4 points essential for energy sustainability

Riyadh — John Rice, Vice Chairman at General Electric, raised four new points as essential to achieve energy sustainability. In a keynote speech on the last day of the 9th Global Competitiveness Forum here on Tuesday, Rice listed the four points as smarter financing and budgeting amid falling oil prices, developing skills to control energy assets, diagnosing and forecasting assets and correcting future use of these assets. He underscored the importance of creating an organizational and legal environment, formulating smart legislations to match with the market, facilitating investment and finance, assisting investors through transparency and drawing a legal framework to facilitate economic growth and privatization. Rice stressed the importance of human resources, citing that his company has forged partnerships with giant Saudi companies like Saudi Aramco and Saudi Electricity Company to provide training and modern education to youngsters. Mark Crowell, Deputy Head of Innovation and Economic Development at King Abdullah University for Science and Technology (KAUST), called at the final session of the second day of GCF for supporting research centers in Saudi universities specialized in promoting new business ideas. The Director of Competitiveness and Projects Development at Parson Global Foundation Shankar Selgam said that the basic concept of changes focuses on raising the free trade edge and further organizing it to liberate many products, noting that the Kingdom has made great strides in this regard. He drew the attention to the importance of lowering the prices of energy and communications products, particularly in view of the current fierce competitiveness witnessed in these sectors. Shankar said contribution rather than privatization is important to give the competitiveness a chance as is the situation everywhere in the world.