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Dialog with Jack Ma, Alibaba Group | KIEF 2019 — Transcript

by Kyiv International Economic Forum · 10,051 words · 1,446 segments · language en · Watch on YouTube

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0:05good morning I'm Nik gowing I have been
0:09an international broadcast so I'm now
0:10founder and director of a project about
0:14thinking the unthinkable and that's what
0:15some of you many of you are here to do
0:17I'd like to introduce immediately check
0:19mark and I'd like to introduce Jack to
0:22come up and join me on the platform
0:24[Applause]
0:31good morning jack you've flown in from
0:34the People's Republic of China thank you
0:37very much indeed to take a seat here
0:39because what we're going to do for the
0:41next hour is have a dialogue with Jack
0:44Ma founder of Alibaba which is bigger
0:47than Amazon now an extraordinary
0:51operation which he created in his
0:54apartment about 20 years ago and look
0:56where it is now it's to inspire but also
0:59to understand many of the challenges and
1:01what I'd like if I may to underscore how
1:05we're going to move this forward this
1:07morning I'd like you to feel part of the
1:09conversation Jack what I'm going to do
1:11is I'm going to ask anyone in the
1:13audience as well if they want to
1:15intervene on the conversation and maybe
1:17if we can do that by raising the lights
1:20so I can see you I can see an awful lot
1:23of mobile phones but if someone could
1:25put the lights on then I have a chance
1:27of finding out who else would like to
1:30join the conversation because at the
1:31moment it's a blur of dark dark colors
1:35and some heads which are shining not
1:38many but some are shining but I mean I'm
1:42here ready to make sure this is a
1:43conversation and I think it's worth
1:47underscoring Jack that you've said that
1:49you want to write a book which is
1:51Alibaba is 1001 mistakes because it's
1:55it's easy to say - Jack you're an
1:57extraordinary achiever with your
1:59co-founders and the enormity of what
2:01you've created but it didn't come easily
2:03there were many setbacks and he wants to
2:05highlight that and you've underscored
2:09very much that the bigger the company
2:11the bigger the problems you've said that
2:14time and time again but we want to get
2:16in the next 55 minutes into
2:18understanding how you've also become a
2:20mentor for entrepreneurs and there are
2:24many tensions that you have identified
2:26and I'm underscoring this for the
2:31audience here about the the way in which
2:34technology is changing about the way
2:37these are now and you a new line between
2:42people and machines
2:43you've been saying we used to make
2:45people like machines now we must make
2:48machines like people so I want to and
2:51pushing you down the track if I know
2:52where you want to go the things we teach
2:55our kids machines soon we'll do better
2:57which creates an enormous educational
3:00challenge and that's what Jack is now
3:03pioneering with his work in the People's
3:06Republic but also around the world and
3:08he underscored very much this was in an
3:11interview he did back in May in Paris he
3:15underscored exactly what you've just
3:17heard in the video if you think the tech
3:19revolution is a problem then I'm sorry
3:22to say the problem has only just started
3:24if you think it's an opportunity that
3:27opportunity has just started and it's
3:30all about your mentality if you worry
3:32you're always gonna worry but don't
3:34think in that way and what I'm doing
3:36Jack we weren't able to speak before we
3:38came on the platform what I'm trying to
3:40do is is set in in context what we want
3:44to hear from you not just about Ukraine
3:46but about what you're seeing elsewhere
3:48but I think it's important to underscore
3:50what the president has just said back on
3:52July the 29th there was a presidential
3:55decree to boost each government in this
3:58country hopefully by having the first
4:01steps in place within six months 11
4:03clear steps but want to hear from you I
4:06think and I'm gonna tell you how you can
4:08make your your feelings here clear to me
4:11about when you want to intervene what we
4:13want to do is understand the complexion
4:15now of the digital space in which you
4:18have been operating on which you have
4:20made an extraordinary success well ahead
4:22of Amazon but others are moving up as
4:24well and I think it's it's important to
4:28underscore that Ukraine does not have
4:30the time to repeat the development paths
4:32of leaders in fact new Ukraine needs to
4:36create its own transformational miracle
4:39and I urge you to pick up what the
4:41president said what we've seen on the
4:43video even if you're not familiar
4:44totally with Ukraine where there are
4:46still 3,500
4:48state companies where there's still that
4:51transition going
4:52going from the Soviet era to where we
4:56are 28 years later we want to understand
4:58the role of cooperation between the
5:00state and business in matters of
5:03digitization to again build on that
5:05could I ask please the tech people could
5:08we have the lights up because I we have
5:1050 minutes 55 minutes and I'd like to
5:12know who else wants to put questions now
5:15at the moment we can't really see
5:16anybody so could someone put up some
5:18lights please oh there's someone there
5:22who is already using a their own light
5:24and they're putting up lights
5:26that's shows tech low tech check welcome
5:30thank you
5:31but the 1001 mistakes what would you be
5:34saying in that book which you haven't
5:35written yet well first you just say
5:39Ukraine can't do cannot afford to copy
5:42the other country's success
5:44I think nobody no country can't afford
5:47you know in today
5:49copy the other country because we are
5:52entering into an area that's so new to
5:56anybody to any country I don't believe
6:00they're experts of future there is only
6:02expert of yesterday as entrepreneur we
6:05believe in future I'm very happy to hear
6:08president said invest in the people
6:10invest in SME small business investor
6:14the young people invest in small
6:17business this is the key last a century
6:20because of the internship tech top
6:22Industrial Revolution so the bigger the
6:26better next century thus more the better
6:29the flexibles better lastest century
6:32people say are you are big so big is the
6:36standard next century is good if you're
6:40good company you'll be good good company
6:43does not only have to be big how do you
6:44how do you define a good company
6:46companies is the company you don't have
6:49to be big because the bigger you are the
6:51big problem you are the
6:54the good company means you take care of
6:56the employees you take have customers
6:59you are respected not because you're
7:02rich we find we have a lot of people who
7:04are rich but not respected right when
7:08you do things you should be happy you're
7:10in price to happen your customers happy
7:13society are happy this is the key so not
7:16necessary you're big you know I'm rich
7:18rich means nothing but you created a
7:23company an enormous arranged
7:25organization do you regret having
7:28created a big organization then yeah I
7:31if I could use again I would try to make
7:35my company not that big size
7:36unfortunately it's growing so fast so I
7:39tried to make a big size the good
7:41company but should you said stop is
7:44there a time when you should lose that a
7:45mistake I tried to stop a later I say
7:48well it's impossible to stop because I
7:51think with the technology with the ideas
7:54with the terrible experience we had we
7:57can enable many many small business they
8:01are on the way to tomorrow with our
8:04tough to the years experience we can
8:07share those experience those mistakes
8:11with those entrepreneurs on the way now
8:15you have created and been lecturing
8:17yourself at your own business school for
8:18sustainability in China I think it's
8:20been going three years and you've
8:22emphasized where people have failed
8:25actually I'd like to suggest you
8:27experimented but it hasn't worked
8:29failure sounds too negative what kind of
8:32examples are you using about which
8:34suggest and make it clear the kind of
8:37traps that those out there can fall into
8:39well only way you give up it's a failure
8:44if you don't give up it's just a mistake
8:47mistake is the best of fertilizer for
8:51tomorrow success I think for company
8:55like Alibaba people say hey guys you're
8:57so lucky into the years you have
9:00achieved that much yes we're lucky but
9:03we work very hard we made
9:06stakes that anybody came manager we made
9:07mistake on raising capital we made
9:10mistake on management and we made
9:13mistakes on HR we may mistake a lot of
9:16areas but we have learned more about
9:17those mistakes for example when we don't
9:22have money we don't make big mistakes
9:24when I raise the five-minute u.s.
9:26dollars I think a while I'm rich so I
9:28tried to hire a lot of high-ranking
9:31people from those fortune 500 when I
9:35hire them I know something rough for
9:37example I want to make a business a
9:39marketing plan for my product so I ask
9:43my VP of Marketing he said he made a
9:46plan for 30 million dollars and they say
9:49I only have 5 million dollars he said
9:51Jack I have never made any marketing
9:54plan below 20 million dollars so how
9:57could you make succeed and I think while
9:59it's my problem when your company is
10:03only a poor tractor don't try to buy a
10:07Boeing 747 engine in it because there's
10:11it's not the points that it's not a boy
10:13engine problem it's your problem we're
10:16not ready don't think great people are
10:21great people always in your company
10:24those people believe in you those people
10:27following you you should spend the time
10:29training them working with them and
10:33develop with them with them together
10:34investing that and then the company grow
10:37this is a lesson I learned you mentioned
10:38HR problems as well you have an enormous
10:40operation I mean when it was so
10:42different from when you were in your
10:43apartment 20 years ago yeah what was the
10:46HR what were the HR problems which
10:48overwhelmed you well a lot of people
10:50want to have a quick success they tried
10:52to headhunting people right I want to
10:56get the guy I want that guy I want to
10:59win the competition if you want to win
11:01the competition always in your mind
11:03you're professional killer you're not
11:04the guy thinking about develop your
11:06company so I was a teacher
11:09I had no experience of marketing I don't
11:13I don't know anything about technology I
11:15don't know anything about accounting
11:17actually so I know as a teacher the best
11:20way is to find a good students find the
11:23people who are better than you are find
11:26the people who are smart you are
11:27believing your students are smarter than
11:29you are
11:30so past to the years I try my best to be
11:34a good teacher
11:35I call myself CEO chief Education
11:39Officer I learn from a teacher a teacher
11:44yeah thank you I teach a good teacher
11:49always hope that his students do better
11:52than him a good teacher feel proud my
11:56this students become a TV anchor my this
11:59student become a banker that student
12:01become a mayor no teacher what this guy
12:04bankrupt bad student in jail you know
12:07nobody want that so if you want your
12:10student to better you should give them
12:12more chance you should trust them you
12:15should give them opportunities so from
12:19what I learned from my HR I trust my
12:22people even to today I give my advice to
12:27those young leaders when they hide
12:30people the adviser hi the people if you
12:33think this guy in five years he will be
12:36a boss hi him now jack there are
12:40parallel challenges between what you've
12:42faced in the People's Republic of China
12:44where there are an enormous number of
12:45state enterprises and they remain a
12:47significant number of state enterprises
12:49here and one part of our discussion has
12:52to be about how you transfer how you
12:55translate that state mentality into what
12:59you're saying
13:00well this will we got a so many
13:03complaints and as anxious premier we
13:07love other people complained we never
13:09complained we think the opportunity only
13:13lies in the place where people complain
13:17I feel a lot of people complain about
13:18SOE you know state-owned and provide
13:21they are so big they're so powerful for
13:23me we're so tiny why should we worry
13:26about there are plenty of room when I'm
13:29a big enough I think we should not
13:33complain
13:34we're compete with them we prove to the
13:38society that we are more efficient we
13:40prove the society we can do better and
13:42this is what I'm doing and I it's
13:45complaining is so easy everywhere and
13:49this was the thing worried about me is
13:50so many young people complaining
13:53complaining you listen if you solve the
13:58way complaint you solve the problem so
14:00as Zoe's stayed on the business they are
14:03big they're everywhere but you see
14:05they're shrinking they focus on all tiny
14:09things for us the market is so big so
14:12what will you be telling the president
14:14well this particular issue
14:17my issue to the advice to the country to
14:20the people is that develop private
14:23sectors just entrepreneurs and I think
14:27the lot of SOE
14:29leaders in China they're great
14:31entrepreneurs they have more problems
14:34they have to care more than we do they
14:36take more responsibility than we do and
14:38when you are small think about how you
14:42survive how he developed how you can put
14:46your people customer first do not think
14:48about those guys in a big Delta when I
14:53was young I will I hate Microsoft IBM
14:57Oracle you know these big companies and
15:00I then I think well what do they think
15:03of you now
15:04they probably scared of us but this is
15:08why this is good this is the chance for
15:10everybody and I think I hope some day
15:13more young people think you know we will
15:16defeat Alibaba we will do better if we
15:19give us time if it gives a chance
15:21we don't complain we improve they have
15:24the chest so how do you develop the
15:25innovative ecosystem the speed that is
15:28necessary given the enormity of change
15:30which the the video really emphasize in
15:34a way that certainly our project is
15:36underscoring thinking they don't think
15:37about the speed at which things are
15:39happening the level of disruption how do
15:41you create a self-confident innovative
15:43ecosystem which can capitalize on
15:45digitization people and demanding first
15:50as entrepreneur is just foresee the
15:54future if you know the technology is
15:57coming you cannot stop it embrace it but
16:00many think is not going to affect me
16:02it's none thinkable we would say it's
16:05unpalatable
16:06you're turning your blunt you're turning
16:08blind eyes you're assuming that the way
16:11it's been is the way it's going to be
16:13well I think you worry too much
16:16Accenture premier we believe the future
16:19I know if I cannot be there somebody
16:22will be there if I cannot be there
16:24I hide people who can be there if I'm
16:27not smart enough I follow the people who
16:29smart than I am so I'm not the guy worry
16:34too much about future I worry a lot
16:38about the people's worry today the big
16:43story is the warrior to self you worry
16:46about privacy war best security worry
16:49about a government worry about as so
16:51easy what to worry about you're worried
16:53it comes you don't worry
16:54it comes that's entrepreneur let's do
16:57there are so many things you can do when
17:07I started my business in 1999 people say
17:11hey Jack you'd have money yeah no I
17:13don't have money you do have technology
17:14we'll have technology you don't have for
17:16the credit system we don't have a car
17:17system you don't have fun you don't have
17:19the logistic you're not the payment you
17:22don't have this and that I say if
17:24everything's ready there's no chance for
17:26me let me ask you jack what's your
17:28definition of the future I'm gonna be
17:30not facetious but pragmatic here you
17:33know people say let's think about 2030
17:35well I'd put you the 2030 is ten hours
17:38from now in other words the future is
17:40happening much quicker than anyone
17:42really wants to imagine do you think
17:44that this is a serious mindset culture
17:47problem yeah first I think in the future
17:522030 there'll be more rigid company
17:55there will be more rich people they
17:58would cut the country we have the world
18:00who have a lot of challenges but those
18:02people tell me any society any time any
18:05any period of the world there is no
18:08challenges but what about the argument
18:11that AI algorithms are going to hollow
18:14out the middle class by removing a lot
18:17of jobs that have been assumed to be
18:18there in infinite in into infinity
18:21because the nature of that work is being
18:24done by machines no because because
18:27where you don't know about an AI where
18:30you hear too much movie stars by a I
18:32start to worry why you worried because
18:35you don't know him I think people worry
18:39about when the first technology
18:40revolution come the world we worry about
18:42machine last century we worry about
18:45electricity today we water by the AI or
18:48is AI
18:50AI artificial intelligence do you think
18:54we human being only no less than seven
18:58percent of our brain and less than seven
19:01percent of the brain do you think we can
19:03create a machine that Q people
19:06impossible human being should have
19:09confidence machine only have chips human
19:13being have a heart the heart you can
19:16never create machine can replaced some
19:19part of our brain machine can never
19:21prick
19:22replace your heart trust me that it will
19:29take a lot of jobs but will create more
19:31jobs but maybe you are not competent
19:35you're not a good for that jobs
19:37somebody will and I think let me tell
19:42you that when people worry about in our
19:48company we do not call artificial
19:49intelligence we call ourself Alibaba
19:52intelligence we think it's a great thing
19:56I said yesterday in a university that my
20:00grandfather worked 18 hours a day seven
20:06days a week he said are very busy we
20:09people work five days a week
20:143.8 hours a day we are very busy let me
20:18tell you my grandson he will work three
20:23hours a day three days a week he will
20:26tell you he's very busy
20:28Michelle will make us doing that and you
20:32should have a where you believe in the
20:34future is good you would do good things
20:36for the future will you believe a better
20:38future is bad your mentalities in
20:41trouble and then you will be upset
20:44how can be a person upset be creative I
20:47just cannot imagine well I've got to
20:49pick you up on that Jack because earlier
20:50this year you talked to brain supporter
20:53than nine nine six yep work routine and
20:56I could have underscored to those who
20:57don't know it in particularly in China
20:59you work 9:00 a.m. to 9:00 p.m. six days
21:02a week and you were given a hard time
21:05because of that and you backed off a
21:06little bit No nine nine six is the sprit
21:12that I encourage an ally pop up people
21:14if you want have a bright future if you
21:18don't want be given by the society it
21:22won't be successful you have to work
21:25hard of course you can enjoy a life and
21:27I work only two hours a day and can you
21:30can you enjoy life with a nine nine six
21:32regime yes I do I do
21:34do other people in Shenzhen and
21:36elsewhere i I think most of the people
21:40in this world whether the great
21:42president when they're good professor
21:45we're good engineer a good scientist or
21:48good anchor like you you work much more
21:52than you do when I have a shower I think
21:55I work when I'm the toilet I think when
21:59I running I think we never stop working
22:02because today why Alibaba need to nine
22:06and six because we on our site we have
22:09more than 60 million business rely on us
22:13if we don't work hard they lose their
22:17hope so we have to work up but but if
22:21you don't like your job if you don't
22:24like the work you do work in two hours a
22:26day you feel very bad if you love your
22:30jobs people like me if I love the job
22:33I'm doing and
22:34love the things I'm doing ten hours a
22:37day 15 hours a day is nothing this is
22:40how you view it the world
22:42that's entrepreneur if you when I was
22:48tiny
22:50I thought mmm one day I become a big
22:52boss I legis take cigar watch movie
22:55business easy I should work making my
22:58company bigger now my company is much
23:01bigger
23:01I'm much busier more problems
23:05so enjoy why you're small they company
23:13just darling
23:15money big big company means big
23:19responsibility you take care of your
23:22more employees more customers most
23:25social responsibilities ah I do regret I
23:30could enjoy my life much better but you
23:34know this is my life I have to live it
23:36I've gotta tell you in the media it can
23:38be not 996 but twelve twelve seven so I
23:41warn you we work even harder than that
23:43sometimes now you don't a lot of people
23:46just don't wanna admit it
23:47we everybody tried to speak the things
23:49that people want to hear but as
23:51entrepreneur if wanna be the mentor tell
23:54them the truth life is not easy now what
23:57I want to do check is open it up and
23:59what I want to do is make sure there are
24:01four microphones where the ladies we've
24:04got the microphone you can see your
24:05light here where the ladies with the
24:06microphones please come forward because
24:08I need to I need to know where you are
24:10okay one there a one here where's the
24:12second and third and fourth can I have
24:15some more light in the room please and
24:16I'm preparing because can you help me
24:19there's a gentleman here who is four or
24:22five and they're all using their their
24:23phones to tell me where they are you
24:25come in and get a microphone here thank
24:27you let's have some more light and over
24:28here as well someone someone here but
24:31I want to position the microphones and
24:33move around fast and Jack do you have a
24:35headset do you have translation or not
24:37think of some could we get a translation
24:40because Jack I want to talk about
24:41education but I want to make sure that
24:44we're lining up a lot of questions here
24:46Jack let's have a headset if we can if
24:50you for the first question let's do it
24:52in English if we can but that's not to
24:54rule out anything else you need to go to
24:56channel 2 when we do that but I want to
24:59finally ask you before I open it up
25:01because I want to show we are opening it
25:03up for the next 35 minutes I want to ask
25:06you about education and the the work
25:08you're doing on this you've stepped back
25:10from Ali Baba
25:10but you've created a structure you've
25:12created a process you've created a
25:14momentum and particularly for the next
25:17generation so what is the principle
25:19you're trying to highlight at the moment
25:20why at the age of 55 okay you've stepped
25:23back but you still got a job you feel
25:25that needs to be done in this scale of
25:28disruption yeah I've been doing in the
25:31past two years on internet and I find
25:34the more internet helped people the more
25:37people start to worry
25:38for example artificial intelligence is
25:40gonna replace enough jobs and I said I
25:42realize that that most of the things and
25:46the way we teach our kids in the schools
25:49afford industry period in the future the
25:54artificial intelligence when they will
25:57make machine much smarter machine can
26:00remember more
26:01remember accurate machine can never get
26:04tight so everything we teach most of the
26:06things we teach our kids machine can do
26:08better so what education we should give
26:11our kids that they will be able to do
26:14the things better than machine or what's
26:16your answer
26:16creative constructive I think very
26:21important innovative independent
26:23thinking when there are so many opinions
26:25on the internet people lose the
26:27independent thinking and we should make
26:30our kids to be more creative I saw so
26:32many young people in Ukraine I went to
26:35the University yesterday excellent
26:37intellectual
26:40stating the university is important but
26:43people like us we are not good at
26:46academic we try every day we learn from
26:48the society will learn from the mistakes
26:50we learn from our partners learn from
26:52our employees and customers and
26:54competitors and that will make you
26:57innovative creative constructive so this
27:00is something I want do something to help
27:04our next generation they are never
27:06scared of artificial intelligence never
27:09skevur robots they yet can do things
27:12that robots cannot do second the thing I
27:15think today the whole world looks like
27:17we put too much money resources or
27:20university master degree PhD degree but
27:24I think we should put more resources on
27:26the primary school middle school
27:29kindergarten and then it's too late to
27:33in the university so how would I changed
27:35the curriculum for thee for that
27:37generation thee the under tens the under
27:4012 those who are and those who are not
27:42at university how do you change the
27:44curriculum because they've got to put to
27:45you that that's tough in the education
27:47world I know but we see a lot of
27:49countries start to moving that in years
27:51through Finland and all in Japan a lot
27:55of countries start to do that I think
27:56before 12 music is important sports
28:01teamwork is important painting is
28:05important and I think make people like a
28:09people we should not make people like a
28:11machine learning I mean like a machines
28:13they only have soft knowledge they
28:15should try knowledge I see a lot of
28:18people in this world have excellent
28:21knowledge but they just don't know how
28:22to use it I have a lot of knowledge but
28:26I use them very well but let me put to
28:28you about quantum quantum Google have
28:30just done an experiment where they
28:32achieved in three seconds calculations
28:34which would have taken 10,000 years
28:36that's coming down the track pretty
28:38quickly
28:38yeah where does that leave the human
28:40being and the young the next generation
28:43well let's do the other industrial
28:46period human being look at the outside
28:49world
28:50right we love Mars and moon but this
28:56century we will know the inside world
28:59better
29:00the quantum speed we know the outside
29:02world so much but we don't know the
29:05inside world this is the speed that
29:10data's we have to know our human last
29:13century we made so many smart and clever
29:16people this century we should create a
29:19lot of wise people what does it what's
29:23the difference between clever and wise
29:25but is something like the quantum
29:27computer you're AI gonna be smart we
29:29will decoding we will be able to
29:31decoding the human the human secret we
29:38always try to understand the all side
29:41secret but we don't understand the
29:43inside secret the content speed will
29:46make people understand us so I want to
29:49say we have large smart people smart
29:51people know what they want wise people
29:55know what they don't want what about the
29:58computer which computing will let you
30:00know all the things you're looking for
30:02this is not what you want computing
30:04quantum computing to me it's let us let
30:08the young people trial it the most
30:12dangerous thing is done a machine the
30:14most dangerous is the greedy of people
30:17the most dangerous thing is not AI it's
30:20nuclear bombs
30:22it's the greedy so we is using the
30:28technology understand people understand
30:30ourself better don't worry about too
30:34much about technology there is no way
30:37maybe you don't have solution I don't
30:40have solution but our young people have
30:42a solution we don't have a solution
30:44today future we have a solution so I
30:48think again again trust our young people
30:52trust the future
30:55and let's do something and this is why
31:00entrepreneurs are important that's what
31:04I say
31:05government lots of governments start to
31:08worry people academic worried people we
31:12want to solve the worries I'm sorry
31:14right there you have your set right now
31:16I can get the questions now there are
31:18rules here which is don't talk for a
31:20long time because I'll cut you off and I
31:22want to get as many ideas as possible
31:24and do I have four microphones in the
31:26room or two because I'd like the second
31:29microphone to come over here please
31:30can you choose yourself right please
31:33Jack could you introduce yourself I'm
31:36folding a bunch on common economic
31:38analysts and also the speaker of this
31:41forum I watched many of your speeches on
31:45YouTube and I have not found one
31:49question with which maybe you didn't
31:51like now you always explain about
31:57entrepreneurship but we know that
31:59Alibaba achieved success also due to
32:06government actions of discrimination of
32:12Amazon and other platforms and digital
32:16protectionism continues and in the
32:20future okay quick please so the question
32:23what do you think it helped you and the
32:27other question were Ukraine is a small
32:30market as compared to to China what is
32:33the government's grow in Digital
32:37development of of Ukraine I want to get
32:42as many questions in as possible Jack
32:43okay first give me one example the China
32:48government helped me fight against my
32:50competitors with Amazon eBay
32:53i povery famous in China for fighting
32:59with government I fight with any
33:03ministry and I I think Internet is new
33:07to any government so my job is to
33:09convincing educate work with the
33:12government here what they worry and let
33:14them know what I worry we click eBay out
33:17of China it's not government kick eBay
33:21out of China Amazon worse debt 20 years
33:24ago they were here today I talked Jeff
33:27pieces like 10 years ago Zajac Jeff Jeff
33:29you send a lot of people coming to China
33:33but these people make boss happy not
33:35making a custom happy a gracious and
33:39entrepreneurs coming to China make
33:41people happy not boss happy just right
33:44my advice check you use the word twice
33:46fight what do you mean by fight well if
33:49you think it is good for the future if
33:52it is good for the government or gut for
33:54the people and the government offers
33:56don't understand that fight for it tell
34:00them these today most of the government
34:04offices in China they're young people
34:06listen to them communicate with them
34:09stick to the ideas when they say this is
34:13ROH okay we followed the road right
34:15before the big the road we fight for it
34:17there are many many people here we could
34:19be here for a long time but I'm gonna be
34:21as selective as I can miss fair as I can
34:23please at the back there's a lady you've
34:26got the you what your who's got the
34:27microphone right at the back okay will
34:30you go ahead okay please right at the
34:32back the prodrome good morning so dear
34:35jack maher would you please name several
34:38points which have formed you as a human
34:42being up to 35 years old up until you
34:46created Alibaba
34:47because those points have made you as a
34:50human being with a capital letter age
34:52whom we see on the stage today thank you
34:56I mean that what kind of points before
34:59you were 35 prepared you for the success
35:03you've had okay well as you know that I
35:08tried a lot of jobs all failed and I
35:11tried to university Phil and I find that
35:14there's there if there nobody hired me I
35:17should hide myself and before 35 I don't
35:21have any chance there is no success
35:24cases in me but this helped me where you
35:28were failure
35:29I was Ania I don't know in the future
35:32because you never know you will succeed
35:33or not until the day you die you would
35:36check the ballast I'm too young to say
35:39unfair was successful I just try I'm
35:42trying all the time but let me tell you
35:4535 I still worry about the future and
35:50now I'm still worried about the future
35:51but I know worry is not enough and you
35:54have to try the future and I I don't
36:00know it's not me it's the people all
36:02right I want gender equality in this
36:04room please can you can you move the
36:05microphone across to the lady or first
36:07yeah please
36:08thank you even though there's no gender
36:10equality on the time platform I'm sorry
36:12please go ahead mr. J good morning I'm
36:17Jana police now I work in the state
36:20finance institution for innovations
36:22Minister economic development and trade
36:23of Ukraine and my equation what do we
36:28seem innovation is a problem or solution
36:31thank you
36:33can I ask you first do you think your
36:35ministry is now being innovative enough
36:37you can
36:38yes yes yes because yes my ministry is
36:45the best ministry in Ukraine because we
36:48have a more a lot of very creative for
36:51people I say that because you can call
36:54yourself innovation but that doesn't
36:56necessarily mean it's easy
36:58Jack thank you yeah I think innovation
37:03is absolutely the solution for future
37:06and I have confidence in Ukraine from
37:10the University of visited from these two
37:12days you guys are so good very
37:16knowledgeable the only thing is leave
37:18the academic leave the school go try try
37:21domestic the more mistakes you have the
37:24more experience you have but how
37:25innovative it is an innovation ministry
37:27have to be innovative ministry
37:31innovation ministry your job is not you
37:34to be innovative your job is to find
37:36enough innovative ways to empower the
37:39other people to be more innovative this
37:44is very important about what kind of
37:46ways you can inspire people business
37:50they can be more in more creative nor
37:54innovative I find a lot of government
37:56offices try to be innovative themselves
37:58no this is not way the way is how can I
38:02make him happier how can I make him be
38:05more creative how can I make him more
38:07constructive how can I make him be
38:10strong when he faced the challenges this
38:12is the what the minister make the
38:14policies right make the policy that can
38:17inspire people because you know what
38:19it's like in ministries if you get to
38:21innovative or to maverick
38:23then you're sidelined you are seen as a
38:26someone whose career should not go any
38:28further how do you inspire within a
38:30bureaucratic system chair this change
38:34the system
38:40well you know company like us you know
38:43the only thing you wing because we
38:45change our system to making sure our
38:47customers can be more creative our small
38:51business can benefit from e-commerce so
38:53as if you don't like the there's a way
38:57if you like your ministry join a
39:00ministry helping others if you don't
39:04like the ministry either you don't join
39:06the ministry or you join the ministry
39:08change the ministry there's no other
39:10solutions right all right but it's a
39:12pity the president isn't here about
39:13changing the system I'm the Prime
39:16Minister all the in Alor oh yeah right
39:18yeah I'm going to leave that hanging you
39:20just change the system let me go to the
39:21back there please another lady of their
39:25penis thank you my name is Alana
39:27korolenko I'm the owner of Formica
39:30international and I have a question
39:32regarding in your opinion what is more
39:36important to invest in employees MBAs or
39:40in development of their soft skills and
39:43also do you use any coaching techniques
39:46in your company and which of them do you
39:49think are really working thank you could
39:51I ask you before you have the microphone
39:53or do you find value in those who come
39:56to you with MBAs not always that's why
40:01that's why you're asking the question
40:02Jack well honestly I don't like a lot of
40:07MBA schools and I don't encouraging my
40:10people to study MBAs I send a lot of X
40:15and young people in early days of
40:16Alibaba to MBAs they were so smart
40:19before they say I send them when they
40:22came back they're not smart
40:23I tell you the one thing very important
40:27today but what did everyone hear that
40:28when you sent them to the MBA they were
40:30smart but they came back they were not
40:32so smart
40:33grace that thing this is a book set the
40:36Catholic because MBAs they focus too
40:38much on successful stories
40:42business is like a battlefield when you
40:46do business you have to learn the
40:48mistake the other people do if you learn
40:51too much too many successful stories you
40:54think success is so easy so simple when
40:57you know there's a lot of people the
40:59world those people who fail always the
41:03same reasons those people who succeed
41:05there are a lot of reasons so learn from
41:08the other people's mistakes that were in
41:11that will make you more powerful that
41:14will make you more knowledgeable I don't
41:17like so many schools MBA schools just
41:21given so many case I just waited for one
41:24more minute about this it's serious one
41:27of the very famous University's MBA
41:28university came to Ali Papa early days
41:31they said we want to write a case study
41:33for Ali Baba they spent one week they
41:37study here then they came to me say jack
41:40this is case study I read it I said no
41:43this is not me this is no it's you
41:45I said no it's not our company he said
41:47no you don't realize it's your company
41:49then he asked me to sign and I sign it
41:53because I made maybe I don't know who I
41:55am so I sign it later years there is a
41:59case study of that in many schools and I
42:02every year I was invited to the school
42:04to listen to the MBA case study they
42:07always put a competitor of a and Ali
42:10Baba after this after class every time
42:14they voted
42:14Ali Baba will fail competitor will win
42:17but every year we win competitor die so
42:22don't trust that right okay well I want
42:26you to innovative ideas I want to ask
42:28you say if there's anyone from a
42:29Business School who wants to defend MBAs
42:31here and their revenue streams
42:34is there anyone put up two hands are you
42:37from any business school actually I'm
42:39not well okay well I'll come to what I
42:41have a question okay well if anyone from
42:44a business school really wants to defend
42:45MBAs now is the moment please as hello
42:50mr. amar my name is Anton
42:52Monell I'm from KPMG actually KPMG named
42:56you at top three entrepreneur but from
43:01that I share your passion for kaanchi
43:05ties each one and my teacher is a
43:08personal disciple of Gen you can you
43:11tell us how a G tied each one have
43:15changed each I did she won't help you in
43:17your in your business and basically
43:19become who you are many people just
43:23don't know about this
43:24all right thank you please move the
43:26microphone to the gentleman with the
43:27light in front please yeah you take the
43:30microphone next please check yeah Taichi
43:33what is a Taiji trend is a Tai Chi is a
43:35philosophy and Tai Chi chain is a way of
43:39martial arts and what I learned that is
43:43soft and heart and a balance when you
43:45know when to give up when to insist so I
43:49learned a lot from that it's a great
43:50philosophy thank you please the lady
43:53there okay my users on you have a
44:01Gaussian Yoji who condone you blow :
44:05I switch to English okay I present
44:08Ukrainian psychologist Association it's
44:12a group of people really working hard to
44:15make Chinese Ukrainian relationship
44:19stronger and without government support
44:23it's really impossible and government
44:26has a strategy how to well develop
44:29economy unfortunately at the moment
44:31Chinese Ukrainian Chinese relationship
44:34it's not really developed
44:36that's why investment in a very low
44:40level do it can you have any message to
44:43our present president the lansky about
44:46that course everybody's real worried
44:49China is economy number one in the world
44:51number two sorry it's it's my forecast
44:54number two in the world
44:55thank you jerk yeah I think you have a
44:59brilliant president he's young
45:01passionate and you have a young
45:04government and he's just a being
45:06president of for a few mouths right so
45:09give him some chance and time what he
45:11said I love it invest in people investor
45:15on the future investor SME this is very
45:18important for China Ukraine relationship
45:21and I Adam I your crane for long long
45:24time this is my first trip in Ukraine
45:27you guys are so lucky
45:29beautiful land intelligent a yeah man
45:34beautiful woman
45:35how could in this world how could in
45:39this work of a such great combination
45:42right and you know that the people the
45:45normally those people who Hansen they're
45:49not clever people like me and on ugly
45:53but you know we know something right
45:55but you this nation such colorful
46:00history so I think China Ukraine would
46:04definitely work more I'm thinking about
46:06it inviting many of my business friends
46:10come to Ukraine opportunities here and
46:13your system your young government and
46:15your people and your land huge potential
46:18I should say not speak like a politician
46:21I speak like a business people I should
46:24tell you there are lot of energetic
46:25people who want to ask questions but yo
46:27and L eh who's gonna be on the next
46:28panel
46:29the CEO of head when they announced they
46:31were investing in Ukraine said and I was
46:34gonna say this later
46:35I believe that Ukraine offers the best
46:37opportunities for competitive
46:39manufacturing in this part of the world
46:41even better than in China possible well
46:46we're hear from him in a moment who else
46:48has got the microphone please hello
46:50where are you
46:51was b4 University former trade minister
46:58of Ukraine
46:59I'm big believer in Ukraine in
47:01innovation and international trade and I
47:04would like to ask a question about trade
47:06war and technology war between US and
47:08China definitely it affects your
47:11business but I believe that's a chance
47:13for Ukraine that's the first question
47:15and the second question just to
47:17deliberate on what you said about
47:19opportunities in Ukraine
47:20what would make you invest in Ukraine
47:23not just look at the opportunities okay
47:27thank you
47:28well I'm a believer of trait and I'm a
47:32believer of free trade and unfortunately
47:35today the world people seems that don't
47:39like trade a lot and this is the job
47:42that people like us should fight him for
47:45and I try my best and I think the
47:50china-us a trade war the trade problems
47:52is gonna be soft but we should not when
47:56trade stops the world starts trade is
48:00something it's not you buy things from
48:03others you are respecting the other
48:05culture
48:06because you love the other culture you
48:09start to trade so I ask the person doing
48:15entrepreneur and I understand
48:18government they love each other's group
48:21but the most important business love
48:23each other people love each other people
48:24love the other car companies are the
48:27country's products so I don't have any
48:31problem fighting for that do you think
48:33politicians are out of touch with what
48:36their custom with what the people want
48:39they want free trade but the politicians
48:41seem to have a rather different view
48:42that it's going to protect jobs yeah
48:43create jobs I'm not a politician I
48:46cannot speak for them are normal people
48:49I'm a business people
48:50I appreciate the whole ethics affects
48:51you as a person yes there lot of things
48:56affects me business politician and
48:59policies but my job is before this thing
49:04happened
49:04we should go convincing and talk if that
49:09feel we should never feel to continue to
49:12fight so this is what I think the world
49:14needs a train the new world need respect
49:18as the Ukraine I think I love the people
49:21here it's the intellectual people its
49:25openness of this country the culture a
49:29new people you believe the future you
49:32are making the change changes as I said
49:36the minister
49:37never in the world there are a few
49:41countries I go there there is the
49:42minister there is a Ministry of
49:44innovation and love to change and you
49:49never see a government that you
49:53president 40 were years old Prime
49:55Minister 35 years old a lot of Minister
49:58like a 28 they don't have experience
50:01tell me who has experience of the future
50:05nobody as experience of future we say is
50:09a let's fight for the future
50:13let's make a spirits for the future so I
50:16think I like the culture here and the
50:21people said lady there mister ma
50:28my name is Terrace I represent this age
50:30group the question is what is your
50:33vision of the role of the banks in
50:36future and how they will transform in
50:39which part of value chains they become
50:41the row of banks yes yes it's like Oh or
50:44funders and private equity in other
50:47words said that you made a lot of
50:49mistakes with funding and financing what
50:52do the banks and the financial
50:53institutions need to understand about
50:55that well let me tell your bank's
50:57business is going to be tough it's gonna
51:00be tougher and tougher because
51:04traditional banks they have the license
51:06and they just you're supporting big
51:09companies easier but in the future banks
51:13just supporting small business bank
51:16should support individual young people
51:19and that is the skills that traditional
51:24banks don't have but today because of
51:26the data because the internet new banks
51:30will come let me tell you what for you
51:32are a bank alibaba's could a bank we are
51:34not bank we tried to help banks
51:40lemme tell you one thing
51:42this is very serious the world because
51:45of the technology revolution a lot of
51:47things were changed the thing will
51:49change is a lot of system trading system
51:52is gonna change change trade will change
51:55banking financing will change lot of
52:00logistic will be changed its opportunity
52:02for everybody the good news or the bad
52:05news is all the banks will face
52:08challenges but they're facing them
52:10already
52:10these are existential just the beginning
52:12I'm sorry to say it's just the beginning
52:15try to change embrace the technology try
52:19to focus your eyes from big companies to
52:22small companies to the successful people
52:25to the young people this change take the
52:29technology try to change yourself not to
52:32change the customers impossible change
52:35yourself to meet the needs of small yeah
52:40tiny that's the fact that Renault just
52:43is that the advice you're giving to
52:44banks yes are they adapting fast enough
52:49I have successfully convinced a lot of
52:52bags in China and I'm trying to convince
52:54in more banks they see you as a threat
52:57button outside of China
52:59thus I use a threat yeah ah well when
53:04you tell them when you really show the
53:06technology when you're really sure that
53:08people study for example the mobile
53:10phone payment banks they hate it but
53:13people love it banks should be inclusive
53:16last century banks support a big people
53:19credit card support success people today
53:22mobile phone payment support poor people
53:25young people bottom up st. Christopher
53:27only inclusive only empower the others
53:30you have chance if you want the IT make
53:34you powerful the DT empower others so
53:38banks should think about how you can
53:40empower small business young people to
53:43be able to say there's a clear message
53:44for bankers in the room please we've got
53:46five minutes to run a little
53:48I only extended a little bit please
53:49thank unique dear jack I work for your
53:53future group we are group Ukrainians
53:55exactly one year ago we visited Alibaba
53:58headquarters in your beautiful city we
54:02have had a lecture about your progress
54:04and I have two questions first everybody
54:08knows that you are English teacher but
54:12nobody knows that not so many people
54:14know that you are a serial entrepreneur
54:16you started with the translation agency
54:19very tiny business you've been making
54:22excursions for foreigners then the
54:25second business you have had was Yellow
54:27Pages you run a business of yellow pages
54:31and now you are both known probably the
54:35most important global agent enterpreneur
54:38on the world stage with a silicon where
54:41well they are idols you are the only one
54:44from Asia questionably the question is
54:46what is the substance which goes through
54:49all these businesses through throughout
54:52your career from translation agency to
54:55Alibaba okay what is and the second
54:58question no one would do anyone will do
55:00I'd say there's a scene there what's the
55:02theme of your success your DNA even
55:05though you've had some very serious
55:06setbacks curiosity and spirit of never
55:10give up and trust people curiosity for
55:15the future spirit of net don't give up
55:19and trust people do you trust people you
55:22fight with them yes because they don't
55:26know I fight if they know they don't
55:28want to give up they don't want to
55:29change then I encourage them up with
55:33other people okay who at the back please
55:35lady lady at the back I'm coming to you
55:37yes we got the microphone go hello
55:39mister man I max anesthesia from one of
55:44the biggest advertisers group of Ukraine
55:46nice to meet you first and regarding the
55:49question of curiosity what are the
55:53future of communication what advertising
55:57would be relevant in the new era in your
56:00opinion thank you so much can I say this
56:02is something that JAXA Geller is going
56:04to address in the next session so maybe
56:06be a little briefer on that we're going
56:07to discuss that in the next session
56:09quickly yeah the advertisement you have
56:11to think about how you can help those
56:14companies how this advertisers can help
56:17consumers instead of just to make you
56:19money mr. Bob I wanted to ask you how
56:28you evaluate your employees in your
56:30company and how you identify the
56:32potential employees that will grow
56:34inside of your company so how you
56:36evaluate employees and how you identify
56:37the potential growers HR mistakes Jack
56:41yeah we evaluate our employees by value
56:47and results both are very important how
56:50do you define value we have six valores
56:53in Alibaba every six valleys every
56:56quarter we value everybody with
56:58everybody everybody is that value and
57:00financial value it's not financial value
57:02it's the performance results valor and
57:04then the performance if you're good
57:07value and performance and then we change
57:09we will upgrade you to the leadership's
57:11the leadership value system review
57:14system so we have a whole system to
57:16train developing people this is what I'm
57:18good at
57:19over there the gentleman there you've
57:21got the microphone please
57:22yes now wait a minute behind you I'm
57:24sorry he's been very insistent since the
57:26beginning person so hello my name is
57:30Olga
57:31I am the micro entrepreneur and for the
57:34last nine years I deal with charity
57:36would you please tell what is the best
57:38way for the development if
57:42to develop in Ukraine to develop abroad
57:45or should I still become a financially
57:48successful entrepreneur and then I
57:50should help people what's the way for
57:51the development make yourself successful
57:57make yourself make money and then help
58:01other people a lot of people they don't
58:04know how to successful they try to teach
58:06people how to be successful this is no
58:08good
58:10[Applause]
58:15but there is an important principle here
58:17things are changing in the corporate
58:19world the principle of purpose and
58:21values in other words it's not just
58:23about making money it's about making
58:25money in a different way which which
58:28rewards and looks after those who are
58:31giving you the money as opposed to just
58:32taking it absolutely let me tell you a
58:36lot of public people and government they
58:40think business is just a for making
58:42you're too greedy you people
58:44entrepreneurs business people know
58:47people like us one of the reasons why
58:50Alibaba grow that fast passed to 20
58:53years let me tell you in my company for
58:56past 20 years I never spent a half an
58:58hour discussing how to make money half
59:02an hour we discussed that how we can
59:05help a people's small business how we
59:07can solve the problems this is as the
59:10CEO and chairman to do that but if you
59:12didn't make money I really do things
59:14proper the money will come if you're
59:17looking for money business people let me
59:20give you one advice if you only think
59:22about money this ice is US dollar this
59:26is I'm beat you talk about it UK pounds
59:29nobody want to make friends with you if
59:32you don't have friends you don't have
59:33business so think about how you can help
59:37the people your acts you will change
59:39your eyes will change and then people
59:41start to work with you very important if
59:45you want to be big support more people
59:48one more please
59:50Mallory neha which i represents 7k
59:55express international and i have a
59:57question for you
59:58what are the main conditions for smooth
1:00:00Ukraine China expert in in commerce
1:00:03human attention women so amazing
1:00:06Auckland Tomoko the quite intentional
1:00:10type Auckland Cynthia George injection
1:00:13ma ma a new planet Georgia for Cree he
1:00:19wants to know that how can i improving
1:00:22the ukraine ecommerce with china i was
1:00:25very disappointing and i would go back
1:00:27and ask my team goes oh I'm not the
1:00:29chana how a check from Aliexpress come
1:00:31to your crank takes about a forty seven
1:00:33days I just can't believe this I would
1:00:36go back this like last a century will
1:00:39improve it logistics employment payment
1:00:42is important and Internet is important
1:00:45these are three things if if Ukraine
1:00:48want to develop infrastructure of
1:00:51Internet capacity logistics and a
1:00:55payment and entrepreneurs if the four
1:00:58things are ready I think
1:00:59Ukraine has a huge potential internet
1:01:01check you can see you can see an
1:01:03enormous number of people out there but
1:01:05Wow where are you waiting here now I
1:01:08know a lot of people are waiting where
1:01:10are you right here yeah Derek
1:01:12mr. MA hi Peters on my family TV channel
1:01:16and I mean we heard an optimistic note
1:01:18here from the president about the
1:01:20investment opportunities etc but we all
1:01:22know that freedom of press is extremely
1:01:24important to the development of a
1:01:26healthy business environment and there
1:01:29have been problems with the new
1:01:30government and its tolerance a free
1:01:32press of criticism and I know China has
1:01:34also had its share of problems when it
1:01:37comes to a free press freedom of
1:01:38expression how important do you think it
1:01:41is to be able to express one's opinions
1:01:44freely for the development of healthy
1:01:47business environment thank you because
1:01:49that's what you have very significantly
1:01:51in in China with Weibo and so on you
1:01:53have an enormous capacity to talk and
1:01:55communicate well it depends what do you
1:01:59want to do people like me in the company
1:02:04we have a lot of people want to free
1:02:05talk and this and then I say aren't we
1:02:08and the right to speak and the next
1:02:12thing I wanted giving the people like
1:02:13entrepreneurs we always see the good
1:02:16site in large the good site and we shut
1:02:19in the weak side so to me I think a
1:02:23business on the Internet
1:02:25and the whole world in any country there
1:02:28are so many opportunities if you want to
1:02:31focus on this side and then be the
1:02:34politician people like me I focus on
1:02:38business I want to empower people
1:02:40I want to enrich people I want to
1:02:43inspire those entrepreneurs so I think
1:02:46this is more important for me to
1:02:49politically way of that yeah that thing
1:02:51I'm not expert of politician I'm not
1:02:54expert of channel you know TV guys you
1:02:57guys fight you for that I'm I'm fighting
1:02:59for economy okay
1:03:03we're over running Jack but I there are
1:03:06a couple of things I just need to raise
1:03:07with you very sharply at the moment you
1:03:10are a member of the UN Secretary
1:03:12General's high-level panel on digital
1:03:14corporation there is a significant fear
1:03:17and including from Facebook and other
1:03:19big organizations that there has to be
1:03:22some kind of regulation of the digital
1:03:24space what is your view on this
1:03:27particularly and you need to tell us
1:03:28just how many times you've been hit at
1:03:31Alibaba how much cyber security is
1:03:33paramount to your survival but the real
1:03:36threat so final thoughts please on
1:03:38digital cooperation but also tell us
1:03:40about the number of times you're hit a
1:03:42day that Alibaba yeah every day we have
1:03:45300 milling hits from hackers to our
1:03:49site 300 million 300 million every day
1:03:53but which is good where we are
1:03:55empowering our capability of facing
1:03:57these challenges I think we are all
1:04:00excited all the hackers that attack we
1:04:02get experience shares the experience and
1:04:05have any of them go through
1:04:06now we are so far so good you know
1:04:08whipping we have such billions of
1:04:11billions or trillions of transaction or
1:04:12site we are dealing with that and the
1:04:15second thing I want yes the government
1:04:18you know government love to make policy
1:04:20to control business like us we don't
1:04:23want to government to take too much
1:04:25policies to control if it needs to be
1:04:27regulation there need to be smarter time
1:04:30need smart regulations needs not
1:04:34policies and the policies should not be
1:04:37given by government should be working
1:04:39together with private sectors public
1:04:41sectors working together let's find a
1:04:44source Marcille the do you think
1:04:45governments can move fast enough and
1:04:47smartly enough governments move slowly
1:04:48the UN mean moves even more slowly yet
1:04:51the immediate challenge is now because
1:04:55of the threat and the credibility they
1:04:57will they will they were because this is
1:04:59why I love to see so many government and
1:05:03I hope we will move government to eat
1:05:06government
1:05:07eegh of Ehrman will make the government
1:05:09very transparent ye government will with
1:05:11no corruption eat government will make
1:05:13things more efficient so I think he
1:05:16government entrepreneur's education
1:05:19infrastructure these are the four very
1:05:22important factors for any countries if
1:05:26you want your people to be rich if you
1:05:28want your country to on the right
1:05:30direction
1:05:30these are for ease checkout and trade we
1:05:33got to conclude the conversation now I'm
1:05:35sorry there are so many hands going up
1:05:36but you can work out the mathematics
1:05:37it's impossible to get to all of you but
1:05:40thank you for all those excellent
1:05:41questions no I'm sorry
1:05:43we're out I know you've been waiting but
1:05:46a lot of other people are waiting as
1:05:47well it would be unfair but can I thank
1:05:48you enormous Lee for coming here to Kiev
1:05:51and for sharing it in a very open way
1:05:54the challenge is that you are now
1:05:57addressing having stepped back from the
1:06:00daily running but can see enormous
1:06:02problems and challenges ahead and you
1:06:04are only in your mid-50s
1:06:06so it is about lifelong learning so Jack
1:06:11Ma thank you very much indeed thank you
1:06:12so much
1:06:14[Applause]

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