Beirut hosts fifth conference for upgrading trade, investment in Islamic countries

Lebanese Prime Minister Rafik Hariri is to inaugurate the fifth conference for upgrading trade and investment in Islamic countries on October 12.

The three-day conference will be held in Beirut, and Egypt will take part with a delegation chaired by the head of the trade chamber, Mahmoud El-Arabi and a delegation comprised of 15 businessmen.

Meanwhile, Mohamoud El-Arabi said that at the conference, delegations from 151 countries will discuss the Islamic joint market, especially that which the economic committee of Organization of the Islamic Conference discussed in its meeting in Qatar held at the beginning of the current year, as well as specific markets' achievements.

El-Arabi added that there is an intent to establish two projects for merchandising agricultural and industrial goods at a cost of $200 million, in addition to establishing communication companies and authorizations for facilitating economic and environmental trade exchange, which doesn't currently exceed 18% of total foreign trade which amounts to $30 billion annually.

It will also discuss the establishment of a company to guarantee the Islamic countries' exports and expand the extent of Arab trade financing program affiliated to Arab Monetary Fund to cover all Islamic countries.