only about 7 million were Lord Michael Hastings, Member of the House of Lords, United Kingdom 6 Grand Opening of the 2017 Horasis Global Meeting Arrival of Marcelo Rebelo de Sousa, President of Portugal

seeking refuge during 2016, while natural returned centralist or conservative leaders disasters dislocated a further 24 million over suggesting populists, though strongly per- the same period. The hassle of populists forming, are less of an existentialist threat. and by the media seems to arise, less from We will await future elections in Germany the plight of these few millions but of the and next year in Italy. total historical number of migrants – some 250 million – who live in countries in which Donald Trump organised an unconventional they were not born. The populists imply candidacy using Twitter as a medium to in - these people are mobile and will ‘flood our form his voters, and continues to tweet as nations and take away our jobs ’. This is not President. Like all US Presidents following so, and delegates of the Horasis Global the US Constitution and drawing from their Meeting clearly noted that migrants bring prior experience Mr Trump is appointing prosperity, innovation and through their his preferred Administration staff, but with entrepreneurship foster new growth in business people (like the President himself) their host nations. who may not have deep experience of diplomatic affairs but are, by definition For some while global citizens have been through their success, good negotiators. expressing their demands to alter their World leaders are gradually absorbing nation’s governance in an attempt to lessen these extensive Administrative changes the power of the elite and reduce inequality: during the initial days of the Presidency as the have nots want a say in their own his new incumbents guide what is still the government. The far-right populist globe’s strongest economy, though perhaps movement has been tapped into by a few it is now more inclined to bi-lateral politicians who promise change and so relation ships rather than the perhaps more foment uprisings of their electorates. desirable multi-lateral accords. Observers worry, because against the odds, Donald Trump won the US Presidential election in November 2016 and the people ‘Business need stability, and thus of the UK voted in a referendum to leave knowledge of the rules to be able to design their own strategies.’ the in June 2016. Kevin G. Lynch, Vice Chairman, However the national elections in Austria, BMO Financial Group, Canada The Netherlands, Bulgaria and France have Sikander Sattar, Chairman EMA (Europe, Middle East & Africa), KPMG

7 Opening ceremony,with Portugal ’s Economy Minister Manuel Caldeira Cabral speaking

The panellists in the plenary on the World Alan Hassenfeld , Chairman, Hasbro, US Economic Outlook chaired by Robert said “... we don't know whether we are Friedman , Senior Editor, Bloomberg [officially] friendly with Mexico, whether News, USA, were acutely aware of the we are friendly with Canada, whether we lack of formulation of policy by the new are friendly with China, whether we are US Administration. Kevin G. Lynch , Vice friendly with Russia.” And he stressed Chairman, BMO Financial Group, Canada, firms have learned to work smarter with said that “business need stability, and thus fewer staff – so those jobs will not return knowledge of the rules to be able to no matter the bluster of President Trump. design their own strategies.” And, as All we can say at present is that we don’t Evgeniya Shamis , Founder and Chief know the rules under President Trump. Executive Officer, Sherpa S Pro, Russia, On a positive note, William Y. Zhang , put it, “too rapid a change impedes Chairman, EU-China Municipal Develop- business alliances which in turn promotes ment Commission, China, concluded that Pedro Duarte, Director, Microsoft, Portugal a malaise of ‘wait and see’ that the IMF “in a world beset by unpredictabilities, complains about – too little new invest ment China has stood firm in its pledge for in capital stock and thus weak growth.” stability and globalization”

Miguel Pinto Luz, Vice Mayor, Municipality of Cascais, Werner Hoyer, President, European Investment Bank, Luxembourg Fernando Costa Freire, welcoming participants Vice President, Portuguese-Chinese Chamber of Commerce 8 José Manuel Barroso, Chairman, Goldman Sachs International Augusto Santos Silva, Minister of Foreign Affairs, Portugal, –‘I believe in a European Union with future’ debating the future of Europe

government accepted their democratic wish ‘In a world beset by unpredictabilities, to leave. Article 50 of the Treaty has China has stood firm in its pledge for been initiated so the UK and the EU face stability and globalization.’ two years of negotiating about their mutual William Y. Zhang, Chairman, EU-China Municipal Development Commission, China unravelling of laws and so on before the UK must leave the Union in 2019. To unsettle matters further the UK government called President Trump’s win was widely accepted a snap national election which was held as the people voting for change – away from on June 8 th . As the poll ended in a hung the established order to regain a world parliament, the Brexit seems to be in where equality was being sought and power jeopardy just before the talks with the EU wrested from the bankers and politicians are due to begin in Brussels. thought to be too remote. In Europe this was Jacqueline Otten, Professor, identified as a surge in far-right populist This uncertainty was reflected in the ‘Up - Hamburg University of Applied Science, Germany demands to curb immigration that had been date on Europe’ given by José Manuel voiced in the US. In the UK there was a Barroso , Chairman, Goldman Sachs referendum on leaving the European Union: International, United Kingdom. He shared granted to the UK people last June and the insights based on being President of

Xu Lingjiang, Managing Director, Carlos Moedas, European Commissioner for Research, Strive Masiwia, Chairman, Econet Wireless, South Africa, Fosun Group, China Science and Innovation making a point on globalization

9 Ashwani Kumar, Former Minister of Law and Justice, India, Marcelo Rebelo de Sousa, President of Portugal, on migration and the need for an open society speaking about values

Portugal from 2002 to 2004 and as Head of EU/China Summit just after this Horasis the European Commission from 2004 to meeting in which China and Europe affirmed 2014. He argued that it is more important their joint willingness to strengthen trade than ever to have a strong Europe engaged and to combat climate change. Mr Barroso in globalisation, not only globally engaged said meetings like this organised by Horasis but locally within its member states. can do much to engage government de part - ments and businesses in future-looking policies. Augusto Santos Silva , Portugal’s ‘It is more important than ever to have a Minister of Foreign Affairs confirmed these strong Europe engaged in globalization.’ viewpoints noting that Portugal was well- José Manuel Barroso, Chairman, Goldman Sachs International, United Kingdom placed geographically to link with all of Europe as well as the Lusophone nations.

Although Mr Barroso was saddened at the In the 2017 French elections, the main- Carlos Carreiras, Mayor, Municipality of Cascais, Portugal UK’s decision to leave the EU he remains stream party candidates were eliminated on optimistic about the future of the EU even the first voting round leaving Emmanuel without the UK being a member state. Macron a liberal centrist and Marine le Pen One example of this arose from the a hard right candidate to fight for the final

Robert Friedman, Senior Editor, Bloomberg News, USA Special address by Elisabeth Rehn, Honorary Minister of State, Stephen Vasconcellos-Sharpe, –‘Globalization is here to stay’ Finland, on inclusiveness Founder, Reboot the Future, UK

10 Special address by Pär Stenbäck, Honorary Minister of State, Finland Manuel Caldeira Cabral, Minister of Economy, Portugal

vote. Mr Macron won the final voting Portugal, Italy, Ireland, Greece and Spain comfortably with roughly 2:1 of the votes: gathered unto themselves the disagreeable but there were 25 percent recorded acronym PIIGS. But over time, with the abstentions and blank submitted votes help of bail-outs and loans, as well as their totalled 8.5 percent. Thus France remains austere budgets (disliked by their citizens) somewhat divided and the new President has these nations have broadly recovered though much work to do. First he has to persuade still with a legacy of high youth unemploy - voters to his side in the Legislature elec - ment. We find Spain has been growing tions over 11 th and 18 th June in which 577 strongly through 2016 despite wrangling members will be elected to the National about its 2017 budget which was to curtail Assembly. public spending further to reduce its headline deficit. There is a strong difference in European Paul Smith, President and Chief governance and business attitudes 2017 was bright start for Portugal with Executive Officer, CFA Institute, USA north/south, east/west clearly illustrated business and consumer confidence expan- when several southern European Nations ding and with industrial production rising. faltered economically, perhaps as a con ti nu - The Bank of Portugal raised its 2017 forecast ation of the global financial crisis of 2008. growth to 1.8 percent; its debt is well

Peter Armand, Chief Executive Yoanna Gouchtchina, Founder, ZeeRabbit, Russia Meeting co-chair Rajiv I. Modi, Chairman, Officer, AFCapital, Russia –‘Togetherness can be achieved through joint innovation’ Cadila Pharmaceuticals, India

11 Moncef Belkhayat, Vice President, Casablanca Region, Morocco Ann Winblad, Managing Partner, Cai Run, Ambassador of China to Portugal, –‘The world is becoming increasingly conflicted’ Hummer Winblad Venture Partners, USA speaking about China’s economy

below the ECB target of 3%; and it expects worked, and the nation is not now ‘under good fortune to be carried forward to the surveillance’ by the ECB. He also applauded next years. This gave the government con - Portugal’s unique Lusophony relations fidence to request it be withdrawn from the which offer many advantages – a joint EU’s Excessive Debt Mechanism to restore integration over centuries using the same the nation’s investment-grade status. language yielding an easy flux of immigra - Given this potential boost to the economy tion and emigration creating beneficial its unemployment rate is expected to fall, innovations and growth via their diaspora. continuing a trend from 2014 – which is confirmed by rapidly rising trends in business confidence across all sectors. ‘I am excited about my country ’s Throughout this Horasis Meeting its recent financial recovery.’ successes has been noted by many Por tu - António Costa, Prime Minister, Portugal guese CEOs, regional officers, mayors and Florence Bindelle, Secretary General, European Issuers, ministers, including the Prime Minister, Belgium António Costa . He shared his excite ment of his country’s financial recovery – the austerity and reconstruction program

Kotaro Tamura, CEO, Japan Strategic Initiative, Japan, Noel Akpata, CEO, Stratex Pro, Nigeria Miguel Neiva, Founder, on global trade –‘Migrants bring prosperity and innovation’ ColorADD, Portugal

12 Plenary on the World Economic Outlook

Also reporting on the recent success of pensions, and accelerate the capture of Portugal Manuel Caldeira Cabral , Foreign Direct Investment. The key Minister of Economy, Portugal expects the element is to control public spending and rating agencies to improve Portugal’s foster growth he concluded. rating “in the next year or so,” recalling the positive numbers of the economy, employ - ment and the deficit. Referring to the ‘I expects the rating agencies to improve “Lisbon miracle”, which consisted of re - Portugal ’s rating in the next year or so.’ ducing the budget deficit and accelerating Manuel Caldeira Cabral, Minister of Economy, Portugal economic growth, the moderator of the debate, Anne McElvoy , Policy Editor, The Economist, United Kingdom asked how Notwithstanding all the political issues Portugal would deal with “the elephant in we note the IMF has declared a cautious Fan Shenggen, Director General, the room”, referring to about 130% of upswing in global economic growth. Their International Food Policy Research Institute public debt. Minister Cabral responded main caveat is that insufficient capital has that they would use structural funds to been spent on upgrading manufacturing finance investments, increase people’s equipment and so productivity per capita confidence by not reducing wages and remains too low, and also the efficiency of

Clas Neumann, Senior Vice Huang Shuo, CEO, Linkface Technology, Luigi Gambardella, President, ChinaEU, Belgium, President, SAP, Germany speaking about China’s inroads into innovation chairing the panel ‘China and Europe’

13 China and Europe – Joining Hands for Innovation

resource conversion into the goods we will have to sustain a growing cohort of desire is also too low. The Horasis Global elderly and longer-living people. How this Meeting has noted chief executive’s worries is to be done is a major question. following the great economic melt-down of 2007 ... they have been reluctant to The 2017 Horasis Global Meeting was spend their one-time meagre cash reserves co-hosted by the City of Cascais , the on more effective equipment in case no one Government of Portugal and Estoril could afford to buy the outputs. As time has Conferences . Key ministers from Portu - passed unemployed staffs have lost their gal and other nations attended as well as skill base and would need to be retrained professors from world-class universities to operate more complex equipment, plus and well over 400 chief executives from managers face difficult decisions on the global businesses, national enterprises and levels to which they will robotise that innovative start-ups. The executives, production. The Horasis Global Meeting entre preneurs and innovators included Doris Albisser, Vice Chairman, EurAsia Competence, Switzerland addressed these issues in several of the Barbara Barrett , Chairman, Aerospace panels – finding there is no clear-cut Corporation, USA; José Manuel Barroso , answer. But one aspect is clear – the world Chairman, Goldman Sachs Inter national, demographics are ageing so fewer workers United Kingdom; Eduardo Catroga ,

James Fierro, Founder, ECO Capacity Exchange, UK, Christina M. Alfonso, CEO, Global Harry Anastasiou, Professor, on venture capital –‘Latin America is at a crossroads’ Portland State University, USA

14 Rogério Zandamela, Governor, Central Bank of Mozambique Victor Zoubarev, Deputy, State Duma, Russia, with Prof. Nadim Habib, Nova School of Business making a point about Russia’s current economic environment

Chairman, EDP, Portugal; Vijay Group, Germany; Ann Winblad , Mana ging Eswaran , Chairman, QI Group, Malaysia; Partner, Hummer Winblad Venture Part ners, CP Gurnani , Chief Executive Officer, USA; Debora Wince-Smith , President, Tech Mahindra, India; Alan Hassenfeld , United States Council on Competitive ness, Chairman, Hasbro, USA; Werner Hoyer , USA; William Y. Zhang , Chairman, EU- President, European Investment Bank, China Municipal Development Commis - Luxembourg; Kevin G. Lynch , Vice sion, China. Chairman, BMO Financial Group, Canada; José Antonio Martinez , Founder and The Meeting was opened with a series of Chief Executive Officer, The Science of updates – the first looked to the growing Digital, Spain; Strive Masiwia , Founder symbiosis of China and Europe presented and Chairman, Econet Wireless, South Africa; in partnership with the Global Innovators Rajiv I. Modi , Chairman, Cadila Pharma - Conference. We note European and Chinese Ikram Sehgal, Chairman, ceuticals, India; Kenneth S. Rogoff , businesses will develop though a better Pathfinder Group, Pakistan Professor of Economics, Harvard Uni - mutual understanding of the strengths of versity, USA; Evgeniya Shamis , Founder their economies and their entrepreneur ship and Chief Executive Officer, Sherpa S Pro, in manufacturing, and inevitably, in their Russia; Heinrich Weiss , Chairman, SMS services sector: it will be a continuation and

Martin Lünendonk, Co-founder, Jeremy Warner, Assistant Editor, The Daily Telegraph, Parag Amin, Chief Mentor, iCreate, USA, Finance Club, Germany chairing the luncheon with Baroness Scotland chairing a panel on Cooperating Across Geographies

15 Eduardo Catroga, Chairman, EDP, Portugal Heinrich Weiss, Chairman, SMS Group, Germany, on building togetherness –‘2017 was a bright start for Portugal’

deepening of globalisation. Keith Burnett , One Belt One Road initiative would help Vice Chancellor of the University of Europe join with Asia, China in particular. Sheffield, UK, informed the meeting of his university’s high-tech focus that emphasised There were Updates about the future of dynamic links with co-researchers in China Europe and of global economic growth in with mutual benefit. Luigi Gambardella , times of political uncertainty followed by President, ChinaEU, Belgium, stressed Scene Setting panels that evolved from that the EU, notwithstanding the Brexit discussions during the first Global Meeting negotiations, must engage in deeper relations last year in Liverpool. They concerned with China. This was a point emphasised by Geopolitics, the Values held by society, and the two Chinese panellists on this update on developments in Technology, Manage ment discussion. Huang Shuo , Chief Executive and on Trade. All would be re-addressed in Officer, Linkface Technology, China, and subsequent plenary and panels in this con- Xu Lingjiang , Managing Director, Fosun ference which will also have significant Jorge Saraiva, Chairman, Applied Dynamics, Portugal Group, China, who, with the China’s focus on the effects of migration. Ambassador to Portugal, Cai Run , noted Pär Stenbäck , Honorary Minister of how direct investment from China into State, Finland, for example, pinpointed Portugal was mounting, and that China’s that geopolitical risks are hard to predict,

Christian Rast, Partner and Head of Global Data & Analytics, Kenneth S. Rogoff, Professor, Harvard University, USA, Isabel Ferreira, Executive Board KPMG, Germany one of the meeing co-chairs Member, Novo Banco, Portugal

16 Deborah Wince-Smith, President, United States Council on Competitiveness, USA, Nik Gowing, International Broadcaster, King’s College London, making a point on a plenary chairing the opening plenary

interconnected with each other and can efforts of the law-makers notwithstanding significantly impact societes and business. the new fashion for decrying facts that are Ashwani Kumar , Former Minister of unwelcome – describing these as ‘fake’, Law and Justice, India, stressed that values ‘false’ or ‘alternative views’,” added help societies to function, and ultimately Ikram Sehgal , Chairman, Pathfinder help to mitigate geopolitical risks. Group, Pakistan. Commentary does not Moncef Belkhayat , Vice President of necessarily mean there is greater corruption, Casablanca Region, Morocco, called on the but “rather that detection through fact- world’s stakeholders to build togetherness finding and measurement followed by the in order to overcome geopolitical risks. application of the law is becoming more stringent,” as John Cook , Chairman, “Corruption and conflict are the bane of Rock Lake Associates, Switzerland, put it. society and in all nations its effects fall Felix Ruiz, Founder and Chairman, unfairly upon their poor,” said Brook Rogério Zandamela , Governor, Central jobandtalent, Spain Horowitz , Chief Executive Officer, IBLF Bank of Mozambique, Mozambique Global, United Kingdom “We must applaud defended the difficult measures such as the commentators for risking their lives in necessary liquidation of a bank and the rise some instances, and for bringing to light the in interest rates in his country. He suggested

Everson S. Lopes, Partner, ‘How to combine wealth creation with societal goal s ?’ William Y. Zhang, Chairman, EU-China Municipal Valor Capital Group, Brazil – Metin Guvener, CEO, Triangle Group Development Commission, China

17 Plenary – The Power of Nobel Prizes

there had been “... a promiscuity between ‘Protectionism is not an answer as finance, entrepreneurs and politicians at connectivity becomes further restricted.’ the heart of the country’s functioning Carlos Moedas, European Commissioner system which was not money, but mentality”. for Research, Science and Innovation, Belgium One of the present difficulties, being brought under control was its public debt: “it went from 4 0% of GDP in 2013 to Europe’s official voice was heard in the about 12 0% now, and that’s scary” he said. Grand Opening of the Horasis Global A different view of development was taken Meeting by Carlos Moedas , European by Victor Zoubarev , Deputy, State Duma , Commissioner for Research, Science and Russia who proclaimed that energy efficiency Innovation, Belgium who insisted we must was one route out of a financial crisis and as give emphasis on globalisation and pro- in Mozambique, system modernization is ductivity which together spelled out the necessary to create economic incentives – conference theme of togetherness. And, as Tony Raven, Chief Executive, Cambridge Enterprise, businesses want assurance that measures to the globe has changed over the years, leaders United Kingdom improve the efficiency of the system will be ought to reconsider the composition of the a tool for return on investment and profit. G7 to better reflect the rise of Asian economies. All the time however, the

Alex Polynov, Co-founder, Founderfellows, Russia Sonu Shivdasani, Chairman, Soneva, Thailand, Isinay Kemmler, Founder, on disruptive innovation on sustainable tourism Global Success, Germany

18 Ricardo Costa, Managing Director, Expresso, Portugal, Lawrence Gonzi, Former , introducing Nobel Laureate Rajendra K. Pachauri chairing the plenary with Nobel Laureates

supply side is disruptive and demand side Cascais continues to thrive with good and is conservative with a large dispersion of close contacts with the capital, with its wealth. Protectionism is not an answer as concentrations on academia and medicine. connectivity becomes further restricted. The building of togetherness, the meeting’s theme, was addressed in the opening ‘Cascais continues to thrive with good plenary when Eduardo Catroga , Chair- and close contacts with the capital, man, EDP, Portugal, a former government with its concentrations on academia finance minister, said that the populist and medicine.’ Miguel Pinto Luz, Vice Mayor, tendency towards anonymous blogging and Municipality of Cascais, Portugal denouncements is shameful, and might be harmful to EDP which is a major globalised Portuguese firm and a leading player in Jorge Braga de Macedo, And Miguel Pinto Luz , Vice Mayor, renewables across 14 countries. Further, Former Minister of Finance, Portugal Municipality of Cascais, Portugal said he the incessant blame-game on government was very proud to support Horasis – an and banking institutions’ old decisions is not organisation that had brought prestige to helpful when the pressure is upon recovery: the City through its earlier meetings. the latter can be seen in Portugal’s emer -

Alejandro Litovsky, CEO, Jan René Fricke, Founder, Next Generation Forum, Germany, Isabel Perez, Partner, Hsi, Brazil –‘How to promote harmony Earth Security Group, UK speaking on the youth panel between people of different upbringings’

19 Anne McElvoy, Policy Editor, The Economist, UK, Natalie Samovich, Co-founder, Enercoutim, Portugal chairing the closing plenary and Efi Stenzler, Chairman, Jewish National Fund, Israel

gence from austerity. Deborah Wince- is the next twenty years, actually going to Smith , President, United States Council happen in the next twenty months. on Competitiveness, USA noted that the US data on the first quarter 2017 was not bad in essence, especially as unemploy ment ‘There is concern for the US economy on has fallen to historic lows. There is however the routes forward which must embrace innovation and entrepreneurship.’ concern on the routes forward which must Deborah Wince-Smith, President, embrace innovation and entrepreneurship. United States Council on Competitiveness, USA Heinrich Weiss , Chairman, SMS Group, Germany notes how his firm, based on traditional German management and Equality is sought and gradually is being technological practices, has nevertheless lost achieved as we heard from the recipients of some trust by local people. It is important, the Nobel Peace Prizes on a plenary panel not just locally and nationally but also chaired by Lawrence Gonzi , Former Prime Kaspar Bänziger, Managing Director, Integral Petroleum, globally to rebuild trust in business. Minister of Malta. Bernard Kouchner , Switzerland Looking to the future, Nik Gowing , In - Founder, Médecins sans Frontières, France ter national Broadcaster, United Kingdom, stressed that the 1999 Peace Prize was not challenged participants by asking how much his personally, but given for the collective

Keith Burnett, Vice-Chancellor, University of Sheffield, Yilmaz Argüden, Chairman, ARGE, Turkey, Iris de Brito, CEO, New Capital, United Kingdom, analyzing China’s economy chairing a discussion on governance Mozambique

20 Roman Shaykhutdinov, Deputy Prime Minister, Republic of Tatarstan, Russia The Rt Hon Patricia Scotland QC, Secretary-General, Commonwealth, on global citizenry

work of Médecins sans Frontières. He feels (Protect our Planet) movement which it is not easy to be positive about the state of empowers youth through active participa - the world presently when his organisa tion tion as they will inherit whatever they do not is repeatedly attacked while undertaking change beneficially. Pachauri mentioned he humanitarian work. Rajendra Pachauri , has brought light to millions of rural President, World Sustainable Development people with a simple solar panel business Forum, India was the peace prize recipient (give a panel to a village woman to be an in 2007 on behalf of the Intergovern men tal entrepreneur) to charge battery lights for Panel on Climate Change and he noted the homes as well as phones for a small fee: fragility of the 2015 Paris accord – it may night-time light greatly empowers the fail, he said. Indeed just after this meeting recipients. José Ramos-Horta , Former ended Donald Trump withdrew the US from President of East Timor, Timor Leste was the accord unleashing global condemna tion modest: he had worked hard to create the Jorim Schraven, Director, of his action. Mr Pachauri said the Paris independence of Timor-Leste and though Netherlands Development Finance Company (FMO), The Netherlands 2015 accord did not shake the political and becoming its president said many had business leaders sufficiently to get things contributed to his peace prize of 1996. moving quickly so we will need to ‘rely a Finally Jody Williams , Chairperson, lot on small initiatives’ like his own POP Nobel Women’s Initiative, USA, a life-long

Arad Rostampour, Founder, Axel Bugge, Correspondent, Reuters, on poverty alleviation Jean-Michel Six, Chief Economist, S&P Global Ratings, Zenamins, USA modelling the future of our economies

21 Barbara Barrett, Chairman, Aerospace Corporation, USA, Horasis – experiencing the power of interaction speaking about space and peace

political activist, was uniquely successful in Developing the digital economy was creating a global organisation to ban anti- addressed in a plenary chaired by personnel mines and to lift those already Christian Rast , Partner and Head of planted in the fields of war. Her prize in Global Data & Analytics, KPMG, Germany. 1997 reflected this work and she noted that According to José Antonio Martinez , passion has to be converted into actions Founder and Chief Executive Officer, The and we must face our responsibilities. Science of Digital, Spain, Companires are increasingly aware that digitalization is driving the economy forward and that it is ‘In 1990, when Nelson Mandela was essential in long-term strategy to remain released from prison, there were seven competitive in the global context. “The main countries with regular democratic elections, and today there are fewer challenge facing Africa is not only African, it than seven countries that do not have is global, and is unemployment, especially job creation for young people, which is the Karen Tang, Executive Director, regular elections. Digitization helped The Better Hong Kong to make this happen.’ biggest challenge in the world,” suggested Foundation, Hong Kong Strive Masiyiwa, Founder and Chairman, Strive Masiyiwa , Founder and Chair man, Econet Wireless, South Africa Econet Wireless, South Africa. One positive aspect is the increase of African demo cracy.

Jan Stael von Holstein, Visiting Professor, Jonathan Baillie, Chief Scientist, Tamer Bazzari, Chief Executive Hong Kong Polytechnic, Hong Kong SAR The National Geographic Society, USA, chairing the science panel Officer, Genero Capital, UAE

22 Mustafa Odeh, Chairman, Dar Alhai for General Trading and Investment, Jordan Eddie Thai, General Partner, 500 Startups Vietnam

In 1990, when Nelson Mandela was released more inclusive education system which from prison, there were seven countries embraces digitization. Ann Winblad , with regular democratic elections, and today Managing Partner, Hummer Winblad there are fewer than seven countries that Venture Partners, USA suggested that do not have regular elections. Digitization CEOs sometimes do not fully understand helped to make this happen. technology, partly as its development outpaces their abilities. All in all building CP Gurnani , Chief Executive Officer, togetherness and trust is quite a time- Tech Mahindra, India said was upbeat about consuming task. many aspects of Indian growth including its inclination to a greener planet which is Another plenary session was ably modera - embraced by Tech-Mahinda but concurred ted by Anne McElvoy , Policy Editor, youth unemployment was a hurdle to cross. The Economist, United Kingdom who Ahmed Emara, Founder, According to Zaheer Merchant , Director, questioned and guided his panellists to ReAya Holding, Saudi Arabia QI Group, Malaysia, many Asian nations consider taking a middle way, to try to have 10-year plans to develop their IT accommodate the harsh views of extremism. industry while the EU or the US has no coherent strategy. What is needed is a

Akinori Niimi, Managing Partner, Prabhakar Atla, Senior Vice President, Cyient, Abdulaziz A. Albakr, President, ACA Investments, Japan about the new value drivers for management Business Management Technology, Saudi Arabia

23 Mats Hellström, Former Minister for Foreign Trade, Sweden, Julio Andrade, Vice Mayor of Malaga, Spain, Tan Chin Nam, Chairman, Temasek Management on the failure of the Doha round talking about smart urbanization Services, Singapore, making a point

‘Capitalism has never been as success - With some of the biggest economies in the ful as it has been in the past 30 years. world moving towards the path of pro - Society will eventually adapt to the tectionism, what space is left for those accelerated advancement of techno lo - who continue to defend the ‘middle way’? gy, even if it predicts that inequalities, “However, capitalism has never been as particularly incomes, will increase in successful as it has been in the past 30 years,” the coming decades.’ and that society will eventually adapt to Kenneth S. Rogoff, Professor of Economics, Harvard University, USA the accelerated advancement of techno - logy, even if it predicts that inequalities, particularly incomes, will increase in the Kenneth S. Rogoff , Professor of Eco- coming decades: thus guaranteed income nomics, Harvard University, USA noted systems will be explored to reduce societal how global economies are changing; in part tensions. Werner Hoyer , President, for the better, but through some aspects of European Investment Bank, Luxembourg Mirjana D. Perko, Chairperson, inCon, Slovenia technology, for the worse. He continued, noted how it was difficult to discern noting the rise of extremist and populist differences between the right and the left- phenomena in various parts of the world is leaning activists as their strident wishes viewed with apprehension by economists. obviate searches for a middle way that

Kola Karim, CEO, Shoreline Energy International, Nigeria Pranjal Sharma, Anchor, Zee Network, India, Robert Capurro, CEO, –‘Inequality remains high in Africa’ hosting a session on Asia Canning House, United Kingdom

24 Norman Pearlstine, Vice Chairman, Time Inc., USA, in discussion with António Costa, Daniel Schwartz, Chief Executive Officer, Porticus, The Prime Minister of Portugal Netherlands

accommodates the will of the masses. This ‘The main concern of institutions and is not to say we ought to aspire for the the solution to political and economic average, but rather we should reject the crises is to invest in sectors that have a extreme. He thought Brexit’s main cause social impact that meets the real needs was that Britons felt ‘ignored’ by Brussels, of people, because citizens want to be and the vote was a vote ‘against those heard and want to feel included in the institutions.’ Yet the main concern of decisions of their governments.’ Werner Hoyer, President, institutions and the solution to political European Investment Bank, Luxembourg and economic crises is to “invest in sectors that have a social impact that meets the real needs of people, because citizens want Barbara Barrett , Chairman, Aerospace to be heard and want to feel included in Corporation, USA reminded us of her the decisions of their governments.” views derived from space and how, having Pablo Bravo, Ambassador of Spain been lucky to have been an astronaut, she (ret.), Spain continued to support the wonders that can be made available through science and technology. These cannot be taken for granted, but have to be nurtured to be

R. James Breiding, CEO, Saruhan Hatipoglu, Chief Executive Officer, BERI, USA, Raphael Minder, Correspondent, New York Times Naissance Capital, Switzerland chairing the session on geopolitics

25 Panellists reflect on the economic and social benefit of widespread digitization

beneficial. This was a view supported by resistance to start-up innovation. “We need Rajiv I. Modi , Chairman, Cadila to embrace failure as a learning mode, though Pharmaceuticals, India who noted how this is finely nuanced with respect to blatant new medication was costly in time and negligence, and also it is entwined within finance but which had the potential to some nation’s laws to avert bankruptcy as relieve the pressures on many people’s that is a punishable form of negligence,” lives. Roman Shaykhutdinov , Deputy said Eddie Thai , General Partner, 500 Prime Minister, Republic of Tatarstan, Startups Vietnam, Vietnam. A further Russia also stressed that as Mister in charge aspect, commonwealth, was addressed by of communications he was at pains to listen The Rt Hon Patricia Scotland QC , to his public and to consider how to relieve Secretary-General of the Commonwealth local difficulties while being attentive to of Nations who outlined the Common- more globalised effects. wealth’s powerful potential to support peace-building, stability, resilience and Jeffries Briginshaw, CEO, BritishAmerican Business, The Horasis Global Meeting addressed sustainability through shared values and the United Kingdom many issues in detail, ranging from the cooperation of governments – “Common need to develop Venture Capital as well as law, shared language, and similar systems of how best to use Philanthropy, or reduce governance, administration, and regulation,

Timothy J. Nichol, Dean of Business School, Jon Aarons, Senior Managing Director, FTI Consulting Miguel Santo Amaro, Co-founder, Liverpool John Moores University, about the future of work –‘How to create sustained growt h?’ UniPlaces, Portugal

26 José Ramos-Horta, Former President of Timor-Leste; Nobel Peace Prize 1996 Yilmaz Argüden, Chairman, ARGE, Turkey, in discussion with John Danilovich, Secretary General, International Chamber of Commerce, France give us a truly remarkable advantage when Grappling with the big view, one panel we work together,” she said. She also struggled to redefine its subject matter – stressed the importance of drawing on the smart cities – but decided it was adequate strength of the huge pool of female talent to consider these as collectives of people now available within the Commonwealth and businesses that aim to uphold general and beyond” which advances women’s well-being while moving towards being political participation, leadership, and carbon neutral having aspects under the economic empowerment. control of one administration. To this end mayors have an important role explained Efi Stenzler , Chairman, Jewish National ‘Common law, shared language, Fund, Israel. Mayors are the highest authority and similar systems of governance, administra tion, and regulation, give us who are still in touch with the people a truly remarkable advantage when we (usually above the city are regional and Martin Haemmig, national administrations.) He noted the Visiting Professor, work together.’ Renmin University, China The Rt Hon Patricia Scotland QC, growing importance of the world-wide Secretary-General of the Commonwealth of Nations club of big-city mayors who all face similar issues and who solve these in unique ways that may act as templates for others. This is

José Antonio Martinez, Founder, Linda Pereira, Chief Executive Officer, CPL Events, Paulo Trezentos, CEO, Aptoide, Portugal –‘We need to shape the The Science of Digital, Spain speaking about women ’s rights narratives for a brighter future’

27 Plenary – Building Togetherness

important as more people are moving to SAR discussed the development of Suzhou, cities – it is expected that 70 percent of the a city that was founded in 514 BC but is world population will be urban by 2050, often thought to be a new city. The new city and that most urban growth will occur in is correctly called the Suzhou Industrial less developed countries: India has the Park designed in partnership between largest rural population with 857 million, Chinese and Singaporeans from 1994. It followed by China with 635 million. was constructed upon a new infrastructure followed by its factories and temporary Four panellists discussed the changing atti - dwellings for workers who made the tudes over time as one Chinese city grew objects the new city needed to grow into from a green-field site. Tan Chin Nam , the dynamic of businesses, homes and its Chairman, Temasek Management Services, broader economic and social services. Singapore; Sein-Way Tan , Chairman, Initially many thought the process was Green World City Organization, Australia; failing, but gradually the city has turned Lawrence Bloom, Secretary General, Karen Tang , Executive Director, The Better into a success. Time is thus an important Be Earth Foundation, UK Hong Kong Foundation, Hong Kong, and consideration – one with which the Jan Stael von Holstein , Visiting Profes - Chinese are grappling as they build 200 sor, Hong Kong Polytechnic, Hong Kong new cities to cope with its current rural

Michael Hacking, Founder, Mocoh SA, Switzerland, Colin Habberton, Founder, Relativ Group, South Africa James Song, Managing Principal, speaking about Africa ’s transformation –‘Conflict often have cultural causes at their roots’ Faircap Partners, Myanmar

28 Rajive Kaul, Chairman, Nicco Group, India, Ricardo Marvão, Co-founder, Beta-I, Portugal Stacy Kenworthy, Chief Executive Officer, HellaStorm, USA, on the benefits of globalisation –‘We need to foster collaboration’ charing the technology panel

depopulation, an issue which the Indian national interventions. Tamer Bazzari , nation will soon face. Chief Executive Officer, Genero Capital, UAE also noted that business leaders would Another panel illustrated the difficulties a play a significant part in this development region faced in building togetherness – the process as their direction, to support their Middle East where conflicts abound. staffs families contributed greatly to local Again, mayors were said to be key actors in and regional fiscal stability. And, as alleviating tensions. Ahmed Emara , Abdulaziz A. Albakr , President, Busi- Founder and Group Chief Executive ness Management Technology, Saudi Arabia, Officer, ReAya Holding, Saudi Arabia, noted concluded, we will witness the Middle East’s how cross-border trades were continuing as New Renaissance. they had done for decades, if not millennia, as clan-ships persisted notwithstanding Katja Schenke-Layland, border changes. Mustafa Odeh , Chair - ‘We will witness the Middle East ’s Director, Fraunhofer Institute for New Renaissance.’ man, Dar Alhai for General Trading and Interfacial Engineering, Germany Abdulaziz A. Albakr, President, Investment, Jordan was optimistic for the Business Management Technology, Saudi Arabia future of the region – with local issues sorted locally aided by national and inter -

Joséphine Goube, Chief Executive Tarek Tawfik, President, Cairo Poultry Group, Egypt Mel Horwitch, Dean, CEU Business School, Hungary, Officer, Techfugees, France –‘Global risks have systemic impacts’ chairing the update session on management

29 Canon Sarah Snyder, Archbishop of Canterbury’s Adviser ‘Faith freely chosen is the hallmark of a stable society’ – Elder Neil L. Andersen, for Reconciliation, UK The Church of Jesus Christ of Latter-day Saints, USA

We must more readily accept people as the USA stated “... faith freely chosen is the globes’ life-force and all must feel needed hallmark of a strong and stable society and and valued more equally. Several discussion people of faith must set aside their diffe ren - streams touched on equality of opportunity ces and join others in common causes for and how we all must develop this concept: good.” Cardinal Peter Turkson , we need to empower youth but not for them President, Pontifical Council for Justice and to be destructive, said Akinori Niimi , Peace, Vatican City noted the Church is Managing Partner, ACA Investments, Japan; entrusted to deal with all humans and will also we need to redevelop faith noting deal each day at multiple levels providing much is determined by our inner faith solutions and developing trust throughout rather than by a defined church – though all aspects of geopolitics. The Church he the formal church has much to offer, as emphasised is uniquely poised to reach out Abdool Magid Vakil , President, Islamic to every person across all faiths – an aspect Community of Lisbon, Portugal, put it. In strongly supported by Canon Sarah Saskia Kunst, Founder, Consiglio Corporate Development, response Elder Neil L. Andersen , Member Snyder , the Archbishop of Canterbury’s The Netherlands of the Quorum of the Twelve Apostles, The Advisor for Reconciliation. They stressed Church of Jesus Christ of Latter-day Saints, we must remember our anthropological

Carlos Moreira, Chairman, WISeKey, Switzerland, Rob Leslie, Founder, Sedicii, Ireland, M. Salman Ravala, Attorney, chairing a session on knowledge creation on anti-hacking technology Criscione Ravala, USA

30 Cardinal Peter K. A. Turkson – ‘Togetherness is the opposite of fragmentation’ Abdool Magid Vakil, President, Islamic Community of Lisbon, Portugal

base of a man plus a woman with their business we hope a broad view will have been children to take forward our humanism. instilled. We hope that lasting friend ships will have been nurtured – even if we agree to differ, since tensions openly discussed ‘The Church is entrusted to deal with can lead to considered cooperation. all humans and will deal each day at multiple levels providing solutions and developing trust throughout all Important conclusions arising from the aspects of geopolitics.’ meeting were that we have to strengthen Cardinal Peter Turkson, President, international organizations, and that glo ba - Pontifical Council for Justice and Peace,Vatican City lization is here to stay. But we must not forget the fellowship given by common - wealth – the strength of historicism. Above all a balanced view is needed and we Lusophony was mentioned frequently, but Wang Jincheng, Director, hope that our discussions will have achieved Shashi Tharoor, Chairman of the Confucuis Institute, Portugal this – round the tables, while taking coffee Parliamentary Standing Committee on breaks, and at meal-times. Through germinal External Affairs, India reminded us how discussions between people of all nations many nations still hanker after a renewal of and their leaders in politics, commerce and the UK link that was once the Empire.

José Pedro Soeiro, Chief Economist, Ruben Atekpe, President, Mecowa Group, Ghana, Eileen Aranda, President, Claremont Lincoln University, USA, Banco Atlântico, Angola, making a point on Africa’s competitiveness chairing a session on culture on Lusophone Countries 31 António Amorim, Chief Executive Officer, Corticeira Amorim, Plenary on Migration and Lusophony Portugal, on the Portuguese economy

“Do the UK’s and the world’s citizens wish ‘Globalisation has developed an for an age of de-globalisation? Is this to be an unstoppable momentum, which if era of anti-establishment strongmen riding anything is likely further to accelerate waves of populism, threatening institutions over the decades ahead.’ of global governance and geopolitics?” Shashi Tharoor, Chairman of the Parliamentary Standing Committee on External Affairs, India asked Norman Pearlstine , Vice Chair man, Time Inc., USA. Ultimately, democracy is not under threat, replied Tharoor. But in To conclude I will indulge in a brief future re-developing that old, over-bearing philosophy upon Building Togetherness , management with a new organisation and this conference’s theme: attitude which embraces globalisation that can work outside of the EU and still work The world seems to out of balance, with within its rules. populist and sometimes even chauvinist leaders taking over power around the globe. Nitin Datta, Managing Partner, Chanks Business Services, Delegates from around the world have United Kingdom gathered in Cascais, Portugal to discuss new approaches towards togetherness, counterbalancing the prevalent concepts of

Diana Skelton, Deputy Director General, ATD Fourth World, Brook Horowitz, CEO, IBLF Global, UK, Fernando Pinto, CEO, France, taking notes chairing a session on curruption TAP Portugal, Portugal

32 Horasis Summary Plenary – Taking the Middle Way

globalisation. These arose after the 1900s Many citizens incline towards a new liberty. with the merging of firms into conglome - A liberty that is promised by politicians rates. At that time the vast majority of offering a return to the ‘good old days’ of productive citizens were working the land small, beautiful, and local – away from the – they tilled and harvested the crops and grasping hand of conglomerate capitalism herded the animals needed as food. Now it and away from globalisation. Many people is rather different, with the UN stating believe these promises even though the over half the world’s population live in proposed changes seem confusing. They say cities: in the 199 0s they noted there were it is wrong to support a theory of globali- only 10 mega-cities (with 10 million or sation stating, roughly, if a good or service more inhabitants) yet by 2030 they expect can be provided more economically else - to see over 40, with the majority located where then we ought to buy into that, and in Asia. Few people now work the land and invest our efforts into other aspects which Henri Hie, Professor, the rest are dependent on some sort of work we can do well locally. Thus many local Polytechnic University of Hong Kong in a factory– the modern conglomerates. jobs moved off-shore as managers, always The people harbour feelings of helpless - pressed by their stake-holders for greater ness and agitate for change: but what is profits, have sought ways to reduce their their new utopian dream? overall costs. Time-consuming back-office

Ulf Beyschlag, Chief Executive Carlos Silva, Co-Founder, Seedrs, UK Evgeniya Shamis, Founder, Sherpa S Pro, Russia, Officer, Clipessence, Germany –‘We need to embrace failure as a learning mode’ on Russia ’s economic prospects

33 Harald Einsmann, Member of the Supervisory Board, Tesco, A boardroom dialogue session United Kingdom, asking a question from the floor

jobs that employed many in the accounting the low ten-thousands; the 2017 French and legal professions shifted to low-wage elections partially fought along these lines. economies in Asia, initially in India. However in these countries the unemploy - Editing and proof-reading for instance ment rate is about five percent, a figure that would be done in hours in Asia rather than economists equate to full employment. weeks in Europe. In parallel, global supply Of course there are pockets of higher chain management ensured sub-assemblies unemployment, especially among the could be transhipped in a timely fashion to youth of southern Europe, but the new on- an Asian assembler and the finished goods shoring of tasks would not work – there is shipped quickly to world-wide customers. no spare labour, and older workers have become de-skilled. Expert opinion notes if Thus politicians as well as activists have the overseas people residing in the UK are argued in the US and across northern repatriated the nation would immediately Europe to bring jobs back on-shore. lose 3.9 million essential workers. Global Robert H. Kahn, Managing Director, Automated President Trump said he would do this; the Futures, an independent think-tank, has Financial Systems, USA UK referendum and its subsequent political stated the UK will need long-term more manoeuvrings has told the population that than 200,000 net migrants to avoid the immigration would be tightly controlled in collapse of many economic sectors, and to

Manuel João Ramos, Professor, University Institute of Lisbon, Scott Arpajian, Chief Executive Officer, Softonic, Spain Michael Altendorf, Co-founder, Portugal, chairing the Africa panel –‘We need to disrupt the status-quo’ Adtelligence, Germany

34 Panellists of the technology-session Lou Marinoff, Professor of Philosophy, City College of New York –‘What new philosophical schools are on the ris e?’

combat societal aging. They continue “... not and global ecological conditions. Although only for the UK ... it is entirely possible that this may be a rejection of the capitalistic the debate on immigration may shift from market model its aims encompass the questions about whether levels are too humanitarian goals of the UN/Sustainable high to asking what we do to make sure Development Model. Another is Critical numbers are sufficient to meet the needs of Community Psychology which is concerned the country.” This is a question that is to be with how people feel, act, experience and faced by all nations, and their govern ments work together to resist oppression and will in the short-term face a large populist create a better world. outcry. Such fundamental changes cannot take place New philosophical movements are adding as a global revolution – there are simply clarity to the aimless populist arguments that too many actors and too many sub-themes. Shirlayne Quayle, seem only to advocate ‘overthrowing the We must look to today’s conglomerate Founder and Managing Partner, SASI, USA present’. One is the ‘degrowth’ paradigm managers, the business managers, who that suggests down-scaling production and hold the power and knowledge to effect consumption while upholding greater human change and who understand the complex well-being through the enhance ment of local global flux of finance, manufacturing and

Riku Sugie, President, Venkat Matoory, Chief Executive Officer, Junior Achievement Toomas Danneberg, Vice Rector, Estonian Business School, Estonia, Shinsei Financial, Japan of India, on the empowerment of youth making a point on education

35 The meeting was covered by the international media Early morning brainstorming

distribution that can be commanded the cultural, economic, and political digitally at any minute of the day. These principles of their nations, as well as the business leaders must re-interpret their assumptions underpinning their societal firm’s goals to merge with the emergent systems. forces of change. A good example of the theoretical and Within the Horasis Global Meeting practical issues is China’s Belt and Road government ministers and academics initiative which endorses globalisation. It’s discussed how the world’s stakeholders a very ambitious plan covering almost 65 can build a new spirit of togetherness. percent of the world’s population, a third of It is hoped, per the constructs of degrowth, the world’s GDP, and a quarter of all globally that global leaders will evolve a new traded goods and services. An obvious inclusive globalization to undo protectio- comparison is with the Marshall Plan, nism and the ineffective nationalism so which helped the regeneration of Europe Diederick van Thiel, Chief Executive Officer, craved by ill-informed citizens. When after the Second World War: but that was AdviceRobo, United Kingdom delegates of the Horasis Global Meeting one-twelfth the size of the Belt and Road travel back to their homes and offices they initiative. China’s ambition is enormous, might be able to re-interpret and question and the cash-flows are equally enormous.

Xie Yuanmo, Artist and Graphic Facilitator, China, taking notes Mikhail Treyvish, President, OmniGrade Universal Crowdsourcing João Romão, Founder, Agency, Russia, studying the programme GetSocial, Portugal

36 Prime Minister António Costa with EU Commissioner Carlos Moedas and Frank-Jürgen Richter Religions leaders at the Horasis Global Meeting

Overall the initiative’s governance is still It is our hope that the Horasis Global Meeting being debated, and EU representatives has contributed to build togetherness – resisted full endorsement at the Belt and developing a new philosophy of working Road Forum in Beijing earlier in May as together, in business and politics. We need they remained sceptical of the Initiatives’ to abandon the Machiavellian mind-set governance – but perhaps they were which seems pervasive within the world. pandering to their own electorate’s Togetherness can be achieved through joint populist fears. innovation and entrepreneurship – and especially by the empowerment of youth, While our global population continues to because it is the youth which will decide grow we must be capable of feeding, our common future. clothing and housing our citizens, as well as delivering socially acceptable policies for Finally Horasis is glad to announce the next Sham Bathija, their well-being well into the future. It is meeting and to welcome you all to the Senior Economic Adviser to the President of Afghanistan only through building togetherness and thus 2018 Horasis Global Meeting that will be understanding can this be achieved. held in Cascais, Portugal, 6 – 7th May 2018.

Karen Guggenheim, Co-founder, Closing dinner at the Estoril Casino World Happiness Summit, USA

37 The meeting was opened with a series of update sessions Former European Commission chief optimistic about EU future despite Brexit By Mu Xuequan, Xinhua, 28 May 2017

Former European Commission Chief Jose Barroso admitted he was disappointed Manuel Barroso said on Sunday that he with Britain’s decision to leave the EU and was optimistic with the European Union’s with the way it was managed, however “the “future” despite the “mistake” of Brexit. EU existed before and it will continue, just “I believe in a European Union with future,” as the UK will,” he said. Barroso, who was he said at during the Horasis Global the European Commission chief between Meeting in Cascais, around 3 0 km from 2004 to 2014 and also prime minister of capital Lisbon, according to Lusa news Portugal between 2002 and 2004, became agency. “Now more than ever we need a chairman of Goldman Sachs last year. EU, which is an example of globalization.” Several EU leaders have voiced their concerns with Britain leaving the EU and have defended stiff divorce terms, with European Commission President Jean- Claude Juncker recently claiming British Prime Minister Theresa May didn’t under - stand the complexity of the task, and EU chief negotiator for the exit, Michel Barnier pointing out that the Brexit deal had to be settled before negotiating future trade relationships.

Pedro Oliveira, Founder, Patient Innovation, Portugal, Tiago Freire de Andrade, President, chairing ‘The Next Big Idea’ BET – Bring Entrepreneurs Together, Portugal 38 Panellists prepare the next panel US companies no longer know rules of game under Trump By Axel Bugge, Reuters, 29 May 2017

Confusion surrounding the trade policies of Hassenfeld told at the Horasis Global U.S. President Donald Trump’s admini stra - Meeting , attended by business leaders, tion means U.S. companies no longer know politicians and academics to discuss globali- the rules of the game, a board member zation and other challenges for corporations. and former CEO of toymaker Hasbro told an international conference on Monday. “Right now in America we don’t know what the rules of the game are. They are chan ging Virgilio Viana, CEO, Alan G. Hassenfeld , whose family constantly,” said Hassenfeld, a billionaire Sustainable Amazon Foundation, Brazil founded America’s second largest toymaker with a large stake in Hasbro, whose stock in the 192 0s, said: “We thought, you know, has risen 34 percent this year and is now at if you run a business today you would like all-time highs. Hasbro makes many of its toys to know what the rules of the game are,” outside of the United States and has markets

Pat Milligan, Senior Partner, Alan G. Hassenfeld, Chairman, Hasbro, USA, commenting on President Trump Mercer, USA

39 Kevin G. Lynch, Vice Chairman, BMO Financial Group, Canada António Saraiva, President, CIP – Confederation of Portuguese Business

worldwide. Hassenfeld said there was great Hassenfeld said gridlock in the U.S. uncertainty on trade with Trump. Congress on Trump’s election promises of fixing healthcare, spending on “Right now we don’t know whether we are infrastructure and tax reform was not friendly with Mexico, whether we are helping. friendly with Canada, whether we are friendly with China, whether we are “Right now, our Congress and in some cases friendly with Russia,” Hassenfeld said. our courts, are caught up in trying to figure Trump has said he wants to renegotiate the out what they are going to do with the North American Free Trade Agreement executive branch,” he said. “So right now, we (NAFTA) between the United States, Mexico are in that – almost twilight zone – that we and Canada to try to win better terms for are really not sure where things are going.” U.S. workers and manufacturers. He said Trump’s promise of bringing jobs Lawrence Pratchett, Dean of Business, Law and Hassenfeld said the confusing situation had back to America was doubtful. “Even if they Government, University of been created by so much “white noise, and (the jobs) did come, we’ve all learnt how Canberra, Australia smoke, coming out of the White House right to automate, we’re all spending money to now that the most important thing is innovate.” Hassenfeld was CEO and chair - basically to improve confidence.” man of Hasbro between 1989 and 2008.

Pedro Vasco, CEO & Co-Founder, Pedro Santa Clara, Professor, Peter Somers, CEO, Daisy Guo, Co-founder, Unbabel, Portugal Nova School of Business and SprintPack Group, Belgium Tezign.com, China Economics 40 Ninel Seniuk, Director, Heinz Haller, Executive Vice President, Shashi Tharoor, Chairman, Global Strategy Centre, Russia Dow Chemical, USA Parliamentary Committee on External Affairs, India Why Princess Diana offers a unique window into the world of globalisation we must seize post-Brexit By Jeremy Warner, The Daily Telegraph, 30 May 2017

There are many ways of depicting globali - into a German car powered by a Dutch sation, but one of the most vivid I’ve yet made engine, and is pursued by Italian encountered comes from Shashi Tharoor , paparazzi on Japanese motorcycles. the ever thoughtful chairman of India’s parliamentary committee on foreign affairs. She enters a Swiss dug tunnel where the car Miguel Azevedo, crashes, and is attended at the scene by a Managing Director and Head of Investment Banking Africa, Think of Diana Spencer, he told executives French doctor, who applies medicines made Citigroup, UK at the Horasis Global Meeting in Cascais, in Brazil; a couple of American tourists Portugal, last weekend – an English rose who happen to be passing meanwhile make who became Princess of Wales. Estranged thousands of dollars selling images of the from her husband, she’s staying in a Paris wreckage to newspapers around the world. hotel with her Egyptian escort; she climbs

Alain Tschudin, Executive Director, Rodrigo Rodrigues, Partner & André G. Shearer, Chairman, Barbara Fischer, Founder, Good Governance Africa, Strategic Ideator, TorkeCC, Portugal Cape Classics, South Africa Arena Ventures, Switzerland South Africa 41 CP Gurnani, Chief Executive Officer, Tech Mahindra, India Jody Williams, Chairperson, Nobel Women’s Initiative, USA; Nobel Peace Prize 1997

Her death is not just a British, but a global There seems to be little further appetite for event. the top down form of it epitomised by the European Union. Progressive subjugation There has been much talk since the finan - of national sovereignty might seem a logical cial crisis – compounded by Trump and model for a globalised world, but its advo - Brexit – of “peak globalisation”, of nations cates should not be surprised when people wanting to reclaim borders and the whole rise up against it. What are the alternatives? process going into reverse. One such, shamefully neglected by the Yet despite the current backlash, there is, United Kingdom during its 45-year as Mr Tharoor’s observation powerfully immersion in European markets, is the illustrates, no turning back the clock; Commonwealth, a unique collection of globalisation has developed an unstoppable proudly independent, culturally and momentum, which if anything is likely geographically diverse nations based not António Mateus, Presenter and Coordinator, Portuguese Public TV further to accelerate over the decades ahead. on unified government but around shared (RTP), Portugal values and goals. What the present, angry rebellion tells us, however, is that future globalisation will It is easy to think of the Commonwealth as need to take different forms if it is to gain a mere relic of empire, a sort of last days renewed acceptance. of the Raj club of some sentimental value

Chitra Narayanan, Associate Fellow, Basar Akpinar, Seamus Smyth, Partner, Stéphane Frappat, Geneva Centre for Security Policy, Chief Executive Officer, P . I.Works , Carter Lemon Camerons, Member of the Board of Directors, Switzerland Turkey United Kingdom Summa Group, Russia 42 Bernard Kouchner, Founder, Médecins sans Frontières; Nobel Peace Prize 1999

but of little real substance or geo-political recreation of the British empire in new importance. form. There can be no return to the days of “imperial preference”. Yet recent research has shown this to be very far from the case; in fact the Common - Imperial history can in any case be as much wealth is undergoing something of a a hindrance to Britain in dealing with its renaissance as an increasingly important former colonies as an advantage. The UK driver of trade, improved governance, and is still not forgiven by many in India and global dialogue based not on harmonised Pakistan for the disgraceful and extra- standards, but on best practice and shared ordinarily destructive manner of its departure history. Only with Brexit are British govern - from the sub-Continent. Nor is it forgiven ment ministers beginning to recognise the for closing its markets to Commonwealth enormous opportunities it presents. members when it joined the EU. Petra Becker, Managing Director, International Art Bridge, Germany But please let’s not call this opportunity Yet we should also be careful not to view the “Empire 2.0”, as some Brexiteers who hark Commonwealth as an alternative to the EU; back to a bygone age are somewhat prone the Commonwealth is not a formal trading to. Nothing would be more guaranteed to bloc. What it does offer is unrivalled squander the goodwill that the Common - networks through which to expand trade wealth generates than to depict it as a and investment among member states.

Sergio A. Fernández de Córdova, Rohan Williamson, Dean, Sherif El-Gabaly, Chairman, Ted Pendleton, Senior Vice Chairman, P3SmartCity, USA Georgetown University Polyserve Fertilizer and Chemical President, AlphaPoint, USA McDonough School of Business Group, Egypt 43 Peter Williamson, Professor, University of Cambridge, UK, Sanjit Sethi, Corcoran School of the Arts and Design, and Oltmann Siemens, Trustee, Orient Institute chairing a panel

In an age where trade in goods is becoming about three times the rate of global trade less important as a driver of growth, and as a whole, with GDP expected to double services, networks and connectivity much over the next 15 years to $US20 trillion. more so, the Commonwealth offers vast potential, far beyond Europe’s sub stan tially Commonwealth Secretariat research shows protected markets. that when both bilateral partners are Commonwealth members they tend to trade Its 52 nations cover about 20 per cent of the 20 per cent more, and generate 10 per cent world’s land mass, and account for around more foreign direct investment inflows, a third of its population. What’s more, the than would otherwise be the case. demographics are spectacularly conducive to growth, with around 60 per cent of its Something quite remarkable is happening; 2.5 billion souls under the age of 30. despite the apparent constraints of distance, of often widely different cultures, language, Simone Kimpeler, Head of the Competence Center Foresight, Europe is rich, but ageing and defensive; and stages of economic development, Fraunhofer Institute, Germany the Commonwealth – apart from advanced Commonwealth countries like to trade and member economies such as Australia and interact more among themselves than with New Zealand – is overwhelmingly poor. others – so much so that nations that were But it’s young, fast growing and ambitious. never a part of the British empire, seeing Intra-Commonwealth trade is growing at the advantages that it brings to neighbours,

Fakhri Ahmadov, Managing Susanne Mueller Zantop, Georg Dutschke, Professor, Bo Inge Andersson, CEO, Director, Ahmadoff & Company, UK Chairwomen, CEO Positions AG Atlântica University, Portugal Bo Group Enterprises, Sweden

44 Shireen Shelleh, Managing Paulo Andrez, President Emeritus, Mahomed Iqbal, Managing Partner, Marcelo de Andrade, Partner, Director, Center for Engineering European Business Angels The Partnership, Portugal Earth Capital Partners, and Planning, Palestine Association United Kingdom

have become members and adopted many harmonise some 24 separate national legal Commonwealth mores. systems – I’m not counting Malta, Cyprus and Ireland, as like Britain, they are based Why is this? Baroness Scotland , director on the same common law – into a single, general of the Commonwealth of Nations, compromised and messy European puts it down not just to historical ties and construct. wide use of English, but to similar legal and parliamentary systems, based on common Some form of the British system is what law and the Westminster model. These substantially rules in much of the rest of provide a common DNA which makes the world. It’s not the end of the road for interaction and business easier. globalisation, despite reclaimed national borders. Despite sometimes violent disagreement AbdelGadir Warsama Ghalib, between Commonwealth nations, they all He may be a nationalist, but India’s Member of the Board, Bank of Bahrain and Kuwait, Bahrain feel themselves to be essentially the same Narendra Modi is also truly global in family. his outlook. There doesn’t need to be a contradiction between the two. Part of the tension Britain has felt during its years of EU membership is that it was never comfortable with attempts to

Nuno Sebastião, Chairman, Salimo Abdula, President, Mathew Jacobson, Founder, Manuel S. Pietra, President, FeedZai, USA Intelec Holdings, Mozambique Ducere, Australia FreeBalance, USA

45 Zaheer Merchant, Director, João Marques Gomes, CEO, João Andrade, Head of Venture Christiane Riedel, Chief Operation Qi Group, Malaysia Nova Healthcare Initiative Capital, Banco de Investimento Officer, Center for Art and Media Global, Portugal Karlsruhe, Germany

Governor of the Bank of Mozambique says the country ’s public debt is “frightening”

Macauhub, 29 May 2017

Mozambique’s public debt has risen from Despite this, the governor of the 40% of gross domestic product (GDP), Mozambican central bank, quoted by the highest level since 2013, to around Portuguese news agency Lusa, said he was 12 0% now, “a frightening fact,” said the confident of the country’s ability to over- governor of the Bank of Mozambique on come the current economic, budgetary Sunday in Cascais, on the outskirts of the and financial crisis, but did not hide that Portuguese capital. there are many challenges ahead.

Rogério Zandamela , answering audience In Maputo, director Waldemar de Sousa Ana Bénard da Costa, Researcher, Lisbon School of Economics and questions during a debate at the Horasis said that the central bank expects prices to Management (ISEG), Portugal Global Meeting , which runs until 30 May, rise by between 12. 5% and 14. 5% this year said that part of the increase in public debt and Gross Domestic Product (GDP) will stems from “undiclosed debt, which is a grow between 3. 0% and 4. 0%. large amount.”

Alexandre Nilo Fonseca, Zhu Li, Member of Council, Miguel Szymanski, Correspondent, Anton Grachev, Chief Executive Chief Executive Officer, China Society of World Economics, der Freitag, Germany Officer, Kazan IT Park, Russia A2D Consulting, Portugal China 46 Praful Talera, Chief Executive Simon Galpin, Managing Director, Taliya Minullina, CEO, Ricardo Borges Rodrigues, Officer, Dynamic Logistics, India Bahrain Economic Development Tatarstan Investment Development Professor, University Institute of Board, Bahrain Agency, Russia Lisbon, Portugal

Sousa, speaking at the National Business Council organised by the Confederation of Economic Associations of Mozambique, said that restoring the trust of donors and the International Monetary Fund in the State Budget, “is a challenge.”

“We are all anxious to see what the outcome of the international debt audit will be, given that it is essential that we regain the Andreas Irmen, Professor support of our partners,” added Jakub Klepal, Executive Director, Luis Correia da Silva, of Economics, Forum 2000 Foundation, Managing Partner, University of Luxembourg Sousa, recalling that the Mozam - Czech Republic Think Tour, Portugal bican state budget on average depends on 50% to 60% external resources

Gonçalo Lage, Executive Board Pedro Vargas David, CEO, Michael Wilson, Managing Rui Diniz, Member Member, PME investments, Alpac Capital, Columbia Partner, The Migson Group, of the Executive Board, Portugal Ghana José de Mello Saúde, Portugal 47 Magnus Qvant, Secretary General, Resilient Regions Association, Miguel Branco, Sculptor and Painter, Portugal, chairing a session on art Sweden, speaking about smart cities New wave of robots will be beneficial to all By Frank-Jürgen Richter, Global Times, when more than 400 delegates gathered in 30 May, 2017 Cascais, Portugal for the Horasis Global Meeting over the weekend. In 2013 Carl Frey and Michael Osborne, researchers at Oxford University, predicted Robotization was discussed in this meeting that robots would take over nearly half of as one solution for the long term, and it was US jobs. Their finding has been supported in of particular interest to Chinese delegates principle by the McKinsey Global Institute, as they have just heard that Moody’s but they say it will take ages, though the Investors Service has downgraded China’s near-term effect will be to beneficially credit rating for the first time in almost transform work. I broadly concur with the 30 years. Moody’s cited China’s falling institute, and suggest that an open, informed financial strength as its growth slows. António Moreira Teixeira, President, European Distance discussion of the effects of robotization Robots in the future will be able to perform and E-learning Network, UK should be at the forefront of all govern - tasks as broad as offering social support to ments’ agendas. The nature of globalization, the ill, as well as performing surgical demographics, and how a nation’s elderly procedures guided by a remote specialist: population can be supported were discussed In fact, few tasks are immune from robotic

Ren Siyi, Founder and Chief Steven Braekeveldt, CEO, Oliver Reichenstein, Founder, Michele Orzan, President, Executive Officer, Tea Plays, China Ageas, Belgium Information Architects, Japan EuCham, Hungary

48 Catarina de Albuquerque, Executive Chair, UN Partnership Sanitation and Water for All, Fang Tingting, Co-Founder, Heyshop, China, delivering the award on China’s ‘One Belt One Road ’- project

support. Thus I suggest that robotization with low total factor productivity (TFP). will have future wide-spread economic They suggest firms are retaining old machines benefits based on three inter-connected and old-fashioned working methods. present-day observations. My second consideration notes that the First, US President Donald Trump is global population may grow to about attempting to renegotiate many US laws; 11 billion by the end of the century even one concerns Corporate Tax. In essence he though many nations have a falling birth rate. alleges that too many US firms have profits In many developed economies unemploy - totaling $2.5 trillion hidden overseas to avoid ment levels are falling below 5 percent – US tax. He wishes to allow the repatriation a figure accepted by economists as “full of this wealth so the US will gain tax income. employment” though the details must be If the reform is sensitive, firms will gain carefully considered. In this group are a few Dmitri Gromov, Chairman, additional freedom to reallocate cash, as who choose not to work or are between RTS Telecom, Russia well as utilize a huge amount of money jobs, and those who are physically and hidden “under the mattress for a rainy day” mentally incapacitated. With low TFP, located in the US itself. While the IMF notes firms cannot expand output without global growth is resurgent it says the manu - employing more people or re-engineering facturing and services base remains weak, the work-place or employing robots.

João Barros, Founder, Piers Cumberlege, Chairman Pedro Manuel de Oliveira Cardoso, Brian Pallas, Founder, Veniam, Portugal Europe, Veracity, United Kingdom CEO, Banco Nacional Opportunity Network, USA Ultramarino, Macau 49 Ernesto van Peborgh, Founder Erik Berglof, Professor, London David J. Lipkin, Correspondent, Puneh Ala’i, Founder and and President, El Viaje de Odiseo, School of Economics and Political Forbes Israel, Israel Executive Director, Argentina Science For The Unseen, USA

Interwoven are populist demands in many and the current work-force will need little nations: “Bring back our jobs [from overseas] re-training to use them. But old machines and return them to our own peopl e! Stop remain inefficient – in human and mechanical immigratio n!” This strident message does terms, as they will not increase TFP. Nor not heed demographers who tell us we need would it allow for the dependency ratio to more immigrants to uphold our work force be raised enough to increase income tax and numbers to maintain the dependency ratio thus create more cash for social welfare as our populations become more elderly. schemes to support the elderly. Globally there are too few suitably qualified migrants to slot into the vacant My third point arises from a re-evaluation jobs in our nations. Thus employing more of the global population. To raise TFP the people seems a non-starter, and we must working population has to work smarter and look to re-engi nee ring the work-place and use robots. Just as workers used machines to employing robots. augment their muscle power following the Brian J. Grim, President, Religious Freedom & Business Industrial Revolution we must accept future Foundation, USA There is a resistance to re-engineering electro or digital aid by robots. Modern based on new machines as there are many Luddites worry that jobs will be taken cheap nearly-new machines in scrap-yards, away by robots. This is unlikely to be so.

Esteban Gómez Nadal, Managing Frédéric de Mevius, Chairman, Brian C. Henderson, Founding Natasha Lance Rogoff, Founder, Partner, Palladium, UAE Verlinvest, Belgium Partner, Henderson International Ingredients for Education, USA Advisors, USA 50 Nuno Venturinha, Assistant Olav zu Ermgassen, Managing Thomas Eymond-Laritaz, Heli Bathija, Director, Geneva Professor of Philosophy, Director, Ermgassen & Co, Executive Director, APCO Foundation for Medical Education Nova University, Portugal Germany Worldwide, United Kingdom and Research, Switzerland

Robotization will not occur overnight. have promised their electorate to cut This mode of employing robots will be a immigration. In truth, there are few mobile gradual process taking perhaps three to six immigrants – the figure has been stable at generations: certainly the employment scene about 3 percent of the global population will be very different 60 years from now. for years, but many citizens are unduly frightened and they forget all nations were In conclusion, there is an imperative for all built upon immigrant stock. governments to engage their citizens in open and honest discussions about their demographic needs. What are the economic benefits of more or less immigration? What will occur if there are too few workers? And in much more visionary terms, what Rajeev Singh, Director General, will occur when the migrant pool dries up? Indian Chamber of Commerce, India These are not easy questions to ask when faced with the daily tasks of governing, and when many governments have explicit restrictions on immigrant numbers, or who

Ji Bo, Assistant Dean, Diogo Alves, Co-founder, Tim Mescon, Executive Vice Volkert Doeksen, Founder, Cheung Kong Graduate School KickUp Sports, Portugal President, AACSB International, AlpInvest Partners, of Business, China USA The Netherlands 51 The Horasis Global Meeting gathered senior business leaders from around the world.

A narrative diagram to capture the essence of a Horasis session Update on technology

The meeting featured 50 sessions, with always The journey continues five concurrent sessions at a given time. 52 Mariza – the reigning diva of fado – performing during the soirée Cascais, the emerging centre for global dialogue

A group of delegates visiting Cascais Discovering Cascais

Cascais is the perfect location for Horasis, and for days on the beach

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