Find­ing real ways to boost the econ­omy

The Pak Banker - - Front Page -


Boost­ing economies can­not be done by bring­ing rec­om­men­da­tions and so­lu­tions to the fore­front; how­ever, the com­mit­ments and im­ple­men­ta­tion of these out­comes is what mat­ters, Juma Al Ma­jid, Chair­man of Dubai Eco­nomic Coun­cil, told me­dia on the side­lines of the Sum­mit on Global Agenda.

He said: “We al­ways talk and there is no walk. It is not enough to come out with a so­lu­tion that can’t be ap­pli­ca­ble in any econ­omy.”

“To achieve eco­nomic growth, the sum­mit plat­form should play an es­sen­tial role in help­ing lead­ers, ex­perts and busi­nesses to un­der­stand and shape the fu­ture.” “How­ever, rais­ing de­bates, ex­chang­ing ideas, de­vel­op­ing strate­gies or even bring­ing so­lu­tions will not shape the fu­ture econ­omy. We have to en­gage and de­ploy these ex­pe­ri­enced and en­light­ened ex­perts in ev­ery field that lead to con­crete ac­tion through projects or ini­tia­tives.”

He also re­marked that the dis­cus­sions in Dubai serve as a back­drop for pre­par­ing a con­crete strat­egy for pos­i­tive change tak­ing place around the globe. More­over, Al Ma­jid crit­i­cised the coun­tries that are still suf­fer­ing from the global eco­nomic cri­sis and said itis be­cause of the dom­i­nance of pol­i­tics on eco­nom­ics.

“Po­lit­i­cal­i­sa­tion of the econ­omy is dan­ger­ous,” Al Ma­jid said. “Econ­omy should not be con­trolled by po­lit­i­cal de­ci­sions.” Al Ma­jid at­trib­uted the Euro­pean cri­sis to wrong pol­i­tics. “The steps that EU have taken are slow and build on po­lit­i­cal de­ci­sions which makes de­ci­sions not ef­fec­tive enough.

“The econ­omy should be built on solid, clear fun­da­men­tals which re­quires har­ness­ing the re­silient dy­namic busi­ness com­po­nents by ac­ti­vat­ing most of the busi­ness sec­tors — bank­ing, fi­nance, ed­u­ca­tion, health and so on.”

This in turns will cre­ate a sus­tain­able and sound econ­omy, he added. “To­day, our main chal­lenge is to cre­ate new, dy­namic and vi­brant econ­omy ac­cord­ing to new set of rules and so­lu­tions needed to meet chang­ing de­mands across the world.

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