Globalisation cannot be reversed — WEF

Brende urges world leaders to stop trade conflicts

Taking a stand against protectionism, the World Economic Forum’s president Borge Brende said that globalisation can’t be reversed or stopped, but “it needs to be inclusive, sustainable and job-creating.” He also asked the global leaders to stop trade conflicts.

The WEF president was speaking at the opening of the third Annual Meeting of the Global Future Councils, which was opened by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The UAE wants to take part in future technology for the benefit of its people. “We are working hard to equip future generations with the skills that will be required in the future. Hosting the Annual Meeting of the Global Future Councils is part of our vision for enhancing the UAE’s contributions to improving the conditions of human society. It reflects our aspirations and our constant efforts to ensure the best possible future for our people,” Shaikh Mohammad was quoted as saying by the Dubai Media Office.

“There is a lot of talk about trade wars. Trade isn’t a weapon. Trade can to the contrary be a strong force for inclusive poverty-eradicating growth,” Brende told delegates at the forum. Brende supported his argument by giving data.

The World Economic Forum (WEF) has established 15 new committees to study economic cooperation in the Middle East, and to fund infrastructure projects, bringing the total number to 38.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, opened the meeting, which was also attended by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai. The conference was attended by more than 700 futurists and hundreds of other delegates.

“Advanced technologies and sciences are shaping the future. In the UAE, we are keen to harness advanced technologies to enhance the progress of humanity,” Shaikh Mohammad was quoted as saying by the Dubai Media Office while touring the Transformation Maps Platform on the sidelines of the third Annual Meeting of the WEF Global Future Councils.

Tech spend

“The future belongs to those who can imagine it, shape it and implement it. In today’s world, governments cannot create the future singularly; it is important to involve everyone from the private sector to youth, international partners and others in creating policies,” Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, told delegates.

Al Gergawi said quoting studies that $73 trillion will be spent on development of technology in the next 10 years or so and governments need to prepare to reap the benefits.

“The collective mind provided by technology is much smarter than the individual mind. The wisdom of the crowd is a common saying; however, this saying is multiplied a thousand times when talking about and using technology,” Al Gergawi said. About $4 trillion — which is the budget of any rich country in the world — gets wasted in unwanted legislation, he added. The UAE has set up the world’s first legislative lab for future technology.

The future should be participatory in nature, and the government should not monopolise and work with others and codesign the future. “We should move from individual to collective effort which is supported by technology,” he added.

Khalfan Juma Belhoul, chief executive officer at The Dubai Future Foundation, said they would take the recommendation of the council and they will implement projects and issue regulations after fruitful discussions.

“The biggest challenge will be to translate ideas and challenges into reality because we are taking decisions from decision makers all around the world. Among the steps taken in the UAE fourth industrial revolution are the accelerator programme, the future museum and the Dubai future foundation. This reflects that the UAE leadership is aware how to prepare for the future,” Belhoul told reporters on the sidelines of the event.

WAMShaikh Mohammad received Borge Brende at Madinat Jumeirah yesterday. Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, was present.

Clint Egbert/Gulf News From left: Hadley Gamble, Reporter and Anchor, CNBC, Miroslav Lajcak, Foreign Minister of the Slovak Republic, Susana Malcorra, Foreign Minister of Argentina, Yoriko Kawaguchi Professor, Meiji Institute for Global Affairs, Japan, William Burns, President, Carnegie Endowment for International Peace and Julie Bishop, MP from Australia at a panel discussion.

Ahmed Ramzan/ Gulf News Al Gergawi speaks at the opening session of the Global Future Councils meeting yesterday.

Clint Egbert/Gulf News From left: Oliver Cann, Head of Media Content, WEF, Saadia Zahidi, Managing Director, Head of Social and Economic Agendas, WEF, Stephan Mergenthaler, Head of Knowledge Networks and Analysis WEF and Mirek Dusek, Member of the Executive Committee, WEF address a press conference.

WAM His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, attends the third Annual Meeting of the Global Future Councils in Dubai yesterday. Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Shaikh Ahmad Bin Mohammad Bin Rashid Al Maktoum, Chairman of Mohammad Bin Rashid Al Maktoum Foundation, also attended.