James Wolfensohn shares his vision at the 8th GCC Conference organized by NBK

Wolfensohn was the Guest of Honor on an invitation by the National Bank of Kuwait (NBK).

Highlighting the challenges Wolfenshon said, ' At present the global economy is divided into four distinct but interconnected tiers of varying levels of wealth and growth -' a four speed world'

Wolfensohn stated that in the future countries like Japan, European Union (EU) and the United States will be replaced by China and India.

Commenting on the developments in the Middle East Wolfesohn stated that the economies need to focus on their youth and develop the vast human resources in the region as that is the biggest challenge today. '50 percent of the youth in the region today lack the outlook of what the future holds for them.' He further said that the youth in any part of the world looks for opportunities to that ensure a stable and secured life.

He raised several issue in front of the GCC Governors and other financial experts by asking them that 'Will structural changes take place in the region, such as reform of the financial sector, greater diversification and private sector led growth that creates jobs for the regions youth?'

'Your real wealth is not oil but your human resources,' Wolfensohn pointed out to the audience.

Wolfensohn commended on the theme of the conference saying that 'it is fitting that the GCC Banking Conference addresses the theme of managing growth and risk in an era of openness.'

Concluding with an optimistic note, Wolfenshon said that in light of the expected global economic realignment key regions such as the Middle East have the prospects to become fast growing dynamic economies.

Wolfensohn has had a long history of involvement in a wide range of policy, research, community and cultural activities as well as in arts. He was awarded an Honorary Knighthood by Queen Elizabeth II for his contribution to the arts and has been decorated by the governments of over a dozen countries. His most recent roles include being an Honorary Trustee of the Brookings Institutions and a member of the council on Foreign Relations and the Century Association in New York.

Currently, Wolfensohn is the Chairman of Wolfensohn and Company, a private investment and advisory firm to corporations and governments, as well as Chairman of General Partners and WFM. He is also the Chairman of the International Advisory Board of Citigroup and the advisory group of the Wolfensohn Center for Development.