Arab economic vision needed 'to tackle crisis'
Manama, November 16, 2013
The current global financial challenges require more meetings and consultations among Arab states to develop a joint economic vision, Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa told participants at a key conference.
His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa deputised Shaikh Khalid to open the 38th Interarab Cambist Association (ICA) Conference, hosted by the kingdom under the Premier's patronage.
The event, themed "Adjusting to a New Economic Order", is organised by ICA until tomorrow.
Shaikh Khalid thanked the event's organisers and participants, wishing them success in coming up with positive results that boost the financial and banking sector in Arab countries.
Bahrain's government allocates priority to the financial and banking sector and is keen on providing it with all facilities to maintain Bahrain's position as a distinguished regional financial hub, he said.
Shaikh Khalid underlined the kingdom's success in laying the foundation for a solid financial and banking system based on modern legislations and laws that have contributed to attracting investors in light of the openness and economic freedom prevailing in the country, reported the Gulf Daily News, our sister publication.
He highlighted the importance of the kingdom's hosting of the conference, given its role in coming up with effective solutions to the current regional and global financial challenges.
The conference offers an opportunity for participants to discuss and exchange expertise on the Islamic banking system, the importance of which is increasing steadily, he added.
He emphasised that current global financial challenges require more meetings and consultations to develop a joint Arab economic vision to reduce their negative effects on Arab economies and help them maintain their growth rates, thus ensuring the sustainability of their development projects.
He stressed that the agendas of all Arab economic conferences have to focus on optimal methods to cope with financial crises more effectively so as to consolidate Arab financial and banking infrastructure and fortify it against any potential repercussions that may impede development across Arab states.
Shaikh Khalid asserted that holding such a key Arab conference in Bahrain and the country's hosting of the headquarters of the Joint Arab Bourse reflect the kingdom's keen desire to foster Arab economic co-operation for the joint interests of Arab peoples.
The 38th ICA conference will assess the challenges of investing successfully in an environment of unprecedented volatility and uncertainty.
It will allocate a special session to Islamic finance as an increasingly established alternative which has successfully continued its growth during international turbulent times.-TradeArabia News Service