Kuwait expedites preparations for Arab Economic Summit


Cairo : Kuwaiti Minister of Finance Mustafa Al-Shimali has said Kuwait was expediting preparations for hosting the planned Arab Economic Summit.

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“The just-ended 81st session of the Arab ministers of finance and economy has agreed to hold the economic summit in January, 2009,” the minister said in statements to KUNA here Thursday.

“The timing allows the Arab countries to organise a number of gatherings and exhibitions including the Arab business people meeting and the Arab Products Fair, ahead of the summit. ” The Arab countries have a common political desire to ensure the success of the planned summit due to its positive impacts on socio-economic development in the region.

“The summit will be in line with the ongoing economic reforms in the Arab countries and provide more space for the private sector and bilateral investments in economic development,” Al-Shimali predicts.

“Kuwait and all other Arab countries recognise the importance of organising the bilateral investments and the flow of capital which constitute the mainstay of development.

“Therefore, Thursday’s meeting of the Arab ministers of finance and economy agreed to launch a tribunal for investments and develop a legal mechanism for an Arab investor,” he disclosed.

“The economic summit is expected to deal with all aspects of socio-economic sustainable development in the Arab world, including employment, education, and heath endeavours as well as joint economic development projects,” the minister asserted.