CAIRO: The three-day World Economic Forum (WEF) on the Middle East kicked off in the Dead Sea in Jordan on Friday, where Egyptian Minister of Trade and Industry Rachid Mohamed Rachid will be attending along with a number Egyptian businessmen and economists.
According to the Arab Competitiveness Report released ahead of the conference last month, Egypt is the most competitive Arab country among the least developed group of countries, ranking fourth out of 48 countries, including Morocco, Syria and Mauritania.
The report states: “The well developed physical infrastructure serves the economy well and good progress has been achieved with respect to primary education. The report goes on to stress the need to address “a soaring budget deficit, rigid labor markets and financial markets that are ill-equipped to channel financial resources into investments, and to fully utilize the latest technology.
The forum will bring together leaders from business, politics and civil society from 50 countries to tackle this year’s theme, “Putting Diversity to Work, regarding religious and ethnic diversity, as well as economic diversification.
In a previous interview, Chairman of the Economic Department at the Al Ahram Center for Political and Strategic Studies Abdel Fattah El Gibaly told The Daily Star Egypt that one of the major hindrances to inter-Arab trade was lack of diversity in trade tables across the region.
“But economic diversity isn’t something Egypt needs to be worried about. In light of this year’s World Economic Forum theme, we have a lot to offer, said Samir Radwan, Managing Director of Egypt’s Economic Research Forum. “The GCC-6 should be more concerned about diversifying the agenda, he added.
King Abdullah II is expected to give an opening address on participants’ roles in supporting conflict resolution, economic cooperation and development.
Among the initiatives to launch out of the conference is an AIDS Business Coalition in the Arab Region which will aim to promote cooperation between the private sector and stakeholders towards region-wide HIV/AIDS response.
Egypt as a delegation hopes to strengthen its role in this year’s WEF.
In a recent press release, Egypt was noted as the host of the annual meeting for the Economic Global Development in the Middle East for 2008 for the second time.
“This affirms our vital role in meeting the political and economic challenges which our country faces, coupled with the events that have taken place in Iraq, Lebanon and the Arab world in general. We should work like leaders. Radwan said.
Each year, the WEF brings “delegates an opportunity to energize and mobilize business leaders to entrepreneurship in the Middle East, said Linda Rottenberg, Co-Founder and CEO of Endeavor Global, and co-chair of the meeting.
This year’s WEF will also provide Egypt a chance to expand internationally, while future increase in foreign investment will allow more promising development opportunities.
Politically, Egypt hopes to use the WEF on the Middle East to impose the need of marginalizing the political situation in Iraq as well as call for end to violence between Arabs and Israelis.
“Our strong presence makes us confident participants, I’m optimistic about what Monday’s results will bring, Radwan said.
