LOC22:26
19:26 GMT
CAIRO, Oct 22 (KUNA) -- As part of preparations for the upcoming Arab economic summit in Kuwait -- on Jan. 19-20 -- representatives of a number of Arab financial houses and institutes, met here Wednesday with Arab League secretary general Amr Moussa.
They were talking to Moussa on account that the summit will be fostered by the Arab League. The representatives put across their ideas regarding what the summit should address, said Muhammad Bayoumi, secretary general of the Association of Arab Investors, in press statements.
While he underscored the imperative for increasing intra-Arab trade, Bayoumi noted that the current financial and food crises in the world were bound to foist themselves on the agenda of the summit in Kuwait.
He affirmed the absolute necessity to direct Arab investments toward growing Arab markets and to steer away from foreign international markets at these turbulent times. He estimated that Arab investments abroad had incurred between 40 to 60 percent losses since the current financial crisis took the whole world in its grip.
Bayoumi appreciated the notion that Arab states do have some ambitious transnational projects that benefit the region, such as the one that is supposed to link Arab states with a giant power grid that could boost electricity in the region by 30 percent without additional cost to customers. Another ambitious project is the railway system linking the entire Arab world together, which -- when finished -- would transform trade in the region, he said. (end) mfm.ajs KUNA 222226 Oct 08NNNN