Jordan’s king calls for investment in country’s youth

Jordanian ruler, King Abdullah II, has called on business and world leaders to invest in his nation’s youth, saying that while they account for a small proportion of the region’s population, they still played a significant role. (Screenshot/FII YouTube)
Updated 29 October 2019

Jordan’s king calls for investment in country’s youth

  • King Abdullah said his nation had 160,000 engineers and other skilled young workers
  • Called on delegates at the conference to invest in the younger population

RIYADH: The Jordanian ruler, King Abdullah II, has called on business and world leaders to invest in his nation’s youth, saying that while they account for a small proportion of the region’s population, they still played a significant role.
He said young Jordanians “speak the same language” as the Saudi leadership.
“They are the key to the future,” he said on Tuesday during his short speech at the Future Investment Initiative 2019 conference in Riyadh.
“We in the region recognize the need to nurture our young people’s skills and to harness them,” he said, adding: “My country strongly believes in this, they are the inventors of tomorrow.” 
Acknowledging the small size of the Jordanian population, he said: “Jordanians may only cover 3 percent of the region’s youth, but they are 27 percent of the innovators.”
King Abdullah said his nation had 160,000 engineers and other skilled young workers who could help to improve cybersecurity and much more.
“Our youth, the youth of this region are looking to you,” he said.  
Then he called on delegates at the conference to invest in the younger population.
“With your vital resources and our precious human capital there is not limit. We look to take flight into a hope and prosperity of which we can all share.
“This is a business opportunity that we cannot miss.” 


World Bank chief tells China it needs ‘vital’ reforms

Updated 1 min 11 sec ago

World Bank chief tells China it needs ‘vital’ reforms

BEIJING: World Bank chief David Malpass urged China on Thursday to further open up its economy and reduce state subsidies, echoing key demands made by the United States in protracted trade war negotiations.

Malpass made the remarks after a roundtable meeting with Chinese Premier Li Keqiang and the heads of other global institutions, including the International Monetary Fund and the World Trade Organization.

“I encouraged new reforms and liberalization,” he said.

Beijing is struggling to kickstart the economy, which expanded at its slowest pace for nearly three decades in the third quarter amid cooling global demand for its exports and a looming debt crisis at home.

Malpass said Beijing must resolve bilateral trade disputes and improve transparency in lending to avoid a sharp downturn on growth over the coming decades.

“China could improve the rule of law, allow the market to play a more decisive role in allocating resources including debt and investment, reduce subsidies for state-owned enterprises... and remove barriers to competition,” he said.

“It is hard to achieve but it is vital for reducing any inequality and building higher living standard,” Malpass said.

State-owned behemoths dominate lucrative sectors of China’s economy — including energy, aviation and telecommunications — where access to private players is restricted.

China’s trade partners have also long complained about the lack of an equal playing field and theft of intellectual property.

The country’s rubber-stamp parliament in March passed a foreign investment law that promises to address these issues, but local governments are still working on detailed rules needed to implement it.

Li said both domestic and foreign companies registered in China will be treated equally.

“They will have equal access to investment opportunities, equitable access to resources, legal protection in accordance with the law,” he said.

Beijing has also announced a timetable to open up its financial sector to foreign investors next year, as it attempts to woo outside capital to shore up an economy battered by the trade war with the United States.

China and the US have slapped tariffs on over $360 billion worth of goods in two-way trade.

Negotiators from both sides have been working toward a partial deal, but US President Donald Trump on Wednesday said Beijing has not made sufficient concessions, making him reluctant to conclude a bargain.

Economic data shows the uncertainty created by the trade spat between the world’s two biggest economies is undermining global growth.

IMF chief Kristalina Georgieva warned that implementing all the announced tariffs would cut $700 billion out of the world economy next year.

“What should be our priorities? First, to move from trade truce to trade peace,” she said.