Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), is in the People’s Republic of China to address the World Economic Forum (WEF) Annual Meeting of the New Champions 2009 or ‘Summer Davos.’
The global summit, themed ‘Relaunching Growth’ and taking place in Dalian from 10-12 September, is a timely gathering of the foremost policy-makers and business leaders for whom reviving economic growth remains the priority. According to WEF, this new generation of leaders – the New Champions – will be responsible for direct transformational and sustainable recovery through entrepreneurship, innovation and technology.
Shaikh Mohammed, who is due to speak at the event on the global economic outlook, said: “We are in China to address some of the foremost challenges on the global agenda. And just as the Chinese proverb tells us that in a crisis we should beware the danger – but look out also for the opportunity, it is important that we focus on turning these challenges into opportunities. We must work together to restore confidence and revitalise the global economy in a sustainable manner. And ensure a renewed ability to provide a better tomorrow for our people.”
Shaikh Mohammed believes there is much to learn from Gulf economies. The six nations of the Gulf Cooperation Council (GCC) have been careful about managing debt levels while investing in essential areas like infrastructure, education and healthcare, and are becoming a model for cross-border partnership. Bahrain itself has taken a number of domestic measures designed to strengthen the long term sustainability and prosperity of the Kingdom, including a prudent fiscal and monetary approach, long term strategy of economic diversification and tried and tested regulatory framework with a commitment to the highest international standards.
There are synergies between the event’s focus on catalysing the development of new jobs and technologies in the post-carbon economy of the future and Bahrain’s own Vision 2030 and National Economic Strategy. The Kingdom’s plans are designed to encourage the private sector to drive growth, support further diversification of the economy – already recognised as the most diversified in the Gulf – and ultimately elevate national living standards by creating greater opportunities for Bahrainis.
Earlier this year Shaikh Mohammed told the WEF on the Middle East: “In a crisis, you see a flight to quality; a flight to values that have stood the test of time. Our tradition of prudent financial regulation has fared better than the US and UK models. It may be that our combination of tradition and reform – both based on ethical values – deserves a second glance.”
The agenda at Summer Davos is designed to drive future growth and focuses on key areas:
• Opportunities in a Green economy
• Driving economic growth through science and technology
• Addressing societal needs through innovation
• New business models in a deleveraging world
• Rethinking Asia’s development model
