RIYADH – Finance Minister Ibrahim Al-Assaf urged Arab nations to review some of their investment laws that stand in the way of creating appropriate environment for inflow of investments. Inaugurating the Arab Private Sector Forum here Saturday evening, he said that the Arab Economic Summit, to be held in Riyadh on Jan. 21, is expected to endorse a unified agreement to boost the flow of Arab investments in member countries. “The agreement would have several incentives and guarantees to help spur flow of Arab capital immensely,” he said. The two-day forum, which is being held under the patronage of Foreign Minister Prince Saud Al-Faisal, is a joint initiative of the Council of Saudi Chambers (CSC), the General Union of Chambers of Commerce, Industry and Agriculture, the General Secretariat of Arab League States and the Saudi Ministry of Foreign Affairs. Assaf emphasized the role of the private sector as the main engine of growth and economic activities as well as of creating employment opportunities. “As far as several global economic blocs are concerned, their private sectors have made giant strides and qualitative leaps leading to the enhancement in volume of bilateral trade and joint investments. But the Arab region with an exception of GCC states, is not in a position to see such initiatives to increase the volume of trade and flow of capital,” he said, stressing the need for reviewing the policies that impede the business growth. Referring to the hurdles delaying the completion of procedures for the ambitious Arab Free Trade Zone, he said that some states are failing to fulfill the requirements in this respect. “These include failure in preparing lists of goods that come under the purview of the zone, non-compliance with regard to the approved exemptions, imposing some taxes and duties other than customs duties but that have the same impact of customs duties, besides the lack of high tech industries,” he said. More than 500 participants, including ministers, top chief executive officers, business leaders, investors, experts and senior officials of both public and private sectors from over 20 Arab countries are attending the forum. During its brainstorming sessions, the forum would unify the aspirations of the Arab private sector in a form of a memorandum for submission to the upcoming Riyadh summit. CSC Chairman Abdullah Al-Mobty said the aspirations of the Arab private sector have been summarized in 21 proposals of developmental projects that are being presented in the forum for elaborate discussion by the participants. Al-Mobty pointed out that these projects are focusing on specific economic sectors such as food security, small and medium enterprises (SMEs), agricultural and livestock enterprises, housing, youth employment, in addition to technology-related initiatives.”If endorsed, this will be implemented across the Arab region,” he added. – SG/SPA?
