Ministers agree on investment draft

Arab foreign ministers have finalized a draft agreement on inter-Arab investments to be presented at the third Arab Economic Summit scheduled to open today in Riyadh, said Minister of Finance Ibrahim Al-Assaf.
In press statements, the minister said the agreement, if approved, would allow the free flow of Arab capital and investments in member countries. It will take into account legislation and systems regulating economic activities and protection of the environment.
He said some Arab countries have expressed reservations about some items of the draft agreement but leaders of the summit would make the final decisions in this regard.
Referring to the agenda of the meeting, the minister said it will include a number of topics, notably follow-up of the Kuwait 2009 and Sharm El-Sheikh 2011 economic summits which were primarily concerned with infrastructure projects such as electricity, railways, water and inter-Arab trade barriers.
The summit will also tackle other issues such as renewable energy projects, inter-Arab investments, and how to deal with infectious diseases.
Minister of Economy and Planning Mohammed Al-Jasser called for the removal of customs barriers and the development of economic legislation to facilitate flow of capital between Arab countries. He affirmed that such steps would encourage transfer of technology, create a positive investment atmosphere and intensify cooperation in the area of energy, water and agricultural resources, food security and research.
In pursuing economic integration, Arab countries should take into account each country’s advantageous position in certain sectors that can attract investments and start spending Arab development funds acordingly, he said.
He expressed his hope the summit will remove obstacles related to the full implementation of the pan-Arab free trade zone and customs union.
He said the summit reflects the leading role being played by Custodian of the Two Holy Mosques King Abdullah to support Arab economic and social development.