Al-Mashat applauds Arab Coordination Group's initiative to address climate crises    Water-energy-food nexus key to sustainable development: Sweilam at 10th WWF in Bali    Cairo reiterates rejection of Israeli schemes to displace Gaza residents to Sinai: Official    US Biogen agrees to acquire HI-Bio for $1.8b    Microsoft buys 1.6m carbon credits from central American project    EU to retain Russian frozen assets revenues even after lifting sanctions    EU watchdog seeks oversight of cross-border finance firms    Huawei launches $300m cloud zone in Egypt    Body of Iranian President Raisi returns to Tehran amidst national mourning    Rents rise by 24%, East Cairo at forefront of demand: Savills Egypt    President Al-Sisi reaffirms Egypt's dedication to peace in Gaza    Egypt to build 58 hospitals by '25    Asia-Pacific REITs face high climate risk, report shows    UK inflation eases, no June rate cut expected    Egyptian, Dutch Foreign Ministers raise alarm over humanitarian crisis in Gaza    "Aten Collection": BTC Launches its Latest Gold Collection Inspired by Ancient Egypt    Egypt's Health Minister monitors progress of national dialysis system automation project    Giza Pyramids host Egypt's leg of global 'One Run' half-marathon    Madinaty to host "Fly Over Madinaty" skydiving event    Nouran Gohar, Diego Elias win at CIB World Squash Championship    Coppola's 'Megalopolis': A 40-Year Dream Unveiled at Cannes    World Bank assesses Cairo's major waste management project    K-Movement Culture Week: Decade of Korean cultural exchange in Egypt celebrated with dance, music, and art    Empower Her Art Forum 2024: Bridging creative minds at National Museum of Egyptian Civilization    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    Swiss freeze on Russian assets dwindles to $6.36b in '23    Prime Minister Madbouly reviews cooperation with South Sudan    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euro-Mediterranean alliance results in 931 investment agreements
Published in Almasry Alyoum on 24 - 04 - 2010

The Minister of Trade and Industry Rachid Mohamed Rachid emphasized that there are several elements that will ensure the success of the Euro-Mediterranean alliance, and that this alliance will avoid the obstacles encountered by the Barcelona Process, which was restricted to the countries on the north and south shores of the Mediterranean Sea.
The age of the Global North imposing demands on the Global South has passed, and no decisions can be issued by the North without consulting the South, said Rachid in remarks delivered while attending the opening ceremony of the Euro-Mediterranean conference on industry on Wednesday. The previous arrangement led to the failure of the previous agreements.
The presidency of the Euro-Mediterranean region is currently shared by states from the North and the South, said Rachid, adding that the new alliance depends on shared projects and initiatives, and that every country has the right to choose which projects are suited to the country, which was not the case with the Barcelona Alliance. Such an arrangement provides the countries of the South with the freedom to act as they see fit, particularly in respect to participation with Israel. The agreement stipulates that states are not obligated to work with Israel if they do not desire to do so.
These changes will be submitted to the Mediterranean Union's ministers of trade and industry, as well as the presidency which is shared by Egypt and France. The changes will also be presented at an upcoming summit to be convened in Barcelona in June.
The President of the alliance's Industrial Union Galal el-Zuria, said 7,454 bilateral meetings have been held between participating companies, leading to 931 agreements on investment projects between participating states. Naguib Sawiris, who received the Blue Mediterranean award from the union, presided over the proceedings of the Arab-German chamber and stressed the importance of investment in Mediterranean states to create work opportunities. Shared investment supports the transfer of modern technology and management techniques to the developing areas in the region, he said.
Amr Moussa, secretary general of the Arab League, was also honored at the conference.
The European Union has given more than 22 billion euros to states on the southern shore of the Mediterranean since the beginning of the Barcelona process, said Mark Franco, ambassador from the European Union. It has also provided these countries with more than 19 billion euros in soft loans, he added.
Hamad Qasan, chair of the Moroccan industrial chamber confirmed that the Barcelona project had failed, stressing that the desire of the southern states to catch up to their northern counterparts did not occur. The group failed to establish a free trade area, as the southern states were forced to negotiate individually with a united Europe.
The EU signed partnership agreements with all of the states in the alliance with the exception of Syria due to political considerations, said Barry Das, vice-president of the Spanish Union of Employers and president of the Internal Market Council for the European Union.
The full partnership requires greater reform, particularly in the fields of intellectual property rights and services, and better mechanisms to settle disputes, he added. There are many opportunities for the European private sector to help develop financial, wireless and logistical services in the southern states, Das added.
Adham Nadim, director of the Industrial Modernization Center, said he had opened channels of communication with donors to maximize the benefits accrued from the grants and soft loans provided to member states of the alliance.
Translated from the Arabic Edition.


Clic here to read the story from its source.