Alexander Bohmer, Executive Programme Manager at MENA-OECD Investment Programme, said that the various initiatives in member states helped to create a greater awareness about the entrepreneurship development.
Bahrain headquartered MENA Investment Centre in conjunction with the Organisation for Economic Cooperation and Development (OECD) held the third Meeting of the MENA-OECD Enterprise Financing Network, at the Diplomat Radisson SAS Hotel yesterday.
He said: “Between 2002 and 2006, over $ 60 investments flown out of the GCC region and this trend has to be reversed if we need to create a sustainable economies in the MENA region with a high target of creating entrepreneurial culture. “When we talk about the investments, MENA is facing many challenges that how to retain these investments within the region and how create a sustainable system to create millions of jobs for the young population of the region.” Bhomer blamed the lack of innovation and vision for not having the entrepreneurial culture in this part of the world and hoped that with MENA-OECD Investment Programme things would be much better in future. Peter Jungen Holding, who was one of the panelists, said that main pillar of the US economy’s success would remain the ‘angel investments’ and high absorption of venture capital.
He said: “The US alone account for 90 absorption of global venture capital flow every year. In addition this giant economy constitutes about 75 per cent global angel investments, aimed at encouraging the micro finance activities.” The meeting was held to discuss the current circumstances and future prospects of financing enterprises in the region, as well as the challenges faced in access to capital. It was also an occasion to network and discuss opportunities between entrepreneurs and financers.
Dr Abdulla Al Sadeq, Deputy Chairman of the MENA Investment Centre einaugurated the meeting which was attended by Dr Zakaria Hejres, Chairman of the MENA Investment Centre and Deputy Chief Executive of the Economic Development Board, as well as officials from the OECD, experts and representatives of various local and regional organizations, business entrepreneurs, owners of small and medium sized enterprises and financial institutions.
Dr Zakaria Hejres said: “By holding such activities in conjunction with the OECD, the MENA Investment Centre aims to create an ideal platform to link innovators, entrepreneurs and owners of small and medium sized enterprises with incubators, business angels, and financial and technical institutions.” Anthony O’Sullivan, Head of the Private Sector Development Division and Alexander Böhmer, Executive Director of the MENA-OECD Investment Programme, from the OECD.
