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  The arab economic summit
Arab economic summit incubates Arab cooperation at its best -- official
02/11/2008 | LOC18:48
15:48 GMT
| Arab News
تصغير الخطالشكل الأساسيتكبير الخط
CAIRO, Nov 2 (KUNA) -- The Arab economic summit, to be hosted in Kuwait next January, will incubate the Arab economic cooperation at its best, the Egyptian Minister of Investment Dr. Mahmoud Mohieldin said on Sunday.
The Arab economic cooperation needed more investment opportunities and more mechanisms to support and attract investments, Mohieldin said in a speech before the Arab Association for Economic Researches' ninth scientific conference. The conference discusses the role of the financial sector in economic development.
Mohieldin reiterated necessity for Arab investments to keep on flowing, noting that Egypt's investment volume reached USD 35 billion in the last four years, 40 percent of which were from Gulf and Arab investments.
He noted that consequences of the global financial crisis would impact poor countries, which would increase the number of the poor and the unemployed, pointing out that developing countries, Arab countries included, needed to be part of the global financial reform in order to pass the crisis.
The two-day conference had discussed a number of issues, including development of the Arab banking system, the changing role of financial mediators, the theoretical aspect of the relation between economic growth and financial development, as well as money markets and Arab stock exchange. (end) nor.hb KUNA 021848 Nov 08NNNN
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