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By Kawther Al-Ghanem KUWAIT, July 8 (KUNA) -- An academic study says globalization has negative and positive effects on national manpower in the banking sector in Kuwait.
The globalization phenomenon concerning the banking sector may lead to many positive outcomes on national manpower topped by the expansion in investments which creates more job opportunities, the study added.
The study which was carried out on 250 workers in the Kuwaiti banking sector indicated that the positive aspects of globalization is to narrow down the gap among various developmental sectors worldwide, transferring advanced technology and the ability to increase competition in the work market.
It also highlighted the negative aspects of globalization which is topped by the major difference in salaries between industrial and developing countries and the increase in the knowledge gap among workers, in addition to the rise in unemployment due to the presence of high tech devices to replace manpower.
In efforts to combat its negative aspects on national manpower, the study called for encouraging the private sector to recruit locals.
Professor of Public Administration at Kuwait University, Dr. Awadh Al-Enizi, who prepared the study, told KUNA the current new international economic system based on globalization has created a number of challenges related to opening markets, freedom of trade, service and economies and transparency.
Such challenges call for amending the structure of financial, commercial and service institutes, he added.
These global changes highly affect the Gulf Cooperation Council (GCC) states because their economies are linked to the global economy especially in the manpower and recruitment sectors, he continued to say.
He believed that one must seriously think about merging banking institutes together to create a major financial bloc with a stronger capital base.
Al-Enizi also called for adopting new laws and legislations that boost the freedom of the private sector and evaluates performance in efforts to promote the professional level of workers in the banking sector. (end) kg.hm KUNA 081102 Jul 07NNNN