Cairo – Identifying opportunities to leave the crisis stronger. This was the main topic of discussion on the first day of the 40th Conference of Arab Chambers of Commerce, Industry and Agriculture, yesterday (29th), in Cairo. “We must recognize that the Arab world has suffered very important losses, amounting to US$ 1 trillion in funds invested in stock markets worldwide,” said Mohamed El Masri, president of the Federation of Egyptian Chambers of Commerce.
Such losses, however, in his opinion, have helped Arab investors to gain new awareness and seek new paths for their investment. To him, businessmen in the region need to further commit themselves to development-related projects, such as investment in industry, agriculture, infrastructure, construction of airports, ports, roads and railroads.
“The Arab nation has several advantages that must not be underestimated. Aside from our wealth of natural resources, we count on qualified, efficient labour force and an extremely skilled class of businessmen,” declared El Masri. “For those reasons, now is the best time for us to join our efforts and focus them into accomplishing the priority goals for developing the economies, trade and industry in the Arab countries,” he added.
The secretary general of the League of Arab States, Amr Mussa, said that the crisis has shown that Arabs should favour investment in their own region, aiming to develop their countries, instead of injecting funds in international capital markets, which have proven to be little safe. “Our countries need social development. Without that, it will be difficult for our region to achieve true sustainable economic development,” he stated.
According to El Masri, more than ever, it has become a priority for countries in the region to implement the customs union scheduled for 2010. “Our economic development and independence as an autonomous region will only come to fruition when an Arab Free Trade Area is established,” he said.
Along the same lines, the president of the General Union of Chambers of Commerce, Industry and Agriculture of the Arab Countries, Adnan Kassar, brought up many times the goals that were set in the Arab Economic Summit that took place in Kuwait in January. “We need the support of governments to finally fulfil our demand for the creation of an Arab Free Trade Area. Only then will our region be able to attain effective economic and social development,” said Kassar.
To him, the economic crisis should help Arab countries to review their old strategies and adapt them to the new circumstances. “Thus, more than ever, we must support private sector work, especially regarding investment in infrastructure improvement and industry modernisation, aiming to adapt them to international market demands,” he claimed.
He called attention to the initiative of Kuwait, announced during the Economic Summit, of creating a US$ 2 billion fund for financing small and medium companies. In his opinion, this is a very good mechanism for creating job opportunities, and an effective response to damage caused by the crisis. “This initiative is certainly an example that should be followed and multiplied in every country in our region,” he declared.
South American chambers
Amr Mussa stressed the utmost importance of the work of chambers of commerce, particularly international ones. He highlighted the efforts of Arab Chambers of Commerce in South America, such as the Arab Brazilian Chamber of Commerce, as an example to be followed by other countries.
“I sense that such organisations that operate in the South American countries catalyse the energies of the community members, play an actual role in their societies, and are also capable of expressing their interests on a political level,” he said. “Unfortunately, I do not see that same dynamic in the work of international chambers of commerce in Europe. They are unable to operate that way in the continent,” he finished off.
The first day of the conference also counted on the participation of the Egyptian minister of Industry and Trade, Rachid Mohamed Rachid, plus 300 other representatives of trade, economy and industry-related organisations from the Arab world and other regions, such as the Arab Brazilian Chamber president, Salim Schahin, and secretary general Michel Alaby.
*Translated by Gabriel Blum
