The Qatar Economic Forum 2023, powered by Bloomberg, concluded on Thursday, after three days of in-depth 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.
His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani patronised the opening of the forum.
In the speech at the opening session, Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani 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.
The PM said that the world can build a global economy that achieves common aspirations through joint action and the exchange of expertise and knowledge.
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 ways to strengthen 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.