Accurate information and transparency key to tackling global financial crisis, Sheikh Saud

Delivering the keynote address at the international conference on `The Impact of Information and Integrated Statistical Systems on Socio- Economical Development' held here today.

Sheikh Saud said:

"The financial crisis that has affected many countries across the world reflects the interconnected nature of the global financial system. There is now a greater need for having clear and accurate economic information and transparency in order to help tackle this crisis."

The three- day conference is being organised by the Ras Al Khaimah Economic Development Department in association with the College of Business and Economics (CBE) of the UAE University. H.E. Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Higher Education and Scientific Research and Chancellor of UAE University, and H.E. Sultan bin Saeed Al Mansouri, Ministry of Economy, attended the conference.

Sheikh Saud said that the coherence and stability of companies and other entities in the public and private sectors will be closely linked to their access to information and use of critical information systems.

He added that Government of Ras Al Khaimah has implemented steps to make available comprehensive and accurate statistical data on the emirate's economy to enable investors and other stakeholders make informed decisions.

H.E. Sheikh Nahyan bin Mubarak Al Nahyan said that a reliable information and statistical system was vital for the government to make sure that its development programmes and projects are drawn up on the basis of accurate and objective data and to evaluate and efficiency in the implementation of those programmes.

He also called upon the experts to make sure that information and statistical systems used in the UAE confirm to global standards of accuracy, transparency and quality.

Sheikh Mohammed bin Kayed Al Qasimi, Vice Chairman of RAK Economic Development Department, said that the conference aimed at recognizing the role and importance of information systems and integrated statistical systems in socio- economic development as well as reviewing the practices and experiences of local, regional and international official statistical agencies.

Prof. Denise Lievesley, President of the International Statistical Institute, and Head of the School of Social Science and Public Policy, King's College, London, and Mr. Abdul Aziz Taryam, General Manager, Etisalat (Northern Emirates), the official sponsor of the conference, spoke at the inaugural session.

As many as 38 papers will be presented by leading international statistics experts and economic planners during the conference.