Ushering in a new era of growth and prosperity will require doing away with the existing stringent regulations as well as bureaucratic and administrative hurdles, and putting new ones in place that free up the private sector to flourish. Even though the Gulf Cooperation Council (GCC) is blessed with a young population and is labor-rich, strict rules restrict the movement of goods, people and capital, and promote exclusion. Pro-industry polices are the need of the hour, foremost being antitrust and anti-dumping laws, which can offer a level playing field to private players.
READ: Part I here
The conference will see some of the best brains from the region discuss what role the government can play to liberalize economies in the GCC and help the private sector play the role of a transformer in creating an inclusive society and finding new international markets.
Today, there is no doubt that the corporate world also needs to introspect and transform its culture to bring in more profitability and efficiency. As the business environment is changing at a break-neck speed, with the focus firmly on venture-capital operations, professional services and the infusion of technology, the central point of discussion will revolve around how to attain a harmonious equilibrium in the whole process of restructuring, so that all stakeholders are taken along on the growth trajectory.
This calls for a social model, which can help provide guaranteed security to citizens from the vagaries of competitive markets. It will augur well if the Middle East studies social safety nets in European nations and replicates them here, keeping in mind the culture and nuances of the region.
The conference will also deliberate on the new emerging geopolitical power equations in the region, concentrating on how the Arab world can transform its image and forge new alliances with the rest of the world, especially Europe, to create new trade and business avenues. Saudi Arabia has taken a lead in projecting itself as a moderate and progressive country. Can rest of the Arab follow suit? Such burning questions and more will be answered by the who’s who of the region.
What is clear today is that a major transformation is happening and at an incredible speed. The Top CEO Conference & Awards, year after year, has provided a platform for industry and political leaders to stay ahead of the curve and anticipate possible changes to drive future growth efficiently. This year, too, will not be any different.