MANAMA, 13 November 2019 - Under the auspices of His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, the 3rd World Entrepreneurs Investment Forum 2019 (WEIF 2019), which was held concurrently with the 18th Arab Annual Investors Summit from 11 to 13 November 2019 in Manama, Kingdom of Bahrain, concluded.
The event was organized by UNIDO ITPO Bahrain in partnership with the Union of Arab Chambers and the support of the Bahrain Chamber of Commerce and Industry; and the financial support of the Arab Bank for Economic Development in Africa (BADEA). This global event brought together entrepreneurs, start-ups and investors as well as government representatives, NGOs and academia to exchange knowledge, share innovative best practices, leverage domestic and foreign direct investments, and to establish new partnerships in favour of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs) with a focus on innovative approaches afforded by the Fourth Industrial Revolution (4IR).
Attended by prominent leaders from the region, including H.H. Shaikh Faisal bin Rashid bin Isa Al Khalifa, Vice President of the Supreme Council for Environment, Mr. Zayed R. Al Zayani, Minister of Industry, Commerce and Tourism of Bahrain, H.E. Yousef Bin Ibrahim Al Bassam, Chairman of the Board of Directors from the Arab Bank for Economic Development in Africa, H.E. Dr. Khaled Hanafy, Secretary General of the Arab Union of Chambers, H.E. Mr. Aymen Tawfiq Almoayyed, Minister Youth and Sports Affairs of the Kingdom of Bahrain, H.E. Mr. Mohd Redzuan Md Yusof, Minister of Entrepreneur Development of Malaysia, H.E. Mr. Jibril Rajoub, Minister of Youth and Sports of the State of Palestine, H.E. Mr. M. Amadou Thiam, Minister or Institutional Reforms and Civil Society of the Republic of Mali, the event also featured over 600 start-ups and entrepreneurs who were able to present their innovations and new technologies here at the event.
Dr. Hashim Hussein, Head of UNIDO’s Investment and Technology Promotion Office in Bahrain, in his opening statement stressed that the world continues to face enormous investment gaps for the full implementation of the 2030 Agenda for Sustainable Development and the WEIF, which was first held in 2015, therefore continues to provide a unique platform in the MENA region to connect local, regional and global investors with entrepreneurs and start-ups, with an emphasis on youth and women, in order to develop partnerships and create joint initiatives for inclusive and sustainable development.
UNIDO Managing Director Fatou Haidara emphasized in her opening remarks the need for more sustainability, inclusiveness and partnerships and the critical part that women and youth play in achieving the 2030 Agenda for Sustainable Development and the 17 SDGs. Furthermore, she highlighted the achievements of the UNIDO ITPO Bahrain office stating that “ITPO Bahrain successfully contributes to reduce development imbalances by brokering investment and technology agreements while fostering entrepreneurships in developing countries over 40 years”, which is needed to create a better world for all.
Also, UNIDO Goodwill Ambassador Ms. Veronika Peshkova attended the event and addressed the audience by highlighting the need to invest more in women’s economic empowerment and to ensure that gender equality is being implemented in all spheres of society.
A gender programme awarding ceremony took place right after the opening, during which 33 young women and men from the MENA region received a certificate for their successful completion of a two-days gender equality and industrial development training course conducted by UNIDO Gender office ITPO / Arab International Center for Entrepreneurship & Investment in Bahrain, the Ministry for Foreign Affairs of Finland and the Bahrain Supreme Council for Women , which equipped the participants with skills to better analyse and design policies and programmes to promote women’s economic empowerment.
The forum continued with a ministerial dialogue during which the need to have youth entrepreneurship integrated into national entrepreneurship strategies was stressed and emphasized by all parties.
Moreover, Entrepreneur to Entrepreneur bilateral meetings were organized on the margins of the event, allowing for high-level representatives and entrepreneurs to discuss investment and business opportunities during which 1000 bilateral meetings where held leading to 106 letters of intent being signed with an estimated investment of 22 million USD.
On the sidelines of the WEIF, the Arab Entrepreneurship Rally Competition 2019, an entrepreneurship competition for university students from the Arab Region, organized by the Arab Academy for Science and Technology and Maritime Transport, UNIDO ITPO Bahrain - AICEI, the Union of Arab Chambers, and the Bahrain Chamber of Commerce & Industry (BCCI) took place. Over 750 applications were received and 36 entrepreneurs got the chance to present their innovations and technologies and to connect with investors and other potential business partners here in Bahrain. The final awarding ceremony announcing the top three teams from the Arab region was held in the presence of HE Mr. Ahmed Abou El Gheit, Secretary General of the League of Arab States.
Further highlights of the event included discussions around the need for an enhanced financial and educational inclusion of entrepreneurs in the context of the 4th Industrial Revolution as well as the need to better institutionalize innovations at the national, regional and global level. A special focus was also given to SDG9 which calls to “build resilient infrastructure, promote sustainable industrialization and foster innovation” – the session stressed the importance of increasing investments in infrastructure, industrialization and innovations around the globe, but especially in developing countries, including the MENA region and Africa.
Three high-level side events supplemented the forum, namely the Start-up Investment Summit, the Second International Conference on Entrepreneurship, which underlined the need for innovation and investment as well as the role of education and universities to strengthen entrepreneurial spirits, and the event on “Sustainable Investments for Agenda 2030 – Investing in Green Industry” held under the patronage of the Supreme Council for Environment, represented by H.E. Dr Mohamed Mubarak Bin Daina. Also, high-level representatives of the Islamic Development Bank were represented with whom a partnership will be pursued by the ITPO Bahrain soon.
Day 1 - Opening Ceremony & Highlights
The closing session was held in the presence of HE Mr. Ahmed Abou El Gheit, Secretary General of the League of Arab States concluded with a consensus that a more inclusive and sustainable environment for entrepreneurs, especially youth and women on the macro, miso and micro-level is key to achieve the 2030 Agenda for Sustainable Development and that all stakeholders have to closely work together to ensure a successful implementation of structural change in favour of entrepreneurship and economic development – this call of action was summarized in the 3rd Manama Declaration and announced by Dr. Hashim Hassim, Head of ITPO Bahrain. The Declaration will be submitted by the Ministry of Foreign Affairs of the Kingdom of Bahrain to the United Nations General Assembly for its endorsement.
Day 2 - Closing Ceremony & Highlights
Also, Secretary-General, Antonio Gueterres conveyed via a written statement that:
“I am pleased to greet the World Entrepreneurs Investment Forum, and I welcome your discussions on achieving the Sustainable Development Goals through entrepreneurship and innovation.
The Fourth Industrial Revolution provides us with a tremendous opportunity. By leveraging emerging technologies with entrepreneurial spirit and investment, we can accelerate progress towards the Sustainable Development Goals. This is crucial as we enter the Decade of Action to Deliver the SDGs by 2030.
A 21st century entrepreneur, especially those in the technology space, has a responsibility to consider the climate, the most vulnerable, and future generations.
We face a crucial challenge: harnessing the benefits new technologies bring, while safeguarding against the risks from their misuse. The report released by my High-level Panel on Digital Cooperation earlier this year can help guide our efforts. It calls for improved connectivity, smart regulation that fosters innovation, and a global digital architecture that promotes trust, security and cooperation.
The United Nations remains a platform to draw global attention to these crucial matters and to nurture a digital future that is safe and beneficial for all. Please accept my best wishes for a successful forum.”
