CAIRO, 20 November 2007 -- The Arab Business Council of the World Economic Forum (ABC) concluded its fourth annual two-day meeting here yesterday in which business and political leaders discussed the challenges facing the future state of affairs in the Arab world while confronting issues surrounding Arab competitiveness in global business.
Key topics discussed included investment, competitiveness, innovation, trade, education and the growing importance of Asia-Arab relations.
Panel discussions led by business leaders from the region's leading private equity firms outlined the need to reinvest surplus liquidities in the Arab world to sustain growth, while also arguing the equal importance of continued fiscal diversification through global investments.
Other policy leaders focused their attention on the need for institution building, and the creation of challenging educational systems.
The need to break down the barrier of the movement of goods and services was also identified as a focal point in resolving many of the issues the Arab world currently contends with.
M. Shafik Gabr, chairman of the Arab Business Council, highlighted the achievements made by the council over the past four years and the establishment of its permanent local competitiveness councils located in Jordan, Morocco and Egypt. He also noted that tackling the challenges of unemployment, political instability, sustained economic growth rates and education is the key to the continued success of the region.
"The Arab world's greatest resource is our human resource," Gabr said. "We must invest in our people to eliminate the skills deficit. By doing so the Arab world will experience real growth and that will lead to innovation in services and higher income levels across the region," he noted.
The Arab Business Council, an initiative of the World Economic Forum, "has grown to become a recognized, authoritative voice of Arab business," said Sherif El-Diwany, director and head of Middle East of the World Economic Forum.
© Arab News 2007
