Bahrain successfully concludes participation in World Economic Forum 2023 in Davos

Agencies | Davos                              

The Daily Tribune – www.newsofbahrain.com   

Bahrain delegates successfully concluded their participation in the World Economic Forum 2023 yesterday in the Swiss city of Davos held this year with the title “cooperation in a divided world.”

Bahrain’s delegation to the forum, headed by Noor Bint Ali Al Khulaif, the Minister of Sustainable Development, highlighted investment opportunities and Bahrain’s achievements within the economic recovery plan before decision-makers from all over the globe.

Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Osool and Chairman of Bahrain Telecommunications Company B.S.C (Batelco), Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board (EDB), Iain Lindsay OBE, Advisor to the Board at the EDB, Dr. Samer Al Jishi, Group President of BFG International, and Hala Al-Moayyed, Vice Chairman of the Board at AlMoayyed International Group were part of the delegation.

The delegates highlighted the unique investment opportunities of Bahrain to decision-makers in various business sectors and achievements under the Economic Recovery Plan. Minister Al-Khulaif participated in three plenary sessions on “Formulating the Future: How Women Are Shaping Sustainability Across Sectors”, “Between Liquidity and Fragility: Reforming in MENA” and accelerating clean energy.

She also took part in a plenary session on climate change in the Middle East, along with Industry and Commerce Minister, and another on ‘Sustainable and Digital FDI”, alongside EDB’s CEO. EDB chief, Humaidan, participated in three plenary sessions, themed “Developing New Realities: Redirected Focus in a Changing World”, “Bricks or Clicks: What Kind of Investment do Economies Need?” and “Busting Business Barriers”.

Delegates also held multiple strategic meetings and networking events to attract more investments to boost job creation and the economy. The event saw global leaders and business executives exchanging views over how the world will tackle its biggest issues in 2023, as Greta Thunberg and activists called on the energy industry to stop hijacking the transition to clean power.

Davos also expressed cautious optimism saying that the global economic outlook for the year ahead looking better than feared. Meanwhile, the head of the World Trade Organization (WTO) said yesterday it was sticking with its 1% projection for global trade growth in 2023 - for now.

Director general Ngozi Okonjo-Iweala said the WTO was not revising down its projection. The next assessment will be in April, she said. The carbon crowd too received a warm reception as the renewable industry rubbed shoulders with Big Oil executives.

After a year of high oil prices, fossil fuel producers said they have the firepower to invest in green energy. Political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding.

China declared itself open for business in a speech by Vice-Premier Liu He that was broadly welcomed, as the European Union said it would mobilize state aid and a sovereignty fund to keep firms from moving to the United States. “The key question is not China First, US First, Europe First. The key question for all of us is Climate First.” - French economy minister Bruno Le Maire.