Jack Perkowski, also known as Mr. China, talks about how regional economies will bounce back next year; GCC governments need to invest in human resources for long term economic gain

Dubai – June 23, 2009: Identifying a trend and getting ahead of it is the mantra by which Jack Perkowski lives his life. His foray into the ‘Dragon’ as he calls the Chinese Republic began in the early 1990’s when he created ASIMCO Technologies Limited in Beijing, now the leading supplier of components to the diesel engine market in China. With sales of over US$500 million, Perkowski knows how to identify a trend, and knows how to exploit it.

In an exclusive interview, Perkowski predicted a recovery in the Gulf Cooperation Council countries in 2010 driven by economic diversification and oil prices. “Lacking financial leverage, the more developed countries of the European Union and the United States will recover, but at a slower pace,” he said. “Petro-dollars and the GCC’s ability to attract foreign direct investment will pull the region out of the slump by mid 2010.”

A major factor in the increasing price of oil is demand coming back out of China. “China saw the financial system failing in 2007 when its own economy was growing at 13 percent. Shanghai’s market had tripled in value and the real estate sector was at bubble level, so the Chinese government proactively capped lending and in 2008, leverage was a very hard commodity to come by.”

“Armed with a US$58 billion stimulus plan and massive investment in infrastructure project, since the first quarter of this year to date, the Chinese economy is back on its way to 8 percent growth this year,” continued Perkowski.

It is this up-take in demand, which will, over the next 6 months, provide more liquidity in the region, and bring both government and investment spending to growth levels. “Where they spend their money is key,” commented Perkowski. “If GCC governments choose to invest in the future, namely in human resources and new economy businesses, well then the future seems very bright. If not, and they decide to look for short term gain, as was the case in the past, then they are prone to fall into the same leverage trap over again.”

Jack Perkowski’s is one the main speakers at ‘Leaders in Dubai’ this year which will host global leaders in business leadership and global relations such as Archbishop Desmond Tutu, Al Gore, Gary Hamel and others.

The event is sponsored by Philips, The Monarch Hotel, Saxo Bank, Dubai Islamic Bank, Al Arabiya and BBC World. For more information please visit www.leadersindubai.com.

-ENDS-

About Leaders Presents – part of IIR
‘Leaders Presents’ is a new division of IIR Middle East designed to provide the IIR delegate a new level of conference experience. Born from the success of the Annual Leaders in Dubai Business Forum, Leaders’ events stand out from the rest by providing a superior level of speaker, ensuring up-to-date topics and maintaining an all-around level of excellence throughout the execution of their events. The flagship event - Leaders in Dubai - is a meeting of over 1,500 of the regions’ most eminent business leaders from across all industries who come together with some of the most popular business, economic and political leaders from across the globe - to network, learn and debate on the future of business and to share their experiences. Leaders Presents has launched a number of other highly successful events recently including the acclaimed Management Innovation Forum, which was launched in 2007 and met with rave reviews, and the Middle East Business Achievement Awards which honors regional business leaders for their excellence and contribution to business. 2009 sees the development of a variety of ‘Leaders Presents’ events - all of which promise to evoke thought and creativity, and give real value to the delegates who attend. Speakers current and past at ‘Leaders Presents’ events include Colin Powell, Jack Welch, Bill Clinton, Richard Branson, Kofi Annan, Michael Porter, Her Majesty Queen Noor, Tom Peters, and Malcolm Gladwell.

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