The Muslim world has the potential to become a major engine of global growth and prosperity. This can be achieved through economic cooperation, and the sharing and acquisition of modern knowledge and technology, according to the President of Afghanistan, Hamid Karzai.
“We need to invest in our productive capacities and adopt policies that encourage and promote entrepreneurship, and the free movement of goods, resources, labor and ideas between us. We need to invest in our human capital which is central to our development and progress. Above all, we need to strengthen our state institutions so that they are more accountable and responsive to the expectations and needs of our people,” President Karzai, told the delegates at WIEF 2013 being held in London.
“As we interact and cooperate globally, we must counter the forces which deepen the divide between rich and poor and work together to ensure that the underdeveloped countries fulfill their legitimate aspirations. There is a need to harness the power of globalization in eliminating poverty and to offset its negative impact. This can be done through a system of global economic and financial governance that enshrines and promotes values of fair play and equity,” President said.
“In this context, we can take inspiration from the set of beliefs and practices that Islam offers. Islamic finance, for example, can contribute to the global financial system by reinforcing ethical and moral values that are fundamental to promoting the stability of the global financial system and this morning on the BBC, I saw that Prime Minister Cameron is going to announce today the issuing of Islamic bonds which is a very welcome step,” he added.
“Over 1.6b Muslim world is The Islamic world, which is over 1.6 billion people, has a growing, young, and capable population. Our vast and diversified reserves of mineral resources in addition to our fertile terrain and strategic trade routes can bring us and our future generations’ unprecedented wealth and prosperity.
“However and historically low literacy rates especially among our women and underinvestment in education have inhibited the development of Muslim countries in almost all walks of life. Unfortunately, in more recent times, terrorism and violence have also caused insecurity, and robbed us of the opportunity to continue on a normal path of development.
“We must also transform the uneven relationship between rich and poor countries, characterized by aid dependency and costly borrowings, and forge a new paradigm of partnership based on positive interdependence and mutual interests.
“This will require rich nations to support developing countries to increase their productive capacity through expanding infrastructure, developing human resources and improving the quality of education, technology and management. Industrial countries will benefit in return as the market for their goods and services expand in developing countries, leading to higher rates of growth and employment in their own countries.
“The challenge of reducing inequality among nations must also be addressed through liberalizing trade in a way that provides developing countries with much better access to global markets, in particular, ensuring free access to exports from least-developed countries.
“Action in these areas will not only enable Islamic countries as a whole to exploit its extraordinary socio-economic resources and potentials, but also support countries impacted by conflict to advance security, development and prosperity.
“Coming from Afghanistan, one must also speak about Afghanistan and its future. Our vision for Afghanistan is to have a better, safer and more prosperous future for Afghans, and also to contribute to the prosperity and security of the broader region. After three decades of turmoil and strife, Afghanistan has made great progress towards normalization of life during the past 12 years. This achievement has been the result of great sacrifices by the people of Afghanistan and also of support given to us by our international friends among whom there are many Muslim countries as well. Today, Afghanistan is a forward-looking young democracy with functioning state institutions, backed up by a vibrant civil society and a very free Press.
“We have seen remarkable improvements in health, education and infrastructure. In the security area, where we have serious deficiencies, our national army and police are taking more and more responsibility. In addition to our continuous efforts to realize Afghanistan’s role as the trade, transit and economic integration roundabout in the Heart of Asia to the benefit of all the peoples of the region, the Afghan government is keen to move towards self-reliance as the transition process is completed. We intend to strengthen our national economy in at least three ways during the transformation decade which will begin from 2014 onward to 2024,” he said.
“First, by focusing on the development of agriculture and agribusiness sector where over 60 percent of our population is employed, and where there is enormous potential for growth and employment generation. Second, Afghanistan holds trillions of dollars of natural resources, including minerals and hydrocarbons, representing a guaranteed source of wealth and income for generations to come.
“We already have several state-owned and private companies from China, India, the UK, Canada, Turkey, the UAE and other countries in addition to Afghan companies – investing billions of dollars in copper, iron ore, gold, oil and gas in our country. We are actively seeking additional foreign investments into this sector while remaining diligent to make sure our natural riches serve the goal of a strong legitimate national economy and prosperity for the Afghan people.
“Third, the Tokyo conference last July pledged over $16 billion through 2015 to help the Afghan people fulfill their objectives of filling the projected fiscal gap. Conference participants also committed to provide additional financial assistance to Afghanistan beyond 2016 at or near the levels of the past decade. This support will be critical in ensuring the continued sustenance and help to Afghanistan into the next two decades.
“Afghanistan offers exciting opportunities for investment and business development. We stand ready to do our part for fostering global security and prosperity and to contribute to the wellbeing of the Muslim World. I invite you all, ladies and gentlemen, to come to Afghanistan and invest in our country and reap the benefits of our expanding domestic and regional market. We will provide you with the best and strongest incentives possible. We welcome you to Afghanistan and we are ready to do business with you all and I am sure the business with us will be amicable and the profit will be easy to take abroad,” he said.