The fifth session of the World Entrepreneurship Investment Forum (WEIF), hosted by Manama, the capital of the Kingdom of Bahrain, opened during the period 14-16/5/2024 under the slogan: “Achieving sustainable development goals through entrepreneurship, innovation, and investment.” This is under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain, and organized by the Arab League, the Union of Arab Chambers, and the Investment and Technology Promotion Office of the United Nations Industrial Development Organization (UNIDO-ITPO) and in cooperation with the Arab Development Bank. Economic Affairs in Africa (BADEA), on the sidelines of the activities of the 33rd session of the Arab Summit to be held in the Kingdom of Bahrain.

The opening ceremony witnessed the participation of more than 1,600 participants, and the participation of ministers from the Kingdom of Bahrain and Arab and foreign countries, in the presence of the Secretary-General of the League of Arab States, Ahmed Aboul Gheit, and the Secretary-General of the United Nations, Antonio Guterres (via video conference). The Minister of Social Solidarity in the Arab Republic of Egypt, Nevin Al-Qabbaj, the President of the Union of Arab Chambers, Samir Abdullah Nass, the President of the Federation of Egyptian Chambers of Commerce, Ahmed Al-Wakil, the President of the Jordan Chamber of Commerce, Khalil Al-Haj Tawfiq, the President of the Mauritania Chamber, the presidents and members of the councils of African chambers, and business leaders from various countries of the world. In addition to the presence of a delegation from Africa that included 150 participants from African countries, a large number of representatives of ministries and government officials, chambers of commerce and industry in the Arab world, Arab and foreign business owners and investors, companies, banks and financial institutions, and male and female entrepreneurs, through organizing many diverse events and activities.

Secretary General of the Union of Arab Chambers, Dr. Khaled Hanafi, stressed during the forum’s work that the Arab region faces many unique challenges in achieving sustainable development goals. These challenges include rapid population growth, resource scarcity, and political instability in some regions. However, the region also boasts a young and dynamic population, abundant natural resources and strategic geographic location.

He explained that the Arab region imports a large portion of its food, making it vulnerable to fluctuations in global food prices. Therefore, investing in sustainable agricultural practices and resource management is crucial to achieving food security.

He continued: In the field of energy, the region relies heavily on fossil fuels, which contributes to greenhouse gas emissions. In this regard, investing $10 billion in renewable energy could create more than a million new job opportunities and reduce greenhouse gas emissions by 15% over the next decade (Arab Monetary Fund, 2023).

The Secretary-General pointed out that in the field of digital communication, gaps in digital infrastructure hinder economic growth and social development. Hence, investments in digital infrastructure can bridge the digital divide and open new economic opportunities. As for education, youth unemployment remains a major challenge in the region. For this reason, investing in education and skills development can prepare young people for the jobs of the future. Hence, social safety nets play a crucial role in reducing poverty and inequality. Investing in social protection programs can also ensure comprehensive and sustainable development.

In conclusion, Hanafi called for educational reforms and training programs in line with the needs of a sustainable economy. Integrating the Sustainable Development Goals into educational curricula and vocational training is crucial to preparing the workforce to face future challenges.

On the other hand, the President of the Union of Arab Chambers, Samir Abdullah Nass, indicated during the opening session, “We are meeting today under the generous patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa and with the participation of distinguished bodies and institutions to attend this high economic forum, which plays a pivotal role in advancing the wheel of innovation and Economic growth.”

This forum is held under the slogan “Achieving the Sustainable Development Goals by Promoting Innovation and Economic Growth” in extremely precise and important circumstances in light of the serious global challenges we face, most notably poverty, inequality, climate change, and the promotion of peace and justice, which require our great attention.

President Samir Nass pointed out that the Union of Arab Chambers firmly believes that cooperation and partnership are the cornerstones of facing these global challenges. The Union of Arab Chambers acts as a bridge between entrepreneurs, investors, and policy makers from all over the region and beyond. Therefore, strengthening this spirit of constructive cooperation is essential to achieve sustainable economic growth and achieve the aspirations of the Sustainable Development Goals.

President Samir Nass stressed that Arab entrepreneurs have always been the cornerstone of innovation and economic development. The Davos World Economic Forum provides an ideal platform for them to present their pioneering ideas, establish relationships with investors, and contribute effectively to the process of achieving sustainable development goals.

The Assistant Secretary-General, Head of the Economic Affairs Sector at the League of Arab States, His Excellency Ambassador Ali bin Ibrahim Al-Maliki, delivered a speech in which he expressed his happiness at participating in the work of this important forum to work together towards stimulating Arab economic growth and enhancing cooperation between Arab countries in the business sector, stressing The importance of involving the Arab private sector and entrepreneurs to be a major driver for achieving sustainable development and providing job opportunities.

He explained that this conference represents a vital platform for conveying the common vision towards a sustainable and diversified economy, by reviewing policies and incentives to attract investments, exchanging experiences and ideas to improve the business environment in Arab countries in light of the current economic challenges, as well as supporting investment projects and enhancing regional cooperation to enhance the development of our Arab region.

Also speaking at the opening session were the Minister of Commerce of the Kingdom of Bahrain, Abdullah Fakhro, the Executive Director of the Economic and Social Commission for Western Asia (ESCWA), Rula Dashti, the Honorary President of the International Entrepreneurs Organization, Sheikh Ibrahim bin Khalifa Al Khalifa, the President of the International Chamber of Commerce, Maria Firmanda, and the Coordinator for the  UN General Resident in Bahrain Khaled Al-Muqad.

The forum witnessed great momentum in terms of the important economic topics on the agenda, and the working sessions that discuss the role that entrepreneurship plays in achieving economic development, and how entrepreneurship and innovation contribute to sustainable development in the Arab region and Africa.

The forum is accompanied by many activities, including the “Enabling Arab-African Innovation Competition,” the “Smart Zone Exhibition,” and the Investment Summit for Arab and African Entrepreneurs. It is held within the framework of the “Global Alliance of Small and Medium Enterprises for Africa” led by the Arab Bank for Economic Development in Africa (BADIA), in addition to direct meetings between companies and representatives of government agencies.

The important forum targets the participation of young entrepreneurs in Arab countries to create more opportunities to contribute to sustainable development in the Arab region.

Source (Union of Arab Chambers)