Turkish Prime Minister joins economic experts at first day of JEF
Jeddah, Saudi Arabia March 20, 2011: Global and regional economic growth and development came under the spotlight at the first day of the Jeddah Economic Forum.
Hosted by the Jeddah Chamber of Commerce & Industry, the forum's first session was moderated by McKinsey & Co Senior Director, Kito De Boer. Participating speakers included HE Mohammad Al Jasser, Governor of the Saudi Arabian Monetary AgencySaudi Arabian Monetary Agency.
According to Kito De Boer, following the global financial crisis, a huge bulk of the global GDP growth will come from the developing world. The cornerstone to this growth will be the three E's - employment, education and entrepreneurship.
The SAMASAMALoading... Governor, urging a greater need for balance in global economic systems, stated, "There should be a multidirectional system that includes the US Dollar, the Euro and the Chinese Yuan".
"The G20 did not have major challenges until the recent recession took place, plunging the world into one the worst economic disasters in history". Al Jasser emphasized the credibility that the G20 has managed to acquire in addressing global complications. He pointed out that the Kingdom uses budget surpluses and financial reserves to drive economic development and strengthen the economy, generating opportunities and ensuring sustainability.
He assured that the recently announced decrees by his Majesty King Abdullah Bin Abdul Aziz, Custodian of the Holy Mosques, will change the course of Saudi Arabia's sustainable developments' over the coming years.
Mishal Husain, BBC World News anchor, moderated the second session that started with HE Ali Reza Zainal, Saudi Minister of Commerce and Industry, introducing HE Recep Tayyip Erdoğan, Prime Minister of Turkey to address the forum. Erdoğan spoke in detail of Turkey's political and economic successes in recent years. He stated that a clear and steady path had been the backbone of Turkey's economic growth and political stability. This had been accompanied by an effective foreign policy which now places them in a strong position of being able to speak to all nations.
Whilst cautioning against interfering in the domestic affairs of individual nations, he pointed out that within the region, we are all neighbours.
According to the Turkish Prime Minister, capital has no religion, no race, no colour nor any nationality. It is just capital. Foreign investment in Turkey has grown from $40 billion in 2002 to $107 billion in 2009 - during the global financial crisis.
Finally, answering a question from the audience, he said that he believed that Turkey's European accession would come in time. "We know that Turkey's membership will play a vital role in meeting of the East and the West, setting up a sound dialogue between them and removing prejudices against each other."
"Prosperous Citizenship" was the theme of the third session of JEF 2011. Abu Baker Ba Qader, a former spokesperson of the ministry of information and culture, said that the Saudi society was known as being a traditional society, but today it has transformed into an active one. "85% of the Saudi society lives in the 3 major modern cities, called the "Kingdom's Axis of Development", and are considered the basic core of Saudi Arabia's future society" he stated.
He explained that these factors will contribute in spreading the middle class all across the Kingdom. According to Ba Qader, the middle class has become a key player in the consumer market as they are on the look for modern lifestyles and daily living patterns that require certain financial capabilities.
Ba Qader pointed out the development of the Saudi society occurred in parallel to a large increase in the population, particularly in the major cities, as its basic institutions such as hospitals, schools and universities are expanding.
Ba Qader, speaking on the Royal Decrees that his Majesty issued two days ago and its implications on the middle class said "it is a major step that will accelerate the pace of establishing an active middle class."
During the same session HRH Prince Turki Al-Fasial, Chairman of King Faisal Islamic Center, added health and security as further cornerstones of "Prosperous Citizenship". Additionally, the contribution of both men and women to society are also critical to prosperity. "Governments provide a general framework to reach this prosperity, through laws and regulations," he explained.
'50 years ago capabilities in Saudi Arabia were much lower due to the absence of structured educational facilities and labor opportunities. Despite vast improvements and numerous programs we still have a significant level of unemployment.'
HRH Prince Turki Al-Faisal stated that he believed the Royal Decrees are means to creating work opportunities in the Kingdom. He considered it vital to look beyond the economic concept of a prosperous citizenship and widen the view to include the intellectual standards of the society. "It is our children's duty and responsibility now to reach those aspirations," he commented.
HRH also emphasized the role that the government is playing, especially in forming specific committees to fight corruption and speed up the decision making process throughout the public sector. When asked about the judicial system, the HRH answered that the current factors are different from what they were 50 years ago, "We have made great advancements in freedom of speech which has evolved significantly from what it was in the past. Today we even see discussions taking place in the press, a recognition of what we have achieved, yet a lot still have a lot more to do".
Yousef Alireza, President Goldman Sachs - Asia and a member of the management, focused his speech on the miraculous growth that Asia has witnessed. He demonstrated the results of the huge investments that have exceeded the American and European Savings. He pointed out that these results where different 10 years ago when compared to the American and European countries at that time. He stated that global enterprises are seeking to be present in East Asian countries and managed to achieve high records, as the cases for Honda and Toyota.
He concluded his speech by emphasizing the role of democracy in the growth process, and expressed his viewpoint that corruption is mainly related to a weak economical plan. "Countries should embrace democracy in accordance to their values and traditions and not in accordance to that imposed by foreign democracy."
Source: www.zawya.com
Jeddah, Saudi Arabia March 20, 2011: Global and regional economic growth and development came under the spotlight at the first day of the Jeddah Economic Forum.
Hosted by the Jeddah Chamber of Commerce & Industry, the forum's first session was moderated by McKinsey & Co Senior Director, Kito De Boer. Participating speakers included HE Mohammad Al Jasser, Governor of the Saudi Arabian Monetary AgencySaudi Arabian Monetary Agency.
According to Kito De Boer, following the global financial crisis, a huge bulk of the global GDP growth will come from the developing world. The cornerstone to this growth will be the three E's - employment, education and entrepreneurship.
The SAMASAMALoading... Governor, urging a greater need for balance in global economic systems, stated, "There should be a multidirectional system that includes the US Dollar, the Euro and the Chinese Yuan".
"The G20 did not have major challenges until the recent recession took place, plunging the world into one the worst economic disasters in history". Al Jasser emphasized the credibility that the G20 has managed to acquire in addressing global complications. He pointed out that the Kingdom uses budget surpluses and financial reserves to drive economic development and strengthen the economy, generating opportunities and ensuring sustainability.
He assured that the recently announced decrees by his Majesty King Abdullah Bin Abdul Aziz, Custodian of the Holy Mosques, will change the course of Saudi Arabia's sustainable developments' over the coming years.
Mishal Husain, BBC World News anchor, moderated the second session that started with HE Ali Reza Zainal, Saudi Minister of Commerce and Industry, introducing HE Recep Tayyip Erdoğan, Prime Minister of Turkey to address the forum. Erdoğan spoke in detail of Turkey's political and economic successes in recent years. He stated that a clear and steady path had been the backbone of Turkey's economic growth and political stability. This had been accompanied by an effective foreign policy which now places them in a strong position of being able to speak to all nations.
Whilst cautioning against interfering in the domestic affairs of individual nations, he pointed out that within the region, we are all neighbours.
According to the Turkish Prime Minister, capital has no religion, no race, no colour nor any nationality. It is just capital. Foreign investment in Turkey has grown from $40 billion in 2002 to $107 billion in 2009 - during the global financial crisis.
Finally, answering a question from the audience, he said that he believed that Turkey's European accession would come in time. "We know that Turkey's membership will play a vital role in meeting of the East and the West, setting up a sound dialogue between them and removing prejudices against each other."
"Prosperous Citizenship" was the theme of the third session of JEF 2011. Abu Baker Ba Qader, a former spokesperson of the ministry of information and culture, said that the Saudi society was known as being a traditional society, but today it has transformed into an active one. "85% of the Saudi society lives in the 3 major modern cities, called the "Kingdom's Axis of Development", and are considered the basic core of Saudi Arabia's future society" he stated.
He explained that these factors will contribute in spreading the middle class all across the Kingdom. According to Ba Qader, the middle class has become a key player in the consumer market as they are on the look for modern lifestyles and daily living patterns that require certain financial capabilities.
Ba Qader pointed out the development of the Saudi society occurred in parallel to a large increase in the population, particularly in the major cities, as its basic institutions such as hospitals, schools and universities are expanding.
Ba Qader, speaking on the Royal Decrees that his Majesty issued two days ago and its implications on the middle class said "it is a major step that will accelerate the pace of establishing an active middle class."
During the same session HRH Prince Turki Al-Fasial, Chairman of King Faisal Islamic Center, added health and security as further cornerstones of "Prosperous Citizenship". Additionally, the contribution of both men and women to society are also critical to prosperity. "Governments provide a general framework to reach this prosperity, through laws and regulations," he explained.
'50 years ago capabilities in Saudi Arabia were much lower due to the absence of structured educational facilities and labor opportunities. Despite vast improvements and numerous programs we still have a significant level of unemployment.'
HRH Prince Turki Al-Faisal stated that he believed the Royal Decrees are means to creating work opportunities in the Kingdom. He considered it vital to look beyond the economic concept of a prosperous citizenship and widen the view to include the intellectual standards of the society. "It is our children's duty and responsibility now to reach those aspirations," he commented.
HRH also emphasized the role that the government is playing, especially in forming specific committees to fight corruption and speed up the decision making process throughout the public sector. When asked about the judicial system, the HRH answered that the current factors are different from what they were 50 years ago, "We have made great advancements in freedom of speech which has evolved significantly from what it was in the past. Today we even see discussions taking place in the press, a recognition of what we have achieved, yet a lot still have a lot more to do".
Yousef Alireza, President Goldman Sachs - Asia and a member of the management, focused his speech on the miraculous growth that Asia has witnessed. He demonstrated the results of the huge investments that have exceeded the American and European Savings. He pointed out that these results where different 10 years ago when compared to the American and European countries at that time. He stated that global enterprises are seeking to be present in East Asian countries and managed to achieve high records, as the cases for Honda and Toyota.
He concluded his speech by emphasizing the role of democracy in the growth process, and expressed his viewpoint that corruption is mainly related to a weak economical plan. "Countries should embrace democracy in accordance to their values and traditions and not in accordance to that imposed by foreign democracy."
Source: www.zawya.com
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