UAE epitomises 'Old Champion' expertise with 'New Champion' dynamism, says Al Gergawi at Davos 2008

Addressing a live audience as a panelist in a session entitled 'Adapting to New Champions' at the World Economic Forum in Davos, Switzerland yesterday, HE Al Gergawi pointed out that the strategy has turned the UAE into a unique destination that maintains fundamental success factors as the cornerstone for the country's sustainable growth.

Within the framework of the principal theme of this year's meeting of global economic players - 'The Power of Collaborative Innovation' - the panel discussed the emergence of 'New Champions' regionally and the need to rethink solutions to global and industry challenges.

The thrust of the debate centered on how old and new champions can collaborate in a highly competitive global environment. Chaired by K.V. Kamath, Managing Director and Chief Executive Officer of ICICI Bank, India, the panel also included Alexander V. Izosimov, Chief Executive Officer of VimpelCom, Russia; Peer Steinbruck, Federal Minister of Finance, Germany and Yang Yuanquing, Chairman of Lenovo Group, US.
Highlighting the fragility of the global system and the interconnectedness of global risks, HE Al Gergawi said: 'There is an urgent need for a collaborative framework whereby we can conduct ourselves as stakeholders in this global space. We will be able to share global opportunities only if we succeed in achieving meaningful global citizenship and effectively address global challenges and risks.'

Panelists at the session concurred that the global financial crisis and environmental issues pose the greatest challenges for the emerging, as well as established, corporations, while forcing governments to demonstrate their leadership.
HE Al Gergawi said: 'This year we may witness a meltdown in the international money markets, further strangling liquidity globally and cutting off the arterial lifeline of the economic system. And, as the 2008 Global Risks Report warns us, there is a real danger the troubled financial systems will force business leaders to postpone or delay vital initiatives to address issues thrown up by climate change.'

He called for collective responsibility in addressing these dire challenges facing the world today in order to 'strengthen our capabilities globally and manage future challenges in all areas.'

'The fact remains that as champions the onus is on us all to act responsibly as global citizens. As global champions we also need to take ownership of the global space. We are all stakeholders in this global society. Global corporate citizenship is a long-term investment. As companies we heavily depend on global development, which means we rely on stability and increased prosperity. So, it is in our overall interest to help improve the global space.'

HE Al Gergawi also urged businesses to engage with governments to solve global problems such as poverty, poor education, inadequate health care and global warming. 'By taking the ownership of leveraging their remarkable power, businesses can play an instrumental role in ending poverty and intelligently regulate the use of the world's resources.'

In addition Al Gergawi said: 'There is a strong need to create trust-based working relationships. This can be achieved in several ways, including through constructive steps to show empathy and changing other's perception of our abilities, benevolence and integrity.'