ID :
27402
Thu, 10/30/2008 - 14:05
Auther :
Shortlink :
https://oananews.org//node/27402
The shortlink copeid
US Secretary of the Treasury: UAE's forward-looking growth model for GCC
Abu Dhabi, Oct 30, 2008 (WAM) - Henry Paulson, US Secretary of the Treasury declares surging oil revenues as a historic opportunity for GCC countries to diversify their economies, in a viewpoint in The Report: Abu Dhabi 2008 published by Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy services firm.
The revenues, he said are enabling GCC countries to "shore up their economic fundamentals and make much-needed investments in human capital - steps that should help avoid the up-and-down cycles of the past and support significant sector-wide growth." He continued, "Nowhere is this more evident than in the UAE, where a vibrant, diversified economy is reflected through innovative construction and services growth," referring to projects like Masdar, the carbon-neutral city, and a new financial centre.
Such projects, said Paulson, "are evidence of the benefits of adopting outward-oriented policies and I hope they encourage other countries to follow suit." While he cited a dramatic increase in foreign investment in the region - in the case of the US, foreign direct investment rose 120% between 2001 and 2006 - he encouraged Gulf countries to further liberalize their foreign investment policies.
"As economies change, uncertainty can create resistance to openness," he said. "It is critical to understand, however that in the long run openness to trade and investment will not only bring prosperity, but will also improve stability by better enabling economies to manage external shocks and smooth out business cycles." At the same time, he sought to assure Middle East leaders that their will to liberalize would be matched by an American attitude of openness.
"Some worry about growing protectionist sentiment in the US," he said. "My response is the same as that expressed by President Bush - as we seek to open new markets abroad, so the US will keep its markets open at home to diverse foreign investment." Paulson's viewpoint is carried in full in The Report: Abu Dhabi 2008, which features a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and accurate intelligence available.
The revenues, he said are enabling GCC countries to "shore up their economic fundamentals and make much-needed investments in human capital - steps that should help avoid the up-and-down cycles of the past and support significant sector-wide growth." He continued, "Nowhere is this more evident than in the UAE, where a vibrant, diversified economy is reflected through innovative construction and services growth," referring to projects like Masdar, the carbon-neutral city, and a new financial centre.
Such projects, said Paulson, "are evidence of the benefits of adopting outward-oriented policies and I hope they encourage other countries to follow suit." While he cited a dramatic increase in foreign investment in the region - in the case of the US, foreign direct investment rose 120% between 2001 and 2006 - he encouraged Gulf countries to further liberalize their foreign investment policies.
"As economies change, uncertainty can create resistance to openness," he said. "It is critical to understand, however that in the long run openness to trade and investment will not only bring prosperity, but will also improve stability by better enabling economies to manage external shocks and smooth out business cycles." At the same time, he sought to assure Middle East leaders that their will to liberalize would be matched by an American attitude of openness.
"Some worry about growing protectionist sentiment in the US," he said. "My response is the same as that expressed by President Bush - as we seek to open new markets abroad, so the US will keep its markets open at home to diverse foreign investment." Paulson's viewpoint is carried in full in The Report: Abu Dhabi 2008, which features a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and accurate intelligence available.
