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How to stabilize Pakistan’s economy?

Amjed Jaaved

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Pakistan approached International Monetary Fund for 13th time since 1988 to get a bail-out. This programme is touted as a recipe to `reduce Pakistan’s public debt’ and `stabilize the economy’. The suggested panacea is `market-determined exchange-rate’ coupled with tax-evasion. But a free-floating exchange-rate is no magic wand or panacea for economic stability.

Unresponsive exports

Devaluations are unlikely to stimulate Pakistan’s export potential as its industrial production including that of textiles, is now in shambles. They only balloon debt burden. IMF’s own 1996-Economic-issues series booklet `Moving to a Flexible Exchange Rate: How, When, and How Fast?’ cautions against over-optimism. The booklet (by Rupa Duttagupta, Gilda Fernandez, and Cem Karacadag) concludes with advice `Both fixed and floating exchange rates have distinct and different advantages. No single exchange rate regime is appropriate for all countries in all circumstances. Countries will have to weigh the costs and benefits of floating in light of both their economic and their institutional readiness’.

Effect on public debt

When the State Bank of Pakistan devalued rupee in July 2017, then finance minister, Ishaq Dar (now an absconder) claimed the State Bank of Pakistan acted without his volition. The Dar-time devaluation inflated our debt burden by Rs 2,300 crore. Again, under PTI government Rupee happened to be devalued by 3.8 per cent, or Rs5.06, to an all-time low at Rs139.05 to dollar (increasing debt burden by Rs. 3500 crore). The government devolved blame on `SBP for devaluing rupee without informing it. We have low productive capacity and depend on services. The industrial sector’s contribution to the total Gross-Domestic-Product Growth was only nine per cent and its weight in the size of the economy was 20.8 per cent. IMF puts country’s growth rate at 2.5 per cent. After witnessing a four per cent growth rate in the last fiscal year, cotton production declined 17.5%. The production of rice and sugarcane also fell by 3.3 per cent and 19.4 per cent respectively. Even the 65% debt-to-GDP ratio will be higher than the statutory limit of 60% set by parliament in the Fiscal Responsibility and Debt Limitation Act.

Slow growth rate, poor productive capacity and dominant services sector foretell that our rupee will further weaken vis-a-vis dollar.  Even without further devaluation, Pakistan’s external public debt was US$74 billion as of end-February 2019. It would be whopping US$31 billion in the next seven years, July 2019 to June 2026. The country’s economic growth rate has slowed down to 3.3 per cent, the lowest in nine years.  The slow pace of economic growth coupled with currency devaluation reduced size of the economy to around $280 billion from $313 billion at the end of the Pakistan Muslim League-Nawaz (PML-N) government’s term. Almost every sector has made negative contribution to growth rate of 3.29% during fiscal year 2018-19 ending on June 30.

India’s recent budget aims at growth rate of 12 per cent a year (8% growth discounting inflation at 4%). Pakistan’s growth rate would be minus 10 per cent a year (3% growth less 13% inflation). How could this poor growth rate stabilise economy as per text-book burden-of-debt models?

Write off `odious debts’

Pakistan should tell the IMF `we reject forced devaluations (quasi-floating exchange) and shall pay debt in rupee at contracted loan rate of about Rs. 2.5 to a dollar’. That would deflate Pakistan’s debt burden and make IMF bailout successful. Too, the IMF should write off `odious debts’. James K. Boyce and Madakene O’Donnel (eds.), in Peace and the Public Purse (. New Delhi. Viva Books 2008, p, 251) say debt forgiveness (or relief) helps stabilise weak democracies, though corrupt and incompetent.  Debt relief promotes economic growth and foreign investment. In fact, economists have questioned justification of loans given to prop up congenial regimes.  They hold that a nation is not obliged to pay such `odious debts'(a personal liability) showered upon a praetorian (p. 252 ibid.). Legally also, any liability financial or quasi-non-financial, contracted under duress, is null and void. Sachs (1989) inferred that debt service costs discourage domestic and foreign investment.  Kanbur (2000), also, concluded that debt is a drag on private investment.

FDI. Pakistan should improve `ease of doing business’ to attract foreign-direct investment. According to World Bank, Pakistan ranks 136 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings.  State Bank of Pakistan reported on February 18 that foreign direct investment (FDI) during July-Jan FY19 declined by over 17 per cent compared to the same period last year. Pakistan’s prime export sector is stagnant (overtaken by China and Bangladesh).  It suffers from low investment in modern machinery, energy shortages, and inadequate efforts to integrate into global supply and retail networks.

Learning from India

India ranks 77th. As of February 2019, India is working on a road map to achieve its goal of US$ 100 billion worth of FDI inflows. In February 2019, the Government of India released the Draft National e-Commerce Policy which encourages FDI in the marketplace model of e-commerce. According to World Bank, private investments in India is expected to grow by 8.8 per cent in FY 2018-19 to overtake private consumption growth of 7.4 per cent, and thereby drive the growth in India’s gross domestic product (GDP) in FY 2018-19.

Apart from being a, Foreign direct investment (FDI) is a debt-free primum mobile economic growth. Foreign companies invest in India to take advantage of relatively lower wages, special investment privileges, such as tax exemptions, etc. share technical know-how and generate jobs.

India relaxed FDI norms across sectors such as defence, public-sector undertakings, oil refineries, telecom, power exchanges, and stock exchanges.

Equity inflows in India in 2018-19 stood at US$ 44.37 billion. During 2018-19, the services sector attracted the highest FDI equity inflow of US$ 9.16 billion, followed by computer software and hardware – US$ 6.42 billion, trading – US$ 4.46 billion and telecommunications – US$ 2.67 billion. Most recently, the total FDI equity inflows for the month of March 2019 touched US$ 3.60 billion. During 2018-19, India received the maximum FDI equity inflows from Singapore (US$ 16.23 billion), followed by Mauritius (US$ 8.08 billion), Netherlands (US$ 3.87 billion), USA (US$ 3.14 billion), and Japan (US$ 2.97 billion). India is the top recipient of Greenfield FDI Inflows from the Commonwealth, as per a trade review released by The Commonwealth in 2018. In October 2018, VMware, a leading software innovating enterprise of US has announced investment of US$ 2 billion in India between by 2023. In August 2018, Bharti Airtel received approval of the Government of India for sale of 20 per cent stake in its DTH arm to an America based private equity firm, Warburg Pincus, for around $350 million. In June 2018, Idea’s appeal for 100 per cent FDI was approved by Department of Telecommunication (DoT) followed by its Indian merger with Vodafone making Vodafone Idea the largest telecom operator in India In May 2018, Walmart acquired a 77 per cent stake in Flipkart for a consideration of US$ 16 billion. .In February 2018, Ikea announced its plans to invest up to Rs 4,000 crore (US$ 612 million) in the state of Maharashtra to set up multi-format stores and experience centres.

Kathmandu based conglomerate, CG Group is looking to invest Rs 1,000 crore (US$ 155.97 million) in India by 2020 in its food and beverage business, stated Mr. Varun Choudhary, Executive Director, CG Corp Global.

International Finance Corporation (IFC), the investment arm of the World Bank Group, is planning to invest about US$ 6 billion through 2022 in several sustainable and renewable energy programmes in India. As of February 2019, the Government of India is working on a road map to achieve its goal of US$ 100 billion worth of FDI inflows.

In February 2019, the Government of India released the Draft National e-Commerce Policy which encourages FDI in the marketplace model of e-commerce. India is planning to allow 100 per cent FDI in Insurance intermediaries in India to give a boost to the sector and attracting more funds. Revised FDI rules allow100 per cent FDI in the marketplace based model of e-commerce. Also, sales of any vendor through an e-commerce marketplace entity or its group companies have been limited to 25 per cent of the total sales of such vendor.

In September 2018, the Government of India released the National Digital Communications Policy, 2018 which envisages increasing FDI inflows in the telecommunications sector to US$ 100 billion by 2022.

In January 2018, Government of India allowed foreign airlines to invest in Air India up to 49 per cent with government approval. The investment cannot exceed 49 per cent directly or indirectly.

No government approval will be required for FDI up to an extent of 100 per cent in Real Estate Broking Services.

In September 2017, the Government of India asked the states to focus on strengthening single window clearance system for fast-tracking approval processes, in order to increase Japanese investments in India.The Ministry of Commerce and Industry, Government of India has eased the approval mechanism for foreign direct investment (FDI) proposals by doing away with the approval of Department of Revenue and mandating clearance of all proposals requiring approval within 10 weeks after the receipt of application.

The Government of India is in talks with stakeholders to further ease foreign direct investment (FDI) in defence under the automatic route to 51 per cent from the current 49 per cent, in order to give a boost to the Make in India initiative and to generate employment.

In January 2018, Government of India allowed 100 per cent FDI in single brand retail through automatic route.

Tax on the rich

Pakistan needs to learn from India’s recent budget about innovative measures to tax the rich. With so many billionaire politicians and tycoons, it is an un-reaped bonanza.  In India’s recent budget, surcharge on individuals earning more than Rs 5 crore a year was raised up to 42.7%, even higher than US super-rich tax of 40% tax. India even contemplated imposing inheritance tax.

Pakistan’s tax structure could be reformed in light of insights in IMF’s Tax Law Design and Drafting (volume 1; International Monetary Fund: Victor Thuronyi, ed.1996.Chapter 10, Taxation of Wealth). Pakistan taxes `income-‘tax capacity, not accumulated-capital to tax inheritance and estate.

Magnetised/Chip cards 

Pakistan needs to adopt card based transactions to get rid of money-laundering and hawala (hand to hand) csh dealings.

Inheritance tax. India’s Budget 2019enhanced taxes on the super-rich bracket. However, an inheritance tax also is on the anvil. This tax suits Pakistan the most. India did away with English zamindari system (British gifts of estates) in 1948. But, Pakistan is barred from putting upper limit on private property and undertaking land reforms because of Shariat Appellate Bench of the Supreme Court decision dated August 10, 1989.  The verdict was delivered nine years after it was first filed by the Qazalbash Waqf, a religious charity based nearby Lahore. It was a 3-2 split decision and was made effective from March 23, 1990.

Inheritance tax is a tax that you pay when you receive money or property from the estate of a deceased person.  Unlike the estate tax, the beneficiary of the property is responsible for 

paying the tax, not the estate. The key difference between estate tax and inheritance tax lies in who is responsible for paying it. An estate tax is levied on the total value of a deceased person’s money and property and is paid out of the decedent’s assets before any distribution to beneficiaries. Once the executor of the estate has divided up the assets and distributed them to the beneficiaries, the inheritance tax comes into play. The tax amount is calculated separately for each individual beneficiary, and the beneficiary must pay the tax.

Basic needs

Unsupported by health-care units, the health cards in Pakistan are another hoax. Merging civil and military outfits, the government should evolve a universal health-care, education and housing system.  To begin with defence-paid military and civilians should be equally entitled at military health facilities.

India has a vision of US$5 trillion economy, with $100 million FDI to provide basic needs to its people_ tapped water supply, closeted toilet, bank account to receive aid, enhanced scholarships, creating world’s best universities, health cover, shelters and ,minimum taxes on self-built houses. Regrettably, focused on bail-outs, Pak planners have no Weltanschanschauung (world view), though it cost nothing. 

Mr. Amjed Jaaved has been contributing free-lance for over five decades. His contributions stand published in the leading dailies at home and abroad (Nepal. Bangladesh, et. al.). He is author of seven e-books including Terrorism, Jihad, Nukes and other Issues in Focus (ISBN: 9781301505944). He holds degrees in economics, business administration, and law.

Economy

Innovative ideas and investment opportunities needed to ensure a strong post-COVID recovery

MD Staff

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After the huge success of its opening day, AIM Digital, the first digital edition of the Annual Investment Meeting, continued to gain momentum as it reached Day 2. The three-day mega digital event, an initiative of the Ministry fo Economy, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, concluded its second day with interactive activities that catalysed investment-generation, knowledge-enhancement, and local, regional and international collaborations.

Joined by more than 15K participants from over 170 countries, including 70+ high-level dignitaries from across the globe, the second day of AIM Dıgital witnessed a wide range of major events, from the Conference, Exhibition, Investment Roundtables, and Regional Focus sessions to Conglomerate Presentations and Startups competitions; all geared towards providing opportunities to achieve a digital, sustainable & resilient future.

In his keynote speech in the FDI session, Ministers Roundtable: Adapting to the New Flow of Trade and Investment, His Excellency Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said: “It is my distinct honor to welcome you to the UAE’s first-ever digital edition of the Annual Investment Meeting. Thank you to everyone participating, including our panelists from the Governments of Costa Rica, Canada, Nigeria and Russia. Today’s discussion on how countries are ensuring the free flow of trade and investment could not be more timely, especially as the world grapples with the economic recovery and moves toward building a more resilient, post-COVID economy. The pandemic has significantly impacted global markets that created new challenges for trade and investment. While the challenges ahead are enormous, the UAE sees tremendous opportunity for governments and business leaders to work together through trade and investment to reshape policies, create new partnerships, leverage new technologies, and build a future global economy that is more diverse, inclusive, and sustainable. We know that FDI can bring new technology and know-how, lead to new jobs and growth, and is often the largest source of finance for economies – making today’s discussion even more imperative.”

He further stated that FDI has played a critical role in the UAE’s economic growth, with policies and measures in place, such as the Foreign Direct Investment Law enacted in 2018 to further open the UAE market to investors in certain sectors, and the issuance of Positive List, which allows for greater foreign investment across 122 activities, and increasingthe UAE’s FDI value by 32% in 2019.  He also mentioned that the UAE came in 16th of 190 countries in the World Bank Ease of Doing Business 2020 Ranking due to the country’s digitization strategies and promising business regulatory environment.

His Excellency Al Zeyoudi furthered: “The UAE is continuing to refine and implement policies that will maximize competitiveness, increase collaboration, and provide opportunities to facilitate trade and investment. Our aim is to become the #1 country for foreign investment, target zero contribution from oil to our GDP in the next 50 years, and support research, development, and innovation. The UAE’s trade and investment strategy is centered on economic diversification and focuses on enhanced investment in industries such as communications, Blockchain, artificial intelligence, robotics, and genetics. We are also initiating measures to strengthen our position as a regional leader in supplying financial and logistical services, infrastructure, energy supplies, and other services.”

He added: “The UAE believes that increased partnership and cooperation with governments and the private sector will be key to achieving our objectives. We view platforms such as the Annual Investment Meeting as instrumental in bridging the gap between nations and supporting global efforts to strengthen international trade and investment. Through this platform, we hope that participants will uncover new, innovative ideas and investment opportunities needed to build back better and ensure a strong post-COVID recovery.”

Furthermore, world-class speakers shared their viewpoints in Day 2 of the Conference highlighting Foreign Direct Investment, Foreign Portfolio Investment, Small and Medium-sized Enterprises, Startups, Future Cities, and One Belt, One Road, including H.E. Amb. Mariam Yalwaji Katagum, Minister of State, Federal Ministry of Industry Trade and Investment of The Federal Republic of Nigeria; Victoria Hernández Mora, Ministry of Economy, Industry and Commerce of Republic of Costa Rica; Hon. Victor Fedeli,  Minister of Economic Development, Job Creation and Trade of Ontario, Canada; and Sergey Cheremin, Minister of Moscow City Government Head of Department for External Economic and International Relations, among others.

Two Investment Roundtables were also held successfully at the second day of AIM Digital, concluding  with strategies to facilitate sustainable, smart and scalable investments. The Energy Roundtable was led by Laszlo Varro, the Chief Economist of International Energy Agency, which works with countries around the globe to structure energy policies towards a secure and sustainable future. Among the notable participants include H.E. Arifin Tasrif,  Minister for Energy & Mineral Resources of the Republic of Indonesia; and H.E. Gabriel Obiang, the Minister of Mines and Hydrocarbons of Equatorial Guinea. The Agriculture Roundtable was led by Islamic Development Bank Group, the multilateral development bank working to promote social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.

In addition, the second set of National Winners competed on Day 2 of the AIM Global National Champions League. Overall,  a total of 65 countries competed at this international startups competition. The top five global champions that will win a total prize of USD50,000 will be announced on the last day of AIM Digital.The competition was launched in a bid to help startups in maximizing their potential to attract funding and promote their business ideas to a global audience, getting utmost exposure and expanding their network.

Participating in the Conglomerate Presentation feature of AIM Digital is Elsewedy Electric led by Eng. Ahmed Elsewedy, its President and CEO. Elsewedy Electric began as a manufacturer of electrical components in Egypt 80 years ago, and Electric has evolved into a global provider of energy, digital and infrastructure solutions with a turnover of EGP 46.6 billion in 2019, operating in five key business sectors, namely Wire & Cable, Electrical Products, Engineering & Construction, Smart Infrastructure and Infrastructure Investments. As part of its commitment to sustainability, it has established green energy and smart metering projects across Africa, the Middle East and Eastern Europe.

The Regional Focus Sessions featured the regions of Asia and Latin America and explored the risks, challenges and opportunities for growth and regional cooperation.  Regional Focus Session on Asia brought together government officials and investment authorities from the ASEAN Member States and discussed their strategies to create a borderless and sustainable bloc that will push organic growth, as well as their approaches to gain resilience in the economy. Regional Focus Session on Latin America highlighted the significance of regional and international partnerships to combat the current pandemic and boost trade, investments and employment within the region.

Moreover, Country Presentations on Day 2 presented the outstanding features and investment opportunities in Colombia, Egypt and the Federal Democratic Republic of Ethiopia which highlighted the countries’ status as attractive investment destinations.

Another highly anticipated event in the largest virtual gathering of the global investment community is the announcement of winners for the Investment Awards and Future Cities Awards which will take place on Day 3 of AIM Digital.AIM Investment Awards will grant recognition to the world’s best Investment Promotion Agencies and the best FDI projects in each region of the globe that have contributed to the economic growth and development of their markets.   Likewise, AIM Future Cities Awards will give tribute to the best smart city solutions providers and for outstanding projects that have resulted to enhanced operational efficiency and productivity, sustainability, and economic growth.

Day 1 of AIM Dıgital welcomed the presence of globally renowned personalities such as the UAE Minister of Economy, His Excellency Abdullah bin Touq Al Marri who emphasised the vision of UAE’s wise leadership for the post-COVID era, reflecting great significance to enhancing the readiness of the country’s government sector, raising efficiencies and performance at the federal and local levels. Keynote remarks were delivered by H.E. Juri Ratas, the Prime Minister of Republic of Estonia; H.E. Rustam Minnikhanov, the President of the Republic of Tatarstan; H.E. Dr. Bandar M. H. Hajjar, the President of Islamic Development Bank Group (IsDB Group); H.E. Mohammed Ali Al Shorafa Al Hammadi, the Chairman of Abu Dhabi Department of Economic Development (ADDED); and Dr. Mukhisa Kituyi, the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

The UAE Minister of State for Entrepreneurship and SMEs, His Excellency Dr. Ahmad Belhoul Al Falasi, underlined in his Keynote Address for the SME Pillar, that it is crucial for Startups and SMEs to be given opportunities to bounce back from the impact of pandemic and provide a conducive environment that will empower them to have the capability of supporting growth and success.

The Global Leaders Debate featured prominent keynote debaters such as Armida Salsiah Alisjahbana, the Under-Secretary-General of the United Nations and Executive Secretary of United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP); Mohamed Alabbar, the Founder of Emaar Properties, Alabbar Enterprises and Noon.com; Mohammad Abdullah Abunayyan, the Chairman of ACWA Power; and Arkady Dvorkovich, the Chairman of Skolkovo Foundation, who discussed the strategies to restructure the economies in overcoming the consequences of the pandemic.

The first digital edition of the Annual Investment Meeting with the theme “Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future, will be held until the 22nd of October 2020.

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Economy

H.E. Dr. Thani Al Zeyoudi: Our aim is to become the #1 country for foreign investment

MD Staff

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It is my distinct honor to welcome you to the UAE’s first-ever digital edition of the Annual Investment Meeting. Thank you to everyone participating, including our panelists from the Governments of Costa Rica, Canada, Nigeria and Russia. Today’s discussion on how countries are ensuring the free flow of trade and investment could not be more timely, especially as the world grapples with the economic recovery and moves toward building a more resilient, post-COVID economy.

As you know, the pandemic has significantly impacted global markets, creating new challenges for trade and investment. According to the United Nations’2020World Investment Report, global FDI flows are estimated to decrease by up to 40% this year, dropping well below their value of $1.54 trillion in 2019. This would bring global FDI below $1 trillion for the first time since 2005. Global FDI flows are expected to decline even further in 2021, by 5% to 10%, and only in 2022 do we expect to start seeing markets recover.

While the challenges ahead are enormous, the UAE sees tremendous opportunity for governments and business leaders to work together through trade and investment to reshape policies, create new partnerships, leverage new technologies, and build a future global economy that is more diverse, inclusive, and sustainable. We know that FDI can bring new technology and know-how, lead to new jobs and growth, and is often the largest source of finance for economies – making today’s discussion even more imperative.

For the UAE, FDI has played a critical role in our economic growth. In 2019, the UAE was the largest recipient of FDI in the region, largely due to our increased focus over the years on enhancing local conditions to attract FDI. With policies and measures in place, such as our Foreign Direct Investment Law enacted in 2018 to further open the UAE market to investors in certain sectors, and the issuance of our Positive List, which allows for greater foreign investment across 122 activities, the UAE was able to increase our FDI value by 32% in 2019. The UAE also came in 16th of 190 countries in the World Bank Ease of Doing Business 2020 Ranking due to our digitization strategies and promising business regulatory environment.

The UAE is continuing to refine and implement policies that will maximize competitiveness, increase collaboration, and provide opportunities to facilitate trade and investment. Our aim is to become the #1 country for foreign investment, target zero contribution from oil to our GDP in the next 50 years, and support research, development, and innovation. The UAE’s trade and investment strategy is centered on economic diversification and focuses on enhanced investment in industries such as communications, Blockchain, artificial intelligence, robotics, and genetics. We are also initiating measures to strengthen our position as a regional leader in supplying financial and logistical services, infrastructure, energy supplies, and other services.

The UAE believes that increased partnership and cooperation with governments and the private sector will be key to achieving our objectives. We view platforms such as the Annual Investment Meeting as instrumental in bridging the gap between nations and supporting global efforts to strengthen international trade and investment. Through this platform, we hope that participants will uncover new, innovative ideas and investment opportunities needed to build back better and ensure a strong post-COVID recovery.

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Economy

Future Economy: Upskilling Exporters & Reskilling Manufacturers

Naseem Javed

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Pandemic recovery is now openly calling global thought leaderships to speak up and enter their bold debates on national/global economic development issues to foster grassroots prosperity to avoid a billion displaced magnetized to populism. Seriously missed during the last decade, collaborative synthesizing with diversity and tolerance and wrongly replaced by seek and destroy economics creating trade wars… now is the time to cooperate, upskilling, and reskill working citizens of all nations.  

The United Nations should lead with a global mandate…

Upskilling Exporters: When exporters in any country suffer lack of market share and their lower prices bringing in lower profits because of lack of quality upskilling and reskilling becomes mandatory. When innovative excellence is parked under the umbrella of entrepreneurialism national mobilization becomes number one priority. The pandemic recoveries across the world coping with a billion displaced all have now critical needs of both upskilling and reskilling. Upskilling is the process of learning new skills to achieve new thinking. Reskilling is the process of learning new skills to achieve new performances. Today, in super advanced and globally competitive markets raw hard work will not achieve global competitiveness only upskilling and reskilling will create a sharp edge.

Reskilling Manufacturers: When factories start having larger warehouses to hold unsold inventories and when production commoditized and price becomes the only deciding factor, reskilling on “real value creation” becomes mandatory. Advanced Manufacturing Clusters in various nations will greatly help, but understanding of global-age expansion of value offerings with fine production is a new art and commercialization to 200 nations a new science.

Now under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, The Annual Investment Meeting, organized by the UAE Ministry of Economy, scheduled to be held from 20th to 22nd October 2020.. The AIM under the theme “Reimagining Economies: The Move towards a Digital, Sustainable and Resilient Future.” This is a gathering of the global investment community with participants attending from more than 170 countries. The conference addresses multiple issues on FDI, national digitization and uplifting SME and midsize business economies with great speakers from around the world.

The future of economies, exports, Chambers of Commerce, Trade Associations and SME and midsize economic developments all called for bold and open regular debates. The zoomerang impact of global thought leadership now forcing institutions to become armchair Keynote speakers and Panelists to deliberate wisdom from the comfort of their homes round the clock events… study how Pentiana and Expothon Project tabled advanced thinking on such trends during the last decade. For fast track results, follow the trail of silence and help thought leadership to engage in bold and open debates and help show them guidance to overcome their fears of transformation. The arrival of Virtual leadership and Zoomerang culture is a gift from pandemic recovery, acquiring mastery.

The Difficult Questions: Nation-by-nation,when 50% of frontline teams need ‘upskilling’ while 50% of the back-up teams need ‘reskilling’ how do you open discussions leading to workable and productive programs? Each stage challenges competency levels and each stage offers options to up skill for better performances. Talent gaps need fast track closing and global-age skills need widening. New flat hierarchical models provide wide-open career paths and higher performance rewards in post pandemic recovery phases. When executed properly such exercises match new skills and talents with the right targeted challenges of the business models and market conditions. The ultimate objective of “extreme value creation” in any enterprise must eliminate the practices of ‘extreme value manipulations”. Study of the last top 10 highly exposed global scale corporate scandals on ‘value manipulation’ spanning years and decades and recognize their fake reign of legitimacy during such traps as lessons. Economies around the world solely based on ‘value manipulations’ are not economies, they are schemes. The billion displaced need optimization and upskilling to contribute to real value creation.

The upskilled and reskilled in platform economies are agile builders of the future workforce.  Study the major cycles of the last century, how in the 70s and 80s billions trained on desktop computers for the world to enter the “Digital Age”. Best career paths now based on digital trajectory matched with critical thinking and complex problem solving when all combined will boost the enterprise to newer heights. The economies of the future must declare upskilling of national citizens as prime mandate.

All transformations must start from the very top; nation-by-nationtrue upskilling and reskilling cascading with new vision and with pragmatic solutions to precisely enhance skills to match the digital age and our smart world. The culture must embrace upskilling and reskilling as a daily open routine of lifelong learning and future planning to carve a distinct position in the marketplace. Study ‘national mobilization of entrepreneurialism’ on Google. A very bright future awaits. The rest is easy. 

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