Randa Achmawi, special report for ANBA*
Cairo – The Economic and Social Council of the League of Arab States approved, last week, a series of proposals for the meeting of ministers in the economic area of Arab and South American countries, to take place between April 25 and 26 in Quito, the capital of Ecuador. The meeting will include two main themes: trade and investment.
Regarding investment, means will be discussed to strengthen greater cooperation, as well as better coordination between institutions in the area of development and finance in both blocs. The part played by the private sector in this area will also be included in the talks, as will the need to increase the exchange of information about investment possibilities and opportunities in each of the regions.
"This is, undoubtedly, the most important point to be raised, the lack of information about existing opportunities, both among the Arab countries and in the South American countries, and it is an important obstacle to be removed," stated Ibrahim Moheildeen, head of the Latin America department at the League of Arab States.
To him, the creation of a databank with information about investment opportunities is necessary. "Investors should also be given clear information regarding the legislation of each country," he added.
Free trade
In the area of trade, special attention will be placed on bilateral agreements and the area will receive a committee of businessmen from both countries to promote better coordination and exchange of trade information. During the meeting, the possibility of a free trade agreement between both regions will also be discussed.
Another crucial point is the increase of tourism between the Arab and South American countries. "This is a question that offers immense potential and where both parties may make great efforts," pointed out Moheildeen. According to him, better quality transport is a matter that must be seriously considered, treated with objectiveness and solved through the increase in the number of flights and marine lines between both regions.
Another topic to be raised is the search for financing sources for social programs and for the fight against poverty. "In this area we will know that some South American countries have great experience that may be greatly used," stated Moheildeen.
He added that the Arab ministers in the social area showed enthusiasm in the idea of organizing, in the near future, a meeting turned exclusively to the sector. "We are establishing contacts between both sides to schedule a date for this event," he stated.
*Translated by Mark Ament
