Program | Speakers | Videos

Speaker:
Goolam Ballim, Group Chief Economist, Standard Bank of South Africa

The world is changing rapidly, and the BRIC nations (Brazil, Russia, India and China) are at the forefront of this transformation. While the BRICs share several common strands today, perhaps the most profound is their emphasis on nurturing close strategic and commercial ties with Africa in order to maintain their own domestic economic trajectories. Africa's trade with the BRICs has grown as a proportion of its trade with the world, rising from 4.5 percent in 1993 to 20 percent in 2008. The continent's share of world trade has doubled in the last decade, and China, India and Brazil now rank 1st, 6th and 10th among Africa's largest trade partners. Marginalized for so long, Africa is finally claiming its place in the global economy. This session explores the impact of these trends and the fundamental role being played by the BRICs in Africa's resurgence.

Moderator:
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute

In an interconnected world, political, social or economic upheaval halfway around the globe can generate major ripple effects. Which hot spots pose the most significant risk in the minds of national security experts — and investors? Is the United States overly focused on terrorism but too slow to take steps toward mitigating climate change? What steps can we take to make the global financial system more stable? How can we best assess risks and their economic impact? How safe is safe enough?

Speaker:
Zhouwei Liu, Editor-in-Chief, Founder, 21st Century Business Herald

Interviewer:
Perry Wong, Director, Regional Economics, Milken Institute

We all know that China's economy is undergoing a massive transformation, with profound ramifications for the rest of the world. But what is the real story behind the numbers? This session features a one-on-one interview with Zhouwei Liu, founder and editor-in-chief of the 21st Century Business Herald, China's leading business newspaper. Liu has enjoyed an unparallel vantage point from which to observe the changes taking place in China's economy. In this candid conversation, he addresses a host of issues and trends: What are the current roles of state-owned enterprises, and are they wielding new influence in policymaking? Are real estate markets dangerously overheated in China's major cities? As the private sector grows, how is China's corporate culture evolving? How do businesses and the public view corporate social responsibility and business ethics? And what do all these economic changes really mean for the average Chinese citizen?

Moderator:
Mary Kissel, Editorial Page Editor, Wall Street Journal Asia

As the recent financial turmoil swept the globe, the world's emerging economies braced themselves, with memories of the 1997 Asian financial crisis still fresh in everyone's mind. But this time, despite a few bumps and bruises along the way, Asia's up-and-coming economies weathered the storm far better than the U.S. economy did. How did they pull off this feat? Part of the answer lies in diversification: Where these nations were once heavily dependent on exporting to the U.S., they have branched out and deepened trade relationships with each other. Huge supply chains have formed in support of Chinese manufacturing; growth in both China and India has opened vast markets for components and consumer goods. What are the new patterns of innovation and investment flow? What is Japan's role in defining the region's economy? What are the rivalries, opportunities and geopolitical changes sweeping through nations such as Thailand, Malaysia, Vietnam, South Korea and Singapore?

Moderator:
Jonathan Greenblatt, Lecturer, Anderson School of Management, University of California, Los Angeles

Water is essential to sustaining life, good health, agriculture — and business. According to the World Health Organization, water scarcity affects one in three people on every continent. But most environmental debate about climate change and green jobs ignores the integral role of water. While there is growing awareness that water scarcity poses a business risk, the hard fact remains that economic growth without water is impossible. This panel brings together business leaders, policymakers and experts to preview the most creative solutions being attempted to meet the water challenge in the United States and around the world.

Introduction By:
Michael Klowden, President and CEO, Milken Institute

Moderator:
Paul Gigot, Editorial Page Editor and Vice President, The Wall Street Journal

Ten years ago Mexico′s economy was bigger than Brazil's. A decade later, they've swapped positions.

Asked what Brazil has done right, Mexico′s former president, Vicente Fox, said during the "Global Overview" session that President Luiz Inacio Lula da Silva is the reason Brazil has seen such explosive growth and progress.

Under Lula, Brazil has improved the consistency and permanency of public policy, a key to increased investment from both domestic and foreign sources, Fox said.

In addition, Lula's government has "found a formula" to finance development and get out of the "middle-income trap" - that is, countries that are not technology-savvy enough to compete with rich nations and are not cheap enough to compete with countries like China.

Calling education the "forgotten issue" in South America, Fox said, Brazil has made a conscious effort to focus on developing human capital.

While Fox praised Brazil′s success, he couldn′t help but fly his country′s flag. "The BRIC countries should really be called MBRIC," Fox said with a slight smile.

Speaker:
Ruben Vardanian, Chairman and CEO, Troika Dialog Group

Interviewer:
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, University of California, Los Angeles

Despite its abundance of natural gas, oil and precious metals, Russia has always been considered the riskiest of the BRIC countries for foreign investors. Seeking to change this image, Russian President Dmitry Medvedev has laid out an ambitious plan of modernization that includes cleaning up the nation's pervasive corruption. Medvedev insists that Russia must end its overreliance on commodities, and indeed, its economy contracted sharply in 2008 as oil prices fell. Can Russia diversify and prosper by creating a more knowledge-based economy? Will the recent uptick in foreign investment gain momentum? As oil prices surge once again, is Russia in for another boom-and-bust cycle? What lies ahead for the ruble? What are the risks for foreign corporations doing business in Russia? Ruben Vardanian, chairman and CEO of Troika Dialog and a key figure in Russia's capital markets, sits down for a one-on-one interview that sheds new light on the changes under way in the Russian economy.

Moderator:
Ernest Wilson III, Dean, Annenberg School for Communication & Journalism, University of Southern California; Chairman, Corporation for Public Broadcasting

Today technology firms need fresh strategies for specific segments of the global marketplace. Markets are maturing throughout the developed world; the ability to keep sales thriving in North America, Europe, Japan and South Korea hinges on pushing the boundaries of rich multimedia experiences, super-fast broadband and new ways to interact with computing and integrate it into daily life. Meanwhile, there are vast new markets to tap in the developing world, but these consumers demand products with low costs and heightened durability and reliability under more adverse conditions. The tech firms that maintain an edge are focusing on developing new products tailored to today's media-savvy consumer — from on-demand content and online software, richer multimedia and changing interfaces to computing functions that are integrated into cars and homes behind the scenes. At the same time, these companies must find ways to package more established products to appeal to customers in China, India, Latin America and the Middle East. Whether it's mobility, pervasive computing or graphics, what are the most exciting emerging technologies? How will they impact the future of computing? How are the key players adapting to the demands of various global markets?

Speaker:
Husain Haqqani, Ambassador to the United States, Pakistan

Moderator:
Parag Khanna, Director, Global Governance Initiative, New America Foundation

For security experts, Pakistan looms large as a major hot spot. The Obama administration has dramatically increased economic and military aid in hopes of stabilizing the country and enlisting greater cooperation in the fight against Taliban insurgents and terrorists. But most Westerners don't know much about this vast, complex and multicultural nation beyond the headlines. How has the security situation affected the Pakistani economy? Could growth and modernization effectively counter extremism? Can the nation overcome its infrastructure challenges and deliver the energy needed to power commerce and trade? What are the prospects for improved relations with India? In a candid conversation, Husain Haqqani, Pakistan's ambassador to the United States, provides valuable cultural and political context, and discusses the prospects for bringing stability to one of the world's most volatile regions.

Speaker:
Vicente Fox, Former President, Mexico

Interviewer:
John Gapper, Associate Editor and Chief Business Commentator, Financial Times

Mexico has been coping with a wave of violence, raising red flags about the instability brewing just south of the U.S. border. What's really driving the drug wars? And what does it mean for relations with the United States? Few observers can put Mexico's growing list of challenges into sharper perspective than Vicente Fox, who served as the nation's president from 2000 to 2006. In addition to addressing issues of law and order, he discusses the need for sustainable, long-term economic development in Mexico, which can build on a number of significant advantages to fuel its recovery. Will the key lie in the country's robust manufacturing base? Or its strong trading ties with the U.S. and Canada? Could increased competition be the answer? What reforms are still needed?

Moderator:
Ross DeVol, Executive Director, Economic Research, Milken Institute

The U.S. government took extraordinary measures in late 2008 and early 2009 to stabilize the economy. With the benefit of hindsight, panelists in the U.S. Overview session were asked what worked and what they would have done differently.

Donald Marron of Marron Economics: The bank bailout worked well, especially in concert with the stress test for institutions that restored confidence in the financial system, he said. But better capital controls could have prevented the crisis in the first place.

David Simon of Simon Property Group: The bank bailouts stabilized the financial system, and commercial real estate saw residual benefits from that. But the effects will be short-lived if governments can′t raise more revenue, he said. Simon advocated taxing Internet sales as a way to increase government coffers while also leveling the playing field for brick-and-mortar businesses.

John Engler of the National Association of Manufacturers: He supported the stimulus package′s focus on infrastructure investment, though he′s not certain the chosen projects will have the most impact. Speaking as the former governor of Michigan, Engler said the recovery act helped stabilized state economies, but he is concerned with what will happen post-stimulus. In retrospect, he thinks more of the package should have gone to infrastructure.

Ron Bloom of the U.S. Treasury: He agreed that more infrastructure spending could have been beneficial, and that not all "shovel-ready" projects that were funded were ideal. However, he said, the economy has clearly improved since the bottom, and the administration will continue its efforts.

Moderator:
Omar Wohabe, Partner, Wohabe Law Offices LLP

Last spring, President Obama visited Cairo and delivered a landmark address to the Arab world. A crucial part of his strategy to launch a new era of engagement was the announcement of a multi-million-dollar technology fund for Muslim-majority countries, designed to jumpstart a new knowledge economy and forge business ties that can bridge cultures. Indeed, the Arabic-speaking world represents a vast untapped customer base of more than 325 million people, with a global market size of $5 billion and a steep forecasted growth rate. Entrepreneurs, investors and representatives from multinational corporations convene in this panel to discuss high-tech opportunities in the Arab world and the most promising new media and IT ventures that are already under way.

Moderator:
Joseph Kahn, Deputy Foreign Editor, The New York Times

It's the mother lode of all potential markets: China's sheer size and its sizzling growth rate are powerful attractions for businesses of all types. But it pays to look before you leap. This year the World Bank ranked China only 89th in the world for general ease of doing business — and a dismal 151st for the ease of starting a business. Which strategies really work for gaining a foothold in China? What hurdles and potential pitfalls do business owners and investors need to be aware of? Why do some companies grow and prosper in China while others fail to achieve critical mass?

Moderator:
Dipak Patel, Global Head, Transactional Products and Services, Corporate and Investment Banking, Standard Bank, South Africa

Within the emerging markets universe, Africa has recently established itself as an increasingly attractive destination for investment. FDI flows to Africa reached an all-time high of $88 billion in 2008, while 2008 donor flows to Africa as reported by the OECD were just over $44 billion in official development aid. But the shifting of global financial markets has dramatically altered the continent's profile; although it is expected that total flows dropped in 2009, it's clear that the most efficient African economies will outperform and keep attracting investment flows as risk appetite continues to return. This panel explores how Africa as a whole can benefit from the international competition to secure resources. Is it a case of the old world (represented by Europe and the U.S.) versus the new world (the BRIC economies)? What are the dangers and opportunities associated with this race for resources? How do we connect Africa to the world without the world simply stripping Africa of its assets? How can Africa make better use of development assistance? How can financial institutions, African governments and development institutions themselves work more closely to maximize the benefits of their investments in Africa?

Moderator:
Komal Sri-Kumar, Group Managing Director and Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute

This session on the Eurozone seemed ripped from the headlines, coming on the same day that Greek debt was sharply downgraded, setting off concern throughout not only Europe but the world's capital markets.

A panel of experts convened to analyze the scope of the problem. Europe is staring down the unpleasant prospect of a major bailout — and perhaps further bailouts to come if the crisis spreads to throughout the PIIGS. Panelists focused on what kind of response is needed, the political pressures, the likelihood of peripheral countries enacting sufficient structural reforms and prospects for the long-term viability of Europe's monetary union. Jim McCaughan of Principal Global Investors praised Angela Merkel's handling of the crisis to date.

Time is of the essence, as the markets are losing patience. Roubini highlighted the urgency, noting the contagious effects of a disorderly collapse of the Eurozone or even Greece alone would be huge. The debt crisis has to be contained, one way or the other.

"While Greece is not too big to be allowed to fail — it's only 3 percent of Eurozone GDP — it′s too interconnected to fail," said Roubini. "Lehman was a $160 billion debt problem; Argentina was a $100 billion debt problem. But Greece is a $400 billion debt problem, three-quarters of which is held by non-residents, and therefore the contagious effects would be greater than Lehman."

Don't miss the video of this discussion — it captures the context needed to understand the implications of this week's rapidly unfolding events.

Moderator:
Mary Kissel, Editorial Page Editor, Wall Street Journal Asia

China's rapidly growing middle class is living, breathing proof of the nation's astonishing progress. More than half a billion people have been lifted out of poverty in one of the greatest economic success stories the world has ever seen. This panel examines what this massive demographic shift means for China's future development — and for the global economy. How will Chinese society cope with growing income inequality? Can crowded cities handle the infrastructure needs of a new urban middle class? What goods and services do these new consumers want? Will consumer demand be met domestically, or can foreign companies successfully tap this vast market? What are the environmental consequences of increased household consumption? And most important of all: Can the government bridge the development gaps so the other half of China's population can share in the gains?

Moderator:
Komal Sri-Kumar, Group Managing Director and Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute

The International Monetary Fund projects that India's economy will grow between 7 and 8 percent this year — second only to China and vastly outstripping most of the developed world. The Indian government's short-term stimulus packages seem to have paid off. But major hurdles remain, including a shortage of reliable power, plus road and rail transportation networks that are heavily stressed. Did the government start withdrawing stimulus funds soon enough to avoid driving up inflation? Will a spiraling budget deficit threaten economic growth? Can the nation's bureaucracy be reformed to encourage innovation and entrepreneurship? Is India a short- or long-term investment?

Moderator:
Dennis Kneale, Media and Technology Editor, CNBC

Who knew this question would provoke such fireworks?

In one of the more freewheeling and contentious debates of the conference, a panel of experts wrestled with one of the biggest questions looming over the global economy: Is China's growth sustainable? Or do we need to wary of a giant bubble?

As the video shows, things got pretty heated between the bulls and the bears . . . but the panelists did agree that the best way for investors to play China is to do so indirectly, concentrating on U.S. companies that do business with China, Australian currency and commodities from both Australia and Brazil.

Moderator:
Robert Litan, Vice President, Research and Policy, Ewing Marion Kauffman Foundation

Winning the hearts and minds of local populations can be key to the success of a military operation — and ensuring that a conflict zone returns to sustainable economic growth as quickly as possible is a crucial part of re-establishing stability. Expeditionary economics is a new "proto-field" in economics and in conflict planning that tackles these issues and seeks to prevent war-torn areas from becoming failed states. This session delves into the thesis that the most effective way to quickly heal an economy in conflict is to focus on the formation of new firms. This is not the conventional wisdom among economists or U.S. government aid officials, but our panelists argue that it should and eventually will be. This session further explores why the U.S. military urgently needs to develop a strategy for achieving post-conflict growth, and why this strategy must necessarily differ from country to country. How can the military invent the requisite expertise itself rather than outsourcing the task to private-sector contractors or other parts of the U.S. government?

Moderator:
Vinicius Lummertz, Secretary for Foreign Affairs, Government of the State of Santa Catarina, Brazil

For decades Brazil was dubbed a sleeping giant — but today that giant has roared to life. Buoyed by a new middle class and global demand for its treasure trove of commodities, it's on track for annual growth of 5 percent in the years to come. Having demonstrated its resilience during the global recession, Latin America's largest economy is increasingly a magnet for foreign investment. But many caveats remain, including an antiquated infrastructure, a problematic legal system and stubbornly high poverty and violent crime rates. Moreover, despite government efforts to protect parts of the Amazon rain forest and halt deforestation, more needs to be done. Is Brazil finally ready to emerge as a true global powerhouse? Is it the best choice for BRIC investing? How sustainable is its export-led growth model? What should investors watch for in the upcoming presidential election?

Moderator:
Sean Cleary, Chairman, Strategic Concepts, South Africa

The rich oil deposits in West Africa have been attracting foreign investors for years, but recently nations to the east have also been quietly increasing their share of FDI. Chinese investment in the region has increased significantly in the past decade, and it's likely to double (if not triple) in the next. With the influx of investment, the region is taking steps to implement policies that will build on this momentum. January marked the launch of the East African Community (EAC) customs union, with the common market on its way later this year. As further encouragement, the International Finance Corporation has been making strategic investments in mining alongside firms in developed countries. Despite these positive signs, the region still needs to address systemic challenges such as poor infrastructure, opaque financial regulations, corruption and the rule of law. This session explores ways to overcome those hurdles and pinpoints the region's most promising opportunities.

It's no secret that California faces more than its fair share of problems. But the prevailing air of doom and gloom overshadows significant opportunities for investors, corporations and entrepreneurs within the state. Public mandates and private interest in renewable energy and technology have never been higher. The state remains a premier center of research and innovation, with a surplus of engineering talent not seen since the early 1990s. And quietly, many of employers' key concerns are being addressed. Housing prices have dropped to more reasonable levels, and a rise in charter schools has led to excellent educational opportunities in previously underserved areas. Taking advantage of these positive signs requires not only good public policies, but also access to capital and information in the private sector. This interactive roundtable discussion focused on the opportunities waiting to be realized in California and on the steps that must be taken by business and government in order to fulfill the state's vast potential.

Moderator:
Glenn Yago, Executive Director, Financial Research, Milken Institute

Developing innovative solutions in response to scarcity has always been Israel's strong suit. In fields ranging from medical devices to clean energy and water management, the nation has become a world leader in developing forward-thinking efficiency solutions. This panel focuses on Israel's own key challenges as it develops new breakthroughs with the potential to make a significant impact around the globe. Panelists discussed the future of Israel's high-tech industry, the educational challenges of sustaining and developing the diversity of its human capital, and how to foster the spirit of a "start-up nation" through workforce participation, global business networking and investment.

Moderator:
Yossie Hollander, Chairman, Israeli Institute for Economic Planning

During the global financial crisis, Israel proved itself relatively immune to the volatility. Its government acted quickly with a combination of fiscal stimulus and an aggressive expansionary monetary policy; this year's GDP growth is projected to hit 3.5 percent. How did Israel manage to hold steady when contagion was sweeping so much of the world economy? This panel of regulators, economists and market leaders discuss key lessons that could apply in other countries and the next steps for Israeli decision-makers.