Conference in Jordan to promote investment in the Arab states

Jordan has inaugurated the 8th gathering of the Arab business society which aims at discussing means of boosting investment environment in the Arab states.

The Secretary general of the Arab league Amr Moussa said in the inauguration of the gathering which is held under the title "a competitive and attractive investment environment in the Arab states" that the private sector in the Arab states shoulders a great responsibility in the economic development process.

Moussa explained that the private sector policies will replace the government's policies in the sustainable development process in the course of the operation to liberalizing trade, globalization and open markets.

For his part, the Jordanian deputy prime minister and minister of commerce and industry Muhammad al-Haleyqa said in the conference which is organized by the Jordanian businessmen society that despite the fact that a clear picture for the inter Arab economic trade has not crystallized, there is evidence on the economic integration ways reflected in the Greater Arab free trade agreement which will be reinforced as from the beginning of 2005 with the participations of 17 Arab states.

The agreement states to abrogate tax and customs barriers among the member states with the aim of increasing their inter trade volume.

The Arab summit which was held in Amman in 2001 decided to establish the greater Arab zone for free exchange. Total abrogation of customs tariffs was actually expected in 2008 but is was decided to implement it by 2005.

Inter- Arab trade exchange are estimated at $ 40 billion, which represents 10% of the trade exchange of the Arab states.

Among the issues to be discussed by the conference along two days are the climate of investment in the West Bank and Gaza, the prospects of the Iraqi economy and the requirements to boost inter- Arab investment environment and making it competitive.