Eco. summit important for Arab people - Kuwaiti minister

KUWAIT, Jan 19 (KUNA) -- Kuwait's Finance Minister Mustafa Al-Shimali stressed that the Arab Economic Summit to kick off here Monday was important for the Arab people.
Speaking to Kuwait Television late Sunday, Al-Shimali said the summit was a courageous step proposed by His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Egyptian President Hosni Mubarak, who provided a proposal on holding an economic summit at the summit of Riyadh two years ago.
He said the private sector would be a major partner in development if it was given the opportunity to, giving an example of Gulf Investment Corporation that funded several infrastructure projects including power plants in a number of Gulf countries, and calling the private sector to invest more in Arab countries.
Projects presented at the summit were related to agriculture, education, investment, and combating poverty and unemployment, he pointed out.
He demanded activating laws and regulations and unifying them because investment requires trade among Arab countries. "Investment needs a good environment," he asserted.
The minister said he believes the summit would certainly succeed, saying it was a message to the world that Arabs are cooperative, serious in investment, and have great abilities and an economic weight.
He added that Kuwait has oil and petrochemical abilities that enabled it to compete with large oil countries.
Meanwhile, Al-Shimali said that the Gulf Cooperation Council (GCC) showed that despite the differences, countries were able to reach some goals like the execution of the electricity linkage project and the customs union. (end) kt KUNA 191148 Jan 09NNNN