“Entrepreneurship is at the heart of what we call Economic Statecraft."
Over one thousand entrepreneurs, investors, mentors, academics, NGOs, foundations, corporations and diplomats - will gather this December in Dubai in the name of international diplomacy.
Why do diplomats and entrepreneurs belong together?
“Entrepreneurship is at the heart of what we call Economic Statecraft,” said U.S. Deputy Secretary of State for Management and Resources Thomas Nides. “Economic tools can advance our foreign policy,” he said, “And … our foreign policy can accelerate economic renewal.”
“We can’t have stable societies without economic opportunity, and nothing creates economic opportunity more than entrepreneurship. … Focusing young people and what we build together – peacefully – is as we all know, in everyone’s interest.”
Deputy Secretary Nides noted that our diplomatic efforts are strengthened as we seek to bring together innovative people and bridge divides through public-private partnerships and other innovative mechanisms. He explained that the world’s biggest challenges need to be solved on a massive and innovative scale. He said that creating space for creativity and possibility reflects universal and shared values that are not only entrepreneurial, but political too. For example, through the Global Partnership Initiative, the U.S. has launched public-private partnerships as a new approach towards diplomacy and development.
Through such partnerships diplomats can help entrepreneurs by promoting conditions around the world that are business friendly, promote rule of law and make financing and risk-taking possible.
Under the direction of President Barack Obama’s administration, the U.S. has been innovating its diplomatic approach as well, said Deputy Secretary Nides:
“We’ve sponsored countless delegations of entrepreneurs, technologists, and venture capitalists to connect investors with projects, to launch businesses and competitions that will spark creativity, and to shine a light on the people who are making a difference. This is not traditional diplomacy - and I think, personally, that’s pretty good.”
All of this is why the U.S. Department of State and the United Arab Emirates will co-host The Third Annual Global Entrepreneurial Summit (GES) at the Dubai World Trade Center, December 11-12.
“Entrepreneurship, is one of our best tools,” said Deputy Secretary Nides, “to create opportunity for everyone.”