By Emad Al-Askar (with photos)
DAMASCUS, Nov 17 (KUNA) -- Syria hailed "as good and timely initiative" on Monday the call by His Highness the Kuwaiti Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for holding an Arab economic, social and development summit in Kuwait in January, 2009.
"The initiative was adopted by the Arab Summit in Damascus last March," Syrian Minister of Finance Mohammad Al-Hussein said in statements to KUNA here.
Al-Hussein believes the summit will be a complete success as it will be held in sisterly Kuwait and draw large-scale participation by Arab leaders, decision-makers, economists and business people from the public and private sectors alike.
"Syrian public and private sectors attribute great importance to the summit which will discuss key economic and social issues," the minister pointed out.
"Syria is working out major economic projects to be discussed during the summit.
"The summit will probe the current global financial and economic crises and their impacts on the Arab region," he noted.
Asked about the time of opening Damascus stock exchange, the minister said it would be in the coming few months.
"There are a number of Syrian companies which brace for trading on the stock market. We do our best to avoid the impacts of the current financial meltdown on our stock market.
"The Syrian government adopted a package of reforms including regulations for turning individual and family firms into shareholding companies as a prelude to listing on the stock market," he revealed.
For his part, Director General of Syrian Investment Agency Ahmed Abdulaziz said the initiative of HH the Kuwaiti Amir for holding the Arab economic, social and development summit indicated his deep insight for solving the problems of the Arab world.
"The Arab countries can not solve their economic problems individually," the Syrian prominent economist told KUNA. "The current global economic crisis highlights the importance of collective action in this domain," Abdulaziz noted.
"The current international crisis is the outcome of a greedy capitalist world order which must be reconsidered and corrected," he pointed out.
"I personally think that the stock markets are much like gambling clubs as there is neither a real productive project nor real investment behind trading, " he added.
The Syrian economist voiced belief that Kuwait summit would succeed in creating the atmospheres conducive to investment and sustainable socio-economic development. (end) ak.gb KUNA 171746 Nov 08NNNN