By Omar Halabi
(with photos) BEIRUT, Dec 30 (KUNA) -- Lebanese businessmen and economists agreed Tuesday that the Arab Economic Summit, set to be held in Kuwait on January 19-20, will place the cornerstone for a promising Arab economic future.
In statement to KUNA, they hoped the upcoming summit would hasten steps to established the common Arab market and encourage bank mergers, while investing Arab capital in investment projects and removing all obstacles in the way of boosting inter-Arab trade.
Director General of the Economic and Business Group, Raouf Abu Zaki, said holding the summit at this time was important in order to highlight the role of governments in protecting Arab investments and encouraging them to be invested in Arab states.
He said this historic event "must be viewed as a decisive turning point and a qualitative leap, and parallel qualitative leaps must be made in Arab labor institutions and in inter-Arab economic relations." Abu Zaki called on Arab leaders to take steps to hasten the establishment of the common Arab market, which he described as a necessity dictated by regional and international political and economic developments.
On her part, head of the economic pages in Annahar newspaper Violet Balaa said hosting the summit reflected the Gulf state's keenness for boosting Arab solidarity in all areas.
She hoped the leaders would be successful in building a promising economic future and find realistic solutions to challenges and problems so as to keep up with global developments.
She further noted that consequences of the global economic crisis was expanding to include most economic sectors, underscoring the need to study closely the repercussions in order to minimize losses, given the drop in oil prices and the shortage in liquidity.
Meanwhile, economist Dr. Elie Yashui said 2009 would be harsh on the world's economies, ruling out the possibility of stable oil prices this year.
He said the economic summit had to focus on coordination of inter-Arab investment activities and steps to stabilize Arab financial markets.
"If the summit succeeds in encouraging Arab investors in directing their capital to Arab states, this will stabilize the financial markets and boost inter-Arab trade, which would make this a historic summit," he said.(end) oh.ema KUNA 301231 Dec 08NNNN