Palestinian Economic Encounter April 2006 cancelled; Palestine Development and Investment Conference postponed

The Executive Committee of the Palestine Development and Investment Conference along with its various stakeholders from the following Private Sector entities: Palestine Development and Investment Company (PADICO), Consolidated Contractors International Company (CCC), the Arab Bank, the Palestine Investment Fund (PIF), The Arab Palestinian Investment Corporation (APIC), the Arab Islamic Bank (AIB), the Paltel Group and the Higher Coordinating Council for the Private Sector realized that it would be in the interest of all to cancel the Palestine Economic Encounter; a consultative meeting scheduled for April 8-10 2006 given prevailing conditions.

'We apologize to all interested parties for any inconvenience this may have caused. And we will keep all our cherished participants; interested friends and partners with updates on any conference news as per political developments,' said Mazen T. Sinokrot, Palestinian National Economy Minister and Secretary General of the Palestine Development and Investment Conference in an apology letter distributed locally and regionally.

The choice to cancel the Encounter, which hoped to lay the foundation for a successful conference in Autumn 2006, followed several consultations in which it was realized that the entrance and safety of all participants from the Palestinian Diaspora and Arab neighbors, would not be guaranteed.

The organizer's inability to get concrete guarantees of entry and safe passage for all participants influenced the Executive Committee to rethink their plans to hold an April 2006 Encounter.

'The decision was a set back for all of us,' said Mr. Kamel Husseini, CEO of the Palestine Development and Investment Conference. 'But we live in an unpredictable situation and we have to adapt our strategies always. However, the fact that 150 Palestinian Diaspora and Arab investors were keen to join us in April is a message of solace and support. The work on reactivating the conference in autumn 2006 will not stop.'

The Palestine Development and Investment Conference had hoped to contribute to the improvement and long term development of the Palestinian economy through the creation of jobs.