21/05/2015 15:29 AST
More than 1,000 key leaders from government, business and civil society will support a comprehensive vision for prosperity and peace at the 16th World Economic Forum on Mena, which opened today (May 21) at Dead Sea, Jordan.
The meeting, marking the Forum’s ninth meeting in Jordan and the 16th meeting in the region will run until May 23.
The theme of the meeting ‘Creating a Regional Framework for Prosperity and Peace through Public-Private Cooperation’ reflects the double challenge of security and macro-economic uncertainty in the region.
As an international institution for public-private cooperation, the Forum’s programme for Jordan has evolved around inclusive growth, competitiveness, youth unemployment, energy and infrastructure in the region.
The countering of violent extremism and the dire situation of refugees and internally displaced people in several countries of the region will also be an integral part of the agenda, including several working groups and sessions as well as the closing plenary.
The meeting offers an opportunity for decision-makers across sectors to discuss these issues that will determine the region’s future. In the context of challenging regional conflict, ongoing consensus building within national borders and recent elections shaping the region’s way forward, leaders will meet to identify pathways for collaboration to drive growth and cooperation.
“The future economic health of the Mena region is intricately linked to the security situation and vice versa. Only by addressing the underlying challenges of inclusive growth, infrastructure and human capital and by helping the large numbers of displaced people can we hope to succeed in building a safe and prosperous future,” said Miroslav Dusek, senior director and head of Mena at the World Economic Forum.
Leaders highlight Mena region’s growth potential
The Middle East and North Africa region has the potential to become an emerging market leader, said global and regional leaders in the opening plenary of the Forum.
Salaheddine Mezouar, Minister of Economy and Finance of Morocco, highlighted the need for the Mena region to position itself on the global economic map as an integrated regional bloc. “The importance of the region is enhanced by its exceptional location,” he said. “It acts as a bridge between vibrant Asian economies, European-Mediterranean partnership opportunities and Africa’s significant potential for development.”
“The future lies in the emerging markets such as the Mena region,” said Carlos Ghosn, chairman and chief executive officer, Renault-Nissan Alliance (France and Japan), France. “Regional leaders should actively shape this future by improving intra-regional cooperation and integration – building on the successful Gulf Cooperation Council model.”
Shyam Sunder Bhartia, chairman and managing director, Jubilant Bhartia Group, India, emphasized the need for investments in education and infrastructure. “To encourage new investment, Mena countries need to remove barriers to intraregional trade,” he noted.
“The core of any prosperous society is a thriving middle class,” said Lubna S Olayan, deputy chairperson and chief executive officer, Olayan Financing Company, Saudi Arabia. “The Arab world has made much progress,” she said, “but further action is required to close the gender gap and reduce youth unemployment.”
Brian Duperreault, president and chief executive officer of US-based Marsh & McLennan Companies (MMC), urged regional leaders to build resilience while targeting prosperity. “Essential to economic growth in the region is the sustainability of resources such as water, food and energy.”
David M Rubenstein, co-founder and managing director, Carlyle Group, USA, highlighted the enormous investment opportunities the region offers. “Mena is attracting capital from all over the world due t
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