The document summarizes the day's proceedings from a conference on January 27, 2009. It includes speeches and panel discussions on topics related to economic competitiveness. Professor Michael Porter argued for continued reforms to build Saudi Arabia's competitiveness. A panel on talent emphasized that human capital is more important than physical assets for driving development. The final speech discussed Malaysia's experience with industrialization and urged countries to promote shared prosperity through global cooperation and investment.

1. Summary of Day 3 Proceedings: January 27, 2009
Speech: Michael Porter, University Professor, Harvard Business School
The first speech by Professor Michael Porter argued that the current economic crisis indicates the
need to redouble efforts to build competitiveness through reform and investment. Following a detailed
assessment of Saudi Arabia s improving economic competitiveness, Professor Porter urged further
commitment to workforce development, reform of capital markets and corporate governance, improved
legal processes, and cluster development.
Panel Discussion: Talent: The DNA of 21st Century Leader
The panel on talent echoed Professor Porter s conclusion that human capital is more important than
physical assets to driving development. While acknowledging the crucial role of hard skills in talent
development, the panelists noted the importance of soft leadership skills in driving organizational
success.
Speech: Shinzo Abe, 90th Prime Minister of Japan
[No notes available]
Panel Discussion: Reach for Gold: Competitiveness at its Best
The panel on athletics noted the potential for sports to forge the human building blocks of economic
competitiveness. Sports teach their participants how to set goals, maintain discipline, achieve victory
and recover from setbacks, respect rules, and collaborate in teams; they also reduce preventable
diseases through healthy physical activity.
Panel Discussion: Paradigm Realign: Changing Mindsets, Changing Attitudes
The panel discussed ways to build improved outlooks and ethics into organizational structures.
Corporate social responsibility should complement corporate strategies, rather than fund executive pet
projects. Meanwhile, governments should build policy frameworks that address behaviors such as
corruption and crime, rather than exclusively individualizing responsibility.
Panel Discussion: Real Estate: Building Competitive Communities
The panel on real estate emphasized the importance of sustainability to competitiveness, touching on
the urbanization of poorer economies, sprawl, and the environmental impact of construction. Despite
the crisis in real estate markets, panelists urged investors and policymakers to consider investing in
the cities of the future to advance the green agenda, quality of life, and financial returns.
Panel Discussion: The Crisis: How Deep? How Long? How to Get Out?
The panel on the economic crisis traced the origins of the financial meltdown and explored the role of
stimulus and regulation in setting economies on sounder footing. Panelists suggested regulations
could reduce irresponsible risk-taking. They suggested that stimulus should be both speedy and
productivity-enhancing. Strong economic recovery is not anticipated in the next twelve months.
Speech: Tun Dr. Mahathir bin Mohammed, 4th Prime Minister of Malaysia
The final speech focused on Malaysia s experience as a rapidly industrializing country. Tun Dr.
Mahathir urged all nations to prosper thy neighbor by promoting shared prosperity for example, by
exchanging investment and knowhow worldwide while investing in domestic infrastructure tailored to a
country s economic development goals. He also noted the important challenges of corruption and
tapping the economic potential of women.