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Global Gateway Forum: speech by the High Representative/Vice-President Josep Borrell at the Closing plenary session
26.10.2023 EEAS Press Team
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Dear Friends, as we say in Brussels, "tout protocole observé", thank you for coming to our first Global Gateway Forum.
When we discussed about geopolitics of Global Gateway at the Foreign Affairs Council in November [2022] - one year ago, last year - I pointed out that 2023 was going to be the credibility test, in which we need better to over-deliver instead of over-promising. Promise less and deliver more. That is what we have tried to do.
Today we are in a very tense geopolitical context. And especially for that, because we live in troubled times, the Global Gateway has become a central part of our strategy to reach out to the so-called "Global South".
We are not only in a "battle of narratives"; we are in a "battle of offers". Not only the nicest stories, but the best actions.
With our Global Gateway, we want to support the economic and social development of our partners by helping them build better connectivity infrastructure, accelerate their green and digital transition, and enhance their intangible infrastructure, which is done [for the] health and education of their people. Healthy and educated people is the best infrastructure of any society.
We want to be green, we want to be digital, but we also want coherent, cohesion societies. Do not forget that it is the final purpose: healthy, educated and prosperous citizens.
We are trying to [make] our contribution to achieve the United Nations Sustainable Development Goals.
That is what we are doing to help produce vaccines in Africa, as a crucial part of the Global Gateway endeavour, for instance.
The green and digital transitions can only succeed if they are just – if they are not just, they will not happen. They will only happen if they benefit everyone, everywhere, and, in particular, the poorest and the weakest. Otherwise, societies will reject the needed transformation, and the world will be in greater trouble.
Our Global Gateway should [also] contribute to our economic security strategy. We need more security and for that we have to "de-risk" our economy by diversification of our supply chains.
We want to make the European Union's supply chains less vulnerable. We learn from the pandemic, and we have learnt from the war in Ukraine. We need to improve our access to resources, from energy to Critical Raw Materials (CRM), breaking [with] the old style extractivism - that today is being rejected rightly so around the world - and joining our partners in adding value; adding value - not just taking minerals or food or wood from the land – [but to] add value where the resources are in order to create jobs locally, not only by exporting raw materials, but exporting [added] value.
I think that we are trying to achieve these ambitious goals with partners of all continents from Central Asia to Africa, North and Southeast Asia, [and] from Latin America and the Caribbean.
But Global Gateway must also be a tool to deepen our cooperation with other regional organisations. The European Union is an important regional organisation, but it is not the only one in the world. You have the African Union [AU], you have the CELAC [Community of Latin American and Caribbean States], you have ASEAN [Association of Southeast Asian Nations] and the Gulf Cooperation Council [GCC]. All these regional organisations are new poles in this new multipolar world that has to be both multipolar and multilateral. Otherwise, the world will become a more dangerous place.
This Forum has allowed everyone to discuss the progress that we have done in implementing the 90 flagship projects that were identified last March. [L]et us be concrete: 90 projects [since] March [and] 100 more [projects] will be endorsed at the next [Global] Gateway Board later this year.
The important question today, my dear friends, is: What is the real impact of these projects? We know them, we name them. We know which is the political will behind them. But which is the real impact of these projects?
This will be explained by my colleague Commissioner [for International Partnership] Jutta Urpilainen, [who] will offer a summary of what has been discussed at the different parallel sessions. Then we will go into the guest speakers' debate.
Thank you very much. Thank you, Jutta.
Link to video (starting at 1:45): https://audiovisual.ec.europa.eu/en/video/I-248012
Closing remarks
Thank you, dear Honourable Guests, thank you to everybody for your interventions.
It is a great honour for me to close this Forum with a few observations.
I promise to be brief because a lot has already been said.
Can we conclude that we are on the right path? That we are doing what has to be done? Yes. Can we conclude that we have to do it faster and better? Yes. But faster and better sometimes don't go hand on hand. Maybe you can go faster but not doing [it] better. And this happens. "Quickly, quickly" doesn't mean always good.
So, we have to go faster but keep in mind that quality matters because infrastructures are there to stay, to last centuries. They cannot be finished overnight, letting behind us a waste of money. So yes, we have to do more. We have to take care of the environment. We have to take care of the different socio-economic levels of the people around the world.
Here we see someone that has never had access to internet. Never. He doesn't know what is a webpage. And he has never seen an electric [light] bulb. And you [tell] him: You have to be green and digital. He will look at us saying: what do you mean by that? Green and digital? He will not understand us because he has never seen an electric [light] bulb and he has never seen a screen to go through the gateways of the world.
We have to understand that many people around the world are still not at our level of development. So, we have to talk with them according to what they can understand because their existential problems, many times, are not measured in years, they are measured in days. Because their survival is measured in days, not in years. We have to keep that in mind If we want to be understood.
We have done a lot – I am not going to [give] the figures - President [of the European Commission, Ursula] von der Leyen already said we committed to €66 billion – 66, it is quite a lot. Half of them will be funded by grant funding from the European Union.
But committed it is still not done. It is the will, the commitment, and then the implementation. So, there is a lot of work to be done in order to build this passerelle.
How do you say "Global Gateway" in Spanish? I am asking that, because I am Spanish, and because Spanish is the second most spoken [language] in the world after Chinese – good to remember.
It is not easy to translate Global Gateway to Spanish. "Global" is clear, but "Gateway"?
Let's go to French first, and the Prime Minister of Luxembourg [Xavier Bettel] told us [that] "Gateway" means "passerelle", a way of linking, a way of going, overcoming obstacles, linking people above the borders, above the mountains, the rivers [and] the seas that separates them.
The most important obstacle to link people, are not the mountains, are not the rivers, are not the seas, are the borders.
The borders are artificial creations of the humankind. The borders are the scars that history has led [left] on the skin of the earth. Yes, they are the scars of the history. And our Global Gateway has to go over the borders - most of the time artificial limits around human people - in order to make them be part of a world common project.
We have to build roads, but the most important thing that we have to build is a political environment that ensures a shared prosperity. This is our greatest challenge. For that we need: us, Europeans, to work more coordinated among us. Team Europe is not only among the European Union Institutions. There are European Union Member States. Our offer sometimes comes too divided in small pieces. We need to work together, not to have 20 aspirins but the whole hospital. This means working together among us much better and quicker.
With respect to the rest of the world, we need to work [with] the G7, the G20, and the United Nations. We need the United Nations, and in this crucial moment, I want to send a message of support to the United Nations, and its Secretary General [António Guterres].
Real estate investment can be a rewarding avenue to build wealth, diversify portfolios, and secure a passive income stream. Here's a full overview of what real estate investing entails:
1. Types of Real Estate Investments
Residential Properties: This includes single-family homes, multifamily properties, condos, and vacation rentals. Income is often generated through rental payments.
Commercial Properties: Encompasses office buildings, retail spaces, and industrial buildings. These tend to offer higher returns but come with more complex tenant relationships.
Industrial Real Estate: Warehouses, factories, and distribution centers, which are generally leased on long-term agreements and are increasingly in demand due to e-commerce growth.
Mixed-Use Developments: Properties combining residential, commercial, and retail spaces. These properties diversify income streams and often attract investors looking to reduce risk.
Real Estate Investment Trusts (REITs): These are companies that own, operate, or finance income-generating real estate. Publicly traded REITs can be bought like stocks and provide dividend income.
Real Estate Crowdfunding: A newer option that allows investors to pool funds through online platforms to invest in real estate projects, offering a lower-cost entry point into the market.
Land Investment: Investing in undeveloped land, which may appreciate in value over time, especially if future developments like infrastructure or zoning changes increase its worth.
2. Benefits of Real Estate Investment
Income Generation: Rental properties and commercial leases offer steady income streams, often with built-in lease escalations over time.
Appreciation: Real estate typically appreciates in value over time, allowing for potential profit when selling the property.
Tax Benefits: Investors benefit from tax deductions on mortgage interest, property taxes, insurance, and depreciation. REITs also offer certain tax advantages.
Portfolio Diversification: Real estate can hedge against stock market volatility, balancing overall portfolio risk.
Leverage Potential: Investors can use financing to purchase properties, which allows them to control a valuable asset with a smaller initial investment and increase returns on equity.
Inflation Hedge: Real estate can be a good hedge against inflation since property values and rental income tend to rise along with inflation rates.
3. Risks of Real Estate Investment
Market Fluctuations: Real estate markets are subject to economic changes, interest rates, and demand-supply dynamics. Downturns can lead to property devaluation.
Illiquidity: Real estate is not easily sold on short notice, and properties can take months or even years to liquidate.
High Initial Capital Requirement: Real estate investments often require significant upfront costs for down payments, closing fees, and potential property improvements.
Maintenance Costs: Property management and upkeep can be costly, especially for older properties requiring repairs.
Tenant Risk: Vacancies, tenant defaults, or eviction processes can disrupt cash flow and incur costs.
Regulatory and Legal Risks: Changes in property laws, zoning regulations, rent controls, or eviction restrictions may affect property income or resale value.
9. Tax Considerations
Depreciation: Investors can deduct depreciation on property as an expense over several years, reducing taxable income.
Capital Gains Tax: When a property is sold, capital gains tax applies to profits; however, holding the property for more than a year results in a lower long-term capital gains rate.
Deductions: Mortgage interest, property taxes, maintenance expenses, and property management fees are often tax-deductible.
Passive Activity Losses: These allow investors to deduct certain losses on rental property income if they qualify as passive investors under tax law.
Final Thoughts
Real estate investment offers considerable opportunities for financial growth but requires thorough market knowledge, financial planning, and long-term commitment. It's essential to understand the risks, engage in due diligence, and maintain good financial and property management practices. With the right approach, real estate can be a powerful tool for building wealth and securing financial independence.
4. Strategies for Real Estate Investing
Buy and Hold: This long-term strategy involves purchasing properties to generate rental income and benefit from appreciation over time.
Fix and Flip: Involves purchasing undervalued properties, renovating them, and reselling them for a profit. This strategy requires significant capital and knowledge of the market and renovation costs.
Wholesaling: Wholesalers contract properties at below-market prices and sell the contract to another buyer for a profit, typically without owning the property. It's a short-term strategy ideal for beginners with limited capital.
House Hacking: Buying a multi-unit property, living in one unit, and renting out the others to offset living expenses or cover the mortgage.
Real Estate Syndication: Group investing where a sponsor manages a property on behalf of investors, pooling funds to acquire larger properties than any individual might afford alone.
Vacation Rentals: Renting out properties on short-term rental platforms like Airbnb. This strategy requires research on local regulations and good property management skills.
5. Financing Options
Conventional Mortgages: Commonly used for residential property purchases, with fixed or variable interest rates over terms typically between 15 and 30 years.
FHA and VA Loans: Government-backed loans in the U.S., offering low down payments for first-time buyers (FHA) or veterans (VA).
Commercial Loans: Tailored for commercial properties, these often have shorter terms, balloon payments, and higher interest rates than residential mortgages.
Hard Money Loans: Short-term loans provided by private lenders, often used for fix-and-flip projects, but with higher interest rates and fees.
HELOC (Home Equity Line of Credit): Allows property owners to borrow against the equity in an existing property, often used to fund additional property purchases or renovations.
Crowdfunding and Peer-to-Peer Lending: Platforms like Fundrise and RealtyMogul allow investors to pool funds for projects, offering a more accessible entry into property investment.
6. Real Estate Market Analysis
Market Conditions: Economic indicators, local supply and demand, interest rates, and job growth in the area impact property values and rental demand.
Comparative Market Analysis (CMA): Used to determine a property's value by comparing it with recently sold properties in the same area.
Cap Rate: Calculated by dividing the net operating income (NOI) by the property's purchase price. Higher cap rates indicate better potential returns but may also imply higher risk.
Cash Flow Analysis: Assesses the income generated by a property after all expenses, helping investors determine if a property will be profitable.
Appreciation Potential: Studying long-term trends and infrastructure developments can help assess a property's future value increase.
7. Real Estate Management
Property Management: Effective management includes tenant screening, rent collection, property maintenance, and handling legal compliance, which can be done independently or outsourced to a property management company.
Tenant Relations: Building good relationships with tenants can improve retention rates, reduce vacancies, and ensure steady cash flow.
Maintenance and Repairs: Regular upkeep and timely repairs help maintain property value and tenant satisfaction.
Legal Compliance: Landlords must understand local laws, such as rental agreements, eviction procedures, tenant rights, and fair housing laws, to operate legally and avoid costly legal issues.
8. Exit Strategies
Selling the Property: Investors can sell when the property's value has appreciated or when they want to liquidate the investment.
1031 Exchange: In the U.S., this allows investors to defer capital gains taxes by reinvesting proceeds from a property sale into another "like-kind" property.
Refinancing: Refinancing a mortgage at a lower rate or taking a cash-out refinance allows investors to access equity without selling the property.
Passing the Property to Heirs: Real estate can be left as an inheritance, potentially offering tax benefits to the heirs depending on local estate tax laws.
Date and time
Thu, 14 Nov 2024 7:00 PM - 9:00 PM AEDT
Location
Club Burwood RSL
96 Shaftesbury Road Burwood, NSW 2134 AustraliaShow map
About this event
- Event lasts 2 hours
Ready to achieve financial independence through property investment? Join our event for expert guidance and long-term support from our network of successful investors.
Learn why property is the ultimate wealth-building solution, discover investment principles for success, and avoid common pitfalls.
We're not salespeople, just real investors offering real support from our own experience. Register now and bring a friend! Contact us at joe.linco@propertyclub.com.au with any questions.
About Your Host
Joe Linco is a highly experienced property expert who has been with Property Club since 2005. With a passion for property investment and an extensive network of contacts, Joe is dedicated to helping members achieve financial independence through smart investments and careful financial planning. Over the years, he has presented at numerous Property Club workshops and provided valuable insights on finance issues. Whether you're a new investor or a seasoned pro, Joe has the expertise and experience to help you achieve your financial goals.
Saturday, November 2
BMWF24 / MIGRATION AND MATRIARCHS Peter Polites and Winnie Dunn
2024 Blue Mountains Writers' Festival: 80+ speakers | 56 events | 14 workshops |3 days | 1 unmatched location
By Blue Mountains Writers' Festival109 followersLots of repeat customers 📈Follow
Date and time
Saturday, November 2 · 3:30 - 4:30pm AEDT
Location
The Carrington Hotel
15-47 Katoomba Street Katoomba, NSW 2780 AustraliaShow map
Refund Policy
Refunds up to 30 days before event
About this event
- Event lasts 1 hour
MIGRATION AND MATRIARCHS | Peter Polites and Winnie Dunn in conversation// Saturday 2 November // 3:30pm - 4:30pm // Venue: The Carrington Hotel // Part of the 2024 Blue Mountains Writers' Festival
"I will tell you why you should draft my story. Because migrant stories are broken," writes Peter Polites, channelling his mother, in his stunning third novel, God Forgets About the Poor, set between Western Sydney and the Greek peasant village where she was born.
Meanwhile, the protagonist in Winnie Dunn's debut, Dirt Poor Islanders, lost her mother at a young age, and finding her way means pushing against the constraints of tradition, family and self until she becomes whole in her own right.
Greece and Tonga may be oceans apart, but these authors share an incredible skill for writing about class, migration, identity and familial bonds in heartfelt, humourous and elegant prose.
Peter Polites is the author of two queer noirs, Down the Hume and The Pillars, the latter of which won the 2020 NSW Premier's Multicultural Literary Award. He also won the 2020 Woollahra Digital Literature Prize for Fiction.
Winnie Dunn is the general manager of Sweatshop Literacy Movement and the editor of several critically acclaimed anthologies including Sweatshop Women and Another Australia.
Please note that this venue is licensed and entry is for over 18's only.
/ A Blue Mountains Writers' Festival Event /
Join us on beautiful Dharug and Gundungurra country for a weekend of joyful, thought-provoking and thrilling opportunities to connect with the written word. Set against the stunning backdrop of the Blue Mountains, this unique literary festival brings together the country's greatest minds and most exciting new talent. 1-3 November, 2024.
/ Ticketing /
Adult $20.00 // Concession $17.50 // Under 30's $15.00 // Disability Support Pension $10.00 // Mob Tix $10.00
To take full advantage of all the events on offer, we recommend purchasing a weekend or day pass. Subject to availability, single tickets for this event will be available from 10 September.
/ Accessibility /
This venue is wheelchair accessible, but please visit our Accessibility page or email hello@bluemountainswritersfestival.com.au if you have any other accessibility requirements. Blue Mountains Writers' Festival will have Auslan interpreters available for the Festival and will schedule them into sessions on request. Please complete the Auslan request question at checkout.
Head to bluemountainswritersfestival.com.au for more information about the festival, individual events and accessibility.