Manama is hosting the 5th World Entrepreneurial Investment Forum (WEIF), with a focus on the Arab and African regions, under the theme ‘Achieving Global Entrepreneurship’. [Sustainable Development Goals] Through the promotion of innovation and economic growth.”
Over the next three days, the forum will consider pressing issues such as poverty, inequality and climate change within the framework of the SDGs.
With strong coalitions of stakeholders driving the agenda, WEIF sets the stage for transformative dialogue and action-oriented efforts aimed at reshaping the global economic landscape while advancing the Sustainable Development Goals. .
Managed by the United Nations Industrial Development Organization (UNIDO) Bahrain Investment and Technology Promotion Office, WEIF receives support from a consortium of influential partners.
Collaborators include the Federation of Arab States, the Federation of Arab Chambers of Commerce, the Arab Bank for African Economic Development, the Shenzhen Entrepreneurship Federation, as well as various local, regional and international organizations.
The important role of the private sector
In an interview with united nations newsUNIDO Deputy Director-General Fatu Haidara emphasized the vital role of the private sector in economic development, especially in developing countries.
She emphasized: [this] It brings together all stakeholders, policy makers, academia, investment and financial institutions, as well as the private sector, to consider how we can accelerate the implementation of the SDGs. ”
Emphasizing that cooperation is essential, Mr. Haidara asserted that: We need a collective effort. ”
WEIF focuses on fostering partnerships and aims to stimulate international cooperation and unite Arab and African stakeholders to foster the development of investment and entrepreneurship.
Mr. Haidara also emphasized the vital role of the private sector in promoting investment, technology and innovation, stressing that these key players will accelerate the implementation of the SDGs.
Rethink and restructure development investments
In the opening session, Laura Dashti, Executive Director of the United Nations Economic and Social Commission for Western Asia (ESCWA), articulated the Forum’s commitment to translating the SDGs into concrete results.
“Our forum theme, Six Transition Investment Pathways to Achieve the SDGs, asks us to rethink and reimagine our approaches across sectors such as energy and digital connectivity,” she said. explained.
Dashti appealed to stakeholders to leverage digital transformation and strengthen education systems to fight climate change and create inclusive jobs, calling for an urgent need for strategic partnerships to address pressing global challenges. emphasized the need for
“Architects of the next revolution”
Ms. Dashti went on to highlight the vital role of young leaders and entrepreneurs, noting that they are the “architects of the next revolution in global development…Inspired by the collaborative spirit of this forum, we are committed to our work.” Let us not forget that this is the case.” Don’t stop here. ”
She encouraged forum participants to use their ideas to close the “digital divide”, create a sustainable environment and pave the way out of poverty.
The role of academia
WEIF also emphasizes the importance of cross-sector partnerships, including academia.
In that context, Lydia Takyi of AAMUSTED University, Ghana, emphasized the timeliness of the forum in addressing the employment challenges faced by graduates.
He said it was critical to provide students with entrepreneurship skills and access to smart finance and networking opportunities, a core mission of universities, and of academic institutions in fostering innovation and economic growth. emphasized the role.
WEIF also calls on academic institutions to increase investment in research and development. Because such strategic moves have the potential to create new technologies that can address some of the world’s toughest challenges.
Tanzania’s Sokoine University of Agriculture has found ways to empower students even before they graduate. He founded the Sokoine University Alumni Entrepreneurship Cooperative, SUGECO, which acts as an incubator for graduates.
SUGECO Executive Director Levocatus Kimario told UN News at the edge of the forum. We have students. We are now giving them not only technology but also entrepreneurship skills. ”
Currently, SUGECO has established a solar-powered irrigation system. This technology enables the cooperative’s members to farm sustainably and has now secured a market for sweetwater lemons in Dubai, United Arab Emirates (UAE).
“We want agriculture to be the first choice for university graduates, not the last,” said Kimario, who attended the forum as an entrepreneur.
Fundraising and networking
Promoting entrepreneurship by providing access to smart finance and networking opportunities is another approach cited by UNIDO to advance the SDGs.
Olive Zaitun Kigongo, president of the Uganda Chamber of Commerce and Industry, points out that today African countries are “giving away our resources to developed countries”. We export jobs and resources. ”
“Many Ugandans work abroad because they cannot get jobs in Uganda,” she said during a panel discussion on building sustainable partnerships.
Ms Kigongo added: Otherwise, small businesses will not grow. Two heads are better than one, so let’s join hands. You have the money, we have the resources. ”
Bahrain and multilateralism
“The timing of this year’s WEIF coincides with the Arab League Summit, which Secretary-General António Guterres will be attending in person,” said Khaled El Mekwad, UN Resident Coordinator for Bahrain.
“This sequence of events reflects Bahrain’s increasing role in multilateral platforms and positioning itself as an active player,” he explains.
“This year’s hosting of WEIF coincides with the formulation of the United Nations Sustainable Development Cooperation Framework for the period 2025-2029. “We have held a series of consultations and negotiations with governments and national stakeholders that will allow us to develop a new cooperation framework.” ”
El Mekwad said this year was the first time in Bahrain that civil society was included as part of the national stakeholders, in addition to the private sector and other development partners.
“The country’s ownership is reflected in the discussions and discussions that the Bahrain government has accepted to discuss and negotiate, and we have agreed on the main pillars of a new cooperation framework that will serve as a framework for cooperation for Bahrain,” he concluded.
‘believe in yourself’
Mr. Reem Seyyam, Chairman of the Economic Businessmen’s Council of the Federation of Egyptian Chambers of Commerce and Industry and Director of the World Federation of Chambers of Commerce and Industry, is one of the beneficiaries of the UNIDO training program.
In an interview with UN News, she gave the following message to women entrepreneurs:
“I underwent UNIDO training through the UNIDO-ITPO office here in Bahrain in 2015. I really benefited from this training. It helped my business and also opened doors to financial institutions and banks. My message to women entrepreneurs is to believe in yourself.”
“Orange Economy”
Wednesday’s WEIF 2024 will focus on leveraging agricultural technology for food security and the role of the so-called “orange economy”, made up of creative sectors, that can help quickly achieve the SDGs.
Among the key speakers on the second day of the forum will be Felipe Buitrago, former Colombian Minister of Culture and known as the founder of the Orange Economy.
According to the United Nations, the creative economy is an evolving concept based on the contribution and potential of creative assets to contribute to economic growth and development. It encompasses economic, cultural and social aspects that interact with technology, intellectual property and tourism objectives. It is a knowledge-based and therefore more localized set of economic activities with developmental dimensions and cross-cutting links at macro and micro levels. overall economy.
