August 4^th, 2008….

In a press statement at the Foreign Ministry, Foreign Minister, Ahmed Aboul Gheit, stated that Egypt is looking forward with great concern to the upcoming Arab Economic Summit that is to be held in January 2009, as a starting point on the way to achieve Arab regional integration economically and socially, in a way that would enhance the comprehensive concept of Arab National Security.

The current economic challenges, under the circumstances of world economy such as deceleration of world growth rate in addition to energy and food crises, call for crystallizing a collective Arab strategy to deal with such challenges and resolve problems hindering the Arab economic cooperation. Aboul Gheit added.

The Egyptian vision focuses on getting policy recommendations out of the summit and means to facilitate more the transportation of capital, commodities and labour between Arab countries in order to provide the opportunity to increase trade and common investment. Foreign Minister outlined.

He also referred to the key role of the private sector, in addition to the need for a political drive to change the vision of Arab Business Sector as investments should extend beyond national boundaries into all Arab Countries.

Arab states have several unexploited points of strength, thus, it is necessary for the upcoming economic summit to come out with effective decisions to benefit more from the Arab resources and to employ them in serveing development goals in the Arab region especially in sectors of transportation and infrastructure.

In the context national coordination of the Foreign Ministry held several contacts recently with various Egyptian authorities and managed to crystallize a work plan for Arab economic integration with the contribution of different state ministries.

Foreign Minister assigned Egypt's permanent delegate to the Arab League and assistant minister for regional cooperation to conduct a tour to a number of Arab countries to start consultations on the suggested work plan and means to achieve success for the upcoming summit, as well as regular follow up on all preparation details with secretariat general of the Arab League and the general coordinator for the summit.

Noteworthy, holding the summit was an Egyptian-Kuwaiti initiative during the Arab Summit held in Riyadh, 2007. The summit adopted a decision to hold Arab economic summit for discussing economic, development and social issues, in implementation of the decision of the Economic and Social Council to form a preparatory ministerial committee of Arab League Troika, the Presidency of the Economic and Social Council, the two countries of the initiative and the Arab League Secretary General to prepare for the summit.