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Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, attended key session entitled ‘Importance for Governments in Investing in Human Capital’, as part of day two of the World Government Summit 2018, which is being held from February 11 to 13 in Dubai.
President of the World Bank Group Dr Jim Yong Kim delivered a keynote speech, and said that Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, His Highness Sheikh Mohamed bin Zayed Al Nahyan, are leaders with visions that change the world. He also praised the UAE’s efforts in investing in human capital. "One of the reasons I am here today is because the UAE is a prime example of a country that invests in human capital. I am giving this talk guided by the UAE vision that investing in people is the most important investment one can make."
The session was attended by Crown Prince of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum; Deputy Prime Minister and Minister of Interior Lieutenant-General H.H. Sheikh Saif bin Zayed Al Nahyan; President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group H.H. Sheikh Ahmed bin Saeed Al Maktoum; H.H. Sheikh Mansour bin Mohammed bin Rashid Al Maktoum; and Minister of Cabinet Affairs and The Future and Chairman of the WGS Mohammed Abdullah Al Gergawi.
Discussing the future of the global job market, Dr Kim said: "All countries need to be ready to compete in the economy of the future, whatever it may bring. By 2050, 150 million people will leave the workforce and 450 million people join the workforce. That means there is a gap of about 300 million jobs that need to be created."
He added: "Estimates also suggest that between 2022 to 2025, there will be access to broadband for literally everyone in the world. This will raise people’s aspirations, given that the income levels they compare themselves to will change. Jobs of the future will be very different. Innovation continues to move ahead, but every day it is getting faster."
Speaking about the importance of investing in education, he said: "250 million children around the world are illiterate and around the same number of children today are out of school. In preparing students, we need to ensure that they are given an opportunity to learn problem solving, creativity, analytical thinking skills – and given the chance to apply these skills to contribute to the economy of the future." He also said that 30% of Indonesia, India and Pakistan face malnutrition problem, while the percentage is 18% in Middle East and North Africa region, President of the World Bank Group also stressed that governments must develop plans and strategies to create equal opportunities for their citizens and make substantial investments accordingly. Summing up his discussion, Dr. Kim added: "Most countries that have done best are the ones that invest in their people at early age. Investing in human capital is of critical importance and will determine the future of countries." He cited Oman, Vietnam and Peru as successful examples in investment of human capital.
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