Harnessing human capital and investing in youth ensures
sustainable economic growth in the long term, young researchers from TRENDS
Research and Advisory said. They explained that a highly skilled workforce can build
a resilient economy capable of resilience that withstands global fluctuations
and emerging crises. Such an economy provides young people with the necessary
skills and knowledge that enable them to respond to future challenges, adopt
innovation and take advantage of available opportunities, to achieve
sustainable development of their nations.
The main discussion theme was entitled: “Wealth Management in a
Turbulent World: Harnessing Human Capital and Investing in Youth.” It was hosted by the "Our Youth is Our Wealth" platform within the
activities of the 12th edition of the "International Government
Communication Forum 2023". The speakers indicated that the current global
economic and social challenges resulting from inflation, supply chain disruptions
and the repercussions of climate change, require countries to explore the
impact of these factors on the management of human resources. They must take
actions to mitigate their impact on human capital, especially youth.
Active
scientific participation
The discussion session was held as a conclusion to
TRENDS' active and qualitative scientific participation in the work of the 12th
edition of the IGCF 2023. It discussed a number of topics, including: "the
role of wealth management in achieving financial security and prosperity, the
power of human capital in building wealth, investing in youth as a catalyst for
future success, overcoming challenges and taking advantage of opportunities in
volatile times, integrating wealth and social responsibility, developing a
dedicated wealth management plan and motivating the next generation of wealth
managers."
Safe
Investment
Abdullah Al Hammadi, Director of Conferences and
Strategic Communication Department at TRENDS, moderated the discussion. He said
that wealth management is one of the concepts that have multiple definitions
and relevant visions. The most important aspect in this topic is how to
mobilize and manage the national working wealth and optimize invest in youth.
He added that proper investment in human capital through the intensive use of
skills and tools of technical, innovative and advanced technological knowledge,
must constitute a real value-added to the economy. This is done through the
employment of Human capital and the right investment in young people.
Al Hammadi explained that capital development is related
to the efficiency and skills of the human element and investment in it, using
many means that include education and continuous training, capacity building
and skills development. He indicated that many countries have realized that the
source of their strength lies in their possession of the tools to manage their
human resources and that their human capabilities are the important competitive
weapon in achieving superiority. The strategic resources make the difference
with their competitors.
Human Capital Development
Al Hammadi explained that technological progress has reduced
the value of certain jobs that do not require high skills. It created new jobs
based on knowledge, this requires the development of human capital in terms of
quantity and quality, There is a general agreement that the emerging challenges
shall only be addressed by a capable human
capital, whether at the individual level or at the national level. This would
allow all nations to participate in the modern world economy from a position of
ability in a competitive context.
1.2 billion Young People
Warda AlMenhali, Director of the Corporate Communication
Department and member of the TRENDS Youth Council, said that investing in youth
is an investment in the present and future, because the challenges facing
societies can only be solved by young people who are the leaders of the
innovation and creativity revolution. Young people are the capable the modern
tools to serve their peoples and societies. She indicated that the world population
includes about 1.2 billion young people who fall in the age category of 15 and
24 years. Therefore, in light of this huge number of young people, countries should
provide them with the necessary skills to contribute to a productive economy.
AlMenhali indicated that investing in youth is a key
factor in achieving sustainable development. Neglecting this aspect may hinder
economic growth in any country. She said that the term "investing in
youth" means allocating more funds in programs and services provided to develop
their skills by the public and private sectors. This would help countries to
save the allocated funds to solve problems usually associated with this population
category, such as unemployment, addiction, crimes and a tendency to violence,
in a way that increases their contribution to the economic growth of countries.
Sustainable Development
AlMenhali indicated that achieving the sustainable
development goals requires developing the skills of young people, raising their
awareness and arming them with science, knowledge, values and attitudes
necessary to live in a sustainable and effective society. The eighth goal of
the SDGs takes into account the call to provide decent work for youth. This UN
goal explained that investing in youth is a national duty and a public
responsibility, in which everyone must participate by qualifying young people,
training them, arming them with science, knowledge and modern technology.
Countries must support youth initiatives financially and morally.
AlMenhali indicated that the UAE has established a clear
approach to investing in the capabilities and energies of young people, as the
most important wealth. The UAE has developed an integrated system of policies
and strategies that provided young people with intellectual, cognitive and
scientific advancement tools. The UAE has since long realized that the future
depends on the energies of young people who are well empowered with science and
knowledge.
Preservation and development of wealth
Mohammed Al-Dhahouri, Head of the Strategic Studies
Department, member of the TRENDS Youth Council, spoke during the discussion session
on "The Role of Human Capital in Preserving and Developing National Wealth".
He stressed that human capital plays a vital role in achieving development, as
today's economy is measured by the quality, efficiency and rational use of
human resources.
He stated that there are important points related to the
interrelationship between capital and wealth. They include "the concept of
multidimensional human capital, human capital in light of the changing business
environment, human capital and skills support mechanisms in light of modern
technological developments, human capital and how to reduce the carbon
footprint of humans and the reciprocal and complementary relations between
financial, natural and human resources. This is in addition to the role of
human capital in supporting national investment, technology and knowledge
accumulation."
Innovation growth and productivity
The head of the strategic studies department at TRENDS
stressed that the indicators of human capital focus on a number of things such
as: spending on education, spending on health, unemployment, and quality of
life. He stressed that there is a positive relationship between human capital
and economic growth, as investment in human capital ultimately leads to
increased innovation, well-being and higher productivity, which in turn
contributes to economic growth.
He added that the UAE's fifty principles focus on human
capital, noting the diversity and multiplicity of repercussions suffered by
human capital, especially in the wake of the Covid-19 pandemic and the
subsequent global crises such as the Ukrainian war and the spread of inflation,
recession and rising global unemployment rates.
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