(MENAFN- Kuwait News Agency (KUNA)) Arab League Secretary General Nabil Al-Araby stressed here on Sunday that Arab common action could be only done by concerted efforts to set up major common projects to achieve an economic growth in the Arab world.
He made this remark when addressing the 16th Arab Business Owners and Investors Conference, entitled "Investment in Egypt: Investment in the Future", which started on Sunday and runs until Monday.
Al-Araby noted that the Arab world has human and natural wealth and called at the same time for taking advantage of this wealth, referring to his proposals on renewable energy presented to Arab leaders at their summit hosted by Kuwait last March.
Such proposals aim at maximizing the use of renewable energy sources in the Arab region and developing and strengthening mechanisms of international and regional cooperation in this regard.
Al-Araby said that since the Greater Arab Free Trade Area was launched in 1996, the General Secretariat has been working on meeting the needs of that area and working with technical committees to fulfill all requirements to set up an Arab customs union due in 2015.
After setting up the customs union, he pointed out, the Arab League will take required steps for establishing Arab common market to apply it in 2020.
The Arab League General Secretariat organized this conference in collaboration with other Arab institutions to support investments in the Arab world.
Egyptian Minister of Supply and Internal Trade Khaled Hanafi and head of Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed Al-Wakil as well as other senior Arab officials were present in the conference.
Also, a large number of leaders of business and finance and senior Arab and foreign dignitaries attended the event.
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