Jordan Times (Economy Section)

Regional meeting discusses economic issues in 'broader' MENA =

By Rami Abdelrahman

AMMAN =97 The Jordanian and the US governments = hosted a=20 regional meeting with Group of Eight (G -8) countries on Wednesday = to=20 address =93key trade, investment and finance issues in the broader = Middle=20 East and North Africa region (MENA).=94=20

The meeting was sponsored by the US Export Import (Ex-Im) Bank, = the US=20 Overseas Private Investment Corporation, the US Trade and = Development=20 Agency and the US Department of State.

=93The conference builds upon the commitments made by the = leaders of the=20 G-8 and Broader Middle East and North Africa region to a = partnership for=20 progress and a common future at the June 2004 Sea Island G-8 = summit, and=20 the subsequent December 2004 forum for the future held in = Morocco,=94=20 according to a statement by the main sponsor.

Representatives of 27 states discussed during the first day how = more=20 financing can be made available to support increased trade, = investment and=20 economic development in the =93broader=94 MENA region, which = includes all Arab=20 countries, as well as neighbouring states like Afghanistan, = Israel,=20 Pakistan and Turkey.

=93The president's [George Bush] vision is clear. Trade = liberalisation=20 and increased economic integration will generate growth, create=20 opportunity and promote security throughout the Middle East,=94 = said US=20 Deputy Secretary of State Robert Zoellick.

=93This conference provides a unique opportunity for = governments,=20 companies and financial institutions of the region to interact = with major=20 G-8 sources of public and private finance and multinational = companies...=20 it will provide these G-8 institutions with information about the = type of=20 financing most needed to accelerate the pace of local and regional = trade=20 and investment,=94 said Ex-Im Bank Chairman Philip Merrill.

The Ex-Im Bank's First Vice President and Vice Chair April = Foley, said=20 the main sectors tackled are transportation, oil and gas,=20 telecommunications, medical equipment and electricity.

=93There is huge potential in air traffic between countries of = the=20 broader MENA region... increased air transportation between these=20 countries means increased business... the Ex-Im Bank is ready to = help=20 these countries to purchase US planes, helicopters and airport = equipment,=94=20 she said regarding transportation.

When it comes to oil and gas, most discussions focussed on = Iraq.

=93This area is all about oil and gas, the US has the equipment = and=20 technology like second to no one,=94 she remarked.

Foley said US equipment will help Iraq and other countries, = like it=20 helped Qatar, =93maximise output in oil and gas.=94

=93We are optimistic about the oil potential in Iraq,=94 she = added.

Regarding telecommunications, Foley said the Jordanian = Radio-Trunking=20 (Push To Talk) services provider XPress, which signed last year a=20 financing deal with Ex-Im Bank, is seeking to expand in the region = and=20 that the bank is ready to support these types of expansions that = develop=20 telecommunications infrastructure in the region.

To attract, or keep, the best doctors in the region, Foley said = the=20 Ex-Im Bank is working to develop medical infrastructure in the = region.=20 This happens through purchasing US-made equipment that are known = for their=20 =93higher quality.=94

=93Higher quality of equipment means higher quality of medical = services,=94=20 she remarked.

Concerning the rebuilding of Iraq, she indicated the banks are = willing=20 to help Iraqi, Jordanian and Turkish subcontractors, among others = from=20 US-friendly countries, find financing to participate in the = rebuilding of=20 the war-torn neighbour.

Industry and Trade Minister Sharif Zu'bi urged the private = sectors in=20 the =93broader=94 MENA region to make use of the financial = facilities provided=20 by agencies like the Ex-Im Bank, noting that the governments' duty = is to=20 provide the adequate investment climate for these deals to take = place.=20

The conference which was held as =93complementary to the World = Economic=20 Forum meetings,=94 discussed attracting foreign investment from = private=20 companies, banks and other financial institutions into the region. =

The meetings also discussed financing from public trade, = investment and=20 development institutions, as well as current projects of = international=20 financial institutions.

The afternoon sessions discussed the business priorities of the = region,=20 the regional financial institutions' available products, and the = role of=20 insurance and credit rating institutions.

In Thursday's sessions, the participants will discuss the=20 reconstruction of Iraq and Afghanistan, and then engage in = workshops on=20 agriculture, telecommunications, oil and gas, water, = transportation,=20 information technologies, intellectual property and competition = and=20 Islamic finance.

Thursday, May 19, 2005