or companies fail to survive, scope for new employment is created in sectors where the country enjoys a comparative advantage or in domestic services that are not exposed to competition to the same extent as the goods sector. for a long time, the growth of the public sector compensated for the drop in employment in manufacturing and created new jobs at an even faster rate than the old ones disappeared. if such a change process is to proceed quickly and smoothly, it requires a lot in terms of the ability to adjust and the flexibility of people and companies. it also requires that policy facilitates the ability to adapt through the design of regulatory systems. the labour market has to function in a satisfactory way and it must be feasible to make the time difference between closure and new establishment as short as possible. in other words, it is a question of reducing the frictional unemployment that arises when industries or companies are wound up and people need to move or retrain in order to find work in a new location or in a new company or industry. the fact that employment is so low in sweden today, given the state of the economy, may be a sign that the labour market is not flexible enough to meet the demands imposed by tougher competition or that the economy is not sufficiently dynamic. imf ’ s definition. among other things, support is needed in the form of education and retraining to mitigate the effects of structural change on the labour market. likewise, changes are necessary to facilitate innovation and entrepreneurship in sweden so that new companies are created. it is also important to lay foundations for swedish business to be competitive in foreign markets and to be able to attract capital, as well as for the economy as a whole to be able to attract labour to sweden. globalisation has contributed to the low inflation in the past decade or so, inflation has gradually fallen, both in sweden and globally. swedish inflation is very low today compared with the inflation rate we had in the 1980s and in the early 1990s ( chart 1 ). the same is true of inflation in the oecd area. one explanation is the shift that has occurred in economic policy and the establishment in many countries of independent central banks with the objective of price stability. but the deceleration in inflation has also been facilitated by globalisation, which, among other things, has resulted in higher competition from low - wage countries, forced old industrial countries to boost productivity and furthered the prospects for cheaper imports. this trend is reinforced by the opportunities that are created by the new information technology

, road authorities, storage facility companies and ports / air port authorities to raise money through capital markets in countries of the area, especially countries that are capital surplus ones. the area can draw on the experience of the uae in this respect, when it allowed its banking system to raise money for indian companies as early as the eighties of last century. certain indian companies were allowed to raise capital against certain commitments and undertakings. this was possible through the high requirements and standards implemented in both india and the uae at that time. we believe indian companies were able to benefit from such funds for a long period of time. many of such companies are large conglomerates now. providing a special window for infrastructural projects will benefit the flow of trade and investments across regions of the area, and will help to sustain growth of economies. excellencies ladies & gentlemen the distinguished panel speakers with this i come to the end of my speech, but before i close, i would like to thank the organizers of this important forum for inviting me and for the excellent arrangements. thank you for your attention.