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Sunday, February 02, 1997
Speech by President Mohammed Hosny Mubarak at the 27th annual meeting of The World Economic Forum Excellencies Ladies and Gentlemen, I would like, at the outset, to congratulate the President of the World Economic Forum, my friend Dr. Klaus Schwab, on the start of this meeting. I view this forum as a precursor to the twenty first century institutions. Lean, well connected, putting people in touch and searching for the single concept that links us all, year after year. With the transfer of information taken care of by the technology revolution, the human element will be free to communicate and to form a coherent body of thought. A digital revolution is upon us. It is one of many to come. Borders to our ideas our writings, our data, our voices, are vanishing. Barriers are falling, and in a leap of technology that none could foresee just a few years ago, we can all share the same pool of knowledge today. In the end though, it comes down to what it always comes down to : the human being . The best information in the world is only as good as the mind that absorbs it . What the information age has bridged between us, the differences in our wealth of humans, can keep apart. Now, more than ever, the quality of our human resources will matter the most. The information age is foremost the age of man in thought, learning, teaching and building in his mind the cities of tomorrow and the vision of our future, A little over a thousand days from today, we will be standing at a milestone in our history, one, however that should be merely the shift in the millennium count from two to three. The beginning of a new century and of a new millennium. Our vision of the next century is the one we have today. And in a sense, history is showing us the way. For we do have today the means for an easier and more prosperous future. A vehicle where shared adversity makes for a lighter burden and shared prosperity makes for greater welfare, a vehicle we all have shaped, one that has grown out of our progress Today our countries have become part of a global structure. The principles of globalization govern our planet. Common principles of financial balance, fiscal soundness, monetary restraint, flexible markets, exchange stability and full employment. Principles that are constraints on all of us imposed by global flows. Globalizatioin. also means common tenets of democracy, freedom, and the respect of the fundamental right we all have to share in the decisions that affect our lives. These tenets are not born of any civilisation not a heritage of some, to be learned by others, not a scripture to be preached. They are an expression of our humanity in its search for happiness, in its daily task of earning a living. They set us a common discipline that will admit few deviations, little leeway and no exceptions. Today, the North - South dialogue of the past, in a world of globalization and integration, has translated in predictions of a clash of civilizations. It is said that this clash will dominate global politics for the decades, and perhaps centuries to come. The differences among civilisations, it is said, are not only real, but very fundamental, more fundamental than differences among political ideologies and regimes. The interaction among peoples of different civilizations would separate them rather than build bridges between them. This cannot be. The diversity of world civilisations should not necessarily lead to conflict and confrontation. What the nations of different civilisations have in common is still greater by far than the issues which separate them. All of us have a paramount interest in maintaining an equitable balance between the North and South, the East and the West and between the rich and the poor . Regardless of diverse civilizations and cultural identities, peoples of all continents find themselves confronted today similar threats and problems. This similarity of interests and dangers draws nations closer, not farther. We are one planet linked by our humanity, our problems, and our common ambitions of prosperity . Most importantly, our global economy is one we have built ourselves. Country by country, we have adopted the principles of its creation and the rules of its efficiency. With global integration, the high growth of developing countries has provided the locomotive force for the world economy. Increasingly, we will see the dynamism of the reforming third world carry the rest of our planet forward. With more engines of growth, the world economy is becoming increasingly resilient. Global integration is paying off. We should not be complacent however. The road to globalization is long, the obstacles are still numerous. The centrifugal force of the global economy when not properly harnessed will overwhelm the national economy, tax its institutions to the breaking point , and impose a financial discipline that its societies are not geared to bear. It will demand of its leadership a clear vision born of consensus. It will disperse fragment, and marginalize, all those who cannot keep up. It is our shared duty to help them in. Globalization is proceeding at a great speed, shaping and encompassing our world in the process, We are no longer guests in the global system, but shareholders in a common future. A global partnership is needed to help guide those who are most vulnerable to the risks of marginalization. For even though several developing countries have witnessed economic growth, the prospects for some are still uncertain: growth rates are stagnant, particularly in Africa where those undergoing structural adjustments are facing short and medium term difficulties reflected in diminishing standards of living. Further, despite multiple rescheduling and other short term measures, the debt burden remains one of the heavy burdens of the least developed countries. Forcing them to divert much of their hard currency earnings to the repayment of foreign debt, leaving little for development activities. Other pressures including worsening terms of trade and monetary and financial instability are other challenges facing these countries. This requires a new climate of international cooperation. An important step in this direction would be to identify a framework for systematic economic cooperation and interdependence among nations Another step is enhancing and supporting the ongoing reforms of the multilateral institutions, The United Nations, the Bretton Woods institutions, including the emerging global trading regime, are vital catalysts for world integration. They are important balancing mechanisms for the excesses of globalization. A global balanced partnership for reforming these institutions, one that takes into account the interests of all members of the international community would ensure a smooth and prosperous entry into the 21st century for the world community at large. This forum is in the rare position of having the sophisticated understanding of the importance of continued growth in the global economy, to provide the leadership that we need to continue. The global economy is macro -policies, it is multilateral institutions, above all it is a state of mind . Ladies and Gentlemen, Egypt has joined the global economy, irreversibly, without doubt, confident in its reforms, uncompromising in its commitment. It is a discipline we share with the world economy, for which we are building institutions, drafting laws, training people, and most of all leading a government that will abide by it, and build on it. Egypt has found its path of equilibrium at the end of a fifteen year journey of reform. One that puts us at the threshold of greater welfare for all Egyptians . We enter the twenty first century with an economy in sustainable financial balance, with a budget deficit of just 1 % of GDP, low inflation, and an increasing growth rate in our national income. Free markets are now the main arbiter for the allocation of resources in Egypt. The private sector plays an essential role. Increasingly setting the pace, generating employment, and seeking the rightful place that is Egypt's in the region and in the world financial community . Our continuing reforms for this stage of our economic program aim at one fundamental goal,namely, growth. A growth that touches the lives of all Egyptians, one that is sustainable, one that reflects the true potential of our country. To this end, our policies rely on increased investments , and greater openness to the global economy . They are, however, only part of the edifice of modern Egypt. An edifice that not only changes the rules of the economy, but one that reforms the governance of our country. A new governance based on transparency in the formulation of policies, in the institutions that manage them, and in the data that evaluate them. This is an ethic of public service that our institutions are learning. an ethic that rejects the obstructive bureaucracy burdensome, regulation, and the obscure logic of intrusion . Ladies and Gentlemen, Egypt must not be alone in this rebirth. In the last few years, Egypt has strived to set the example of economic reform in the Middle East. It has pushed for greater integration among the countries of the region. Reforms are taking hold in many of our countries. Economic liberalization has become the driving force of their progress. We are succeeding in building the nucleus of common prosperity that will integrate the world economy soon. A bloc of countries in the Middle- East, that will stand ready to embrace all those who will share our values, adopt our choices and bring with them gifts of peace and cooperation. The Middle East must join the community of nations, in its principles, its goals, and its future. As we strive to attain growth and development, we are exerting maximum effort in order to achieve peace throughout the region. To us, peace is a moral choice and a sacred commitment. A comprehensive and lasting peace is indispensable for guaranteeing security and stability for all nations. We want to establish an area free from fear, aggression and mass destruction. But for peace to produce this result it must be attained through the free will and consent of the peoples concerned. It must be based on justice and fairness to all. Nations, without exception, should be able to exercise their right to self- determination and live in dignity. We shall continue our struggle which aims at saving our human and natural resources from meeting the challenges of the future. Ladies and Gentlemen, Peace and prosperity are elements that belong to our human heritage. Today they are the principles of the global identity of this planet. We have all chosen to live by these principles. Let us uphold them, let us stand by them, until the strength of all our nations, comes from the peace they share and the prosperity they build together. The global economy has shown us the way to this prosperity. It will, one day soon, show us the way to peace. Thank you very much |
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