The conference was jointly organized by the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, the League of Arab States, the Arab investment and Export Credit Guarantee Corporation in cooperation with Jordan Chamber of Commerce & Industry. It brought together over 500 participants from Jordan and Arab countries, ministers, officials, leaders of the Arab chambers, businessmen, investment organizations, federations, Arab specialized investment authorities, Joint Arab-foreign chambers, Arab analysts and experts in the economic and financial fields, in addition to ambassadors and representatives of diplomatic missions in Jordan.
Deputizing His Majesty King Abdullah II, Prime Minister Marouf Bakhit delivered a speech, conveying the King’s greetings and wishes of success for the Conference. He expressed his proud of holding the conference in Jordan, saying that Jordan gives priority to Arab partnership in the fields of trade and investment.
“Investment in the coming period requires strong well for reform with the participation of all segments of society spearheaded by the businessmen community.” Dr. Bakhit outlined
In his speech, H.E. Mr. Adnan Al Kassar, President of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries (GUCCIAAC) called for the correction of the economic reform programs and benefiting from the coincidence of holding the conference along with the rising events in current political conditions in some of the Arab countries.
According to Al-Kassar, social stability would be a target itself in the coming days, estimating $ 85 billion to be needed in investment projects for creating new job opportunities in the coming decade.
On behalf of Dr. Amr Moussa, Secretary-General of the League of Arab States, Dr. Mohammed Bin Ibrahim Al-Tuwaijri said the winds of change have strongly blown over the Arab states, believing the Arab private sector should have political role in achieving the desired sustainable progress in the region.
Nael Kabariti, president of Jordan Chamber of Commerce (JCC) pointed out the leading role of the private sector in developing new financial and economic standards consistent and harmonizing with the growing needs of the Arabs. He also highlighted the significance of involving the private sector in decision-making in light of the key role played by the Arab chambers in drawing up regional economic and trade policies as well as crystallizing the ideas for the development of business.
For his part, H.E Sheikh Saleh Kamel, President of the Islamic Chamber of Commerce& Industry (ICCI) and also Chairman of the Council of Saudi Chambers (CSC), put emphasis on the significance of adhering to ethics to be guided with in the political, economic and social life, stressing the importance of the development of investment tools.
Director General of the Arab Investment & Export Credit Guarantee Corporation (AIECGC) Fahad Rashid Al Ibrahim believed that the escalating of intra-Arab investment over the past few years to $ 129 billion in 2009 is a good proof on the ever-increasing of the Arab investor’s awareness and confidence in the Arab investment potentials, thus enhancing the prospects of further growth.
The Conference’s proceedings were tackled over five sessions, highlighting the issues of “investment and economic climates in the Arab world”, “opportunities of development and investment in Jordan”, “investment prospects in sectors of industry and renewable energy”, “investment opportunities in sectors of medicine and medical tourism”, and “Investment opportunities in transport and communications sectors”.
The final Communiqué of the Conference summed up by saying that the best effective ways lie in investment in education, scientific research, and innovation as well as upgrading the skills of manpower, setting the appropriate policies for tailoring the education outputs with the needs of the economic development to get into the world of competitiveness and quality.
One of the key conclusions of the Conference was the declaration of setting up the following companies:
• Foras Jordan Investment Company with a capital of KD10 million; fifty-fifty between Sheikh Saleh Kamel and Jordan Islamic Bank (JIB) on one hand and Jordan Chamber of Commerce (JCC) and Jordanian companies on the other hand.
• "Our Goods" (Bada’ina) Company: it will be an Arab company comprises of series of shopping malls for selling only the Arab products. It will be established through partnership of private sector in 8 Arab countries including: Jordan, Egypt, Lebanon, Syria, Saudi Arabia, United Arab Emirates, Tunisia, and Morocco. This company is aimed at publicizing of products and commodities made by the partners of the company so as to contribute to the promotion of the Arab goods, leading to stimulation and development of inter-Arab trade in practical and realistic way. The Company would open many shopping malls in several countries for marketing the Arab industries.