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Palestinians Set Stage for Arab Investment Conference in Cairo

Palestinians Set Stage for Arab Investment Conference in Cairo

Monday, 30 September, 2019 - 09:15
Pictures depicting Palestinian President Mahmoud Abbas are seen in Ramallah, in the Israeli-occupied West Bank June 12, 2019. REUTERS/Mohamad Torokman

The Palestinian Authority's Minister of National Economy Khaled al-Osaily has stressed the importance of an Arab investment conference on Palestine that is set to be held in the Egyptian capital by the end of 2019.

During a press conference he held in the West Bank city of Ramallah on Sunday, Osaily said preparations for the first such Arab conference have made headway.

The Palestinian government has launched a comprehensive review of Israeli products in the local markets “at a time when Israel stops our products from reaching the Israeli market.”

He revealed that the Palestinian Authority will seek international arbitration through a specialized court on Israel’s circumvention of the "Paris Protocol” which was signed between the Palestinians and Israel in 1995 to govern their economic relations.

Such an Israeli move has paralyzed the development of the Palestinian national economy, charged Osaily.

He referred to commerce agreements signed with Jordan to increase the volume of trade between the two sides to 1 billion dollars annually, and a request made to Israel on importing oil from Iraq.

The Palestinian government has also signed cooperation agreements with Arab federations to support several sectors.

According to Osaily, the PA is engaged in discussions with several states, mainly China, Russia, India, Indonesia, Sweden, Norway, Switzerland and others to consolidate economic cooperation.

He told the press conference that the Palestinian government has granted tax incentives to 13 projects with a capital of 28 million dollars in industry, tourism and renewable energy sectors that provide direct jobs for 366 people.

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