The economic upheaval generated by the September 11 terror attacks on the United States is a "golden opportunity" to develop investment and trade among Arab countries, a group of Saudi and Lebanese businessmen said here Wednesday, October 31.
"The consequences of September 11, notably in terms of investment flows, is a golden opportunity to develop Arab economic relations in general and between Lebanon and Saudi Arabia in particular," said a statement released at the end of a two day Saudi-Lebanese business summit.
"The hopes are huge in this field, at a moment where the Arab investments are driven from the West in light of international circumstances," the statement said. The gathering applauded Saudi Arabia's efforts in the past year to attract foreign investment in various sectors, including electricity, gas, petrochemicals, pharmaceuticals, and tourism.
Likewise, the statement applauded the Lebanese government's efforts at privatization. The conference was sponsored by Lebanese Prime Minister Rafiq Hariri, who insisted in his opening speech on the importance of establishing a Lebanese-Saudi Arabia free trade zone. Saudi Trade Minister Ossama Faqih also attended the conference. — (AFP, Beirut)
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