Morsi calls for greater Arab economic intergration
Citing the Arab World’s rich resources, common language and believes, Egyptian President Mohammed Mursi called for an Arab economic integration and urged for an Arab initiative on sustainable development, during the opening of the third Arab Economic and Social Development Summit in Riyadh on Monday.
“Egypt is looking forward to work with Arab brethren to fulfill economic ambitions between the Arab nations,” Mursi said.
Mursi, who said that the summit is held in the most eras for the Arab nations, in reference to the Arab Spring revolutions that toppled dictators in Egypt, Libya, Tunisia and Yemen, said it is necessarily to activate the Arab Monetary Fund.
The president, who became Egypt’s first president post the revolution that toppled former President Hosni Mubarak in 2011, said that Egypt wants “to see an Arab world free from sickness and illiteracy.”
He said that the Arab nations spend only 1 percent from its GDPs on scientific research.
The summit kicked off in Riyadh aiming to boost economic integration and tackle people’s aspirations amid the Arab world’s turbulent political changes.
“Our meeting should not be mired in routine,” Prince Saud al-Faisal said at a meeting Saturday to prepare for the summit.
“The Arab world has faced these past two years upheavals of a political dimension... but we cannot ignore their economic dimension,” he added.
The minister stressed that the two-day summit must tackle “the problems and issues that concern the lives of our people. We must meet the aspirations of the people.”
A number of Arab presidents and ministers arrived to Riyadh on Sunday and Monday to attend the summit.
Poverty, unemployment and social inequalities were among the causes that triggered a Tunisian uprising in late 2010 that later spread to Egypt, Libya, Yemen, Bahrain and Syria.
Experts have warned the Arab world risks losing the fragile gains made by the uprisings, which brought to an end decades of iron-fisted rule by leaders in Tunisia, Egypt, Libya and Yemen.
A recent economic report noted that unemployment in 2011 stood at 16 percent in Arab countries where 17 million people out of 300 million are jobless.
At the same time inter-Arab investments stood at a mere 25 billion dollars across the region
- How Saudi's health insurance market may hold the key to the industry's future
- GCC economic growth looks promising for the future, report says
- Saudi SMEs v overseas enterprises. Who is the winner?
- Why does inflation continue to rise in the UAE?
- With Sisi likely to take over, how will Egypt's 'military economy' look like?