The Bahrain Chamber is urging unified Arab economic action to address the challenges posed by a rapidly changing global economy. At the 51st Arab Labour Conference in Cairo, Waleed Kanoo, vice-treasurer and head of the Bahrain Chamber’s steering committee, emphasized the importance of regional unity in these turbulent times.
He stressed that Arab economies must evolve to keep up with the fast-paced global environment. As a result, old economic models are no longer sufficient. Kanoo explained that the region must adopt innovation-driven economic models to secure long-term growth.
The shift from oil dependency to diversified economies is a crucial part of this transformation. Kanoo called on Arab governments to focus on innovation, invest in digital infrastructure, and encourage entrepreneurship. In addition, he urged nations to create environments that support sustainable business practices and foster innovation.
Unified Arab economic action can allow Arab nations to combine their strengths and reduce economic risks. By cooperating, countries can build stronger trade relations, open shared markets, and improve regional investment flows. This type of collaboration not only helps Arab countries become more resilient but also unlocks new economic opportunities.
The Bahrain Chamber proposed that Arab nations align their policies, especially in sectors like education, employment, and technology. Such alignment will help create a regional labor market, matching talent with opportunities across borders. This Arab economic unity will benefit all member states, creating a shared, more prosperous future.
Moreover, Kanoo highlighted that regional economic cooperation would enhance the global competitiveness of the Arab world. In today’s fragmented global economy, no single country can stand alone. By uniting, Arab countries can create a stronger and more competitive economic bloc with global influence.
Kanoo also emphasized the important role of the private sector. Business leaders must take an active role in supporting unified Arab economic action. Their investments, innovation efforts, and cross-border collaborations are essential for regional growth and prosperity. He encouraged businesses to adopt a regional mindset, expanding beyond national markets and collaborating to unlock shared growth opportunities.
Finally, Kanoo called for deeper integration in sectors such as energy, logistics, and finance. Such integration will not only unlock new economic growth but also help establish long-term economic stability for the Arab world.
The Bahrain Chamber remains committed to advancing unified Arab economic action. In conclusion, it believes that through innovation, resilience, and Arab economic unity, the region can meet global challenges and achieve long-term prosperity.
