The Middle East region has enormous natural resources, huge financial capabilities, and great human potential, but these capabilities have not been effectively utilized, His Excellency the Minister of Finance Ali Shareef Al Emadi said yesterday while inaugurating the 14th edition of the "Enriching the Middle East’s Economic Future Conference" in Doha.

"Actual economic conditions in the region don’t correspond with the available potentials and that most countries in the region suffer from declining economic performance, poor infrastructure and public utilities, increasing unemployment, poverty, and widespread corruption, which pose a high risk of further unrest and threaten security, stability and development efforts in the region," HE the Minister pointed out.

The high-level conference convenes more than 270 prominent figures from 73 countries to discuss the most pressing challenges in the MENA region. The participants include research experts, academics, businessmen and decision-makers from around the world.

Speaking at the event, HE Al Emadi stressed the need to fill important gaps that hinder the development process, including the need for integrated plans to develop vocational education and training, laws and legislation for the business environment.

He also highlighted the importance of supporting innovation, small and medium-sized enterprises and promoting the participation of the private sector in economic activity.

Combined efforts to develop programs utilizing the great potential in the region can prove instrumental in achieving sustainable development and support the region's security and stability, HE the Minister said.

The Minister of Finance opens the 14th edition of Enriching the Middle-East's Economic Future Conference, which brings together more than 270 personalities from 73 countries. #QNA pic.twitter.com/oNz0DxLGGY

— Qatar News Agency (@QNAEnglish) November 12, 2019

This year’s conference is being held under complex circumstances when the world is witnessing fundamental challenges and transformations in the economic arena, HE Al Emadi said.

He pointed out that since its launch in 2006, Enriching the Middle East’s Economic Future Conference has been focusing on discussing economic developments in the Middle East and Asia and exploring solutions for the economic challenges the region experiences. 

"It’s a unique opportunity and an effective international forum that attracts distinguished experts and businessmen from all over the world to discuss various issues including the economy, energy, free trade, security, crises and challenges in this region," he noted.

The conference focuses on issues which are the concerns of countries all over the world with direct repercussions on peace, security, and stability, HE the Finance minister said. 

"Crises and serious challenges in the region won’t find the desired positive solutions unless there is dialogue and consensus, and there is a sincere desire to meet with stakeholders and experts in order to develop a common vision to address the problems and crises escalating in the world, especially the Middle East," he added.

Meanwhile, all the speakers at the conference unanimously agreed on the need to address a number of issues that have a direct impact on the region, including the implications of the continuation of totalitarian regimes, tackling corruption, caring for youth, promoting women’s issues, climate change and the role of education and modern technology in bringing about direct change in the region.

Former President of Malawi Joyce Banda stressed that countries are now required more than ever to support freedom of assembly, press, and justice, in addition to addressing the challenges of climate change. At the same time, she stressed the importance of empowering young people, including women in the economic system.

Minister of Economy of Malta Edward Scicluna said most of the protests witnessed in many countries were spontaneous, pointing out that these protests were the result of social and economic factors such as unemployment, poverty, declining living standards, and the marginalization of young people and others. This has led to the rise of migration and the flow of migrants to the countries of Europe.

The 14th edition of Enriching the Middle-East’s Economic Future Conference is organized by the Permanent Committee for Organizing Conferences at the Ministry of Foreign Affairs in partnership with the UCLA Center for Middle East Development (CMED).

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Cover Image Credit and Source: QNA