Arab Business Council receives high-level support from countries across the region

The Council, which met on the sidelines of the ongoing World Economic Forum in Jordan 2004, announced that four Arab governments have designated ministers to ensure effective coordination with the ABC.

His Majesty King Abdullah II of Jordan has appointed Dr Bassem Awadallah, Jordanian Minister of Planning and International Cooperation as government coordinator with the ABC, and the Egyptian Prime Minister Dr Atef M. Ebeid has appointed Fayza Abu El-Naga, Minister of State for Foreign Affairs. Sheikh Fahim Al Qassimi, UAE Minister of Economy and Commerce, and Mohamed Kabbaj, Counsellor of His Majesty King Mohammed VI of Morocco, will also act as focal points between their respective governments and the ABC.

In his opening address to the World Economic Forum in Jordan, His Majesty King Abdullah II commended the role played by the ABC in forging a new consensus-driven vision - a vision of change by 2010. In addition, Mr Amre Moussa, Secretary-General of the Arab League, who attended the ABC meeting, announced that he will recommend providing the ABC with special advisory status to support the League on economic and social reforms.

The ABC, comprising over 50 business leaders from the Arab world, was created at the World Economic Forum's Extraordinary Annual Meeting held in Jordan in June 2003. The Council focuses on the enhancement of regional competitiveness, the economic integration of the region in the global economy and on engaging the leaders of the private sector with regional governments and civil society leaders.

Commenting on the impact of this step, Mr M. Shafiq Gabr, Chairman of the Executive Committee of the ABC, said: "Not only that this will boost up support from the four governments, it also gives us a strong mandate to work with our governments to effect key reforms. We will work closely together to find the best ways to achieve what we all desire - the competitive and progressive Arab world."

Frédéric Sicre, Managing Director of the World Economic Forum, said: "The appointment of these high-level coordinators is a testimony to the commitment of these governments to support the reform agenda. This will further help create a systemic, structured and collective effort in the region toward expanding, enriching and building upon the unique legacy of the Arab world."

The Council meeting in September this year in Morocco will focus on pan-Arab trade and competitiveness. Two subcommittees have been created to develop the programme. The meeting will provide critical feedback toward the launch of the second Arab World Competitiveness Report of the World Economic Forum later this year.

The ABC has identified three clear platforms for action - economic liberalization and reforms, governance and human resource development. All three of the action platforms are aimed at working together to help the Arab region take its rightful place in the fast-evolving global economy.

Economic Liberalization and Reforms
• Open the markets through trade liberalization schemes in both goods and services (while some Arab governments continue to manage macroeconomic stability)
• Harmonize trade policies across the region, creating an Arab Free Trade Zone
• Remove restrictions on foreign investments to drive foreign direct investment, intellectual property rights, investment, property protection rights
• Boost exports, focus on services and value added products
• De-emphasize low-cost expatriate labour and build a local, skilled labour force through good education systems
• Diversify the economy to encourage entrepreneurship and a greater role for the private sector through improved access to trade financing
• Build infrastructure - roads, ports, airports, storage and handling facilities
• Eliminate government monopolies

Governance
•Promote respect for the rule of law
•Enhance transparency on economic data and policy-making procedures
•Address corruption and favouritism
•Drive private-public partnerships
•Enhance accountability
•Allow full protection for foreign investments and property rights
•Improve the quality of the public sector
•Strengthen legal mechanisms for commercial arbitration and dispute settlement
•Strengthen the Arab judicial system including its independence and efficiency

Human Resource Development
•Improve educational systems and align them with the needs of national, regional and, indeed, global markets
•Focus on vocational and technical training in line with the needs of industry
•Improve productivity at the macro and micro levels
•Enhance research & development efforts
•Encourage women's empowerment