The Hong Kong University of Science and Technology (HKUST) hosted the UC RUSAL President's Forum today (14 October) during which Dr Jim O'Neill, Chairman of Goldman Sachs Asset Management and creator of the acronym 'BRICs', spoke on 'The Changing Dynamics of the World' with an enthusiastic audience.
At the Forum and subsequent dialogue with HKUST President Tony F Chan, Dr O'Neill elaborated on the changing dynamics of the world's economy and the rapid rise of the BRICs nations. Contrary to popular views which are often pessimistic, Dr O'Neill suggested that the rise of BRICs, namely Brazil, Russia, India and Mainland China and their involvement in the global economy will lead to prosperity not only for the BRICs themselves but for countries across the globe.
Dr O'Neill also talked about the rise of the 'Growth Markets', another term he coined to cover the BRICs, as well as four of the 'Next 11', singling out Mexico, South Korea, Turkey and Indonesia for special attention. He shared his views that these markets will significantly influence the world's economy in the coming decade. The key issues of global economy are therefore about the Growth Markets rather than the US credit rating or the challenges the European Monetary Union is facing.
In his opening remarks, President Tony F Chan said, "HKUST is most honored to have Dr Jim O'Neill, Chairman of Goldman Sachs Asset Management share his insights concerning changing global dynamics, challenges and opportunities. We are grateful to UC RUSAL for its valuable support which has been of benefit to our faculty and students. The UC RUSAL President's forum is part of HKUST's endeavors to be at the forefront in the world of knowledge. The Forum serves as an intellectual platform on which the world's leaders exchange views on global issues."
The UC RUSAL President's Forum is one of the signature programs organized by HKUST's Institute for Advanced Study. UC RUSAL is the world's largest producer of aluminium. The company's Chief Executive Officer Mr Oleg Deripaska spoke at HKUST on 'The Power of Focus: Turning Opportunity into Success' during the inaugural UC RUSAL President's Forum in 2010.
Currently Chairman of Goldman Sachs Asset Management, Dr Jim O'Neill was formerly head of Global Economics, Commodities and Strategy Research. He serves on the European Management Committee and the Senior Diversity Council. As the creator of the acronym BRICs in 2001, Dr O'Neill has published his research about BRICs, highlighting the emergence of Brazil, Russia, India and China as the growth opportunities of the future. He earned a degree in economics from Sheffield University in 1978 and a PhD from the University of Surrey in 1982. He received an honorary doctorate from the Institute of Education, University of London, in 2009 for his educational philanthropy.
About RUSAL UC RUSAL (www.rusal.com) is the world's largest producer of aluminium, in 2010 accounting for approximately 10% and 10% of global production of aluminium and alumina, respectively. UC RUSAL employs about 72,000 people in 19 countries, across 5 continents. UC RUSAL markets and sells its products primarily in the European, Japanese, Korean, Chinese, South East Asian and North American markets. UC RUSAL's ordinary shares are listed on The Stock Exchange of Hong Kong Limited (Stock code: 486), global depositary shares representing UC RUSAL's ordinary shares are listed on the professional compartment of Euronext Paris (RUSAL for Reg S GDSs and RUAL for Rule 144A GDSs), and Russian depositary receipts that are issued on common shares of the Company are listed on MICEX (RUALR) and RTS (RUAL) stock exchanges.
About the Hong Kong University of Science and Technology The Hong Kong University of Science and Technology (HKUST) (www.ust.hk) is a top ranked international research university. The Quacquarelli Symonds (QS) Asian University Rankings 2011 has rated HKUST the top university in Asia. Established in 1991, the University excels in science, technology, and business, complemented by humanities and social science. As an international university with strong ties to global thought leaders, HKUST has wide-ranging connections with Mainland China. The University promotes interdisciplinary studies and nurtures well-rounded graduates characterized by a strong entrepreneurial spirit, innovative thinking and relevant skills to thrive in a knowledge economy. HKUST is dedicated to becoming a global premier knowledge hub and a center of research breakthroughs.
Related material: Presentation by Dr Jim O'Neill at the forum
For media enquiries, please feel free to contact : The Hong Kong University of Science and Technology Kit Yip Tel: 2358 6313 Email: kityip@ust.hk UC RUSAL Vera Kurochkina Tel: +7 495 720 5170 Email: Vera.Kurochkina@rusal.com
