Arab-Chinese cooperation 'valuable' opportunity to lure investment in Arab region: AL chief

MENA , Sunday 11 Jun 2023

Arab League (AL) Secretary General Ahmed Abul Gheit said that the Arab-Chinese cooperation provides a valuable opportunity to lure technology and Chinese companies for investment in the Arab region.

 Ahmed Aboul Gheit
Arab League Secretary-General Ahmed Aboul Gheit addresses the 10th Arab-China Business Conference in Riyadh, on June 11, 2023. AFP

 

Abul Gheit's remarks came during his participation in the opening of the 10th session of the Arab-Chinese Businessmen Conference and the 8th session of the Investments Symposium hosted by the Saudi Investment Ministry in Riyadh. 

Such an event takes on importance in light of the negative consequences of the slow-paced global growth and the Russian-Ukrainian crisis, he added. 

Abul Gheit further said that the investment opportunities in the Arab region are promising, despite remaining a weak magnet for foreign capital flowing to it compared to other geographical areas. 

The pan-Arab body gives top priority to improving the Arab investment climate, he affirmed. 

Arab countries depend on the Unified Agreement for the Investment of Arab Capital, Abul Gheit said, adding that efforts are underway to prepare a new draft of the agreement in cooperation with a specialized international institution. 

He also highlighted the longstanding ties between the Arab countries and China.

Furthermore, Abul Gheit hailed the efforts exerted by Saudi Arabia to prepare for the event in cooperation with the pan-Arab body and all the partners. 

Such an event comes as part of the continuation of the first Arab-Chinese summit hosted at the end of last year in Riyadh, he said. 

For her part, Egyptian International Cooperation Minister Rania El-Mashat stressed the strong relations between Egypt and China. 

The Belt and Road initiative, launched in 2013, aims to achieve sustainable development, link continents, and increase trade and investment, El-Mashat said Sunday in a speech during the conference's inauguration. 

Each country has its own strategy to achieve sustainable development goals, she added.

El-Mashat spoke about the Suez Canal Corridor, which attracted many Chinese firms to do business in the Canal region. 

She noted that China has been keen on providing finances for member states of the Belt and Road Initiative to help them implement infrastructure projects.

The 10th edition of the Arab-Chinese Business Conference provides unprecedented opportunities to build and develop relationships with influential personalities and experts from various industries under the slogan "Collaborating for Prosperity". It also establishes fruitful partnerships between Arab countries and their counterparts from China.

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