Prime Minister of the United Kingdom
David Cameron told participants at the World Economic Forum's Annual Meeting
that the key challenge for politicians and business leaders in Europe is how
to make a success of globalization.
An emerging trend to accomplish this is "re-shoring" jobs, he said. "There is a chance for Britain to become the re-shore nation. Europe needs to act now to seize the opportunities of re-shoring." He said that a major driver of this trend will be the development of shale gas.
For years, the West has been "written off" and rumours abound that it is facing inevitable decline. "It is the same dystopian vision. The East wins while the West loses; the workers lose while the machines win," Cameron said.
\ "I don't believe it has to be this way." He cautioned that the West cannot afford to be "starry eyed" about globalization. He pointed to an emerging trend - re-shoring - where some jobs that were once offshored are coming back, from East to West. "It's time to bring the benefits of globalization home to ensure the benefits are felt by hard-working people in terms of security, stability and peace of mind," he said.
Cameron pointed to a recent survey of small and medium-sized businesses that found more than one in ten has brought some production back to Britain in the past year.
A survey of leading US-based manufacturing companies indicated that more than one-third was planning, or actively considering, shifting production facilities from China to the United States.
One important factor in re-shoring in the US is the development of shale gas.
"This is flooring US energy prices with billions of dollars of energy cost savings predicted over the next decade," Cameron said. These trends can be a "fresh driver" of growth in Europe and across the United Kingdom."Right now economies in Europe have a unique opportunity to accelerate this new trend of jobs coming back home," he said.
But for re-shoring to happen, it is important to uphold the core values of liberal democracy, including the rule of law, freedom of speech and freedom of the media, property rights and accountable institutions. "These are vital foundations for long-term stability commercial success. We need to build on these foundations," Cameron said.
Read more: KUNA : Cameron says Europe needs to seize "re-shoring" opportunities - Economics - 25/01/2014
An emerging trend to accomplish this is "re-shoring" jobs, he said. "There is a chance for Britain to become the re-shore nation. Europe needs to act now to seize the opportunities of re-shoring." He said that a major driver of this trend will be the development of shale gas.
For years, the West has been "written off" and rumours abound that it is facing inevitable decline. "It is the same dystopian vision. The East wins while the West loses; the workers lose while the machines win," Cameron said.
\ "I don't believe it has to be this way." He cautioned that the West cannot afford to be "starry eyed" about globalization. He pointed to an emerging trend - re-shoring - where some jobs that were once offshored are coming back, from East to West. "It's time to bring the benefits of globalization home to ensure the benefits are felt by hard-working people in terms of security, stability and peace of mind," he said.
Cameron pointed to a recent survey of small and medium-sized businesses that found more than one in ten has brought some production back to Britain in the past year.
A survey of leading US-based manufacturing companies indicated that more than one-third was planning, or actively considering, shifting production facilities from China to the United States.
One important factor in re-shoring in the US is the development of shale gas.
"This is flooring US energy prices with billions of dollars of energy cost savings predicted over the next decade," Cameron said. These trends can be a "fresh driver" of growth in Europe and across the United Kingdom."Right now economies in Europe have a unique opportunity to accelerate this new trend of jobs coming back home," he said.
But for re-shoring to happen, it is important to uphold the core values of liberal democracy, including the rule of law, freedom of speech and freedom of the media, property rights and accountable institutions. "These are vital foundations for long-term stability commercial success. We need to build on these foundations," Cameron said.
Read more: KUNA : Cameron says Europe needs to seize "re-shoring" opportunities - Economics - 25/01/2014
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