Abu Dhabi: The declining oil price poses a challenge to the economy and especially the private sector in the Arab world and comes on top of other political and security challenges, former prime minister of Lebanon Fouad Siniora said at the UAE energy forum in Abu Dhabi on Tuesday.
He however said the lower oil proceeds should be an incentive to fast track the necessary reforms at the institutional, judicial, administrative and overall business climate to empower the Arab private sector but also to attract foreign direct investment and diversify the national economies.
“No individual Arab economy can by itself resolve all the challenges it is facing, and therefore it is high time to move along a vision of Arab economic integration that is based on shared interests and objectives and not on empty slogans and fake banners,” he said.
“This is the only way to guarantee in the long run Arab security at all levels, political security, economic security, energy security, social security and food security. “
He said resources of production are scattered along the Arab world and there is plenty of room for cooperation among countries.
“Economic integration has worked wonders, created millions of jobs and lifted millions out of poverty in regions that have much less in common than the Arab countries. But the trick is that they started in small well-defined initiatives and grew according to joint interests, while in the Arab case they have always started with big ambitious announcements that remained ink on paper.”
