Tabbaa stresses importance to enhance pan-Arab economic integration

Tabbaa stresses importance to enhance pan-Arab economic integration

Head of the Arab Businessmen Union (ABU), Hamdi Tabbaa, stressed the importance of raising the level of pan-Arab action to reach economic integration and boost regional trade, which “still falls shorts of aspirations.”

Speaking at a meeting on Monday, with Secretary-General of the Council of Arab Economic Unity (CAEU), Muhammadi Ahmed Al-Ni, Tabbaa stressed the importance of promoting inter-Arab investments, driven by the many opportunities available in various “promising” economic sectors.

Inter-Arab investments have declined due to the Covid-19 pandemic-related consequences during 2020, which requires joint cooperation to support the investment climate in Arab countries, according to Tabbaa.

Referring to several recommendations aimed to achieving inter-Arab economic cooperation, Tabbaa said this effort seeks to support and stimulate economic growth, generate sustainable jobs, and strengthen partnership and consultation with the private sector at the pan-Arab level.

Tabbaa also stressed the importance of consolidating self-reliance principle in all economic sectors to ensure their sustainability, stressing the need to launch plans to reduce production costs on economic sectors and pump cash into the economy.

Highlighting the importance of launching “consistent expansionary” financial policies, he urged the Arab countries to benefit from national investment funds to support the economy, overcome current and future crises, strengthen the business sector and address its challenges.

For his part, the CAEU Secretary-General reviewed the council’s plan scheduled to be implemented during 2022-2027, which represents the roadmap for joint Arab action.

The plan’s pillars keep pace with global developments and focus on emerging issues, primarily digital transformation, e-commerce, and investment promotion, according to the CAEU chief.