SHARM EL-SHEIKH, 22 May 2008 — The Arab experts participating in the World Economic Forum on the Middle East stressed the vital role of the private sector in achieving economic and social progress in the region.

Participating in the discussions, Muhammad ibn Isa Al-Khalifa, executive president of Bahrain’s Economic Development Council, said Gulf States needed to create 300,000 jobs to accommodate the graduates from schools and higher institutions in the region annually. The local youth largely depend on the public sector for employment, Al-Khalifa pointed out. “Therefore huge investments should be made in educating and providing training to the young people in the region to suit the demands of the job market,” Al-Khalifa said.

He pointed out that the studies have shown that the investment in the development of youth is profitable and useful. That is what the experience in Singapore, Ireland and Switzerland show, he said.

“Singapore, for instance, made up for its shortage of natural resources by investing in and developing its human resources,” Al-Khalifa said.

He concluded by saying that “we cannot afford to turn back, it is high time we thought of future generations.”