World Economy

‘Geo-Economics’ Key Focus at WEF Summit

‘Geo-Economics’ Key Focus at WEF Summit ‘Geo-Economics’ Key Focus at WEF Summit

Overcoming the economic consequences of global tensions will be the key focus at the Summit on the Global Agenda, World Economic Forum (WEF), in Dubai.

Speaking at the event’s press conference, the UAE’s Minister of Economy, Sultan Al Mansoori, underlined that “the world faces new challenges today in the form of renewed political volatility, new forms of extremism and refugee crisis as well as health concerns,” AME Info reported.

As such, in an “interconnected world…we cannot function in isolation, which is why the Summit on the Global Agenda has assumed such relevance.”

For the UAE’s part, as event hosts for the seventh consecutive year, “we are presenting to the world our own initiatives and strategic approaches in sustaining our growth momentum,” according to the minister.

Espen Barth Eide, the managing director of the World Economic Forum, adds to the point that threats to globalization require proactive discussion from leaders across all sectors and backgrounds.

“Tensions are now in the center of the global economy. One of the questions we have to ask is what economic consequences will this have, what does this mean for globalization, will start seeing sanctions and counter-sanctions introduce? Will the ensuing lack of trust between key players have a long term effect on global development? This interlinkage between geo-politics and the economy, which we refer to as ‘geo-economics’, is the major focus for the World Economic Forum,” he said.

By attracting over 1,000 global business leaders, public figures as well as ministers and heads of state, the sector-wide appeal of the summit will encourage “discussion on how to overcome these (tensions), how to rebuild global trust and institutions and come back to a situation where there is a level of understanding between key players that can ensure that globalization continues,” he said.

The summit (Nov. 9 – 11), has attracted notable leaders within academia, media and the NGO sector.