Former Japanese PM looks for new approach to solution to global economic crisis

Shinzo Abe's, 90th Prime Minister of Japan, spoke to the Conference about the global financial situation.

He proposed solutions for the economies of the world by saying, "In order to re-instate the engine of the world economy, that has been stopped, from a first viewpoint, major economies must immediately make fiscal injections to stimulate the economy and, from a second viewpoint, major economies must cooperate with each other to reconsider the financial system that has become dysfunctional.

With these actions alone, however, it is impossible to construct a vision of a secure future world economy. From a third viewpoint, it is now time to take the initiative in developing new economic engines from a middle and long-term perspective. Responsible countries should take measures from the viewpoints I have mentioned as soon as possible."

In the first keynote speech of the day, Michael Porter, Professor, Harvard Business School, addressed the Conference on the state of competitiveness and entrepreneurship in Saudi Arabia. He commented, "Saudi Arabia has made progress in improving competitiveness, although much remains to be done. One key initiative launched last year was the Saudi Fast Growth 100, which aims to identify and celebrate entrepreneurs in the Kingdom. We found 45 rapidly growing companies that are around five years old.

These companies have an average compound annual growth of more than 40% and have created more than 15,000 jobs. This is the promise that entrepreneurship holds for Saudi Arabia. Prosperity is a function of a country's endowments. Its land, geographic location, people, technology and resources, but endowments are only enough to take you a certain distance. It's your ability to utilise those endowments effectively that drives true prosperity."

The first panel discussed recruitment and retention of talent during an economic downturn. Mohammed Al-Mady, Vice Chairman and CEO, Saudi Arabian Basic Industries Corporation (SABIC), challenged Saudi Arabia's position in the global competitiveness rankings, stating that the Kingdom's position on education is very low and even lower on innovation.

"If we remove the oil factor, we're going to see the situation differently. We need to find a way to upgrade our human resources development as it is currently undervalued in this part of the world. Training alone will not bring change so we need to spend time integrating human resources development in the organisation. This needs perseverance, commitment and measurement. We need to concentrate on people by training, motivating and rewarding them."

A further panel discussed competitiveness in sport. In response to the idea of the Olympics coming to the Middle East, Michael Phelps, winner of 14 Olympic Gold Medals, surmised, "The cultural aspect of bringing the Olympics to the Middle East will help bring countries together, at some point this will happen. Walking into the dining areas of the Olympic Village in Beijing showed people from all countries talking and laughing with each other. This spirit of the Olympics can only have a positive effect on regions that host the event."

The final day of GCF 2009 also showcased the winners of the Saudi Fast Growth 100 Awards.

These "Academy Awards" of entrepreneurship celebrate companies and CEOs for extraordinary growth and innovative business practices. Of these 100 companies, special recognition is awarded to the ten highest ranking companies as well as the highest ranked start-ups and companies to watch. Winners include; Secutronic for the main Fast Growth award; Phenomenal PR & Event for the Start-Up award; and 3 Points Advertising for the company to watch award.

GCF 2009, under the patronage of His Majesty the Custodian of the Two Holy Mosques His Majesty King Abdullah Bin Abdulaziz and organised by Saudi Arabian General Investment Authority (SAGIA), seeks to foster debate and discussion around a central theme of responsible competitiveness. More than 100 leaders have gathered to discuss a diverse array of leadership issues.

Sagia Governor His Excellency Amr Al Dabbagh, observed that, "This conference has provided a backdrop for informed debate on the state of the world economy. Clearly we face many challenges but believe that GCF 2009 has a key role in setting the international agenda for steering nations through the crisis. We thank all our speakers for their opinions and recommendations."


Other panellists during the final day of the GCF 2009 included John Drzik, CEO, Oliver Wyman; Dr Lalit Johri, Fellow in International Business, Director, Oxford Advanced Management Programme Said Business School, Timothy Flynn, Chairman, KPMG International and Chairman & CEO, KPMG LLP; Dr Johann Koss, President and CEO, Right to Play and 4x Olympic Gold Medallist; Timothy P. Schriver, Chairman, Special Olympics Inc; Bill Achtmeyer, Chairman and Managing Partner, the Parthenon Group; Andre Bergen, CEO KBC Group; Philippe Bourgois, Richard Perry University Professor of Anthropology and Family and Community Medicine, University of Pennsylvania; Huguette Labelle, Chair of the Board, Transparency International; Michael Powell, Founder, Powell's Books; Geoff Cape, Executive Director, Evergreen; Mohamed Alabbar, Chairman Emaar Properties PJSC; David G. Rosenberg, CEO, Founder and CEO, Hycrete Inc; Barry Sternlicht, Chairman and CEO Starwood Capital Group; Mohammad Al-Jasser, Vice Governor, Saudi Arabian Monetary Agency; Sheikh Saleh Kamel, Chairman of General Council for Islamic Banks; Stephen G. Pagliuca, Managing Director, Bain Capital Partners LLC, Thomas Russo, Former Vice Chairman, Lehman Brothers; John Thain, President of Global Banking, Securities and Wealth Management, Bank of America.