By NNN-KUNA,
Kuwait : Kuwaiti Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah has said that today’s age was one of vast economic, political and military entities and it was therefore imperative that joint action was sought to widen the scope of cooperation between Islamic countries and to raise their role at all levels within the new world order.
He was addressing the Leadership Panel on “Islamic Countries in a Competitive World,” held as part of the Fourth World Islamic Economic Forum inaugurated by the Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Tuesday.
“The world witnessed when the last century drew to a close and is still witnessing fundamental developments which have occurred in the global economy and have begun to reformulate international economic relations, perhaps the most prominent is the globalisation of international trade regulations, where there is increased mutual dependence between countries and their economic systems and, the resources available to each country,” he said.
He said that direct economy had waned in favour of a free market economy in a way that lead to reinforcing the role of the private sector and increasing the role of technology in driving the economy, resulting in what was known as e-commerce (electronic commerce).
“We live in an age of vast entities whether they be economic, political or military, therefore it is imperative that we seek joint action now and widen the scope of cooperation between Islamic countries to raise the standards of the Umma (Muslim nation) and activate its role on all levels within the new world order,” Sheikh Nasser stressed.
He said it was fortunate that the Islamic Umma enjoyed huge, diverse and renewable resources making cooperation and economic partnership between its states a natural outcome to enhance its potentials and raise the levels of growth and prosperity of its people, as well as boosting competitive capabilities globally, “relying on our acquired advantages through research, development and innovation by producing new commodities or constantly improving and developing production methods to ensure easy access to global markets and interact with them.”
The prime minister said, however, that the Islamic world today faced numerous challenges, above all the low growth levels, low levels of investment in both human and material aspects, the spread of poverty and unemployment, fragile and inferior quality infrastructure, low levels of education and scientific research, the brain drain phenomenon and the failure of most of the countries to catch up with the momentum of economically and technologically developed countries.
“I would like to ponder a little on human development in the Islamic world, since it represents the source of power of nations, and despite the fact that the Islamic world constitutes more than a fifth of the world population, it has high levels of illiteracy, where in some parts, such as the Arab world, it has reached more than a third of the population,” he said.
United Nations statistics show that only six Islamic countries have ranked high on the Human Development Index, while 22 others ranked average and 23 Islamic countries remained low on the Human Development Index, he noted.
On the other hand, he said most global reports indicated widespread corruption across the Islamic world, which consequently had devastating effects on the general interests of peoples and governments and delayed economic and political reform.
“Thus, combating corruption and establishing better grounds for transparency, accountability and righteous leadership must take high priority in our societies,” he stressed.
Moreover, he said, “it has become crucial that the Islamic world confronts these challenges. Searching for ways to tackle them should be at the forefront of vital issues that are given paramount attention by endorsing new economic policies, which assist in the ideal utilisation of resources, enhancing the role of the private sector, limiting state control, providing a legal environment to protect all types of intellectual properties, raising the standards of education and scientific research, encouraging creativity and innovation and benefiting from all elements of society, along with creating a democratic climate that contributes to attracting investments and capital.”
Sheikh Nasser also said that achieving this “exceeds the capabilities of any country that chooses to act individually. Therefore, linking our economic and political interests is incontestable for the transformation we seek for our Umma; also working towards a common Islamic market has become an urgent necessity in today’s world to face huge commercial alliances that surround the Islamic world. Certainly, the greatest challenge facing us is organising ourselves, defining our priorities and acting sincerely by cooperating to confront those challenges.”
He said he was hopeful that the WIEF would become a strong institute that achieved communication and joint cooperation between countries of the Islamic world to enhance mutual interests, adding that he was confident that the contributions of the participants in this session would have a great impact on enriching views and guiding decisions.