ASEAN KEY DESTINATIONS
Kuwait to create US$2 billion Asian development fund
Established to discuss measures for promoting economic and trade cooperation in the region, Sheikh Al-Ahmad Al-Sabah kicked off proceeding by unveiling plans for the fund, which Kuwait will contribute $300 million towards.
As well as non-Arab Asian development, the Asian Development Bank proposed fund will also finance projects that contribute to achieving the Millennium Development Goals.
Addressing the opening ceremony at the Bayan Palace, the Amir of Kuwait emphasised the need to create an investment-friendly environment in the continent.
He called for prompt enactment of the necessary legislation to promote such an environment to stimulate intra-regional trade between Asian countries.
He put particularly focus on improving transport and communication as a means of increasing the exchange of goods and services.
The Amir also urged participating countries to strive towards improving living standards for people in the continent.
"Accelerating population growth in our continent, which accounts for 60 per cent of the world total, places a burden on our development plans," said the Amir.
"This requires us to work without delay to provide work opportunities and job security to achieve economic integration between our countries."
As the country coordinator of the forum, Thai Prime Minister Yingluck Shinawatra also mentioned the importance of maintaining economic links between member countries, particularly in times of economic downturn.
We need to create new routes in Asia to enhance trade and investment in the region, she said.
the Arab League's Secretary General Nabi Al-Arabi confirmed Arab
nations form part of the Asian continent, adding that there are
"strategic " interests to foster.
participants also discussed other aspects of cooperation including
raising the quality of healthcare, education, human resource
mobilisation and environment.
closing today, the summit is scheduled to approve a 22-article
statement which tackles various aspects of cooperation among ACD member
states. This is expected to place solid foundations for joint ventures,
enhancing trade exchange among Asian countries as well as commercial and
trade cooperation between Arab nations and the rest of Asia.
The summit also attracted roughly 3,000 delegates, including economists and researchers from across the continent.
Viet Nam has been a member since 2002 and is this year represented by Deputy Foreign Minister Le Luong Minh.
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