Marrakech, April 17, 2012 (MAP)
Marrakech, April 17, 2012 (MAP)
King Mohammed VI made a heartfelt plea for the development of inter-Arab economic and financial cooperation in order to rise to the challenges of development, highlighting the role of Arab financial institutions as a “key lever for the promotion of cooperation and complementarity between Arab sister nations.”
In his message to the participants in the 2012 Annual Joint meetings of Arab Financial Institutions which opened on Tuesday in Marrakech, the Sovereign urged these institutions to adopt “proactive approaches” and next-generation economic reforms to come up with innovative, practical solutions “adapted to our globalized world.”
By coming together in this age of regional and international blocs, “our countries should be able to rise to economic challenges, and to cope with the effects of the global financial and economic crisis,” HM the King said, recalling that the meeting is being held at “an exceptional juncture, both in the region and the world. There have been several, far-reaching developments in our Arab region which reflect the aspirations as well as the expectations of Arab peoples. In addition to that, there is the unhelpful impact of the global crisis on our economic, social and financial conditions.”
Given that this year’s conference is taking place against the backdrop of a multi-polar global economic system, whose hallmarks are fierce competition and the ever-growing influence of emerging economies and the private sector, the Monarch said that it falls to Arab countries and their specialized bodies to “adopt a new economic and financial governance and bolster our competitive edge so that our economies may hold their rightful place in the new global labour market and meet requirements for today’s new jobs.”
To achieve this, HM the King went on, “we must promote innovation, encourage scientific research and state-of-the-art technology, and improve the match between the training we provide and the needs of the job market.”
Such policies should “withstand global changes and upheavals, and help us address the key issues of poverty, vulnerability, food security, water scarcity and climate change, as well as problems pertaining to the liberalisation of world trade and the disruption of global financial markets,” the Sovereign noted.
For this reason, Arab financial institutions “should put a new conception of development into effect. The aim is to bring on board all segments of society, especially impoverished, marginalized groups, and to ensure the optimal distribution of the benefits of growth by providing jobs – especially for young people – and meeting people’s needs in the areas of housing, healthcare and education,” HM the King underlined.
“I should like to take this opportunity to stress the pivotal role played by your institutions in giving concrete substance to brotherly bonds between Arab nations. By financing joint development projects,” HM the King said, urging Arab financial institutions “to step up their action and to devote their energy and resources to supporting the efforts of Arab countries by financing economic and social programs”.
The Sovereign called for “adopting new mechanisms commensurate with the challenges we are facing” by laying special emphasis “on the need for Arab financial institutions to encourage Arab projects which promote regional integration and help us accomplish our cherished goal of Arab economic complementarity.”
“It is particularly important in this regard to improve the business environment and to encourage the private sector”, the latter being a key player “in spurring growth, promoting development and creating wealth, especially small and medium enterprises, given the crucial role they play in providing jobs,” the Sovereign stressed.
HM the King insisted on “the need to support African countries in their development efforts. In fact, this should be one of the priorities of joint Arab action with a view to making it a model South-South cooperation partnership.”
This event was an occasion for HM the King to commend “Morocco’s model partnership” with Arab financial institutions and to say that “we look forward to further cooperation in the future to expand and develop this partnership, given the favorable investment environment offered by my country, the reforms we have undertaken and the ambitious, strategic development plans we have embarked upon.”