Arab experts underscore private sector's industrial role

Arab experts meeting here on Tuesday stressed the significant role of the private sector in attaining creativity and innovation in the industrial sector by mans of involvement in industrial enterprises in the Arab world. During a debate held on the sidelines of a forum on creativity and innovation, which kick-started here on Sunday, Arab experts underlined the necessity of finding promising investment opportunities in the Arab industrial domain, and involving the private sector in relevant projects thanks to its "dynamics" and resilience. Dr. Bin Antar Al-Abdelrahman, an Algerian professor of economics and commerce, said major world countries attach much attention to creativity and innovation since they are the sole means to boost the competitive edge on the international arena and act as the main catalyst for global economic growth. Arab countries also set a top priority to this issue through allocating budgets for spurring and stimulating this culture in both public and private sectors as a strategic goal targeting an integrated industrial system that could lead to competitiveness and amalgamation in the global economy, he opined. The current global situation requires Arab economies to adapt to new technologies and their applications, and to cope with world developments and changes, he requested. ESCWA Economic and Social Advisor Hana Al-Halaj said global productivity is a significant element to the competitive edge as far as macro-economy is concerned so governments ought to seek new markets to promote their products. She considered the ESCWA a hub for manufacturing industries due to its abundant and attractive investment elements involving labor, cheap energy, raw materials, geographical proximity, the size of the local market and exportation. Industrial production plays a major role in the ESCWA region, but there are mixed industrial indexes in the member states, she said, lamenting that regional trade agreements still fall short of expectations. Algeria's chamber of commerce and industry chief Bazaz Mabrouk underscored the important role of commercial chambers and business organizations in the economies of Arab countries. He said business sectors represented by such chambers are greatly growing and have increasing significance in national economic structures. The Algerian official also called for reactivating the role of business incubators in the development of the competitive edge of small and medium-sized enterprises through an integrated system that could make available all necessary means and potentials.