http://www.gulf-news.com/Articles/print.asp?ArticleID=39956
Berger and Obaid Humaid Al Tayer, President of the Dubai Chamber of Commerce and Industry at the forum. Gulf News
While the U.S. may not have looked at the Islamic world with the sufficient degree of focus in the past, September 11 has put a change to all that, according to a former National Security Adviser under Bill Clinton.
"The U.S. took out more energy from the Middle East than it may have put into it," said Sandy Berger.
"The Islamic world was not given the degree of attention, particularly during the Cold War and the immediate period after. Now everything has changed. Americans recognise the need for better inter-connectedness with the rest of the world. Not even Manhattan is an island.
"Through your energy resources, there is no region more vital than the Gulf in fuelling development and progress worldwide.
"The world is now passing through the first true recession of the global era. Because of globalisation, each of the regions is suffering from each other's recession. Each of our recoveries will also be linked."
"September 11 has created uncertainty, in certain instances very profoundly and in others none at all. But in an open society, we cannot eliminate all the risks – we can just reduce it."
Berger was speaking on the opening day of the GCC Economic Forum organised by Datamatix.
Having ventured back into the world of business since his days in the Clinton Administration, Berger indicated that a recovery is on the cards, however steep an incline it may prove in the near term.
"The fundamentals of the U.S. economy are strong, but the recovery is on after the low point was reached in November. The wind is beginning to gather beneath our sails and gathering strength.
"Interest rates are low, as well as energy prices, though this will have some impact for Middle East states.
"Globalisation is now a source of raging debate – it is seen as the root cause of poverty, pollution and erosion of local culture by some, while others see it as the answer to economic inter-dependence and a freer and more prosperous world.
"But globalisation is just not about good or bad – it is a fact, pure and simple. It carries with it huge opportunities and risks. We need to recognise that it can strengthen the forces of disintegration.
"The challenge is to maximise the promise of globalisation while mitigating its perils. Or it may create tomorrow's foot soldiers of discontent. This is a task not just for policy framers, but for business leaders as well.
"The power of the state to change things is getting diminished. And one cannot forget that half the world's population is struggling on the edge of survival earning less $2 a day. Or that over one billion live on under $1 a day.
"For example, 580,000 new jobs need to be created in Egypt just to ensure that the present unemployment rate of 15 per cent is maintained."
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