Bahrain EDB Chief Executive emphasises the need to create 300,000 jobs in private sector in GCC countries
Sharm El Sheikh, Egypt - The role of the private sector as a major driving force for social development, and in providing the key impetus for economic growth in the region was highlighted at a World Economic Forum panel discussion, between leading Arab experts at Sharm El Sheikh, Egypt.
Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of Bahrain's Economic Development Board, took part in the discussion as a member of the Bahrain delegation and emphasised the need for massive investment in educating the youth to provide them with the necessary skills for the workplace - to ultimately be well prepared for the challenges of the future.
He said that by looking at the examples of smaller countries such as Singapore, Switzerland and Ireland, one can see that the investments made in young people have created massive wealth, skilled workers and increased productivity.
He explained, "Singapore, for example, has limited natural resources but has still succeeded in overcoming these limitations to develop a highly skilled workforce across various professional classes."
Shaikh Mohammed bin Essa Al Khalifa further pointed out that the region's workforce still depended on the public sector for employment even though, according to a McKinsey report, over the past ten years, the private sector managed to create about 55,000 medium and high-skilled jobs in the GCC.
The McKinsey report further underlines that to absorb the number of GCC nationals with a secondary-school degree or higher, the annual figure must rise five-fold, to almost 300,000. To provide a living wage, these jobs must pay at least twice what the private sector jobs offer at present.
Following the panel discussion, Shaikh Mohammed Bin Essa Al-Khalifa implored, "We can no longer sit back - now is the time to think of our future generations - and the starting point has to begin with educational reforms. We need investments in vocational and technical training if we as a region are to avoid a skills crunch in the years to come.
"And let's not forget the private sector. They have a pivotal role to play in the design and implementation of future educational and skills training."
This future, he added, is one where the Gulf states are no longer exporters but importers of labour and that the region's economic stability is guaranteed by a highly skilled and flexible workforce.
The Bahrain Economic Development Board is a strategic partner at WEF. In a delegation led by His Excellency Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, leading executives and government officials of Bahrain addressed a high power gathering in several panel discussions to focus on its agenda for a number of key social and economic issues.
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About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, assisting all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics and health, education and training.
More information on the Bahrain EDB is available here: www.bahrainedb.com
For more information on Bahrain EDB, please contact:
Rania Al Shirawi, Director of Global Communications
Bahrain Economic Development Board (EDB)
Telephone: +973 17 589 999
Email: rania.alshirawi@bahrainedb.com
Natasha Sterling
Promoseven Weber Shandwick
Telephone: +973 3 995 6730
Email: Natasha.sterling@promoseven.com
© Press Release 2008
