Unemployment rate tolls 20% in the Arab states
Regional, Economics, 9/8/2003
The Arab economic unity council will discuss during its meeting in Cairo means of attracting capital to the Arab states with the aim of facing the unemployment crisis which effects 17. 5 million persons, at a rate representing 20% of the total Arab labor force of 90 million persons.
The secretary general of the council which affiliates to the Arab League Ahmad Jweili said that member states at the Arab economic unity council ratified four agreements that should encourage investments among the Arab states.
Jweili explained that the council which will hold a two- day meeting "for pan Arab new agreement to encourage and protect investments, avoid double taxation and capitals transfer among Arab states and the agreement on settling investment disputes mechanisms in the Arab states."
Jweili called for bringing back Arab capital invested abroad estimated at $ 14 billions in the US and European countries.
The director of marketing department at the Arab commission for investment, Abdul Razzaq al-Kubeisi, said that "the Arab states are in need of 33 billion dollars to overcome this grave problem." He added that the Arab economic unity council "is to contract with a company to assume dissemination of the investment map on the internet."
The Arab economic unity council is composed of ten states which are Syria, Jordan, Libya, Egypt, the Palestinian authority, Sudan, Yemen, Mauritania, Somalia and Iraq out of the 22 AL member states.
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