Sheikh Mohammed's speech at the International Investment Summit

This is the full text of the speech that Sheikh Ahmed bin Saeed Al Maktoum delivered on Sheikh Mohammed's behalf at the International Investment Summit.

Ladies, gentlemen and honoured guests, today, we have to ask ourselves some very crucial questions. What do we as governments and the private sector in the region have to do to improve our economic growth and prosperity?

We also have to ask why global fund flows are ignoring the Arab nations.

In order to answer such a question we need to look at the facts. The Arab world has a population exceeding 300 million people. Our region is one of the most resource-rich areas in the world - in terms of human capital, natural resources, tourism potential and offering significant investment opportunities.

But these 22 countries have a combined Gross Domestic Product of only $700 billion, which is less than that of Germany. And, these Arab states have attracted less than one percent of the $735 billion of global Foreign Direct Investment as of 2001.

It is only after looking at these facts can we answer why the performance of the region has been so poor.

In my opinion there are many factors. But, in summary, it all comes down to two key issues:  The first, what is the investment climate in our region? And the second, what are the opportunities in our region?

We today face many challenges on both counts and it's only by applying best practice tailor-made to the region in the areas like accounting standards, corporate governance, laws and regulations and transparency can we improve the investment climate in the region.

There are attractive investment opportunities in our region. To reach their full potential, opportunities must be nurtured. Therefore governments must create systems whereby opportunities are identified and categorized. We need to ensure that opportunities are correctly matched with the input they require, whether capital or talent.

However that is also not enough.

It has to be our prime responsibility, both governments and the private sectors, to work together to use all means at our disposal to showcase the opportunities that our region offers. These can be simple as networking forums or as sophisticated as developing and deepening our capital markets.

It is only after setting this in place can we make sure that our region will be attractive to global capital flows.

Let us demonstrate our commitment by promoting intra-regional trade, leveraging our common strengths and encouraging the public and private sector to build a successful model of cooperation.

We are looking at change. This can only driven by a change in attitude and mindset.

I wish you all the best in your discussions and debates.

Thank you.