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US Seeks Support to Build a Strong Financial System

ABU DHABI - The US Treasury Secretary Timothy Geithner said that his country wants to work with its allies to build a stronger financial foundation for the world as it emerges from the worst recession in decades.

The US Treasury Secretary, who arrived in the capital for talks with UAE’s leadership on the current global financial situation, met with UAE Foreign Trade Minister Shaikha Lubna Al Qasimi, at a breakfast meeting organised by the US-UAE Business Council, at Emirates Palace.

During his one day visit, the US official also visited the Central Bank of the UAE and Abu Dhabi Investment Authority, or ADIA, the two institutions that have exposure to US bonds 
and securities.

His talks with Shaikha Lubna focused on the education sector and 
economic development.

“We of course want to not just address the immediate causes of the financial crisis,” Geithner told reporters after the meeting. “We want to rebuild a stronger foundation for more balanced growth globally.”

Both officials stressed their commitment to post-crisis reforms that would lead to more diversified economies.

There is a shared responsibility to build more stable financial systems as the global economy emerges from crisis, which requires “looking for sources of future growth that are going to be more sustainable, he said.

“Many of the challenges you’re seeing Abu Dhabi confront, the region confront, the emirates confront reflect the challenges facing the broader international economy,” Geithner said.

The US official stressed that the UAE is a great example of economic reforms and said Americans can learn a lot from steps it has taken to develop a more diversified and balanced economy. “I believe deeply America has a lot to learn from the examples of what countries around the world are trying to achieve,” he said.

The minister for foreign trade renewed her country’s commitment to education and renewable energy as a tool for economic diversification, and an opportunity for transfer of know-how between the countries in 
those fields.

“One of the most important parts for the UAE is the strategy it has built for the development of the economy,” 
she said.

“The UAE is one of the world’s most open and dynamic economies,” said Shaikha Lubna Al Qasimi. “The UAE’s future sustainable economic growth will be derived from a concerted effort to develop and harness human capital,” she said.

According to a Press release issued by the US Embassy, “the open dialogue provided secretary Geithner and Shaikha Lubna with the opportunity to share views on the priorities and commitments of both nations, regarding the importance of developing a highly-educated work force within the context of sustainable economic growth.

They discussed issues relating to the UAE’s vision and strategy of creating a knowledge-based economy; aligning the education sector with development goals; the challenges in meeting future needs in talent and labour; and the role of women and young people in the country’s economic development, added the Press release. 


haseebhaider@khaleejtimes.com

· With inputs from agencies