LOC11:55
08:55 GMT
CAIRO, Nov 1 (KUNA) -- Kuwaiti Ambassador to Egypt Rashid al-Hamad on Saturday commended the goals of a planned Arab economic and social development summit due to be held in Kuwait on January 19-20.
The summit will seek to shore up and reinforce Arab economies and to spare the Arab countries the negative reflections of the global financial meltdown, he told Egypt's October weekly to be released on Sunday.
Several Arab leaders, heads of state, cabinet ministers and economists will be present in the gathering, he said.
The conference will be held in line with a Kuwaiti-Egyptian initiative made during the recent Arab summit in Riyadh, mainly aiming to thrash out Arab economic and social development issues, he added.
The agenda of the summit will include a main aspect pertinent to the ramifications of the world credit crunch on Arab economies.
The conferees will also focus on Arab free trade, a customs union and, consequently, common Arab market, as well as an Arab financial institution for bankrolling private, youth, small and medium-sized projects, the Kuwaiti ambassador told the Egyptian magazine.
He also stressed that more attention should be given to means of transport linking Arab countries, health, education, alternative energy and global warming. Meanwhile, he hailed Kuwaiti-Egyptian relations as "continuously distinguished and marked by full cooperation, understanding and coordination" in various issues.
Kuwait is Egypt's fifth world investor and second Arab investor following Saudi Arabia, he said, noting that there are some 500 Kuwaiti companies investing in Egypt.
In other remarks to Egypt's Akhbar Al-Youm, al-Hamad said Kuwaiti-Egyptian relations were in their "best time" and progressing in all fields.
He also hailed His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and President Hosni Mubarak as the "safety valve" of stability and development of bilateral ties.
The Kuwaiti government and businessmen confide in Egypt's national economy, he said, noting that the recent visit to Kuwait by Egyptian Minister of Investment Mahmoud Mohieddin had showed the size of understanding and interaction between Kuwait and Egypt. (end) rg.mt KUNA 011155 Nov 08NNNN