The Value of Trade, Growing Economies, Improving Lives

Brief

“We need the country leaders to promote transparency and good governance in order to qualify for more business.” –– Sultan Bin Sulayem Richard Quest, anchor and correspondent at CNN, moderated a panel on the value of trade with the President of Senegal, Macky Sall and the Chaiman of DP World, Sultan Bin Sulayem. He started the discussion drawing on the latest development of foreign trade as slowdown and greater protectionism measures. “International economies are interdependent,” reassured His Excellency Macky Sall, President of Senegal. He pointed out that the world has dealt with similar challenges in the past with regards to globalization. For President Sall, countries cannot live autonomously. They only need a system of rules to protect free trade. On the other hand, President Sall argued that the world nowadays hears increasingly about protectionism, however, it is in the global interest of international trade and relatively small countries to maintain globalization, local wealth and employment while remaining vigilant. Quest intervened and weighed the concerns of DP World Company under the new circumstances. “DP World is a global company,” responded Sultan Bin Sulayem, Chairman of DP World. Thus, anti-globalization would not affect its business. For Bin Sulayem, those who hold the flag of anti-globalization mean to promote “fair trade”. It is not a wording problem but for example, if the United States doesn’t remain open, it will likely suffer the repercussions. The President of Senegal explained also that there are different constraints. The Trade Agreement which Senegal has adhered to has a goal to promote exportation of African goods according to a system of common rules without additional taxes. “Infrastructure is the keyword,” added Sultan Bin Sulayem. He confirmed that the partnership between the private and public sectors is crucial to encourage business. “We need from the leaders of countries transparency and good governance in order to qualify for more business.” H.E. Macky Sall noted that Africa has done a lot recently as more ports and markets have been established, however, many countries remain landlocked. However, investment is needed in order to develop the infrastructure network. “Who will pay?” asked Quest. “Both investors and consumers will pay,” replied President Sall. In reference to the fourth article of the IMF report, Richard Quest indicated that Senegal economy is strong. In response, President Sall reminded that Senegal has adopted a new strategy. It has succeeded in transforming its economy through agriculture, energy and infrastructure. Inclusive growth also requires new knowledge and better employment. Senegal has achieved a high level of growth and the President hopes to share the good practices and strategies with other countries. Sultan Bin Sulayem explained then that 75% of the growth comes from emerging countries. For him, the concerns are not adverse; they actually represent a phase as trading has always created jobs. In his last question, Richard Quest said that the former president of the United States valued business in Africa, and he thus asked if it would be the same with the current president. “The continent has great potentials and we hope that President Donald Trump realizes that,” answered President Sall. “Africa is an open continent,” he concluded.

Speakers

Mr. Sultan Bin Sulayem

Group Chairman and CEO

Arena Hall

February 12, 2017 - 12:10 - 12:30