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00:01Hi, everyone.
00:03Now you have your team.
00:08The CEO of you. We love the CEO of you.
00:10I have a podcast on leadership, and this is like my dream.
00:13So over the next 40 minutes, we'll talk about the crossover of green energy,
00:18but also everything that has to do with industrialization and cars.
00:21So it is my great, great pleasure to announce this stellar panel.
00:24Liu Zhang, the founder and chief executive of Envision.
00:28François Provost, chief executive of Renault Group,
00:31and of course, Slavomir Krupassi of Societe Generale.
00:34Now, this is not easy for Europe.
00:36Europe wants to decarbonize, deploy AI at scale,
00:40but also re-industrialize at the same time, all of this simultaneously.
00:44What do you think is the single biggest constraint preventing Europe
00:49from actually becoming the world's leading green industrial economy?
00:55So you said quick answers, right, because I could go on for a few hours.
00:58Quick enough.
00:59All right.
01:00So first, we need entrepreneurs.
01:02So I hope there's a whole bunch of them here.
01:04We need to change our approach to risk-taking.
01:08It's absolutely key.
01:11And we need, you know, to find the money to finance the investment gap,
01:16you know, which President Draghi evaluated around 1 trillion now, etc.
01:21So we need talent.
01:23We need change focus to not resilience, not taking risks, not avoiding disaster,
01:31but having entrepreneurs taking risks, supported by, you know,
01:37the right technology providers, the right vision on the industrial side,
01:44like Renault had for electrification.
01:47And, you know, with banks who are able to support and take risks,
01:50take enough risks to support this endeavor and our ability to take up the challenge.
01:56I mean, this is like, let's go, right?
01:57This is what we need.
01:59Monsieur Provost, what do you need from?
02:00I think pragmatism.
02:04You know, EU is a unique place in the world where regulation decides what's good for customers.
02:11So electrification is good.
02:142035 is not realistic.
02:16So we have to continue with some flexible adaptation,
02:21but to keep the direction of electrification.
02:24Pragmatism, another example.
02:26Today, the main problem of the automotive industry is the price of the cars due to regulation.
02:31So freeze 10 years regulation, not decrease.
02:35You freeze, just freeze at the level of the F5, for instance, during 10 years.
02:40All our engineers together will work to decrease the price and make cars affordable again for European citizens.
02:47So I would say pragmatism.
02:48Pragmatism.
02:49Envision is a Chinese green technology company focused on renewable energy,
02:54energy storage, smart and turbines.
02:56I mean, you do a lot of work and partnerships and business across the world.
03:00What would you change in Europe today?
03:03Right.
03:04So as you just mentioned, there are quite a few challenges.
03:08Energy security, you know, inflations and the cost of energy for industrialization for Europe.
03:15I believe there's a solution.
03:18The solution is the deep electrification.
03:21But what is the bottleneck for the deep electrification?
03:26Which I believe, you know, if you look at the coming AI revolution.
03:32So we need energy revolution.
03:36So every time in the past of history, industrial revolution always going along with energy revolution.
03:45So that's why after steam engine, we have a hundred times more energy supply.
03:51Today, for the deep electrification for Europe, to solving all the challenges, also to bring the hope for AI productivity.
03:59That's the current grid, the legacy grid is not capable.
04:06They are building for household, for normal industries.
04:11But we need to have a new energy system for Europe, which is the solution.
04:17So are you saying that actually AI could be a threat to some of these net zero targets if the
04:23grid is not replaced?
04:24I think AI is mainly, I think, the prosperity hope.
04:31So, but we have to sort out the energy challenges.
04:35So that's why AI in the future should not back energy from the grid.
04:41AI should create its own energy system, which could be off-grid, 100% renewable and intelligent at extremely low
04:53cost.
04:53So that's the foundation for the AI.
04:58Mr. Provost, the automotive sector in Europe has really historically been the backbone of, you know, the industrial backbone.
05:06Can it remain so in an area of software, AI batteries and energy systems that are becoming the primary sources
05:14of value?
05:14How do you see your industry changing?
05:16Yes, I think it could be, it should be, because automotive is the first industrial sector in Europe.
05:25We have somehow to catch up China in some technologies.
05:31And we have to sell at this.
05:33And it is why I think it's good to have companies like Envision decided to invest 1.5 billion euros
05:41nearby our plant in Douai,
05:44settle a battery value chain in order for us to boost up electrification.
05:50So I think it is doable.
05:53On Renault's side, we understood well how Chinese ecosystem is doing this level of technology and moreover speed.
06:02And it's why now in Renault, we have the ambition to develop in Europe, with our supplier in Europe, all
06:12the technologies included, not only electric, but included software defined vehicle, AI defined vehicle.
06:19But in Europe and from R&D production and sales.
06:24On AI, where do you see the greatest productivity gains for your industry?
06:29For our industry, I see AI in two aspects.
06:34The first one, AI inside the car to enhance the experience of driving and the link between the sensors, the
06:45chassis, the information provided to the car.
06:48So AI can provide improvement of the driving experience.
06:52And on the other side, for internal efficiency, maybe we are not so completely conscious about all the impact.
07:02Where I think we are good, or even probably among the best in the world, is AI on manufacturing.
07:07Because here, for instance, we have thousands of AI driven equipment to secure 100% of the quality.
07:15All our equipments are connected with AI.
07:18So here we see more than 50% improvement in quality, for instance.
07:24So here we see strong improvement.
07:26In engineering, probably there will be a lot of additional breakthroughs.
07:30It's a bit early to say we use AI for simulation, for instance, or easing the work of engineers in
07:38order to save time.
07:39So we were talking about funding and the fact that actually there's a funding gap that could be trillions in
07:45Europe.
07:46Where do you see the biggest funding gap?
07:47Is it banks?
07:48Is it corporations?
07:49Is it governments?
07:50Because we're also speaking to a room full of entrepreneurs that are constantly chasing money.
07:55So I'll answer, but I just wanted to rebound on one thing about net zero, right?
08:02Because in net zero, you have a gross part and a negative part, right?
08:07This is how you come to net.
08:08And you have emissions and potentially carbon capture.
08:12But I want to make one point very clear in relation to your question about AI, is to get to
08:18net zero,
08:18we need a 90% reduction, according to scientists, in emissions, right?
08:26And the compensation through carbon capture or natural sinks and everything can be only 10% of the overall solution.
08:33So back to your question about AI and to Lei's answer, if AI now is adding to emissions at a
08:41super high speed,
08:42we're actually making things dramatically worse at a time where we haven't even reached any kind of pace
08:50in dealing with the past emission volume, if you will, right?
08:54Because, you know, we're basically, I think, close to zero in terms of evolution in 2025, I think, plus zero,
09:03three.
09:03Banks are silenced.
09:05Hold on, maybe you're back.
09:07We like to do these little tricks to see if you can hear us still.
09:11You see, always the same problem, you know?
09:14We want to silence the banks, but, you know, I'll speak anyway.
09:19But so without solutions like the ones Lei talked about, so 100% renewable,
09:26not adding to the pressure on the grid today, to the pressure to the emissions is absolutely key.
09:33Otherwise, you just, you know, wave goodbye to any ambition in terms of reaching that zero.
09:38So this is absolutely critical.
09:40Now, on the financing gap, I think, if I may, and, you know, hope it's not going to be too
09:48controversial, right?
09:49You know, it's not going to be public finances, right?
09:51Because, you know, we ran out of those.
09:53It's not going to be immediately the savings and investment union.
09:58This is the big topic for European leaders.
10:00And, you know, banks support this fully, this idea that, you know, we have a lot of savings in Europe
10:06that are not used enough in Europe and for European innovation, for European development.
10:11True, but we're a democracy.
10:13So the only way you redirect these flows to Europe and to taking risk in Europe is by, one, doing
10:19what I said earlier,
10:20which is building a risk culture in Europe, right, at both the government, companies, and individual level.
10:29And you support fixing the pension system so that there's money, right?
10:37Because you need capital to fund a gap.
10:41And right now, this capital isn't there.
10:43And for the savings of Europe, they're basically invested outside of Europe.
10:48So this is a fundamental endeavor, but it's going to take 10 years.
10:52So in the meantime, you know, my point, our point is the only people who can really help are the
10:59banks.
11:00But for this, you need adjustments to the regulatory and supervisory framework.
11:04So, again, we move off this world of don't take risk, don't do anything, right?
11:10Because you might, you know, do your job and lose some money, which is, again, our function in the economy.
11:18And, again, pivot this towards release of capital through targeted adjustments to the regulatory framework so that we can lend
11:26more and invest more.
11:27Are things loosening up a little bit?
11:29Say that again.
11:30Are things loosening up a little bit?
11:32Is there an understanding at the higher level in Europe that actually this needs to happen to give you a
11:36little bit more free reign?
11:38Short answer, no.
11:40Long answer? They're thinking about it?
11:42Short answer, I think there's a political will about let's change things, let's make them simpler in terms of permitting,
11:49in terms of supporting some investments,
11:51in terms of not making technology choices instead of these guys, because they're a much better place to make technology
11:57choices than government, right?
11:59So people understand that. Of course, people are smart, right? Our leaders, political leaders are smart.
12:03But I think there's an execution problem, right? How do you, in Europe, enact a political vision into action, into
12:11execution?
12:12I think that's where people are struggling.
12:14Mr. Provost, electric vehicles are increasingly becoming mobile energy assets.
12:19I don't know if that's how you see them, but it could be, right? Part of this new, like, energy
12:23system.
12:23How important is vehicle-to-grid technology in Europe's future energy system?
12:28Like, how do you look at energy and your place in that?
12:33I think it's very early stage in Europe. As we know, we are the first one to decide strategically to
12:40put a V2G in our cars, so our R5, for instance.
12:44This being said, for a customer today, if we take France, for instance, to get access to a contract which
12:52gives some benefit of the V2G, this is super complicated.
12:55Again, back to regulation.
12:59But I do think that with the wave of electrification, the car itself can help to stabilize grids and can
13:12be a contributor.
13:13And maybe instead of investing crazy money to manage some peak, you can give some more of this money to
13:25private owners of cars to access to EV cars.
13:29This is probably a better balance.
13:33So it's true that there is a strong connection between electrification of the cars and EV energy, green energy in
13:44Europe.
13:45I give an example of regulation for automotive.
13:49There is planned an additional tsunami of 108 regulation on cars by 2030.
13:56So the playbook of Europe is no longer working because due to this, price is too high, so people cannot
14:03buy cars.
14:04So there is no decarbonation, the cars are not getting safer, and you destroy employment.
14:10So this playbook has to change.
14:12I don't think it's too difficult, but this playbook has to change.
14:16In a second, I want to talk about your partnership, because you're also working on things together,
14:19which could be a good template for future, you know, ventures or working.
14:24But I wanted to just drill down on something that you said when we were talking about energy systems and
14:29actually the race to net zero.
14:31What does an AI native energy system look like in practice?
14:37So, firstly, I believe is, you know, the largest application for physical AI is going to be the energy system.
14:48Why?
14:49Because the energy system is going to grow together with AI.
14:53More AI, you're going to grow more energy system.
14:58So, you know, logistics or housing is nothing like that.
15:03So AI is going to be a very important part of the energy system as well.
15:09What InVision has achieved is, firstly, because we believe we want to build the infinite and the intelligent and inexpensive
15:19energy system.
15:21So that's we have to rely on renewables.
15:24Firstly, we developed climate foundation model, which in the future, all your energy is coming from weather, wind, solar, rain.
15:34So this is now we are able to have the insight for the future weather pattern above 10 days or
15:41even longer period.
15:43And there's no doubt in your mind that that's where we're heading because the last couple of years have, you
15:49know, there have been a lot of question marks about renewables.
15:51Yeah.
15:52But we have achieved five US cents per kilo hour for AI data center in the Gobi Desert.
16:01We prove that, which is more realistic than we found, you know, computing resources from the space.
16:11Can I talk to, I mean, about your partnership?
16:13So you've been working together on various things to basically fund it, make it, and power charge it.
16:20How did that come about?
16:21Who called who first?
16:23On Renault side, so our decision and strategy was to speed up and be front runner in electrification and electric
16:31cars.
16:32And also to localize the technology in Europe, in France, because 80% of the batteries were produced in Asia.
16:43And we set up an agreement with Envision, with Leigh.
16:49It was quite a challenge or risk taking challenge for us to bet on Envision for first massive Gigafactory in
17:03France because we are not partnered before.
17:05And for Leigh to bet on France, to bet on us.
17:11But I should say that this is a success.
17:14And so it's why on one side we complain, we have doubt about what happened in Europe.
17:19On the other side, this is possible.
17:21This is possible.
17:22Today, the best sold cars in Europe is Renault R5.
17:26And this car is produced with a competitive battery thanks to Envision, thanks to the Gigafactory, thanks to the French
17:35team working for Envision in Dewey.
17:38And we plan to continue.
17:41Again, the main challenge now is to make this affordable enough in order to regain momentum.
17:48So here, we have to find a good balance between affordability, competitiveness, and step-by-step integration in Europe of
17:57the whole value chain.
17:59And I hope that we can find a good path and that we can find together without too many burdens
18:04and regulations.
18:05Why France?
18:07Why France?
18:07Is this a template for other possible partnerships?
18:11I think, you know, quite a few reasons.
18:13So attending Choose France and by that chance, we know Renault is looking for a very important partner.
18:22And we are able to provide very cutting-edge, you know, performance battery with extremely competitive cost.
18:30Then, you know, we're slow-warmier.
18:32Competitive, not extremely competitive.
18:34Not yet.
18:37For sake of clarity and for the good recall.
18:40Because made in France.
18:41You know, French wine is always expensive.
18:45I like that.
18:46Change is always expensive.
18:47Yeah.
18:47I was head of procurement before being CEO.
18:50So we know each other well.
18:53Slow-warmier is also my long-term friend.
18:55So he provides finance.
18:58Of course, you know, it's relatively not expensive.
19:01Yeah.
19:02So, you know, we're three together.
19:04We're actually creating a very successful case study for European green industrialization.
19:10And we made, you know, Renault R5 the best-selling EV in Europe.
19:15And, you know, we make the banks is able to, you know, have a big, you know, project.
19:21And we're hiring 1,500 French engineers in Norway.
19:28We made in Europe.
19:29We're with Europeans.
19:31We're for Europe.
19:33Slow-warmier, does the money get?
19:35Yeah, go ahead.
19:35I just want to add that you asked the question how does this work.
19:40I think the common theme here, the common thread is we are definitely all risk takers, right?
19:46This is what we do.
19:47This is what I think drives us.
19:49And you have Renault making very early on, right?
19:54It has to be said, important strategic decisions in terms of the electrification, right?
20:00Ahead of the others, right?
20:02And that costs, that costs sometimes stress, pressure from markets, from all kinds of people.
20:08But they stuck with it and they had that vision early on.
20:11And Vision is a remarkable company that has, you know, founded by Leigh, that had this vision, you know, 10,
20:2015 years ago.
20:22That things around batteries, the right technology, the right industrial capacity.
20:27There were tons of projects of gigafactories in Europe.
20:30I hate to say because we might have, you know, had some losses here and there, but this one is
20:37the one working the best, right?
20:39So he had this vision that not only you need to have the idea, blah, blah, blah, but you need
20:43to have the industrial capacity to execute.
20:46We're back to execution.
20:47As far as we're concerned, one, we were financing renewables in the 90s, right?
20:53Believe me, no one was talking about this.
20:55No one was financing renewables in the 90s.
20:57We were, right?
20:58And this is how, very early on, I don't know, our relationship is, well, 10 years old.
21:03I mean, it's not, we didn't meet about Dué.
21:07We were actually helping Leigh in China and we're working with him all over the world, right?
21:12So the common thread is risk-taking vision and execution excellence.
21:17And affordability for people.
21:20And affordability for people, which is, which we'll touch on in a second.
21:23But as a money man, again, for me, the job of banks is really to, you know, assess risk, you
21:28allocate capital, and then you finance some of the infrastructure projects.
21:32How does AI change that?
21:35I mean, frankly, today, from that perspective, which is identification of opportunities and decision-making, today it doesn't, right?
21:44I think it's down the road, it will optimize some of the analysis that we're doing, et cetera, but it's
21:51not gonna, from this perspective, it's going to be revolutionary on some other aspects of our business.
21:56But on decision-making and scouting for opportunities, I think it's gonna do the mass job better, right?
22:06The mass analysis better.
22:08But in the end, you need, so far, so far, you need experienced humans, right?
22:15To make these calls and these decisions.
22:18But can you talk about affordability?
22:20I mean, you're also facing this intense pressure both from the Americans and the Chinese competitors.
22:26Yeah, but again, the first problem is on demand side.
22:30Because today, cars are too expensive because of the regulation.
22:35Europe is a unique place with such tsunami of regulation.
22:40So if we are a bit flexible, as I said before, then we can work.
22:4525% of my engineers are working to catch up new regulation.
22:50If you freeze regulation during 10 years, and again, I don't say decrease regulation.
22:56Because I don't want to say to my customer, oh, your income is too low, so you will have another
23:01real car.
23:01No, no, no.
23:02I take R5, I take Clio, freeze regulation for 10 years.
23:06Because my 25% of engineers, the one of my suppliers, will work to decrease the price for customers.
23:16And this is absolutely key if we want to, again, restart some growth of the European market and also avoid
23:24the aging of the park of vehicle.
23:27To all of you, if you indulge me on an AI question, because your workers must be, you know, I
23:33guess, concerned about their jobs, about their livelihoods.
23:35Like, how do you address some of those concerns, for example, with, you know, factory workers where a lot of
23:40the things have already been automated?
23:42Yeah.
23:43I would answer that behind AI, there is always some fear about employment.
23:52So, as Renault or as Renault Group CEO, I will not say to my teams, hey guys, AI is coming,
24:00it's minus 40% people.
24:01I mean, that's not our culture.
24:04That's not our vision.
24:06That's not my way to manage.
24:07So, I see AI as something which should be an abler to provide more value, to provide more things, to
24:15work differently.
24:16But I don't think that, as leaders, we should always spread AI with, hey guys, good news, it's minus 40
24:23% people.
24:24It's really not good.
24:25I can absolutely abide by this statement in the sense that we haven't made one, unlike some of our competitors.
24:35For this reason, right?
24:37This is not how it works.
24:38And first of all, frankly, it's not how the path will look like, right?
24:43Because the minus 20, minus 30% employment that you sometimes hear is going to happen maybe, first of all,
24:52maybe.
24:52And second, over time, right?
24:54So, there's no point in scaring everybody off.
24:57Yeah.
24:57And it's better to look at a sustainable path to whatever the end game will be.
25:03And frankly, today, no one knows.
25:04Because back to implicitly the point of Lay, it's costing a lot of money and a lot of emissions, right?
25:11So, the idea that we're going to go from this world to a world where everybody is replaced by AI,
25:17simply, we don't have that kind of energy, right?
25:20And never will have that kind of energy on Earth, right?
25:23So, we should all kind of, you know, cool down, step back, understand where are the most important use cases.
25:29And there are things that you already, you said it, you said it, and I can say it, there are
25:33things that already work much better, thanks to AI.
25:36But it's not going to be something which only aim, and that would be really stupid, is to reduce head
25:42count because this is the only way to create value.
25:47Frankly, I don't know that any one of us or any entrepreneur has made sustainable value creation by chasing the
25:56goal of reducing head count.
25:58I think it's the opposite. Anyway.
26:01Lee, how do you see this?
26:03You know, at InVision, so people are much happier now because of AI, gives them a big liberation.
26:14A conventional, you know, engineer, now with AI support, he also become a programmer, become a product manager, he can
26:25design the agent.
26:27And work for him. And he is able to use more intelligence, actually.
26:34So this is something we see a big shifting in the InVision employees mindset. Big liberation.
26:42So going back to kind of how we started the panel, which is these big ideas of, you know, either
26:47funding gaps or capital gaps or actually speed gaps.
26:51What do you think is Europe's biggest challenge? Is it technology, capital gap or speed gap? Do you think it
26:57can catch up with a bit of time?
26:59I think it's about mindset gap. Why? Because for the high level prosperity, the new prosperity for our human being.
27:13So we are going to need loads of energy. The new energy system have to be infinite, intelligent and also
27:23inexpensive for everyone.
27:25But the only solution, people didn't realize, renewable is the only solution. It is not just for the goal of
27:36sustainability, but it is the only path for us to achieve high level of prosperity.
27:43If you look at the Gobi around the world, 1% of Gobi energy in the Middle East, in Australia,
27:55in Inner Mongolia, 1% is 1 terawatt.
28:01So it's going to be big enough to support all our AI energy needs. So at extremely competitive cost. So
28:13why not embrace this renewable energy? We have to prove that.
28:17But the people, especially for Europe, deep electrification for Europe is we need to build a new energy system with
28:26renewables.
28:28This is good.
28:29Can you scale it? Because you have the technology.
28:32Yes.
28:32It's still expensive at the margins.
28:35We have a plan in Spain. So we have, as I said, we have a mission Gobi. Want to build
28:42a five gig wall AI data center within the next five years in the global Gobi desert.
28:51With 100% renewable energy off grid. It's not going to put any burden on the next grid. We just
28:59let the grid is to take care of households, hospitals, schools.
29:05Not let the AI to suck out all the energy which is for ordinary people.
29:11So between technology gap, capital gap or simply a speed gap, what do you think is Europe's biggest challenge?
29:17Maybe to reset industrial ambition, industrial policy. We have somehow gave up an ambition for the industry in Europe.
29:35And it's I think time, not only for automotive maybe, but for automotive it's time now to say that automotive
29:42industry is important.
29:44And to deliver this, we need to continue on identification, but not burdening the industrial companies and suppliers.
29:54We need to make cars affordable for customers, as I mentioned before. And we need also to find a deal
30:01with China.
30:02Because today, China is very competitive, so it's growing a lot in Europe. This is not sustainable, especially for suppliers.
30:13So this is where I think the common word is set an ambition, say, OK, decarbonation is good, regulation is
30:19good, but industry is good.
30:21Set an ambition, set an industrial policy for Europe. It's hard time to do this.
30:28For me, I think I'll echo Leigh's concept of the mindset gap. I already spoke about risk taking and this
30:36idea that we need to change at a deep level.
30:38Right here, I mean, I think there's a lot of risk takers and people willing to, you know, put up
30:43the work and their talent to get to better outcomes for, I guess, themselves.
30:50And that's fine. But also as they do it from themselves for society. That's very important.
30:57But I'll add another twist to this. It's some form of trust, right? I think it's linked to the risk.
31:04Like, the leaders need to understand that, you know, all of you can be trusted with your entrepreneurial vision, that
31:13we can be trusted as good citizens trying to do the right thing within a certain framework.
31:20But that, in the end, there's a whole lot of things that we will do better than if it's top
31:26-down regulation, top-down goals, et cetera, et cetera, just freeing up, you know, yeah, let's do it, let's go,
31:33freeing up the talent and the energy that we have in Europe, right?
31:39Of course we do, right? And, you know, as you know, many, many Europeans fuel all the big American players
31:46with their talent.
31:47And if we want them to stay here, we need to trust them more and we need to support their
31:53risk taking throughout the entire value chain from regulations, right?
31:57Stop regulating all day long so that we don't do something stupid, right? We're adults, right? We're adults.
32:04If we do something stupid, there are laws and regulations to punish us, so to speak. Please do, right? And
32:09do it more consistently.
32:10But other than that, let us do our job, you know, let us take risk and trust us that we're
32:16within a framework, within a democratic framework, we're going to do the right thing for Europe and for its economy,
32:24its growth, et cetera.
32:25But if we don't change this, I mean, I don't see a way out.
32:28So we only have three minutes left, so I have one minute for each person. And actually, I hear a
32:32lot from chief executives that there's just a lot to deal with.
32:35It's geopolitics, it's inflation, it's internal politics. Like, how do you prioritize? So something on, you know, net zero or
32:44in the morning, what's your best piece of advice for a chief executive out there that says, look, I care
32:49about the green transition, I care about this, but I just have only problems every day because of these shifts?
32:54I think two things. One is focus on execution, right? Because, you know, I hired into my team a very
33:06talented investment banker who spent his entire life, you know, sending dreams to his clients.
33:12And he said, well, now I understand that it's not so much about the dreams and the ideas, but about
33:17execution first, right? So if you have a business, well, focus on running it well, you know, all day long.
33:23But then make sure you keep time and space to think about the long term because you don't achieve long
33:31term strategic positive outcomes without doing this.
33:36And this is exactly what these guys are doing, what I try to do, but what these guys are doing,
33:40thinking long term and how to be relevant, you know, 20, 30 years from now.
33:45Bonsoir, pour vous.
33:49Customer needs.
33:50In a kind of uncertain or sometimes messy context, I always stick with what is good for my customers.
33:59And I stick to it.
34:03Speed, agility, to adapt ourselves.
34:10And same as Slovenia, excellence in execution.
34:14Because at the end of the day, what counts is to be much better than my competitors.
34:21So customer, speed, execution.
34:24Lee, your best piece of advice?
34:25So, you know, so regarding job politics or kind of things, lots of things behind that is the kind of
34:33zero sum game mindset.
34:35So it's all about dividing cake.
34:38So I would like to put my energy and attention on the positive sum game mindset, which is about growth.
34:48So we should spend our energy to grow the pie.
34:52So, for example, after the Industrial Revolution, so our global GDP grow 100%, 100 times.
35:01So we are in front of next new Industrial Revolution.
35:06How can we grow the economy?
35:09And also have been proved energy demand is surging, which is a very good sign of growth.
35:16So, you know, so always have the growth mentality.
35:19Like what we achieve, the three of us.
35:22As a Chinese heritage company, we've been global.
35:26We come to Europe with European partner, with European bank.
35:29You know, we create a successful European story.
35:32So this is kind of growth mentality.
35:35So that's actually all of entrepreneur here.
35:38We need to have such kind of mentality.
35:40Well, gentlemen, thank you so much for a very spirited conversation.
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