By Emad Al-Askar (with photos)
DAMASCUS, Nov 17 (KUNA) -- The decision by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to hold the Arab Economic, and Social Development Summit in Kuwait early next year was praised by a leading official in the Federation of Gulf Cooperation Council Chambers of Commerce (FGCCC) on Monday.
FGCCC Assistant Secretary General Abdulaziz Al-Ziyad said that HH the Amir made the initiative to hold the economical summit long before the global economic downturn.
He said that HH the Amir saw the need to establish a joint Arab economic market to protect national economies from recessions.
Al-Ziyad's remarks came during his participation in the Sixth International Financial and Investment Institutions Forum in Syria.
The global economic meltdown witnessed today lays a huge responsibility on regional bodies in charge of markets to protect the interests of their economies far from speculation and quick financial gains.
On the FGCCC's role regarding the predicament, he said that it was to present a working paper to attendees of the forum pinpointing its vision to shield the economy and the private sector from the current global calamity.
One of the points discussed in the paper, he said, was to allow investors to trade in any market in the region no strings attached.
He added that the FGCCC viewed to increase interest gained by deposits in order to encourage savings belonging to banks, in-turn improving consumer trust in these institutions.
He also urged transparency and hasty financial disclosure and punishment for financial wrongdoings, in order to protect the parties involved in the investment process. (end) ea.sd KUNA 171824 Nov 08NNNN