‘Rebalancing Global Geo-economic Strategies for Security, Growth and Development’ 14-16 May 2010
The 2010 Bahrain Global Forum (BGF) provided a unique opportunity for leading economic and financial actors to convene with policymakers and strategists from the worlds of defence and national security and debate and analyse the impact of the latest macro-economic trends on international affairs.
The BGF opened with a Keynote Address delivered by Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission of India, who noted that growth rates throughout Asia had been consistently higher than in the rest of the world. The financial crisis had not, he argued, fundamentally altered the global economic shift towards Asia because of three factors defining Asian development: growing human-resource capacity, strong private-sector capacity and market-friendly institutional development.
The Forum examined the role of the G20 and discussed how it could become an effective vehicle for economic governance. A Special Address was given by Pascal Lamy, Director General of the World Trade Organisation, who stated that global economic governance was ‘undergoing a major overhaul’ with ‘a rebalancing of global economic power away from the developed to the developing world.’ He stressed the interdependence of an increasingly globalised world and wondered if the G20 would be able to deliver, having so far coordinated the response to the financial crisis but not yet reformed international financial regulation.
The importance of mobilising diverse energy resources was addressed by Abdullah Bin Hamad Al Attiyah, Qatari Deputy Prime Minister and Minister of Energy and Industry, in the session: ‘Harnessing Energy Resources for Economic Prosperity and Security.’ Attiyah explained that access to a continuous source of modern energy was fundamental to the development of modern society and vital for economic and social prosperity. Tulsi Tanti, Chairman and Managing Director of Indian renewable energy company Suzlon, also addressed this and stressed the importance of turning to new sources to provide energy in an age of rising demand and environmental concerns. Energy security, energy efficiency and the low-carbon economy would be at the heart of any sustainable response.
The BGF also heard a perspective from the World Bank with Otaviano Canuto, Vice President and Head of Poverty Reduction and Economic Management, speaking on ‘Developing World Economies: Building Growth and Security.’ Canuto discussed the nexus of growth and security in developing countries and noted the existence of three concurrent crises that could threaten their prospects: climate change, the economic and financial crisis and the impact of fragile and conflict-ridden states.
Voices from the United Kingdom, Russia and Germany were represented in the session: ‘European Perspectives on Economic Growth, Security and the World Economy.’ Igor Yurgens, Chairman of Renaissance Capital, predicted debate in Moscow between those wanting to turn more towards Asia and those wanting to deepen ties with the EU. He noted that after an initial period of optimism, Russia was badly hit when the financial crisis unfolded. The renowned economist Lord Skidelsky spoke about the evolution of Europe’s power and self-perception and described considerable divergence among European nations about the continent’s trajectory and purpose.
The seventh and final plenary session of the BGF, ‘New Centres of Economic Power: Towards a 21st Century Global Economic Architecture’ featured an address by Carl Bildt, Swedish Minister for Foreign Affairs, who described the geopolitics of the twenty-first century as being defined by economic strength, growth and global integration. In discussing the different facets of the economic crisis and he predicted it will lead to a wave of structural reforms in European. Dr Steffen Kampeter, Parliamentary State Secretary of the federal Ministry of Finance explained the importance of the euro as a motor of the internal market, an anchor of stability in times of crisis and a unique symbol of European integration.
The BGF also provided opportunities for delegates to gather and discuss current policy issues in off-the-record special sessions. The four simultaneous special sessions addressed: ‘The Changing Role of the State in Economic Development: State versus Private Capitalism; ‘Investing for Peace: Stability in Post-Conflict Economies; ‘Financing Economic Recovery: Protecting Open Markets;’ and ‘Diversifying Economies in the Middle East and Building Stability.’
The 2010 BGF saw macro-strategy advanced in a high-level, integrated and intensive manner by gathering together representatives from the most senior levels of business, finance, government and national security. The in-depth discussion of global economic challenges and their geopolitical roots and consequences makes the Bahrain Global Forum the arena in which new light is being cast on this linkage and insights provided that advance the opportunities inherent to this new global context.
Read all Plenary Session Speeches
Bahrain Global Forum Report
