By Racheal Ishaya
Abuja – The World Economic Forum’s Middle East and North African (MENA) Regional Business Council at Davos-Klosters, Switzerland, on Wednesday launched a report outlining policy reforms to create jobs and stability in the region.
This is according to a statement on Tuesday by Mr Fon Mathuros, Head of Media, World Economic Forum, which is currently taking holding with the theme “Responsive and Responsible Leadership”.
The report, “Accelerating Economic Reforms in the Middle East and North Africa, a Private-Sector Perspective,” outlines actionable policy recommendations for six priority reform areas.
The launch took place on the sideline of the 47th World Economic Forum Annual Meeting.
More than 3,000 participants from nearly 100 countries are participating in over 400 sessions.
According to the report, labour market regulation in the MENA region should allow workers to quickly move, at low cost, from one job to another.
“Insolvency systems should be based on efficient legal frameworks and effective judicial actors: impartial judges, competent lawyers and accountants experienced in insolvency proceedings.
“To stimulate entrepreneurship, decision-makers in the region should exploit IT to create an efficient single interface, a one-stop-shop, for registering a company.
“For quick conflict resolution, develop an efficient commercial court procedure that increases public-private collaboration, builds trust and promotes mediation as a recognized alternative dispute-resolution method,” it stated.
According to the report, anti-corruption laws that promote competitive businesses, attract foreign investment, especially in the context of small and medium-sized enterprises is needed in the region.
Mr Mirek Dusek, Head of MENA, WEF, said the current momentum for reform in the MENA region created an opportunity for government to initiate inclusive sustainable development.
“Each of these six policy reforms marks a milestone along the road to success and prosperity.
“The current drive and the determination of MENA’s premier group of companies offer promise that it will boost growth and achieve prosperity for all,” he said.
Also, the Chief Executive Officer of Crescent Petroleum, United Arab Emirates, Mr Majid Jafar, said reforms were needed to change and enhance basic business regulations to enable more private-sector investment and entrepreneurship.
“We cannot continue to have one in three young people in our region unemployed. We need to transform our economies to enable job creators and not just job seekers.
“Without fundamental economic reform in these key basic areas, we stifle prospects for progress in the region and hold back businesses’ potential to create jobs,” he said.