Bahrain: Economic development best way for Arabs, Muslims to face challenges

Bahraini Crown Prince Salman bin Hamad Al-Khalifa said Tuesday realizing economic development in Arab and Islamic countries was the best way to overcome all "obstacles facing governments." The Arab world needs to create 100 million jobs in order to meet the "explosive" growth of population, Prince Salman said in a speech at the 9th World Islamic Economic Forum (WIEF). He said the Islamic financial services would be the key generator of development and economic prosperity for the region, where the economies of the Gulf Cooperation Council's (GCC) countries valued at more than USD 1.5 trillion. Prince Salman said the Islamic financial services have reached a very important phase, taking into account that 1.5 billion people live in the Islamic countries coupled with international investors' wish to invest in Islamic countries. Pakistan Prime Minister Nawaz Sharif said the Islamic countries have a lot of economic and trade contributions to the world. Addressing the forum, Sharif said the Islamic world represented 23 percent of the global population, however they represent eight percent of the world's economy. The Islamic countries enjoy huge human and natural resources but failed to use them properly, he said. The President of Afghanistan Hamid Karzai said his country was heading steadily towards political and security stability following withdrawal of international forces by end of next year. He said the Afghan government was working hard to achieve security stability and economic prosperity to end three decades of conflicts. Karzai commended the support of the international community, Arab and Islamic countries. Afghanistan, he added, wanted the donor countries to abide by their pledges which amounted to USD 16 billion. He said his government has a 10-year-plan that would begin next year aimed at supporting agriculture sector, in which around 60 percent of citizens work