4 new points on energy sustainability raised at Global Competitiveness Forum

John Rice, Vice -Chairman at General Electric Co. raised during the third day of the 9th Global Competitiveness Forum four new points as essential to achieve energy sustainability, noting that a lot remains to be done to secure development and energy sustainability which he described as an objective of every country which looks for the prosperity of its people.

Rice presented the following points of working for energy sustainability: the world should change more smarter in financing and preserving governments and companies budgets amid lowering oil prices, developing of skills to control energy assets through immediate solutions that consider future costs, diagnosing and forecasting the assets and correcting future dealing with them.

He underscored the importance of creating an organizational and legal environment, availing smart legislations to match with the market, facilitating the attraction of investment and finance, assisting investors for long periods through clearness and transparency and drawing a legal framework to facilitate economic growth and privatization.

Rice stressed the importance of human resources, citing that his company has forged partnerships with giant Saudi companies e.g. Saudi Aramco and Saudi Electricity Company to provide training and modern education for the youngsters, particularly in the personnel.

He also underscored the importance of flowing economic data between private sector and government in its capacity as one way of energy sustainability for the sake of merger of companies and support of privatization of some sectors and government services.