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17 Jun 2010

ESCWA Participates in the International Arab Banking Summit

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ESCWA Executive Secretary Badr Omar AlDafa delivered a speech today at the opening of the International Arab Banking Summit –(IABS 2010) entitled “From Crisis to Financial Stability” that opened today in Istanbul , under the auspices of Turkish Prime Minister Recep Tayyip Erdoğan. The summit is organized by the Union of Arab Banks in cooperation with the Central bank of Turkey, the Turkish Banking Association, the Banking Regulation and Supervision Agency and the World Union of Arab Bankers. In his statement, AlDafa said that as a result of the significant economic reforms, the GDP of ESCWA member countries increased from USD$590 billion in 2003 to USD$1,2 trillion in 2008.. AlDafa stressed the need to strengthen cooperation between Turkey and ESCWA Member Countries, a partnership that would contribute to building an important economic bloc and a major player in the international economy. ESCWA Executive Secretary noted that the strong trade relation between Turkey and the ESCWA region has not been translated into significant cross-border investments, since investment figures are still humble and way below their potential. “Turkish Foreign Direct Investment in ESCWA countries stands at USD$86 million in 2009, and represents less than one per cent of the total FDI stock in the ESCWA region. On the other hand, ESCWA investments in Turkey account for about eight per cent of Turkey’s total FDI stock in 2009”, AlDafa said.ESCWA Executive Secretary touched on ESCWA’s role as a coordinator among UN regional commissions between 2002-2007 for the inter-regional project on Transport and Trade that included Turkey as well. . This project resulted in fruitful recommendations on setting up the main land and land-sea transport linkages connecting ESCWA to Europe via Turkey. “The removal of visa requirements for certain ESCWA member countries gives a strong political signal to improving the relationship between Turkey and the ESCWA region. Free mobility is the key to encourage business activities within the region”, AlDafa concluded. The two-day summit, which ends Friday, will tackle many issues including, Turkish-Arab cooperation for high competitive financial ventures, the importance of passing new laws and amending existing ones to enhance economic development and capital markets in the MENA Region. The participants will also discuss the means and challenges of financing for the future, the role of International media in influencing cross-border economic relations and the financial stability framework.
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