RABAT, April 18 (Xinhua) -- The Annual Joint Meetings of Arab Financial Institutions opened here on Tuesday with the aim to promote inter-Arab financial cooperation.
The meetings represent a leading Arab platform to discuss key topics such as finance, economy, and make strategies to support the sustainable development for Arab countries.
In a message at the opening of the meeting, the Moroccan king Mohammed VI said that given Arab countries' growing needs, there is an urgent need to step up efforts in order to achieve social justice and set up social safety nets.
"Our Arab financial institutions are called upon today, more than ever, to react positively to the major changes and development needs witnessed in the Arab region, to pool efforts in order to support economic and financial reforms, to diversify and boost Arab economies and to achieve Arab integration," he pointed out.
He called on Arab financial institutions to strive doubly hard to encourage inter-Arab investment, given the part it plays in achieving sustainable development, and to provide incentives to the private sector as an engine for the promotion of development and a creator of wealth.
The king noted that one of the priorities that need to be addressed is the promotion of development projects that support Arab economic integration and make Arab economies more open to their regional environment, particularly Africa.
These projects should cover various fields, such as energy and infrastructure in order to promote electrification as well as land, railroad and maritime transport, in addition to agricultural projects to achieve food security, he added.
Some 350 officials in finance and economy are taking part in this meeting, which is held for the fifth time in Morocco.