Egypt says Kuwait''s economic summit important to face financial crisis

RIYADH, Oct 19 (KUNA) -- Egyptian minister of commerce and industry Rashid Rashid said here Wednesday the Arab economic development, due in Kuwait next January, would be an important event to determining how to collectively deal with the international financial crisis.
At a news conference, Rashid said the summit would be crucial in bolstering Arab collective action at economic, commercial and investment levels, citing roles of Egypt and Saudi Arabia as major regional economies.
Rashid said his talks with the Saudi officials reflected the importance of collective cooperation to facing the international financial crisis.
He said he delivered a letter from Egyptian president Hosni Mubarak to King Abdullah of Saudi Arabia on cooperation to tackling the financial crisis.
Egypt seeks to expand regional cooperation to include Qatar, Kuwait, Oman, Bahrain and the United Arab Emirates (UAE) -- all, in addition to Saudi Arabia, members in the Gulf Cooperation Council (GCC) -- to safeguard mutual financial interests, said Rashid.
On a bilateral note, Rashid said trade exchange between Egypt and Saudi Arabia has surged by over 350 percent in the past five years. (end) od.bs KUNA 192055 Oct 08NNNN