Is MENA up to meeting the demand of creating 40 million new jobs?
Private sector investments in MENA are estimated at 13% -15% of the GDP. (Image credit: Shutterstock)
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The average rate of private sector investments in the gross domestic product (GDP) of Middle East and North African (MENA) countries is estimated at 13-15 percent, the Arab News said quoting a senior official of the Council of Saudi Chambers (CSC).
CSC Chairman Abdullah Al-Mabti recalled data released by the World Bank saying that 60 percent of business owners in the MENA region see that laws and government measures are not applied on a regular basis.
Mohamed Al-Hamadi, member of Riyadh Chamber of Commerce and Industry (RCCI), stressed the need to create a mechanism for cooperation between the private and public sectors so as to increase rates of work opportunities to cope with the increased population growth and how to face recession and economic slowdowns.
Both officials were speaking to local media prior to a Private Sector ME Conference (PSMEC) scheduled to begin on Tuesday in Riyadh. The conference plans to address five key subjects that represent the main challenges facing Middle East economies through five workshops.
Al-Hamadi also focused on drawing up business policies that will simulate the private sector increase growth rates in different sectors in accordance with an effective implementation mechanism.
Similarly, economic expert Abdularahman Ba-Ashin reaffirmed necessity of creating some form of partnership between the public and private sectors to create new job opportunities catering ambitions of young generation in the region.
Based on earlier data released by the World Bank, the MENA region needs to create more than 40 million job opportunities in the next 10 years to meet requirements of labor market and employment.
Commenting on the PSMEC conference, the CSC chief said the conference will pave the way for laying down new economic policies supportive to the private sector and its contribution to the economic development in the region and how to minimize legislations limiting the growth of the sector.
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