By Abdulhakim Al-Rifai
(with photos) MANAMA, Dec 27 (KUNA) -- Chairman of Bahrain's Chamber of Commerce and Industry Dr. Isam Fakhro underscored Saturday the "unprecedented importance" attached to the upcoming Arab Economic Summit, to be hosted by Kuwait on January 19-20.
"We are hinging great hopes on the success of this summit, which is of great and unprecedented importance given the developments on the economic front," he said in an interview with KUNA.
He said the current circumstances prompted joint Arab action that would create a qualitative leap in the march toward Arab economic integration, adding that he aspired for this summit to be a launchpad for efforts that "boost Arab national security in its broader sense." Fakhro said that if political issues pertaining to economy were put aside and the issue at hand was taken seriously, the goals for more investment and commerce within the frame of a greater Arab trade region, a customs union, and a joint market would be realized.
He hoped the summit would also contribute to the development of infrastructure in Arab states, especially in communications -- namely railway networks, aviation and maritime transportation, and communications.
"Any progress made in these areas will have a positive impact on the reality we live in the Arab world," he said.
Fakhro said that placing non-economic issues over economic ones greatly limited Arab action in this area.
On the global economic crisis, he said that the best way to deal with its impact was to adopt "wise and well-studied policies" upon which to base all action, noting that while countries of the Gulf was feeling the affects of the economic crisis in varying degrees, the GCC was well-aware that action could not be taken individually and thus the states had to work together as a bloc. (end) aam.ema KUNA 270939 Dec 08NNNN