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Talal Abu-Ghazaleh, Vice Chairman of the UN Global Compact, emphasised that the world has entered a new stage of economic prosperity, during his address at the opening session of the” Corporate Listing: Opportunities and Horizons" conference held in Beirut under the auspices of the Lebanese Prime Minister Fouad Siniora. The conference was attended by Minister of the Displaced Raymond Awde, as well as a number of Arab ambassadors, business leaders and economic experts.
In his speech, Abu-Ghazaleh highlighted the significant timing of this conference, in light of the financial crisis that has hit the global markets. He reiterated the importance of activating laws and regulations that could enhance companies’ performance, referring to the symposium that was recently held in the headquarters of the UNESCO in Beirut under the auspices of Premier Saniora.
The symposium highlighted the need for a cultural transformation regarding the way the responsibilities assigned to decision-makers and managers in the economic sector are perceived.
Abu-Ghazaleh asserted that the world has entered a new stage of economic prosperity, saying that the current crisis is not merely a matter of stock markets breakdown, including Arab stock markets, but rather is just the beginning of geo-economic and geo-political changes in the world.
Abu-Ghazaleh called for giving the responsible authorities further monitoring powers over the stock market, and adopting a more transparent policy in information flow that fosters the various investments and trading processes, in a manner that both gives a clear picture for investors and business people and enhances market performance, while respecting the confidentiality of banks.
He also pointed out that it is possible to alleviate the negative impact of this financial crisis by forming a team of experts from various ministries, state institutions, the stock exchange and investment companies to follow up with any new developments.
Abu Ghazaleh also discussed the objectives of the Global Compact, most important of which is Corporate Social Responsibility which contributes towards developing communities. Other major objectives include putting more effort to develop and carry out the programs that could improve performance in all economic sectors.
He also mentioned that the world will witness the emergence of international giant institutions that will create a new financial system able to overcome the present circumstances. He added that the World Trade Organization is largely inactive and will soon be replaced by the emergence of a new global trade order.
Among the current challenges, is the formation of a new geo-economic map, starting with China, the promising economic giant, to India, Iran, Turkey, and assuredly the Arab countries and the countries of South East Asia, and what these countries represent in terms of economic potentials, consumption, human capital, and service sectors.
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