Qatar Economic Forum/ 3 Days of In-Depth Discussion Over Global Economy’s Future Come to an End

Doha, May 25 (QNA) – The Qatar Economic Forum 2023, powered by Bloomberg, concluded today, after 3 days of in-depth and serious discussions dealing with how to put the global economy back on the path of growth and looking forward to its future in a dynamic and rapidly changing world.

HH the Amir Sheikh Tamim bin Hamad Al-Thani patronized the opening of the forum, in an opening attended by HE President of Republic of Rwanda Paul Kagame; HE President of the Republic of Paraguay Mario Abdo Benitez; HE President of the Republic of Armenia Vahagn Khachaturyan; HE President of the Republic of Ghana Nana Akufo-Addo, HE President of Zanzibar Dr. Hussein Ali Mwinyi; HE Prime Minister of the People’s Republic of Bangladesh Sheikh Hasina Wazed; HE Prime Minister of the Republic of Kazakhstan Alikhan Smailov; HE Prime Minister of Georgia Irakli Garibashvili; and HE Prime Minister of Hungary Viktor Orban.

In the speech of HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani at the opening session, His Excellency said that Qatar Economic Forum is an important platform for discussing the most important economic issues and challenges facing the world today, and for discussing ways to address them in a spirit of cooperation and innovation, expressing his hope that the presence of its participants will constitute an important opportunity that helps in looking forward to a better future, indicating at the same time that supporting the economy, investment and innovation, while promoting common human values and preserving peace, is the way to build the capabilities needed to overcome crises and overcome the challenges facing the world today.

His Excellency said that the world can build a global economy that achieves common aspirations through joint action and the exchange of expertise and knowledge. His Excellency expressed his hope that the forum will build new paths that enhance business and investment climate towards promising avenues of growth, development, enhancement of understanding and cooperation between states, international institutions, private companies, and NGOs, while also finding economic solutions that help the world achieve its desired transformation. His Excellency expressed his hope that the forum can be an opportunity for dialogue and building partnership that enhance that transformation and economic progress towards a more prosperous future, given challenges create opportunities and cooperation makes change. 

During seven main sessions and over 50 dialogue and sub-discussion sessions, the forum, which has become the most prominent regional platform for enriching dialogue on strategic issues and priorities of the global economy, discussed strengthening international economic partnerships and enhancing communication and dialogue between different peoples.

The 2023 forum focused on maximizing the global competitiveness of the Gulf Cooperation Council states in a changing and dynamic economic system.

Also, the forum discussed the future of foreign direct investment in difficult economic times and the impact of the risks and challenges facing the global economy, particularly the effect of geopolitical tensions on these investments and its repercussions, including the rise in commodity prices such as energy and food, record-high inflation rates, and central banks resorting to raising interest levels.

It discussed the radical transformations taking place in the region’s markets and the huge development of emerging and medium-sized companies in a short period in terms of entrepreneurship and keeping pace with the technological revolution and digitization, reviewing the Gulf expansion in initiatives to develop entrepreneurial skills, including business incubators and accelerators and financing facilities to enable owners of small and medium enterprises to enter new markets.
Moreover, the forum discussed the best ways to manage inflation, enhance long-term productivity and economic growth, and ways to raise workers’ salaries and allowances without causing a deep and long-term recession.

It also explores the best investment strategies in emerging markets, paving the way toward the most viable growth options for investing in today’s volatile global markets. It touched on the future of globalization and the global trade, the impact of changing geopolitical interests on cross-border trade, and ways to develop direct trade between the countries of the South in a world characterized by more assertive economic management and deglobalization.

Concerning energy transition, the forum discussed ways to direct the global green energy transition and sustainable business efforts in the right direction by avoiding the worst scenarios of climate change, warning that energy transition policies will discourage investment in fossil fuels and lead to scarcity of natural gas in the next decade, including in Europe.

The forum covered other topics such as tourism, sports, artificial intelligence, and other modern technologies. The forum witnessed the signing of eight agreements and memorandums of understanding.

Earlier, HE Chairperson of the Supreme Committee Organizing the Qatar Economic Forum (QEF) and CEO of Media City, Sheikh Ali bin Abdullah bin Khalifa Al-Thani, told Qatar News Agency (QNA) that the previous two editions of the forum achieved remarkable success, adding that the Qatar Economic Forum is a media platform for dialogue with a diverse agenda that brings together global business leaders to formulate actionable steps to achieve economic growth.

His Excellency added that the forum was launched amid a period of unprecedented global turmoil to provide solutions that would address the challenges facing human development, inspired by the pillars of the Qatar National Vision 2030, stressing the commitment to the global dialogue to contribute to achieving the economic and social aspirations identified by the economic growth policies in Qatar over the years. (QNA)