| 01 Feb 2006 |
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MENA-OECD Ministerial to Stress Role of Private Investment in Employment Creation and Growth
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1st February 2006: Despite the increase in private sector investment in the MENA region, which reached approximately $10 billion in 2004, the growth of the MENA region as a whole remains slower than that of other developing country regions, prompting MENA countries to examine ways to make their economies more attractive.
At present, the state and government enterprises control the overwhelming majority of economic operations in some countries of the MENA region. Only around 14% of economic activity in the region is estimated to be the result of private initiative, well behind other emerging market regions. A number of MENA countries have already embarked on privatisation programs and other efforts to make themselves more attractive to investors, and recent reforms are beginning to have an impact.
The reform process presents an opportunity for all regional players. For some countries blessed with oil and other resources, recent increases in world commodity prices open avenues for future investment. For others, the good fortune of their neighbours gives a chance to attract investment from other regional players. For all, it is an opportunity that cannot be missed.
Realising this urgency, MENA countries invited the Organisation for Economic Co-operation and Development (OECD) to provide advice on investment policy reform.
The MENA-OECD Investment Programme's key objective is to mobilise private investment foreign, regional and domestic as a driving force for economic growth and employment throughout the region. This Programme is supported by regional working groups focusing on areas ranging from creation of a conducive tax environment to promotion of transparent investment regulations. The Programme supports the reform efforts of individual MENA countries by providing practical expertise through a network of OECD experts. Perhaps equally importantly, the Program seeks to provide visibility to investment policy reform in the region and to ensure that the significant efforts MENA countries have been making do not go unnoticed by the business community.
At the end of the first year of its operation, the Programme has already generated substantial interest from OECD member countries, other international organizations, as well as generous support from MENA countries' representatives. To take stock of achievements in its first year of operation, a MENA-OECD Ministerial Meeting in Jordan on 13-14 February will bring together ministers and business representatives from MENA and OECD countries to discuss the progress made, share experiences and establish targets for future action.
Ministers will be invited to adopt a Declaration on common principles and good practice for attracting investment to MENA countries. A highlight will be a Business Forum on Monday 13 February in which representatives of the private sector will have an opportunity to express their views on key elements for a successful region-wide reform strategy. This will also be the occasion to spotlight innovative companies operating in the region, whose investment in and engagement with the region demonstrate the wealth of opportunities it presents.
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For other information kindly contact:
Tala Toukan
Hill and Knowlton
Tel: 00971 4 3344930
E-mail: tala.toukan@hillandknowlton.com
© Press Release 2006
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