Dr. Yacoub Al-Rifai, the Minister of Finance of Kuwait, participated in the Human Capital Conference held from October 12 to 18 in Bangkok. This conference took place on the sidelines of the annual meeting of the Board of Governors of the World Bank Group and the International Monetary Fund, addressing important topics related to skill development and private investments in the age of artificial intelligence.
Conference Topics
This conference, attended by ministers from member countries of the Human Capital Project Network, leaders of the World Bank Group, and international experts, examined how to support private investments in skill development and emphasized that private investments and digital tools can expand access to high-quality programs that develop the skills of students and workers in line with the changing needs of employers and the labor market.
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Challenges Facing the Labor Market
The Ministry of Finance of Kuwait also announced that other topics included the future of skills and how to finance their development amid rapid changes related to artificial intelligence and the evolving needs of the labor market. This conference reviewed the experiences of other countries regarding private sector participation in skill development and the tools and solutions that the World Bank Group and its partners can provide.
This conference emphasized three main pillars: the impact of artificial intelligence on redefining skills, educational models, and practical policies that can stimulate private sector investment in skill development, and the role of the World Bank Group and its partners in supporting scalable solutions.
The Ministry of Finance of Kuwait stated that this year's topic was chosen due to the increasing challenges in preparing youth for the labor market. Estimates from the World Bank Group indicate that about 1.2 billion young people will enter the labor market in the next decade, while opportunities for acquiring appropriate skills and accessing quality education are limited in many countries. The World Bank Group believes that public financing alone cannot fill such a skills gap and requires greater private sector involvement in education and financing, a suitable legal environment, and innovative financing and investment tools for human capital development.
