JORDAN: Experts Promote MENA Women, Youth to Achieve Cross-Sector Development

Socioeconomic experts on Saturday called for including Middle East and North African (MENA) women and the young generation in the economy so as to achieve cross-sector development.

During a session titled: “Linking trade to development”, held under the World Economic Forum, the experts discussed means to better leverage regional and global trade to restart growth and drive economic and social development.

Uri Dadush, senior associate and director of international economics programme at Carnegie Endowment for International Peace, described the economies in the MENA region as one of the least integrated in the international trade and offers the least diversified exports.

“This is attributed to the weakness of the business environment and the low business and investment incentives… taking into consideration that the European Union and the US are not helping the region, particularly countries in transition,” Dadush, one of the panelists during the session, said.

He referred to Egypt and Tunisia, where he stressed that the US and Europe should flow more aid money and seal a free trade agreement to encourage industries.

Francisco Sanchez, US undersecretary of commerce for international trade, said the MENA region has great economic potentials, indicating that it is home to over 300 million people and contributes to world gross domestic product by $2.5 trillion.

Sanchez underlined the importance of investing in infrastructure in the MENA region in partnership with the private sector.

The US official highlighted transparency and creating a business environment that is inclusive to women and the young generation as ways to improving economies in the region.

Salem Ben Nasser Al Ismaily, chairman of the public authority for investment promotion and exports development in Oman, emphasised the importance of liberal economic policies in bringing about economic and political reform in the MENA region.

Ismaily underscored offering equal opportunities and empowering women as crucial to accelerating development in the region.

Research in science and technology, embracing a policy of peace and creating an encouraging business environment can develop economies in the region as well, Ismaily said.

Mahmoud Al Said Eissa, Egyptian minister of industry and foreign trade, stressed the need for eradicating corruption, ensuring transparency and creating an attractive business environment to develop the region's economies.

He highlighted the link between trade and development, saying: “Trade, industry and social development go hand in hand.”

The economist described small- and medium-size projects as well as free trade agreements as vital tools to reviving economies in the MENA region.