Aboul Gheit: Investment Opportunities In The Arab Region Are Many And Promising
The Secretary-General of the League of Arab States, Ahmed Aboul Gheit, considered that the Kingdom of Saudi Arabia hosted the activities of the tenth session of the Arab and Chinese businessmen conference and the eighth session of the investment symposium, as a continuation of its successful efforts in hosting the first Arab-Chinese summit held in Riyadh, a summit that its outputs gave a new impetus to the Arab-Chinese cooperation in all political, economic and cultural fields, thanks to the sincere desire of both parties to advance cooperation to a broader space.
Aboul Gheit added during his speech, today, Sunday, at the opening of the tenth session of the Conference of Arab and Chinese businessmen and the eighth symposium on investments, which are hosted by the Ministry of Investment in the Kingdom of Saudi Arabia on June 11 and 12 in Riyadh, that the Arab-Chinese relations extend throughout history and strike in its depths. They are relations between two peoples with civilizations that have witnessed continuous exchange to this day, and this communication has formed a common balance of understanding, and a strong desire on the part of the Arab and Chinese sides to build on it and expand it to new areas, indicating that the conference contributes to writing a new page from the pages of that cooperation, which its durability and richness will increase in light of the joint efforts and initiatives we see.”
He explained that the mechanism of the Arab-Chinese Businessmen Conference was the first mechanism established within the framework of the Arab-Chinese Cooperation Forum since its launch in 2004, and it contributed remarkably to introducing entrepreneurs to available investment opportunities, and during which important trade and investment deals were concluded that contributed to the promotion of economic and social development in Arab countries and China.
He explained that this event is also gaining increasing importance, according to the Secretary-General, in light of the negative repercussions of slowing global growth and the crisis of the Russian-Ukrainian war and the resulting effects on technology, financial, energy and food markets, expressing his aspiration for rich discussions in the sessions of this conference to explore the future of investment and business and exploring the best ways to maximize the benefit from the opportunities and capabilities available on the Arab and Chinese sides.
He added that the investment opportunities in the Arab region are many and promising, but on the contrary, it remained a weak magnet for foreign capital coming to it compared to other geographical regions, as the recorded numbers witnessed fluctuations between ups and downs due to the events and crises it witnessed.
He added that despite these data, there are positive indications of overcoming these obstacles in light of the ambitious development plans launched by the Arab countries, according to Aboul Gheit, and the Arab-Chinese cooperation provides a valuable opportunity to attract technology, capital and Chinese companies to invest in our countries, especially within the framework of the “Belt and Road” initiative and the Global Development Initiative launched by Chinese President Xi Jinping.
The Secretary-General affirmed the Arab League’s decades-long interest in improving the Arab investment climate and creating a unified Arab economic space, as well as its efforts to build partnerships with regional and international economic groupings, including this forum.
He referred to the adoption by the Arab countries of the “Unified Agreement for Capital Investment in the Arab Countries”, for which a new draft is now being prepared in cooperation with an international institution with great experience in the field, as well as completing the requirements of the Greater Arab Free Trade Area operating under the umbrella of the Arab League, as the recent period witnessed making remarkable progress towards achieving a common Arab market, which would increase the flow of foreign direct investment to take advantage of the advantages and promising opportunities offered by that region.
It is noteworthy that this event, which the Kingdom is hosting for the first time in cooperation with the League of Arab States, the Chinese Council for the Promotion of International Trade and the Federation of Arab Chambers, witnessed high-level participation and an exceptional attendance of more than 3,000 participants, and it will witness the signing of a number of cooperation and investment agreements between Arab and Chinese businessmen, which is something that would raising the promotion of trade exchange between the two parties.
Source: National Iraqi News Agency