Abu-Ghazaleh: Self-Sufficiency Reinforces National Sovereignty

Well-known Arab economist, HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), stated that achieving self-sufficiency is a vital necessity for all countries, as its importance lies in that it secures the provision of three basic needs: food, medicine and education.

In a new episode of the “World to Where?” weekly program on Russia Today (RT), Dr. Abu-Ghazaleh added that achieving self-sufficiency is a  guarantee to self-reliance as well as a certain measure to reduce dependence on foreign imports; thus it supports national sovereignty and independence.

Dr. Abu-Ghazaleh also pointed out that self-sufficiency is the ability to produce all basic needs locally through national resources and self-potentials; and it renders obsolete the option of importation to meet such needs. 

On the importance of self-sufficiency, Dr. Abu-Ghazaleh underlined four main reasons, saying that: “achieving self-sufficiency in basic needs is a necessity, as it protects the country in the event of sanctions or a blockade. In other words, self-sufficiency is a national protection measure; in that it reduces states' demand for foreign currencies for importing local needs. It also helps in reducing the pressure on the balance of payments; and it elevates dependence on national production which means additional increase to the gross domestic product.”

Dr Abu Ghazaleh added: "Achieving self-sufficiency maintains a sense of national pride, promotes state dignity, strengthens countries’ independence, solves the problem of unemployment by creating jobs." 

Dr. Abu-Ghazaleh concluded his episode by stressing the necessity of achieving self-sufficiency in the three key areas - food, medicine and education, pointing out that some countries continue to face difficulties in achieving self-sufficiency  despite of the technological revolution the world is experiencing.