PUBLIC
Experts at 10th World Islamic Economic Forum call for concerted
efforts to achieve economic sovereignty
·
Dubai
offers resilient model of economic growth, states Al Shirawi
The Muslim world must focus on efforts to rediscover Islamic
principles and promote regional cooperation in order to successfully overcome
economic challenges, The Hon. Dato’ Sri Mustapa Mohamed, Minister of
International Trade and Industry, Malaysia, stated during a panel discussion on
the opening day of the 10th World Islamic Economic Forum in Dubai
yesterday.
Calling for joint efforts towards inclusive growth, the minister
said: “Despite great achievements in the past, the several Muslim countries are
still grappling with issues of poverty and several other economic challenges.
Political stability and concrete measures to counter extremism have become more
relevant today than ever before.” The minister added that Malaysia is ready to
share its experiences in economic prosperity with other countries.
H.E. Hisham Al Shirawi, Chairman of Economic Zones World and
Vice-Chairman of Dubai Chamber of Commerce and Industry, said the development
of the UAE, especially Dubai, offers a resilient economic model in today’s
world.
“As one of the most dynamic economies, Dubai’s growth is
characterized by simple economic development. Starting from humble beginnings,
Dubai has transformed within a very short time into one of the most influential
economies of the world.
Explaining the Dubai model of growth, H.E. Al Shirawi added: “We
first created supply then we created demand. Today Dubai has successfully achieved
confidence in its economy.”
Roger Bootle, Managing Director of Capital Economics, UK, said
emerging global markets have slowed down considerably in recent years. However,
he said the growth potential is not exhausted.
Stating that fundamental level of efficiency of economy is
crucial, Bootle said: “Islamic countries can gain rapid growth by getting the
structure of monitory and fiscal policy right.”
Datuk Ranjit Ajit Singh, Executive Chairman of Securities
Commission, Malaysia, said global economies are still in a transitional stage
and called for the development of resilient economic models.
“For many years, the conception was that unfettered markets are
ideal models for growth but recent global experiences have revealed staggering
levels of inequality.”
Highlighting the positive opportunities offered by Islamic
finance, Datuk Ajit Singh said: “In many ways the growth of Islamic finance is
timely. In fact, Islamic economy is linked to not only greater participation in
equitable distribution of growth opportunities but also sustainable and
inclusive growth.”
Atsutoshi Nishida, Advisor to the Board, Toshiba Corporation,
Japan, stressed the importance of creating mechanisms that can generate
sustainable economic development. He said education was a key element in
achieving this goal as it creates the right foundation for long term growth.
Nishida also highlighted energy as a crucial area that needs
particular focus in creating sustainable economies. “An energy focused economy
should work towards reducing greenhouse gas emissions and encouraging energy
conservation techniques.”
Emphasising the role of Islamic economies in this initiative,
Nishida said: “Halal focused development should create smart buildings to build
smart communities. Construction of smart human communities is crucial to global
human development.”
The 10th World Islamic Economic Forum, which runs until
Thursday, October 30, is being organised by the WIEF Foundation in
collaboration with Dubai Chamber, as part of its efforts to support the vision
of the emirate to become the global capital of Islamic economy.
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