https://arab.news/j22vd
- Participants emphasized the need for structural reforms to address socioeconomic disparities, and foster trust in global relations
RIYADH: Amid shifting geopolitics and declining foreign direct investment in emerging markets, Saudi businesswoman Lubna Olayan emphasized on Monday the crucial role of trust and transparency for investors, highlighting the need for robust foundations in a deeply interlinked global landscape.
During a panel discussion on “Investing amid Global Fracture” at the special two-day World Economic Forum meeting in Riyadh, Olayan highlighted the pivotal role of trust in the reshaping of foreign investment strategies due to the emergence of new global players and escalating security concerns.
“The global fracture stems from a lack of trust between superpowers, which is now escalating to a lack of trust between everyone,” Olayan told the panel.
The prevailing trend evident in this global fracture, primarily seen in the rivalry between the US and China, is countries prioritizing their own interests without feeling obligated to align with any specific side, she said.
Emphasizing the critical significance of transparency in global relations, Olayan highlighted the need for the rule of law and the equitable application of laws as fundamental prerequisites for investors.
Salman Rahman, private industry and investment adviser to the prime minister of Bangladesh, discussed the urgent need for restructuring the global socioeconomic order.
He pointed to inequalities such as the lack of electricity for 50 per cent of Africa’s population and vaccine disparities exposed during the pandemic.
Rahman’s remarks highlighted the need to address socioeconomic disparities and foster a more equitable global landscape.
Laurence Fink, chairman and CEO at BlackRock Inc., stressed the importance of cooperation between governments and stakeholders to navigate the deepening divides between major powers.
He emphasized the critical role of collaborative efforts in addressing the multifaceted challenges of the modern world.