In May 2024, the capital of Bahrain, Manama, hosted the fifth World Entrepreneurs Investment Forum (WEIF), a crucial event organized by the United Nations Industrial Development Organization (UNIDO). The forum’s central theme, “Achieving the Sustainable Development Goals through Fostering Innovation and Economic Growth,” underscored the critical role that innovation and entrepreneurship play in tackling pressing global issues such as poverty, inequality, climate change, and economic instability. As leaders, policymakers, and entrepreneurs gathered in Bahrain, they discussed solutions that would enable sustainable development through technological advancements, strategic partnerships, and private-sector involvement.
Empowering Entrepreneurs for Sustainable Development
UN Secretary-General António Guterres, in his keynote speech, highlighted the importance of micro, small, and medium-sized enterprises (MSMEs) as the backbone of innovation and economic progress. He emphasized that MSMEs are not just business ventures but also powerful drivers of employment, social stability, and economic transformation. According to Guterres, “Micro-, small, and medium-sized enterprises are at the heart of entrepreneurship and innovation. These businesses represent jobs, opportunity, and economic growth for communities and countries alike.”
Guterres pointed out that innovation is key to achieving the Sustainable Development Goals (SDGs) and that the rapid advancement of technologies such as artificial intelligence, renewable energy solutions, and digital financial services presents a tremendous opportunity. He called for enhanced global cooperation to ensure that these innovations are accessible to all, particularly in developing nations where technological gaps remain significant.
Strategic Partnerships and Digital Transformation
One of the most discussed topics at the forum was the need for strategic partnerships between governments, businesses, and international organizations. Rola Dashti, Executive Secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA), stressed the urgency of rethinking approaches across different sectors, including energy, education, and digital connectivity. She advocated for harnessing the power of digital transformation to create job opportunities, enhance productivity, and improve overall quality of life.
Dashti also highlighted the importance of educational reform, stating that traditional learning methods are insufficient in equipping young people with the skills needed for a rapidly changing world. She urged governments and institutions to embrace digital literacy, artificial intelligence training, and entrepreneurial education to prepare future generations for success in an increasingly tech-driven economy.
Private Sector’s Role in Economic Development
Fatou Haidara, Deputy Director-General of UNIDO, reinforced the idea that the private sector, particularly MSMEs, is the engine of economic development. She emphasized that small businesses contribute to job creation, technological advancement, and overall economic stability. Haidara remarked, “The challenges we face today cannot be addressed by one entity or group. We need a collective effort.” She encouraged stronger collaboration between governments, businesses, and financial institutions to provide MSMEs with access to funding, training, and global markets.
The forum also focused on the role of public-private partnerships in promoting sustainable economic growth. Experts agreed that governments should create an enabling environment for entrepreneurship by reducing bureaucratic barriers, offering tax incentives, and investing in infrastructure. Meanwhile, businesses should prioritize sustainable practices and contribute to social initiatives that align with the UN’s development goals.
Focus on Women Entrepreneurs in Conflict Zones
A significant segment of the forum was dedicated to addressing the challenges faced by women entrepreneurs, particularly those operating in conflict-affected areas. Several businesswomen from regions such as Gaza, Afghanistan, and Sudan shared their experiences, highlighting how their ventures have become lifelines for their families and communities amid crises.
Many of these women called for increased investment and support for female-led businesses in fragile economies. They emphasized that empowering women entrepreneurs is not just about financial growth but also about fostering peace, security, and long-term stability. The forum acknowledged that women face unique challenges, including limited access to capital, cultural barriers, and security threats, and called for targeted policies to support their resilience and success.
Bahrain’s Commitment to Innovation and Entrepreneurship
Bahrain’s commitment to fostering innovation and entrepreneurship has been evident for years. In 2014, Manama was selected as the Capital of Innovation and Arab Entrepreneurs, a recognition that highlighted the nation’s dedication to supporting startups and business growth. This initiative, launched in collaboration with UNIDO and the Arab Thought Forum, aims to strengthen Bahrain’s position as a leading financial and entrepreneurial hub in the region.
The Bahraini government has implemented various initiatives to promote entrepreneurship, including funding programs, mentorship opportunities, and regulatory reforms. One of the key focuses has been encouraging young people to explore entrepreneurial paths through educational programs and startup incubators. The country has also invested heavily in technology infrastructure to support digital innovation and attract international businesses.
During the forum, Bahraini officials reaffirmed their commitment to expanding opportunities for startups and innovators. They highlighted the country’s progress in adopting fintech solutions, blockchain technology, and sustainable energy projects, all of which are aligned with the global push for technological advancement and economic diversification.
Innovation as a Solution to Global Challenges
Throughout the discussions at the UN forum, one message was clear: innovation is the driving force behind sustainable development. Speakers and panelists repeatedly emphasized that the world is at a critical juncture where rapid technological advancements can either bridge existing economic gaps or widen inequalities if not managed properly.
Climate change, one of the most urgent global issues, was a key focus area. Experts at the forum discussed how renewable energy, smart agriculture, and circular economy practices could help mitigate environmental damage while fostering economic growth. The role of artificial intelligence in tackling issues such as food security, disease prevention, and disaster management was also explored, with many advocating for increased investment in research and development.
Another pressing concern raised at the forum was financial inclusion. Millions of people worldwide, especially in developing countries, lack access to basic financial services. Panelists discussed how digital banking, mobile payments, and blockchain technology could provide innovative solutions to this problem, enabling small businesses and individuals to participate in the global economy.
Conclusion
The 2024 World Entrepreneurs Investment Forum in Bahrain underscored the indispensable role of innovation and entrepreneurship in addressing global challenges. By fostering strategic partnerships, leveraging digital transformation, and empowering entrepreneurs, particularly in conflict zones, the forum contributed to advancing the Sustainable Development Goals and promoting sustainable economic growth worldwide.
As the world continues to face complex economic, social, and environmental challenges, forums like WEIF serve as critical platforms for collaboration and idea exchange. The key takeaway from Bahrain’s UN forum was that innovation, when combined with inclusive policies and strategic investments, has the power to create a more equitable and prosperous world for all. Governments, businesses, and international organizations must now translate these discussions into concrete actions that will shape a better future for generations to come.
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