Governments should use diversity as pillar of economic growth: Japanese PM

Japanese Prime Minister Shinzo Abe speaks by video to the World Government Summit in Dubai, United Arab Emirates, on Sunday. (REUTERS)
Updated 12 February 2017
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Governments should use diversity as pillar of economic growth: Japanese PM

DUBAI: Japanese Prime Minister Shinzo Abe spoke at the World Government Summit (WGS) on Sunday through video link.
Complimenting the United Arab Emirates for organizing the event, he said: “As the world becomes more culturally diverse, it is critical that we understand how these traditions will coexist in the future. It is critical that governments use this diversity as a pillar to enable economic growth based on innovation.”
He said: “When I visited Dubai in 2013, I was impressed by the way in which various peoples from different parts of the world coexist. Furthermore, I commend the creation of the Ministry of Happiness because it demonstrates that happiness is indeed the responsibility of governments.”
Kentaro Sonoura, senior vice foreign minister of Japan, expressed his deep respect for the UAE’s efforts to promote tolerance and diversity. He said: “Your commitment to the environment, public health, human development and good governance are benchmarks for governments around the world. In addition, your investments in education and innovation will ensure a brighter tomorrow.”
“The role of government is to invest in people’s future by
promoting education and innovation. Governments must invest in new technology and create regulatory reforms to pave the way for greater success,” he said.


OPEC oil ministers gather to discuss production increase

Updated 19 June 2018
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OPEC oil ministers gather to discuss production increase

  • Analysts expect the group to discuss an increase in production of about 1 million barrels a day
  • The officials were arriving in Vienna ahead of the official meeting Friday

VIENNA: The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices.
The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-OPEC country that since late 2016 has cooperated with the cartel to limit production.
Analysts expect the group to discuss an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016.
The cut has since then pushed up the price of crude oil by about 50 percent. The US benchmark in May hit its highest level in three and half years, at $72.35 a barrel.
Upon arriving, the energy minister of the United Arab Emirates, Suhail Al Mazrouei, said: “It’s going to be hopefully a good meeting. We look forward to having this gathering with OPEC and non-OPEC.”
The 14 countries in the Organization of the Petroleum Exporting Countries make more money with higher prices, but are mindful of the fact that more expensive crude can encourage a shift to renewable resources and hurt demand.
“Consumers as well as businesses will be hoping that this week’s OPEC meeting succeeds in keeping a lid on prices, and in so doing calling a halt to a period which has seen a steady rise in fuel costs,” said Michael Hewson, chief market analyst at CMC Markets UK
The rise in the cost of oil has been a key factor in driving up consumer price inflation in major economies like the US and Europe in recent months.
Already US President Donald Trump has called on OPEC to cut production, tweeting in April and again this month that “OPEC is at it again” by allowing oil prices to rise.
Within OPEC, an increase in output will not affect all countries equally. While Saudi Arabia, the cartel’s biggest producer, is seen to be open to a rise in production, other countries cannot afford to do so. Those include Iran and Venezuela, whose industries are stymied either by international sanctions or domestic turmoil. Iran is a fierce regional rival to Saudi Arabia, meaning the OPEC deal could also influence the geopolitics in the Middle East.