Exploration of new business opportunities in the Middle East - Sec. of State Warren Christopher; Sec. of Commerce Ronald H. Brown; Jordanian Crown Price Prince Hassan - Transcript

US Department of State Dispatch, Nov 13, 1995

Crown Prince Hassan

With the participation of Secretary of State Warren Christopher and Secretary of Commerce Ron Brown, I would like to say that the day, from our perspective as hosts, has gone extremely well. I would like to commend the regional parties as well as the international community, participating in both the plenary and the parallel thematic discussions on furthering the discussion of the role of the international community of supporting and underpinning the task of peace, building on creative ideas which have been exchanged, not only in the thematics, but also between the business community with regard to creating the regional stock market. More important, I would like to say that the relevance of our legislative process is not only to develop new structures and policies but also to develop the by-laws in the form of a user-friendly manual which will reassure the visitors to this country, and I hope that the parallel exists in other countries in the region. It is not only a question of the legislation involved but is also a question of how reasonable that legislation is when we speak of promoting investment.

Of course, the concepts of trade financing have received a boost today by the creation of several new regional institutions which I think reflect the unanimity of opinion of the summit. The four institutions which were called for at the Casablanca summit include the Bank for Economic Cooperation and Development in the Middle East - which in itself is a singular achievement, the Middle East Mediterranean Travel and Tourism Association - MEMTTA, the Regional Business Council, and the Economic Summit Executive Secretariat. I would like to say that these institutions are not only initiatives but they are concepts which are alive and well and have, in terms of substance, a great deal of input from these ongoing discussions. Of course, we are still in day one and I would expect by day three that all of us will have collapsed with either exhaustion or elation, but whichever way it works out I think that certainly good things are being done in hard times.

I had the pleasure earlier of announcing that the Multilateral Steering Group has agreed to establish the Regional Economic Development Working Group - REDWG - Monitoring Committee Secretariat as a permanent institution and, of course, this is a subject on which further reflection will be given in the reading of the draft or the final declaration of the summit, so I won't dwell on it too long. All I would like to say is that these institutions reflect the paradigm to foster sustained consultation among the parties of the region and to enhance regional cooperation for economic development and social progress. These institutional frameworks will facilitate the evolution of the Middle East as it prepares to enter the next millennium and to integrate itself into the global economy. I would like to acknowledge the key role played by the United States, particularly that of Secretary of State Christopher and Secretary of Commerce Ron Brown, in the establishment of these institutions. I would also like to say that Japan has played a central role in the establishment of the tourism association; the European Union - EU - has played an important and vital role in the gavel-holding responsibilities of the REDWG Secretariat and indeed in the commitment to putting greater substance into REDWG interaction.

I would just like to make one statement here and that is: I just have come from a lengthy meeting with Prime Minister Harris Silajdzic. It is a singular honor for this conference to have the opportunity at a very difficult moment for the negotiations in the Balkans - the peace negotiations that we hope will lead to reconstruction of that war-torn country and region, to be able to host the Prime Minister of Bosnia-Herzegovina. We certainly were deeply interested in the thoughts and proposals for the reconstruction - not only of Sarajevo, which as we know has been a subject of shared concern not least of all with the United States - and it is my hope that the day will come where we can either host or participate in a conference dedicated to the reconstruction of Bosnia-Herzegovina and indeed that war-torn region. We know where they are coming from and we hope that Middle East peace can be peace for the world and peace for the Eastern Mediterranean.

I thank you, ladies and gentlemen, and I will turn the floor to the two distinguished gentlemen to my right and to my left. They happen to be geographically to my right and to my left. I don't know about them ideologically, but I would welcome their contribution and certainly would be happy to question any of their answers.

Secretary Christopher

Good evening. First, on behalf of Secretary Brown and myself and our entire delegation, I want to thank His Majesty King Hussein and Crown Prince Hassan for their superb efforts to ensure that this summit is a genuine success. They have attracted an extraordinary level of participation by both governments and private companies; private companies not only from the Middle East but from around the world. The Crown Prince told me over lunch today that they stopped taking reservations at about 1,500 business people and that, unfortunately, many had to be turned away.