Arab investment in telecom sector hits $10 bln

A recent economic report highlighted the Arab telecommunications sector and predicted rapid growth in this field.

"Inter-Arab investments in the telecommunications sector has topped $10 billion," the Egyptian financial group HUMS said.

It said Arab governments were focusing on this sector because of its positive contributions to development and economic reforms. The report went on to say that rapid sector growth could be expected in Egypt, Syria, Lebanon, Morocco and the Gulf states.

In a related event, Arab state officials have emphasised the importance of boosting inter-Arab trade and standardising place-of-origin certificates on Arab products. They urged governments to lift customs barriers and create a mechanism for trade dispute resolution.

Arab finance, economy, trade ministers have agreed on accelerating the transitional period for setting up an Arab free trade zone, sources said. The zone was previously scheduled for full implementation by January 2005.