CAIRO, Jan 13 (KUNA) -- Arab economists and financial experts underscored Tuesday the importance of the Arab Economic Summit, to be hosted by Kuwait on January 19-20, and described it as "the greatest event in the history of Arab relations." In a special supplement of the "Akhir Sa'a" (Final Hour) magazine on the Arab Economic Summit, to be published Wednesday, the experts said the gathering was an opportunity for placing an Arab economic strategy based on a road map that would lead to economic and social development.
Secretary General of the Arab Economy Unit, Dr. Ahmad Gewaili, said the summit would be discussing means to tackle the impact of the global financial crisis on Arab economies.
One proposal, he said, would be the establishment of an Arab financing authority with a capital of USD one billion to finance private sector projects, under which would be two funds for financing small projects and eliminating poverty, as well as an emergency Arab fund with a capital of USD 70 billion.
He underscored the importance of boosting financial bases in the Arab world to protect economies against the economic crisis, through raising demand on Arab products at a time when foreign demand was expected to drop.
Meanwhile, Director General of the Arab Banks Association Dr. Fuad Shaker said that for the first time, the Arab world was moving in the right direction, toward its economic interests.
He said the summit would form the "core" for joint Arab economic action.
As for Director of the Arab Labor Organization Dr. Ahmad Luqman, he expressed hope that the summit would boost investments and improve its environment with the aim of improving the Arab labor market.
He underscored the threats that came with unemployment, calling for taking serious steps to raise the efficiency of the Arab workforce.
On his part, Arab League Assistant Secretary General for Economic Affairs Ibrahim Al-Tuwaijri said that the summit would not only focus on economy, but also on social development. (end) rg.ema KUNA 131251 Jan 09NNNN