21.05.2005 World Economic Forum in Jordan 2005 Participants in the second part of this interactive session explored some of the most dynamic political, economic and cultural forces that will either empower or suppress the region s ability to create 50 million new jobs in the next five years. The challenge is daunting, all agreed. But new opportunities open every day.
Culture was seen as a powerful agent of change. "We need to encourage a culture of accepting failure," urged Hanson Cheah Co Founder and Managing Partner, Asiatech Ventures, Hong Kong SAR. "We need to de stigmatize it so people take chances and risks and don t see the only way out of failure is suicide." Others said peers, religious leaders, teachers and families can stifle, or encourage, the entrepreneurial spirit every bit as much as governments. Several alluded to the Arab world s technophobia that prevents it from adding value.
Finance mattered too. "Where are the region s business incubators?" asked Abdul M. Al Jaber Executive Chairman of the Board, Palestine Telecommunications, Palestinian Authority. "Where are venture capital funds?"
Various participants disagreed over the notion that "entrepreneurs are born, not made." They debated "if youth is a condition of age or mindset." They disputed whether "governments role is to create an enabling environment" for business, or "just get out of the way." But they all agreed these forces must work in concert in the Arab world, and fast.
"We need a reorientation of what government can do, and where it is needed," added Mahmoud Safwat Mohieldin, Minister of Investment of Egypt; Young Global Leader. "There are some things the private sector cannot do without government help."
The session ended on a note of hope. Such vigorous debate about future business opportunities could not take place only a few decades ago during chronic instability. "The world did change and my generation s priorities are no longer as relevant," argued Shimon Peres, Vice Prime Minister of Israel and Chairman of the Labour Party, pointing to his son, who chose a career in entrepreneurial business over politics.
"There is no reason for walls or armies because they cost too much. Education may seem expensive, but it costs less than unemployment. Governments can t influence where the money will come or go; that is entirely in the private sector. Today, I feel that if we want to distribute money to the poor, like a socialist, we must first make money, like a capitalist."
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