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Arab business leaders urge launch of Arab salvation fund

Arab business leaders urge launch of Arab salvation fund

RIYADH: Participants in the 16th Arab Business Community Forum recommended the establishment of an Arab salvation fund to finance an Arab reconstruction project for countries that witnessed destruction in various sectors, in which Arab sovereign funds and Arab business leaders have a key role in the proposed bid.

The business community also stressed the importance of rebuilding Arab economies affected by political turmoil during the recent period, implementing economic and political reforms on sound democratic foundations, simultaneous with preserving constitutional institutions, and providing security and stability.

Participants in the forum, organized by the Arab Businessmen Union at the King Hussein Bin Talal Palace, expressed their appreciation to His Majesty King Abdullah II for patronizing the event, who decided to hold the 17th forum in Lebanon next year.

The final statement read by the President of the Union of Arab Businessmen Hamdi Tabba’a urged investment in renewable energy as a clean alternative in the present and future, and integration of advanced technology in its production and distribution.

To achieve this ambition, Arab governments should encourage the generation, use and export of this energy by providing necessary infrastructure and exemptions, and enacting relevant legislation, the statement added.

On economic stimulus, the statement spurred Arab countries to coordinate and standardize investment legislation, enhance investment incentives, improve the business environment, good governance of institutions, boost relevant judicial bodies, shorten litigation, fight corruption and bureaucracy in public and investor administrations, and streamline procedures in a bid to lure investments.

“Entrepreneurship has become a contemporary economic culture around the world based on creativity, innovation, invention and initiative. Arab governments should encourage these initiatives that expand the labor market through the development of industry and manufacturing sectors,” the statement said.

As for the food sector, it pointed to the need to adopt food security projects and attract investments as a strategic priority, as well as ensuring availability of strategic stocks of commodities.

It called for the development of the Arab rural areas through the provision of basic services to stop rural-urban migration, the provision of loans to farmers, the promotion of the agricultural cooperative sector, as well as small and medium-sized enterprises.

On inter-Arab accords, it called on Arab governments to activate the Greater Arab Free Trade Area, remove all obstacles to inter-Arab trade and unify the Arab customs procedures.