MENA OECD talks begin on improving regional investment

Hosted by the EDB, this is the fourth meeting this year between senior representatives from government, civil and private sector organisations of the MENA states and the OECD. The discussions aim to agree recommendations on practical steps in developing a regional investment policy at ministerial level that will attract domestic and foreign investment into the MENA region. The conclusions will be drafted into a Ministerial Investment Charter to be presented to a MENA-OECD Investment Ministerial Meeting in Jordan in November 2005.

In his opening address Sheikh Mohammed bin Essa Al-Khalifa, the EDB Chief Executive, said: "The OECD is providing valuable expertise to enable the countries of the Middle East and North Africa to improve and develop the regional investment environment and to achieve the highest level of transparency and best practice through improvements in the laws governing domestic and foreign investment.

"These meetings aim to create a constructive dialogue and exchange of ideas and opinions that will encourage governments, investment agencies and the private sector to participate in the economic reform needed in the region," he added.

Mr Rainer Geiger, Deputy Director of the OECD commended the progress made by Bahrain towards improving national investment conditions. He said: "Bahrain is taking a leading role in the region by pioneering the MENA-OECD Investment Programme. As the host to the MENA-OECD meetings Bahrain is playing a key role in driving forward the progress on completing this first stocktaking phase of the programme."

Scheduled to run from 12 - 14 September, the talks will focus on how to develop open and transparent investment policies through multi-stakeholder dialogue, drawing together government, civil and private sector organisations from the participating MENA and OECD countries. The meetings will include discussion of the regulatory framework for foreign investment and options for reform in MENA countries; ways of improving the integrity of business transactions in order to reduce uncertainty and risk to domestic and foreign investors; tax and non-tax incentives for investment; assessment of FDI data availability and identification of areas for improvements to increase conformity with international standards.

The OECD is a group of 30 member countries brought together by a commitment to democratic government and market economies. Politically independent, the OECD is best known for the calibre of its international research, its publications, statistics and its work covering economic and social issues.

The OECD-MENA Investment Programme focuses on investment and research led and driven by countries in the MENA region. It is aimed that the MENA countries will have more active engagement in shaping the programme of work and agreed actions with the OECD Headquarters in Paris.