Tuesday, Apr 22, 2008

RAMALLAH, West Bank (AP)--Palestinian officials are aiming to attract $1.5 billion in investments next month, part of an effort to develop the economy as a step toward building an independent state.

More than 300 investors, including a Saudi representative and a government minister from the United Arab Emirates, are expected to attend a conference from May 21 to 23 in Bethlehem, Foreign Minister Riad al-Malki told reporters.

The government of moderate President Mahmoud Abbas has made the conference a centerpiece of its efforts to build up the economy and create an independent Palestinian state. Abbas is currently conducting peace talks with Israel and the sides hope to reach an agreement by the end of the year.

Al-Malki said the Palestinians are seeking $1.5 billion in private investment to help fund about 105 projects, in addition to an ambitious $200 million plan to develop downtown Ramallah, the seat of Abbas' government.

Al-Malki said more than 1,100 investors have been invited, and more than 300 participants, including officials from the World Bank and European governments, have confirmed.

Representatives from the Hamas-controlled Gaza Strip also are expected, though they will not be members of the Islamic militant group.

Israel, which controls the West Bank's border with neighboring Jordan, has agreed to allow Arab visitors to enter the West Bank for the conference, al-Malki said.

(END) Dow Jones Newswires

April 21, 2008 20:52 ET (00:52 GMT)