Mubarak inaugurates COMESA Summit
Egypt-Regional, Economics, 5/22/2001

In his keynote speech at the inauguration of the 6th session of the COMESA Summit President Hosni Mubarak said that he was proud that this summit was held for the first time in Cairo since Egypt's accession to the organization in July 1998.

"Our target has been to reach economic integration among member-states and realize the aspirations of our peoples and all those of the African continent to create the African economic community, in implementation of the Abuja Agreement, 1991," elaborated Mubarak.

Mubarak also expressed his confidence that the success in activating Free Trade Area (FTA) will be the best incentive to the member-states still outside FTA to quickly join it, adding that accession to FTA is a necessity to face the successive international changes, to maximize the volume of our trade exchange in a manner that enhances development efforts in the member states, open new export markets, and redouble volume of production.

"This will create new job opportunities and tangibly help curb unemployment problem from which our countries as well as all world countries suffer," he noted.

Mubarak stressed that Egypt has called for this significant economic conference with a view to conducting an open and comprehensive dialogue, not only between those in charge of economy, trade and investment sectors in member-states but also between them and other concerned institutions on the international arena.

"These provide a strong base for effective joint cooperation, help maximize the volume of inter-trade and highlight the volume of potential of rewarding returns to both national and foreign investors alike," he maintained.

He also noted that this meeting underscores the common determination of the member states to adhere to the rules of the Free Trade Area, working for its success, and realizing its aspired goals in the interest of all COMESA peoples.

"The success of the Free Trade Area does not only depend on the efforts of governments and official institutions in the member states, but it also requires cooperation on the part of the private sector and businessmen, in addition to their consciousness of the importance of such a step," Mubarak said.

As for the role of businessmen, Mubarak expressed his confidence in the ability and consciousness of businessmen and the private sector to activate such role at this crucial stage so as to realize the aspired objectives to maintain regional economic integration among COMESA member-states.

Mubarak spoke of the ways of overcoming transport problems by providing an integrated maritime, air and land transport networks among others.

In this context, he referred to a number of initiatives offered by Egypt, salient of which was a proposal to create an electronic linkage between trade information centers in member-states by establishing a network of existing trade points to facilitate the mission of private sectors and investors.

"Egypt presented another initiative for establishing a net linking institutions operating in small and medium industries within COMESA region," he added.

The president hoped that there will be joint efforts to realize peace and stability in the COMESA region referring to the peace agreement signed between Ethiopia and Eritrea last December, in addition to the effective steps recently taken to put into effect Lusaka agreement on settling conflict in the Democratic Republic of Congo and other successive positive developments.

Previous Stories:
  Cairo summit set to boost inter-COMESA Trade   (5/21/2001)
  COMESA Summit due in Cairo Tuesday   (5/19/2001)
  COMESA preparatory meetings urge members to liberalize trade   (5/19/2001)

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