New principles for strengthening global economy defined by Heads of State, IMF, Politicians and CEOs at Riyadh summit
- Leaders urge nations and business to collaborate amidst strategic realignment and economic volatility
- Rwandan President reinforces call for renewed collaboration as African development meets an inflection point that can deliver more investment and opportunity
- Importance of cross-cultural alignment underpinned with football-focused panel
RIYADH, Saudi Arabia, Oct. 26, 2023 /PRNewswire/ — At the Future Investment Initiative (FII), a global summit, in Riyadh today, leading international figures including ministers from Europe, the Middle East, and an African head of state looked at new principles that can help strengthen the international economy amidst the growing volatility and disruption seen over this decade.
The second day of the FII, entitled A New Vision Manifest, gave a focus to the challenges and opportunities available to emerging economies. Giving the stage to new “middle powers” such as, Brazil, Turkey, and South Africa, and the summit looked at ways to improve domestic economies and international trade amidst more challenging economic headwinds, and the ongoing need for critical climate solutions.
In the day’s major morning discussion, the Minister of Finance for the Kingdom of Saudi Arabia, H.E. Mohammed bin Abdullah Al-Jadaan, and H.E. Mehmet Şimşek, Minister of Finance, Republic of Türkiye along with ministers from the Kingdom of Bahrain and the United Kingdom explored how to improve global trade, which declined to 1.7% in 2023 from 2.7% in the previous year.
Kristalina Georgieva, Managing Director, International Monetary Fund said, “One of the big changes happening in a world of repetitive exogenous shocks – Covid, war, cost of living crisis – is the increase in our financial strength. Even in a world of more geopolitical tensions, we are able to take decisions to make the firm stronger.”
In a lunchtime special session, President Paul Kagame gave an address to delegates to highlight how his country has become a continental economic success story, but sounded a warning about what is required for the future. President Kagame said: “We hope that more Africans can work together and make the investment as ourselves we made to others. It is also about cooperation. I want Africa to be able to work with the rest of the world to benefit each other in the best way possible, based on choices that we make, as to how we can move forward”.
The second day of FII7 also featured a summit on AI and crucial discussions about how AI could and should be regulated, applied, developed and implemented in a wide range of applications for the benefit of human beings in areas such as health, finance and environmental management.
The theme of cross-cultural collaboration was also highlighted in an afternoon session featuring French footballer, Karim Benzema of Al-Ittihad and formerly of Real Madrid, and former FIA President and UN Secretary-General’s Special Envoy for Road Safety, Jean Todt. The panellists discussed how governments and institutions can harness sport’s unparalleled influence to demonstrate visionary leadership, inspire citizens, and ultimately bring the world closer together.
Richard Attias, CEO of the Future Investment Initiative Institute said:
“This year, our data shows a dramatic drop in life satisfaction across the world. We surveyed 53,000 people in 23 countries and the results of our Priority Compass report make sobering reading. This data has informed many of the deliberations and conversations here at FII this week. With the world’s leaders and biggest investors in the room and innovation continuing apace, it is our responsibility to humanity to act with vigour and speed.”
About FII Institute
The Future Investment Initiative (FII) Institute is a global nonprofit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
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