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World Economic Forum in Jordan 2005

Seizing the Moment
Dead Sea, Jordan 20-22 May

 Disconnect between rhetoric and reality obvious to investors
 Getting down to business in Gaza
 Egypt is open for business
 Canal could bring enough water to Jordan for 50 years
 Power to the people
 Qurei underlines strategic goal of peace
 Bush says women must acquire full political and economic access
 "Everybody wins" in regional commercial cooperation
 Town Hall Meeting gauges views of Arab leaders
 Change is welcome but "insufficiently rapid"
 Jordan challenges participants to be agents of change
 Iraqi foreign minister Zebari outlines steady democratic progress in Iraq



May 22


Abdul Hafeez Shaikh, Minister for Privatization and Investment of PakistanDisconnect between rhetoric and reality obvious to investors
Abdul Hafeez Shaikh, Minister for Privatization and Investment for Pakistan, said that "no country has progressed without making the private sector the dominant force in the economy" and that there is a disconnect on privatization between the ministers of Middle East governments and their leaders.

He said that the region's technocratic ministers all "read from the same hard disk" and that the progressive rhetoric does not always reflect the reality of doing business in the region.

No country has achieved high private development without FDI (foreign direct investment), said Shaikh, and only FDI-friendly policies will allow domestic investors to flourish. One participant emphasized that "a level playing field is absolutely critical and is one of the biggest challenges to how we ramp up investment". Shaikh said that Pakistan quadrupled its FDI in the last four years, in part because the economic regulations make no distinction between foreigners and locals.

"The reason I make progress is because I know the President [Musharraf] will back me," said Shaikh. If the top people don't support privatization, "we will never get beyond speeches".

Shaikh cautioned that rapidly increasing oil revenues could "subvert reform". Opinion-makers must impress upon their leadership that the high oil price is an opportunity to put the region on a path to sustainable development.

Programme I Webcast I Session summary



Ehud Olmert, Vice-Prime Minister and Minister of Industry, Trade and Labour for IsraelGetting down to business in Gaza To prepare for the aftermath of Israel's withdrawal from Gaza, "something has to be done" to build up the infrastructure and develop Palestinian industries in what were previously industrial zones in Gaza, said Ehud Olmert, Vice-Prime Minister and Minister of Industry, Trade and Labour for Israel.

"There should be concrete plans" on how to achieve this from the day following the Israeli pullout on 15 August. Olmert said that Israel would be a genuine partner but that "it would be a mistake for Israel" to put itself at the centre of any Palestinian industrial rebuilding as there are already enough sensitive issues between the two sides. "We believe that the pullout from Gaza is the first step. But it is not sufficient. There must be investments, there must be investors, and maybe there will be Israeli investors," said Olmert.

Programme I Webcast I Session summary I Press release



Ahmed Mahmoud Nazif, Prime Minister of EgyptEgypt is open for business "The winds of change are blowing in the right direction," said Egypt's Prime Minister Ahmed Mahmoud Nazif about economic reforms in his country.

"Egypt recognizes that free markets and democracy go hand in hand. We have made the link between opening the economy and opening society," he said.

In the last four months, Egypt has doubled the proceeds from privatization earned in the past four years, said Nazif, and Egypt's stock exchange is one of the most profitable in the world today.

"We invite you to take a closer look at the business environment in Egypt and see how the landscape has changed," he said.

Programme I Webcast I Session summaries I Speech



Canal could bring enough water to Jordan for 50 years A World Bank feasibility study will confirm whether a canal can be built to connect the Red Sea to the Dead Sea. Water would drop 400 metres over the journey and through reverse osmosis, half of the water would be desalinated and the other half doubly salinated to raise the level of the Dead Sea. The remaining half of the water would be drinking water.

Programme I Webcast I Session summaries





May 21


Khalid Abdulla-Janahi, Chairman of the Executive Committee, Shamil Bank of Bahrain, Switzerland and Elizabeth Cheney, US Principal Deputy Assistant Secretary for Near Eastern AffairsPower to the people Explaining the recent momentum towards democratization and reform in the Middle East, Elizabeth Cheney, US Principal Deputy Assistant Secretary for Near Eastern Affairs, said that we "can't deny the convergence of interests" between the international community and the Middle East.


She cited the turnaround of a misplaced US foreign policy of the past 60 years which supported the status quo in exchange for security. She also saw the "beginning of the lessening of fear" and the rising technology revolution which allow people in the region to watch the momentous events elsewhere and to desire the same changes.

Khalid Abdulla-Janahi, Chairman of the Executive Committee, Shamil Bank of Bahrain, Switzerland, said that external pressure for change was a consequence of the 9-11 attacks and that prior to the attacks, 300 million people in the Arab world had made it plain to the US that they thought its policy on the Israeli-Palestinian conflict, and its support of the existing power models in the region, was misguided.


Programme I Webcast I Session summary



Ahmed Qurei, Prime Minister of the Palestinian AuthorityQurei underlines strategic goal of peace Ahmed Qurei, Prime Minister of the Palestinian Authority, declared his government's and people's committment to peace and reform.

"Our people have chosen the path of peace as a strategic objective," he said, but claimed that the biggest challenge to realizing its aim is Israel's recalcitrance in meeting its duties and obligations. The Palestinians are "unable to run ordinary administrative affairs," he said and accused Israel of "avoiding taking the necessary steps to move the peace process forward".

The lack of security and a long chain of suicide bombings have divided Israeli society about the value of the peace process. Despite a lack of diplomatic progess, Israeli Prime Minister Ariel Sharon maintains that he intends to begin withdrawals of Israeli forces from Gaza.


Qurei encouraged investment in Palestinian enterprises and ventures and pledged to "provide all that is needed" to protect investments under the rule of law.

Programme I Webcast I Session summaries I Speech in Arabic



Laura Bush, First Lady of the USBush says women must acquire full political and economic access Heartened by Kuwait's decision to extend voting rights to women, Laura Bush, First Lady of the US, called for other Middle East countries to do the same. "Women who have not yet these rights are watching," she said, and "if the right to vote has any meaning, women must have the right to vote."

"Freedom, especially freedom for women, is more than the absence of oppression. Human rights require the rights of women and human rights are empty promises without human liberty," she said.

Mrs Bush placed particular emphasis on the role of education in building prosperous societies, and stressed the need to educate girls and women. "Too often girls are kept from school by custom, lack of resources and oppression," she said, and a mother's ability to read and write is important as her child's success is closely linked to hers.

She cited UNESCO's "staggering" illiteracy statistics for the Middle East - 75 million women and 45 million men are illiterate in the region.

Programme I Webcast I Session summaries I Speech (external site)



Khaldoon Al Mubarak, CEO, Mubadala Development Company, UAE"Everybody wins" in regional commercial cooperation Political will and commercial need are the two fundamental requirements for a successful cross-border project in the Middle East, said Khaldoon Al Mubarak, CEO, Mubadala Development Company, UAE. The current low level of cross-border cooperation in the region is due to a "stigma about large cross-border projects in the Middle East" and widespread scepticism about the chance of success of these projects, said Al Mubarak.

His own project, the Dolphin Project, was hailed as a "model" of Middle East co-operation as the region's first cross-border natural gas project. "Everybody is winning," he said of the stakeholders in the scheme and it is vital to include all stakeholders - shareholders, local contractors and the finance community.

Looking to the future, the increased world demand for energy presents a great challenge for the energy industry, said Nejib Zaafrani, Regional Vice-President, New Business Development, Middle East, Shell EP International Limited, UAE. To address the challenge of growth in oil production, he proposed a cross-border project over the next 30-50 years in which carbon dioxide molecules would be injected into oil reservoirs in order to recover a greater quantity of oil in the ME region. He said that 43 billion additional barrels of oil could be recovered by injecting carbon dioxide in US oil reservoirs.

The development implementation and operation of this type of integrated project across the states was pioneered in the US in the 1970-80s. The challenge to use it in other countries requires political will as well as regional and international cooperation.

Water and electricity projects were also mentioned as possibilites for cooperation.

Programme I Webcasts I Session summaries





May 20


Participants vote at the Town HallTown Hall Meeting gauges views of Arab leaders Over 700 of the region’s leaders participated in the Town Hall Meeting to focus on the top issues of concern for average citizens and to identify concrete action steps to address them. The exercise was to aid the region’s decision-makers to develop an action agenda that reflects the priorities of Arab leaders but addresses directly the concerns of the Arab street during the opening session of the World Economic Forum in Jordan 2005.


The meeting polled participants in ‘real time’ and found that 64 percent think that ‘Governments unwilling to implement reform’ is the biggest obstacle to development in the Arab world.

Programme I Webcasts I Session summaries I Press release I Full survey results (Participants' results in red; Arab street in blue; PDF; 19 pgs; 2.9MB)



Peter Brabeck-Letmathe, Chairman and CEO, Nestlé, Switzerland, and Co-Chair of the World Economic Forum in Jordan 2005Change is welcome but "insufficiently rapid" Introducing a note of caution to the general mood of optimism and positive expectation at the summit, Peter Brabeck-Letmathe of Nestlé questioned whether the recent political changes witnessed in the Middle East were "deep enough or fast enough". "It is not a question of whether a country or region changes but whether that change is sufficient to compete in the modern economy," he said, adding that this was also true for Europe.

The Middle East region receives "one percent of [global] foreign direct investment and for me this is a sign of alarm," said Brabeck. "The ratio of state to private investments is one to seven, which shows me that change is not yet sufficient for private investment," he said.

Programme I Webcast I Session summary



H.M. King Abdullah II Ibn Hussein of the Hashemite Kingdom of JordanJordan challenges participants to be agents of change
At a time that has been called the tipping point for change in the Middle East, His Majesty King Abdullah of Jordan said that there has never been more of a "sense of agreement that the future is in our hands" and called on the vision, drive and expertise of summit participants to make the reform process a reality.

The King told a packed plenary hall that the "Forum must face the realities of peace and conflict", saying and that failure to find peace in the region "is not an option".

Following the King's address, participants convened in a Town Hall Meeting and voted on the same questions asked in Al Arabiya's
Arab street survey. The participant votes were remarkably similar to those in the public opinion survey.

His Majesty's full speech in English and in Arabic I Webcast I Full survey results (Participants' results in red; Arab street in blue; PDF; 19 pgs; 2.9MB)



Hoshyar Zebari, Minister of Foreign Affairs of IraqIraqi Foreign Minister outlines steady democratic progress in Iraq
Hoshyar Zebari, Minister of Foreign Affairs of Iraq, said at the opening of the World Economic Forum in Jordan 2005 that while the world has been arguing over the rights and wrongs of the war in Iraq, the country has transformed itself "remarkably" into an emerging democracy.

He made no direct mention of the American presence in Iraq, but stressed that the new government is not just a shadow cabinet and is making improvments in public services, civil society, human rights, corruption and security.

Zebari said he welcomed the opportunity to speak at the World Economic Forum to "communicate over and above the daily feed of bad news". The world's media headlines do not reflect the will of the Iraqi people, he said, and their participation at the ballot box on 30 January sends a message that their future will not be dictated by terrorists. He added that the support and cooperation of its neighbours are essential for Iraq to fight terrorism.

All Iraqis must be fully represented in the democratic process and Sunni participation in particular must be recognized, he said. "If we accomplish this, it will be a turning point in Iraq's future and key to its survival".

Programme I Webcast I Session summary





Co-chairs
Peter Brabeck-Letmathe, Chairman and Chief Executive Officer, Nestlé, Switzerland
Brian C. Bruce, Group Chief Executive, Murray & Roberts Holdings, South Africa
Victor L. L. Chu, Chairman and Chief Executive Officer, First Eastern Investment Group, Hong Kong SAR
Ibrahim Dabdoub, Chief Executive Officer, National Bank of Kuwait, Kuwait
Maurice Lévy, Chairman and Chief Executive Officer, Publicis Group, France
Marilyn C. Nelson, Chair and Chief Executive Officer, Carlson Companies, USA
Lubna Olayan, Chief Executive Officer, Olayan Financing Company, Saudi Arabia

For more information on the World Economic Forum in Jordan 2005, please contact: jordanmeeting@weforum.org

To link to this page, please use
http://www.weforum.org/jordan

Media Coverage
Online
Al Bawaba
AME Info
BBC Arabic
BBC
Bloomberg
Financial Times
Forbes
Le Figaro
MENAFN.com
Rediff
Strategiy

 
eLibrary 2005
   Webcasts
 Session summaries
 Press releases
 Post-summit report

Speeches
  • His Majesty King Abdullah: Welcome address English I Arabic
  • His Majesty King Abdullah: Closing address English I Arabic
  • Robert Zoellick, US Deputy Secretary of State
  • H.H. Sheikh Ahmad Fahad al-Ahmad Al Sabah (Arabic)
  • Ahmed Qurei, Prime Minister of the Palestinian Authority (Arabic)
  • Ahmed Mahmoud Nazif, Prime Minister of Egypt

    Summaries of past discussions:
    Middle East & North Africa I Jordan 2004 I Jordan 2003

     
    People's Survey (Arabic)
     
    What are the region's most important issues? Arab popular opinion will form the basis for discussion at Jordan 2005.
  • Street survey (Al Arabiya website)
  • Full survey results (Participants' results in red; Arab street in blue; PDF; 19 pgs; 2.9MB)

      Related Links
  • Arab Business Council
  • Video: CNBC report (WindowsMedia; 6 mins; 70Mb)
  • Arab Competitiveness Report
  • Jordan Education Initiative
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    Last updated: 6 April 2006
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