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OECD And Arab Governments Seek Investment Boost In MENA Region,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, November 24, 2009
Government ministers from Arab and Organization for Economic Cooperation and Development (OECD) countries ended two days of talks with a declaration pledging continued cooperation to streamline public services and improve business conditions in the Middle East North African (MENA) region, in a drive to attract investment and boost development.
The Marrakech Declaration on Investment and Governance, adopted at the close
of a MENA-OECD Ministerial Conference entitled ‘Beyond the crisis: business
and citizens at the centre of policy responses’, includes commitments
to integrity and transparency in the public sector and to support for freedom
of investment, trade and private sector development.
It also underlines the need to increase the participation of women in economic
development and prosperity in the region.
"This declaration reflects the commitment of countries in the region
to continue reforms and to act together to overcome the effects of the crisis," commented
Nizar Baraka, Morocco’s Minister in charge of Economic Affairs. “In
order to achieve our growth goals, we have to work together and get back to
basics, putting citizens at the heart of our policies.”
Earlier, Egypt’s Minister of Investment, Mahmoud Mohieldin made a similar
call: "We need to sustain the reform process and pursue regional integration
in order to promote economic diversification and create employment," he
told participants.
Egypt chaired the OECD Initiative on Governance and Investment
for Development from 2006 until now, handing over the presidency to Morocco
during the course of the meeting.
Since its launch in 2005, the initiative has led to the creation of regional
centres in several MENA countries, including Bahrain, Egypt, Morocco, Tunisia
and the United Arab Emirates (Dubai), focusing on such issues as corporate governance
and the efficient allocation of public resources.
OECD Secretary-General Angel Gurría described the Initiative as “a
model to build co-operation for the global economy of the future”.
Looking
ahead, Mohieldin emphasized the need for further joint work to help MENA countries
build effective legal infrastructures and professional capabilities in such
areas as civil, commercial, banking and financial law.
With economic growth in the region forecast to decline to around 2.2% in 2009
from annual average growth of 5.1% during 2000-2008 and oil-producing countries
hit by weaker world demand for oil and lower oil prices, discussions between
ministers, business and civil society during the opening sessions were focused
on priorities to rekindle sustainable growth and employment.
Signs of economic stabilization and recovery are now becoming visible, Gurría
noted. He warned, however, that the region faces major challenges and “managing
this recovery process will be difficult for all of us”.
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