“I call upon all those who are in the business to make local, regional and international endeavors to develop such a joint program which would make the GCC one of the top 10 trade partners in the African continent,” the president said.

He added that the IDB has a rich experience in the field and it could offer its services to both government and nongovernmental organizations to develop such a concept. He recalled that the bank has 36 years of experience in promoting such ventures in all parts of the world. These efforts should be developed gradually for the benefit of the two regions, he noted.

Ali pointed out that the IDB has carried out projects and development programs in Africa valued at $15 billion, and member countries could take advantage of this program, which includes the presence of the Arab Bank for Economic Development in Africa. “It provides guarantees for exports of member states to all African countries.”

Thanking the Council of Saudi Chambers of Commerce and Industry and the Gulf Research Center for organizing the event, the president said that it would take trade relations between the regions to new heights. “Despite the geographic proximity and the availability of enormous trade opportunities in the African region, trade flow is minimal,” Ali lamented. In relation to trade partnership with Africa, the Kingdom ranks 12th and the United Arab Emirates 17th.

He said Gulf exports to Africa rose to $17.8 billion in 2009 from $2.9 in 1990, while imports from Africa grew from $2.4 billion in 1990 to $11.6 billion in 2009.

He said possible areas of Gulf investment in Africa include agriculture, ports, telecommunications, mining, industrial zones and tourism. Quoting statistics from the Gulf Research Center, Ali said Gulf countries have invested about $15 billion in sub-Saharan Africa. “There is a pressing need for infrastructure development in these countries that could be undertaken by the Gulf countries,” he added.

Explaining the reasons why Africa was late to benefit from the buoyancy of the Gulf and the world, professor Mark Fuller, who presided over the session, said Africa has suffered long from colonialism and the consequent weak international support for the continent.

“Coups, political instability and piracy also played a major role in hampering proper relations with other countries. Poor infrastructure facilities and services also contributed a great deal to the delayed growth in its trade.

“However, Chinese interest and enthusiasm shown by some other countries in the region coupled with the contribution anticipated from the Gulf states will lead to the economic prosperity of the region,” Fuller added.