Cairo declaration stresses vital role of private sector
Egypt-Regional, Economics, 2/24/2001

Egypt's President Hosni Mubarak opens Sunday the third summit of the Eight Islamic Developing (D-8) countries.

Mubarak will deliver a speech calling on members to launch more cooperation in economic and trade fields and encourage investment to redress the world trade imbalance.

Mubarak, in his speech, will review the economic reform steps launched by Egypt and the incentives and guarantees available for foreign investments and the necessity to have the advanced countries help the developing ones modify their financial structures and ease the burdens of debts on them.

Mubarak's speech will follow reception of the D-8 presidency from Sheikh Hassina Wajid, Prime Minister of Bangladesh, current president of the Group.

Foreign Minister Amr Moussa Thursday said that the D-8 Forum for Chambers of Commerce, Industry and Business Associations is a model tool to make the development movement and the role of the Eight Developing Muslim countries (D-8) more effective.

Addressing the inaugural session of the first forum meeting on Thursday, Moussa called on the governments of the member states to play a bigger role in supporting the private sector to enable it to participate in the development efforts.

"In spite of the positive increase seen in exports of the D-8 countries, still the inter-D-8 trade is less than 3.5 percent of the total foreign trade of the group as a whole," Moussa told the two-day forum meeting.

The forum is held in parallel with the D-8 Summit preparatory meetings. President Hosni Mubarak will open the Summit on Sunday.

Moussa said that the projected International Trade and Marketing Company (ITMC) will be driven by the private sector and will work for its benefit.

Sunday's summit is expected to declare the establishment of the ITMC in a bid to activate inters D-8 and world-D-8 Trade.

The D-8 group comprises Egypt, Turkey, Malaysia, Iran, Bangladesh, Nigeria, Pakistan and Indonesia.

Middle East News Agency learnt that the draft Cairo Declaration of the Eight Developing Muslim Countries Summit, to open on Sunday, will call on the developed countries to give the utmost priority for the development of developing nations.

The draft declaration will also urge the advanced countries to respect their commitments, on allocating from 0.7 percent to 2 percent of their gross national product to the developing countries.

The D-8 member states called on the partners in the development to take new measures to reduce the debt burdens for expediting the liberalization of resources for development.

MENA has also learnt that the Cairo Draft Declaration will express concern as regards the slowdown seen in the growth of the world economy, which leads to a negative impact on the efforts of developing countries to overcome their economic difficulties.

The D-8 member states will indicate that the slowdown in the world economy will weaken the ability of the international economy to continue efforts, both in terms of force and peace, necessary to deal with the financial and economic crises that may erupt in the future.

The draft declaration will voice concern over the inability of the developing countries to have an equal and just share of the globalization phenomenon.

The draft declaration, to be issued by the D-8 third Summit in Cairo, will refer to the need of developing countries to realize social justice, lure more investments, and ensure a larger share for their products in the world market.

The draft declaration will reflect the conviction of member states that the regional cooperation of developing countries through exchanging technical expertise and resources is a vital issue to confront the challenges of globalization.

On the international financial system reform, the draft declaration, will call for realizing such reform as a necessity to adjust a stable environment for the inflow of investments to the developing countries and controlling short-run rapidly moving capital.

On financing development-related projects, the draft declaration welcomes holding an international governmental meeting on this score by 2002 to give an opportunity for discussing structural issues related to financing projects, alleviating the burdens of debts, and giving trade advantages presented to developing countries.

The draft declaration refers to the necessity that developing and developed countries comply with a fair, open-ended, multi-lateral trade system governed by fixed rules in a bid to regain confidence in the trade order.

MENA learnt that the D-8 member-states will call upon rich countries to fully implement the Uruguay round agreements and avoid using disguised forms of protectionism.

The draft declaration reaffirms the importance of the private sector and international research entrees roles in easing the transport of financial resources and technical knowledge.

It also stresses the importance of inter-D-8 trade with an aim to double the current trade volume within the coming five years. The draft declaration will pay tribute to Egypt's efforts to set up an international Trade and marketing Company (ITMC).

The draft is to hail Iran for introducing an industrial technological database on the Internet. The draft declaration also welcomes a project suggesting cooperation frameworks between the insurance companies of the member-states to counter new economic difficulties and use the enormous capabilities of the national insurance companies.

The D-8 countries will recognize the vital and main role of the private sector in achieving the goals of the group inc cooperating in all fields, including trade and investments.

Egypt called for the establishment of small-and medium-size enterprises among the Islamic developing countries of D-8 with the Islamic Development Bank as Financier.

In a work paper prepared by the Social Fund for Development (SFD), submitted to the ongoing D-8 meetings in Cairo. Egypt demanded the establishment of a joint information center inside the D-8 to explore investment and trade opportunities.

The paper recommended identification of cooperation fields and organizing partnership business meetings on every sector. The Egyptian customs department has also outlined in the working paper its contribution to the facilities put at the disposal of the foreign customs procedures.

The paper referred to use of latest technology in the customs activities in a way that would serve cooperation among the countries concerned.

Egyptian Minister of Economy and Foreign Trade Youssef Boutros Ghali said that the failure or success of the Islamic Development Group of Eight (D-8) depends on the private sector's role.

In his address to the ongoing D-8 meetings in Cairo, Ghali said that the Egyptian economy has gone through a stage of radical structural reforms that materialized in the application of a comprehensive restructure of economy based on the market mechanisms.

"There is no place in our world for small or medium-size entities as larger effective economic ones have taken over," said Ghali.

The Egyptian Minister of Supply and Internal Trade is pressing for coordinating stances among the eight Islamic developing countries at international forums and cooperation among them with a view to boosting development in each country.

Hassan Khedr, in a word before a forum of business people from the Eight Islamic developing Countries D-8 currently in session in Cairo, said that despite the small number of member states, they housed over 800 million people, or 13 percent of the world's population.

"The D-8 also contributes some 3.9 per cent of total global exports, and 4.2 percent of world imports," he added.

Pakistani Official Welcome D-8 Summit

Pakistani Religious Affairs Minister Dr. Mahmoud Ghazi said that his country welcomes the convening of the D-8 third summit on Sunday in Cairo.

In an exclusive interview with Sawt Al Arab Radio over the telephone from Pakistan, he anticipated that the third summit would achieve what the two previous failed to do.

"The Islamic world is in need now more than at any time before of economic independence and welfare," he said.

"Pakistan will focus in this summit on issues of economy, technology the pressing ones such as the Palestinian problem and the embargo imposed on Iraq and Libya," he added.

"The D-8 states should coordinate stance in order that the group might play its role successfully in the interest of the Islamic peoples," he said.

Turkey Calls For Joint Meeting In SMEs Field

Turkey called for organizing a joint meeting to cooperate in the field of small-and medium-scale enterprises (SMEs) to be a model for the rest of D-8 countries.

In this respect, Turkey suggested setting up a workshop grouping representatives of bodies entrusted with classifying and collecting all data on SMEs in the Islamic D-8 member states.

In working paper tabled by Turkey at the D-8 experts meeting, Turkey urged setting up a two-stage project to study the possibility of cooperation among the Group's countries in the field of SMEs.

On the other hand, Bangladesh tabled a work paper to the experts meeting on furthering cooperation among member states to come up with a unified tax policy and cancel customs barriers and tariffs and protectionist procedures.

On its part, Indonesia called for simplifying and coordinating customs procedures in the D-8 countries for a smooth trade exchange.

Previous Stories:
  Commonwealth markets awaiting Egyptian investments   (1/22/2001)
  Economic axis under Arab umbrella   (1/18/2001)
  Egyptian commercial delegation visits Tunis and Morocco   (6/2/2000)
  Egypt to host third D-8 summit   (3/5/1999)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search