World Context

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World Context

Under the patronage of HRH Prince Salman Bin Hamad Al Khalifa, the Crown Prince and Prime Minister, the World Entrepreneurs Investment Forum 2024 (WEIF) will take place in Manama on May 14 to 16, concurrently with the Arab Leaders Summit 2024, building on the successes of the WEIF in 2015, 2017, 2019, and 2022. The WEIF is facilitated by the General Secretariat at the UNIDO Investment and Technology Promotion Office in the Kingdom of Bahrain in partnerships with the League of Arab States, the Ministry of Industry and Commerce in Bahrain, the Union of Arab Chambers, the Arab Bank for Economic Development in Africa, the Bahrain Chamber of Commerce and a number of local, regional and international partners.

With the theme “Achieving the SDGs through Fostering Innovation and Economic Growth”, WEIF 2024 aspires to address global challenges, including poverty, inequality, climate change, peace, and justice; within the backdrop of the Sustainable Development Goals.

Innovation and economic growth are critical enablers for achieving the SDGs.

Innovation can lead to the development of new technologies, products, and services that can address social and environmental challenges. Economic growth can provide the resources needed to invest in sustainable development initiatives.

Fostering innovation and economic growth requires a multifaceted approach that includes:

1
Promoting entrepreneurship: Entrepreneurs are the drivers of innovation. Governments can create conducive ecosystems and an enabling environment for entrepreneurship by providing access to smart finance, capacity building, incubation, networking, and mentorship.
2
Encouraging partnerships, collaboration and knowledge sharing: Collaboration between entrepreneurs, MSMEs, government, academia, and civil society in different sectors is essential for fostering innovation.
3
Investing in research and development (R&D): Governments, businesses, and universities can all play a role in increasing investment in R&D. This can lead to the development of new technologies that can help to solve some of the world's most pressing problems.
4
Creating a Culture of Innovation: Cultivating a culture that values creativity, risk-taking, and collaboration is crucial for fostering innovation. This can be achieved by promoting open communication, encouraging experimentation, and rewarding innovative ideas.

By fostering innovation and economic growth, we can create a more sustainable and equitable world for all.

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