Mr. Chairman, thank you.
I do think that one of the impacts of intelligent and thoughtful private sector activity in the developing world is that it has ripple effects.
I would like to say, though, that I don't think it is an automatic outcome. I think they have to be designed this way. They have to be designed with a development mindset. If designed with a development mindset, there are huge possibilities.
If I take the tourism example, tourism is the sector that employs among the most people in the world. It's a very important sector for the developing world. It also earns hard currency. But you can have a tourism sector that attracts low value-added tourists or you can have one that attracts high value-added tourists.
The Serena hotel chain has tried very hard to establish benchmark-creating investments, to demonstrate that in the developing world, with development world talent, you can create global standard facilities and then attract global standard tourists, business people, and attract a conference market, etc. But if you are to do that, you have to do it in a way that also creates a strong local constituency. You do a lot of work in training, you do a lot of work in backward linkages to all the supply chains that would help a hotel do its business, whether it's food or all the services a hotel needs. All of that, if intelligently designed, can be sourced from local markets.