The letter outlines discussions undertaken during the Forum and provides five recommendations that should be implemented to ease the impact of the global financial crisis and aid recovery.
The recommendations are: Enhanced Regulations - non-G20 economies should be brought into the decision-making process to achieve global participation. Greater transparency and oversight of financial markets must be enhanced and lessons should be learnt from the least-affected financial systems.
Confidence-Restoring Measures - international collaboration with clear and decisive actions is required. Speed and boldness are essential alongside assurances to the public that governments stand fully behind recovery.
Easing Credit Markets - governments must prevent further bank failures and reduce borrowing costs to the private sector. Flow of capital to small businesses is essential for employment.
Fiscal Coordination - there must be a commitment to the minimum size of stimuli across nations with a focus on investment, particularly in education, healthcare and research and development. Projects should tackle long-term challenges such as climate change.
Open Markets - global free trade talks should be advanced with greater market access offered to poorer economies. Full support should be given to international institutions.
His Excellency Amr Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA), the organisers of GCF said, "GCF 2009 has highlighted key areas where major changes can be made to stimulate the recovery of the global economy. We call upon the G20 to discuss these recommendations at its meeting in April and reach agreement on concrete ways in which we can see fiscal recovery in the shortest possible timeframe."
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Global Competitiveness Forum calls on G20 to act
- Saudi Arabia: Thursday, January 29 - 2009 at 12:22
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The 3rd Global Competitiveness Forum held over three days in Riyadh, Saudi Arabia and comprising 100 speakers from business, academia, sport and government has sent an open letter to the G20 Member Countries in advance of their meeting in April.
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Posted by Rana MesbahThursday, January 29 - 2009 at 12:22 UAE local time (GMT+4)
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About the Global Competitiveness Forum:
The Global Competitiveness Forum (GCF) was founded in 2006 by the Saudi Arabian General Investment Authority (SAGIA). It is an annual meeting of top business leaders, international political leasers, and selected intellectuals and journalists, to be held in Riyadh, Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques HM King Abdullah bin Abdulaziz.
The ultimate goal of the GCF is to be a global platform that raises awareness and enthusiasm around competitiveness challenges, and critically evaluates the state of competitiveness theory and practice as they relate to International Trade, Regional Development, FDI, the Environment, Innovation, Human Resources Development, Globalization and the Micro- and Macroeconomic requirements for becoming globally competitive.
From its inception the GCF has fostered dialogue on competitiveness and idea exchange between high prolife leaders. At the first Global Competitiveness Forum the theme addressed was "ICT as an Enabler for Competitiveness" which explored the impact that ICT can have on competitiveness and how to harness it. The second GCF Forum provided a high-profile and global perspective on the highly successful pro-growth competitiveness agendas being pursued by the Kingdom of Saudi Arabia and many other successful industrialized and emerging economies.
About SAGIA:
SAGIA, the Saudi Arabian General Investment Authority, was established in 2000 as part of the new foreign investment law in Saudi Arabia. Its purpose is to attract investment to Saudi Arabia and more recently its mandate has evolved to encompass the enhancement of the Kingdom's overall competitiveness. SAGIA plans to attract sufficient investment to achieve rapid and sustainable economic growth in Saudi Arabia, capitalizing on the Kingdom's competitive strengths as the global capital of energy and as a major hub between East and West.
It aims to position Saudi Arabia among the top ten most competitive nations by 2010 through the creation of a pro-business environment, a knowledge-based society, and by developing new, world-class 'Economic Cities'. In September 2008, the World Bank recognized the Kingdom of Saudi Arabia the 16th business-friendly country in the world in its annual 'Ease of Doing Business' report. Recent reforms in Saudi Arabia improved the Kingdom's position from to 16th in 2008 from 67th in 2004.
To help boost competitiveness, SAGIA established the National Competitiveness Center (NCC) in 2006 to act as an independent body to monitor, assess and support the development of competitiveness in Saudi Arabia. The NCC serves as a think tank for change by conducting and developing competitive assessments and monitoring the implementation and results of change programs.
For more information, please contact:
Arpana Bhandari
Junior Account Executive
Hill & Knowlton
Telephone: +971 4 3344 930
Fax: +971 4 3344 923
The Global Competitiveness Forum (GCF) was founded in 2006 by the Saudi Arabian General Investment Authority (SAGIA). It is an annual meeting of top business leaders, international political leasers, and selected intellectuals and journalists, to be held in Riyadh, Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques HM King Abdullah bin Abdulaziz.
The ultimate goal of the GCF is to be a global platform that raises awareness and enthusiasm around competitiveness challenges, and critically evaluates the state of competitiveness theory and practice as they relate to International Trade, Regional Development, FDI, the Environment, Innovation, Human Resources Development, Globalization and the Micro- and Macroeconomic requirements for becoming globally competitive.
From its inception the GCF has fostered dialogue on competitiveness and idea exchange between high prolife leaders. At the first Global Competitiveness Forum the theme addressed was "ICT as an Enabler for Competitiveness" which explored the impact that ICT can have on competitiveness and how to harness it. The second GCF Forum provided a high-profile and global perspective on the highly successful pro-growth competitiveness agendas being pursued by the Kingdom of Saudi Arabia and many other successful industrialized and emerging economies.
About SAGIA:
SAGIA, the Saudi Arabian General Investment Authority, was established in 2000 as part of the new foreign investment law in Saudi Arabia. Its purpose is to attract investment to Saudi Arabia and more recently its mandate has evolved to encompass the enhancement of the Kingdom's overall competitiveness. SAGIA plans to attract sufficient investment to achieve rapid and sustainable economic growth in Saudi Arabia, capitalizing on the Kingdom's competitive strengths as the global capital of energy and as a major hub between East and West.
It aims to position Saudi Arabia among the top ten most competitive nations by 2010 through the creation of a pro-business environment, a knowledge-based society, and by developing new, world-class 'Economic Cities'. In September 2008, the World Bank recognized the Kingdom of Saudi Arabia the 16th business-friendly country in the world in its annual 'Ease of Doing Business' report. Recent reforms in Saudi Arabia improved the Kingdom's position from to 16th in 2008 from 67th in 2004.
To help boost competitiveness, SAGIA established the National Competitiveness Center (NCC) in 2006 to act as an independent body to monitor, assess and support the development of competitiveness in Saudi Arabia. The NCC serves as a think tank for change by conducting and developing competitive assessments and monitoring the implementation and results of change programs.
For more information, please contact:
Arpana Bhandari
Junior Account Executive
Hill & Knowlton
Telephone: +971 4 3344 930
Fax: +971 4 3344 923
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