Event Reports

Close economic cooperation based on values is key to avoid future economic crises

Holger Haibach, German MP, inaugurates KAS conference on value based economic policies

In the presence of about 100 representatives of politics and industry, Holger Haibach, MP and Majority Speaker on Economic Development and Cooperation, and Fahad Saeed Al Raqbani, Director General of the Abu Dhabi Council for Economic Development, opened the KAS-conference „After the crisis – approaches for a value based economic policy“ in Abu Dhabi last night.

In the presence of about 100 representatives of politics and industry, Holger Haibach, MP and Majority Speaker on Economic Development and Cooperation, and Fahad Saeed Al Raqbani, Director General of the Abu Dhabi Council for Economic Development, opened the KAS-conference „After the crisis – approaches for a value based economic policy“ in Abu Dhabi last night.

Experts from more than a dozen Islamic and European countries followed the invitation of the Regional Program Gulf-States of the Konrad-Adenauer-Stiftung, the German-Emirati Joint Council for Industry and Commerce and the Abu Dhabi Council for Economic Development to gather in Abu Dhabi and discuss the similarities and differences between Islamic Economics and the so-called Social Market Economy. The conference aims to identify possible approaches that can contribute significantly to avoiding future economic crises and to enhancing sustainable economic growth.

“The key to sustainable economic development and to avoiding a possible new crisis lies in the close cooperation between the different economic regions and systems”, explained Holger Haibach. “It has to be ensured though, that equal and fair rules apply to all parties involved while worldwide cultural, social, economic and political differences have to be considered and respected.” The recent positive developments in Germany and the vibrant economic growth in the United Arab Emirates indicate, that both systems seem to follow the right approach, Haibach continued.

Fahad Saeed Al Raqbani presented the “Economic Vision 2030” during the reception and identified the further diversification of the Emirati economy as the most important goal of Abu Dhabi’s economic plans.

Frank Spengler, Deputy Head of European and International Cooperation, Konrad-Adenauer-Stiftung, stated in his opening remarks:”Both economic systems are based on values that derive from more than just economic theory. They are deeply rooted in their respective religious faiths: Islamic Economics follows the Sharia while the German Concept of Social Market Economy is based on the Christian belief in freedom, justice and the social nature of mankind.”

The conference continues until October 13th, 2010 at the Park Rotana in Abu Dhabi, UAE.

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