Professor Shubin in his opening remarks noted that after the Cold war, ‘the Soviet Union did not collapse, it was collapsed’. The Cold war for both the Soviet Union and United States of America was a failure. The bipolar world existed only for a short period with USA claiming a hegemonic position in the following period. Globalization also materialized as an exaggerated phenomenon which was not beneficial to everyone. He reiterated on the pillars of globalization; movement of goods and services (trade), migration and the dissemination of knowledge. Globalization he said is now meaningless with the ongoing USA-China trade conflict which is mounting up to a cold war. The Professor encouraged states especially the African continent to focus on the mobilization of vast local resources rather than Foreign Direct Investment because unless states  mobilize local resources, FDI will not come..