Arab - Latin American economic ties needs strengthening
Regional, Economics, 7/27/1998

Under the auspices of Egyptian Prime Minister Kamal Ganzouri, Cairo recently hosted the first Arab - Latin American symposium for economic relations, in which 86 personalities from 19 Arab and Latin countries participated, in addition to the Arab League, the Arab Economic Unity Council, four Arab American non-governmental corporations and the Arab Economic Forum of Arab Investors.

The three-day symposium featured nine discussion sessions and issued a recommendation to establish the Arab - Latin American Forum as a non-governmental organization with Cairo as its headquarters, and with correspondents and branches in different countries.

A temporary board of directors was formed under the chairmanship of Kwan Nassar, the head of the Arab - Argentine Trade Chamber, and journalist Mohamoud Morad, the chief editor of the major Egyptian newspaper al-Ahram, was appointed as an executive head of the forum.

The forum will concentrate on the establishment of a database to serve the members for developing and activating work in all fields and to establish a regular marine navigation line in addition to a regular schedule for air trips between the Arab and Latin American regions, and establishing an Arab - Latin American joint bank to facilitate transactions between the two sides.

The Egyptian minister underlined the importance of benefitting from the trade volume in latin American countries which reached 522 billion dollars. Latin American countries have raw materials which can be manufactured in Arab countries, he noted

Others such as the foreign undersecretary of Argentina Eduardo Alberto called for exchanging visits among officials and businessmen from both sides. An economic mission from Argentina will visit the Arab Gulf states to discuss means of boosting trade and economic cooperation, he announced.

Argentinean deputy foreign minister for economic Affairs, Edurado Al Berto Sadous said the trade exchange between this country and Arab world is still confined to certain commodities, particularly grain and live stock while Mustafa Diranj, Egypt's assistant foreign minister for Latin American affairs, called for joint investments involving Arab businessmen.

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