[WATCH] Make peace your business, President tells businessmen and policymakers

The Mediterranean Leadership Summit

Peace, social inclusion, equality and the fight against poverty: the four values which President of the Republic Marie Louise Coleiro Preca urged businessmen and politicians to embrace.

Kicking off a two-day conference organised by The Economist – The Mediterranean Leadership Summit – the President argued that economic stability and peace were closely interconnected.

“Peace must exist for successful trade, sustained economic growth, and prosperity in our region. In turn, economic stability and rising prosperity, which must be shared within and among the countries of the Mediterranean, will themselves nurture peace,” Coleiro Preca said.

She spoke of the need to empower all citizens to participate in building a culture of peace within the region, and beyond. For a cultural transformation towards the values of inclusion, wellbeing and respect, Coleiro Preca said countries must foster an environment of economic co-operation through a multilateral approach.

“Resilience and wellbeing are two elements essential for peace. On the other hand, economic instability provokes political upheaval, social unrest, conflict, and inequality. Radicalisation is a growing threat to the wellbeing of all of us.”

The President argued that leaders and decision makers cannot be complacent, and celebrate increasing national GDP while neglecting rising levels of poverty: “The effects of poverty and inequality are borne by everyone including business. Poverty precludes the full potential of economic growth.”

Economic instability, the former social solidarity minister said, is not simply a matter of higher unemployment or reduced purchasing power: “It is also the breakdown of communities and societies which leads to conflict, violence, and the displacement of populations. War increases poverty and destroys growth potential, destroys infrastructures, destroys institutions, and destroys the stability and wellbeing of entire regions.”

The President spoke of the empowerment of women as a means of achieving sustainable economic and social prosperity.

According to last year's Gender Gap Report by the World Economic Forum, it shall take 81 years to see parity in women’s full participation in the economy unless we initiate a fundamental change.

“Let me give a typical example of such change from my country. Over the past years, there has been a significant increase in female participation throughout the Maltese workforce. This was due to the right strategy, and subsequent effective policies, of introducing free childcare centres for all, and the introduction of an in-work benefit. As a result, female workforce participation increased from 36% to 54%.

“Moreover, disparities in salary for the same quality of work are reflections of ongoing discrimination and inequalities that manifest deeply embedded cultural prejudices. Women worldwide are affected, including those who are active in the most advanced economies.”

Video is unavailable at this time.