Business & Money | Sunday 8 November, 2015 4:14 am |

Arab businessmen will meet their counterparts from a number of South American countries for a preliminary discussion at the Council of Saudi Chambers (CSC) on Sunday, prior to the Fourth Summit of Arab-South American Countries in the capital (ASPA).

Various state leaders and top businessmen from the member states are expected to attend the summit this week. 
Saudi schools will be closed on Tuesday in the capital, according to the Ministry of Education, to pave the way for the leaders attending the event. 
The fourth forum of the businessmen, being organized by the CSC in collaboration with the Arab League and the Federation of Arab Chambers, will discuss a number of partnership opportunities that would further bolster the economic and trade cooperation between them.
The preliminary meeting will be addressed by Arab League Secretary General Nabil Elaraby, Minister of Finance Ibrahim Al-Assaf, and Marcelo Nabih Salloum, head of Arab-Brazilian Chamber of Commerce.

They will discuss, among other topics, issues related to trade, industry, transport and tourism. Specifically, they will also review proposals for developments that seek to promote these areas.
The development of financial services is among the items on the top of their agenda, as are discussions surrounding investment funds in these countries as a tool to promote joint financial services. The officials will also review the progress of various joint ventures, legislation, administrative procedures and freedom of movement between countries.
“This high profile forum reflects the economic role of the Kingdom and its political weight, as well as its keenness to strengthen cooperation in various fields,” said Abdul Rahman Al-Zamil, head of CSC.
He praised the support that has been provided by the Saudi leadership to the activities of the Saudi private sector, which further confirms the general air of confidence surrounding the leadership role of the council.

He said that the event seeks to develop a common vision that aims to promote strengthened economic and investment relations between the two parties.
According to him, the resultant recommendations of the forum will be presented to the high level political leadership at the summit. A number of ministers, ambassadors, senior officials and groups of businessmen in different economic sectors are taking part in the preliminary meeting, he added.