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Sheikha Lubna stresses importance of PDIC in attracting Investments to Palestine

posted on 23/01/2006: 614 views

The "Palestinian Development and Investment Conference" (PDIC) that will be held next April in the cities of Gaza and Bethlehem, will be a milestone for investment in Palestine, Sheikha Lubna Al Qasimi, Minister of Economy and Planning said in Abu Dhabi yesterday.

Sheikha Lubna made her comments during the forum titled 'A Look Up on the Palestinian Development and Investment Conference' organised by the Palestinian Business Council, held at the Emirates Palace.

"In view of the recent political developments, the Israeli withdrawal from Gaza and the unveiling of prospective economic opportunities in the West Bank and Gaza Strip, the pressure is on all parties to organize and create suitable vehicles for long term development in Palestine, by creating the appropriate environment for investment promotion and investment guarantees," she said.

Sheikha Lubna added: "Holding the PDIC will be the first step towards achieving the objectives and aims of the Palestinian Government. We wish to support this initiative and secure its success. This conference will be a focal point for attracting Arab and international investment in the future of Palestine.”

Speaking at the forum, Mazen Sinokrot, Palestinian Minister of National Economy, said: "We chose the United Arab Emirates as the first Arabian stop of the promotional roadshow across the gulf region, which aims at acquiring potential partners for investment and promoting the conference at the same time. This economic initiative is strongly supported by the Quartet committee, which is represented by the USA, European Union, Russia and the UN, as well as by Quartet committee representative James Wolfensohn, the World Bank, the World Economic Forum (WEF), the Arab League and other entities from the private sector, " Sinokrot noted.

The conference supports the continuing efforts being made to implement democratic reforms, such as transparency, accountability and good governance, which are being lead by the Palestinian government and the private sector.

The Palestinian minister highlighted the fact that the Palestinian government has developed solid international standards for financial and economic legislation and regulation in order to showcase investment opportunities. "Palestine has signed several trade agreements with its Arab partners, and notably the UAE, for customs duty exemptions. This is in addition to the free trade agreement with the USA, Canada, EU, and a preferential agreement with China," said Sinokrot.

He noted that the private sector led by Ernst and Young have prepared strategic projects representing approximately US$ 5 billion to be presented during PDIC. The investment projects are in several developing economic sectors such as tourism and agriculture, industry, transportation, housing, and IT. He also called upon Arab states to back investment in Palestine, which is essential to provide Palestinians with better infrastructure, decrease the level of poverty and place the Palestinian economy in the international sphere. (The Emirates News Agency, WAM)


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