JEDDAH: Experts said at the Jeddah Economic Forum 2011 Sunday that investments in education and a focus on emerging countries are among the key steps needed to develop economies in the Gulf region. Robert Harmats, US Undersecretary of State for Economic, Business and Agricultural Affairs, said there are a number of areas that deserve attention to best serve economic growth in the region. “I emphasize the importance of partnership and values for the prosperity of the region and the world, and the American experience in the success of the economy can be useful in this region,” he said. “For the progress of the economy and growth of the country, spending in education, science and information technology is very important. There are opportunities now to make changes in the Gulf region, by mutual help, research, new policies of education, development of private sector and understanding, which can help in the growth of the economy in this region.” Nouriel Roubini, chairman and founder of Roubini Global Economics, gained international respect through his warnings well in advance of the late-2009 global economic decline. He explained that the global economy is rising now because of the emerging economies, the power of economy is shifting from West to East and many new changes are happening in the growth of the world's economies. “There is not a single model of global growth of the economy that can be used,” said Roubini, who was nicknamed “Dr. Doom” for his pessimistic predictions, which proved to be accurate. “From investment to resources, there are different institutions and we can learn from them about investments, input of capital and better infrastructure. The Gulf is a young region with a vast number of youths who don't have technical experience. The development of the private sector is also important for the growth of the economy. Freedom of education, speech and investment is also very important for the growth of any economy.” Dr. Nasser Saidi, chief economist and head of External Relations at the Dubai International Financial Center Authority, focused on the Arab region and transformation of the Arab economy. He emphasized the importance of the emerging markets and shifting attention toward the East. “The new economic power has shifted to the East, and new economies and countries are merging in economic growth,” he said. Dr. Saidi also called for a regional currency, a revised focus on trade, greater connections between the Gulf economies, greater commitments to effective education and empowering women. “We also should think about the new currency, ‘Khalijee currency,' as transformation is needed in the Arab world,” he said. “We have to shift our trade to Asia and also we should focus on the regional economy and the need to link our economies. We need to transform our educational system and pay more attention on mathematics, science and technology, and empower our women to support and be involved in the development of the economy.” He also said that for the growth of the Gulf economies, it's important to invest in the natural wealth of the Arab countries and political transformation is also very important. Kishore Mahbubani, dean of Lee Kuan Yew School of public policy, National University of Singapore; and Yusuf Alireza head of Securities and a member of the Management Committee of Goldman Sachs-Asia, explained the economic growth of Asia and how human investment, brain power, science and technology, skills and education transformation can lead to success and economic growth in the Gulf region. The meeting stressed the need to invest in youth, science and technology in the Gulf and in other countries that have substantial financial resources. The panel concluded that the great future of the Gulf region depends on the successful transformation of economic growth. At the end of the panel discussion, the audience voted for more transformation of education in Saudi Arabia for its economic growth.
