Paris, France, 19 November 2004
The "G-8 Plan of Support for Reform", adopted at the G-8 Summit on 8-10 June 2004 at Sea Island, called for the establishment, with partners in the MENA region, of a Task Force on Investment, comprised of business leaders from the G-8 and the region, including from the Arab Business Council, to assist the region's efforts to improve the investment climate, including by:
Identifying impediments to investment;
Recommending concrete proposals for change, and quantifying where possible likely benefits;
Working with countries in the region interested in pursuing reforms and supporting their reform efforts;
Reviewing and reporting on progress of reform in the region.
The Second meeting of the OECD-MENA Investment Steering Group agreed that “strong private sector input at all levels was essential to the success of the Programme and agreed to co-operate with other international and regional business initiatives, in particular to the G-8 Investment Task Force once it is established, and agreed that, in addition to the Arab Business Council, BIAC and other private sector organizations in the region and OECD countries representing the financial sector and SMEs should also be invited to participate”.
Joint G-8 and Arab Foreign Ministers’ meeting held on 23-24 September in New York agreed that “a Task Force on Investment, comprised of private sector business representatives, from the G-8 and the region, would assist and advise the region on reform measures to improve the investment climate, including those under the OECD Investment Initiative. In this way, the region can better prioritize reforms in areas that are truly impediments to business and help support economic diversification and job growth”.
This meeting explored the complementary roles of the MENA-OECD Investment Programme and the G-8 Investment Task Force in promoting key reforms to improve the investment climate and fostering private sector development in the MENA region.
OECD Reviews of Foreign Direct Investment