Former Egyptian minister calls for establishing Arab transport Co.

KUWAIT, Jan 18 (KUNA) -- Former Egyptian Transport Minister Essam Sharaf called here Sunday for establishing an Arab holding company responsible for executing transport projects like the railway project to connect Arab countries.
Sharaf told KUNA, on the sidelines of the Arab Economic Summit, that the Arab League could support the establishment of the company in cooperation with Arab countries, pointing out that the main obstacles facing the founding of the company were organization and legislative aspects, not financial or technical.
He said that each Arab country should issue regulations to ease the operations of the company and protect projects, while the private sector should finance the company in return for a good profit.
The railway project would cost a lot, but would have a bigger profit, he stressed.
Sharaf said that the cost of transportation makes up 40 to 60 percent of the cost of products, which requires developing of transportation to reduce the cost of products.
Meanwhile, he praised the Private Sector and Civil Society Forum of the summit for gathering a large number of experts and civil society institution and private sector representatives for the first time.
Holding an economic forum prior to the summit is an "excellent idea" that enables the referring of proposals to the leaders to develop Arab economies and boost economic ties among Arab countries, he emphasized. (end) kt KUNA 181704 Jan 09NNNN