Cairo \u2013 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. \u201cWe must recognize that the Arab world has suffered very important losses, amounting to US$ 1 trillion in funds invested in stock markets worldwide,\u201d said Mohamed El Masri, president of the Federation of Egyptian Chambers of Commerce.<\/p>\n
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.<\/p>\n
\u201cThe 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,\u201d declared El Masri. \u201cFor 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,\u201d he added.<\/p>\n
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. \u201cOur countries need social development. Without that, it will be difficult for our region to achieve true sustainable economic development,\u201d he stated.<\/p>\n
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. \u201cOur economic development and independence as an autonomous region will only come to fruition when an Arab Free Trade Area is established,\u201d he said.<\/p>\n
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. \u201cWe 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,\u201d said Kassar.<\/p>\n
To him, the economic crisis should help Arab countries to review their old strategies and adapt them to the new circumstances. \u201cThus, 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,\u201d he claimed.<\/p>\n
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. \u201cThis initiative is certainly an example that should be followed and multiplied in every country in our region,\u201d he declared.<\/p>\n
South American chambers<\/b><\/p>\n
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<\/b>, as an example to be followed by other countries.<\/p>\n
\u201cI 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,\u201d he said. \u201cUnfortunately, 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,\u201d he finished off. <\/p>\n
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.<\/p>\n
*Translated by Gabriel Blum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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