Doing business in Palestine
Gordon Brown meets with Palestinian Prime Minster Salaam Fayyad
19 December 2008
On 15-16 December Prime Minister Gordon Brown made good on his promise at the Palestine Investment Conference in Bethlehem in May to host a follow-up event in London.
The London Business Forum on Trade and Investment in Palestine, co-sponsored
by
UK
Trade and Investment (UKTI) and DFID, and organised by the Middle East
Association and the Palestinian Investment Promotion Agency, was attended by a delegation of 60
Palestinian business representatives from East Jerusalem, the West Bank and
Gaza, and over 100 UK business representatives.
Speakers at the event included the Palestinian Prime Minister Dr Salaam
Fayyad, the Quartet Representative Tony Blair, and Secretary of State for Trade
and Investment Lord Mandelson. There were also panel discussions and round
tables in the financial, tourism, agricultural, infrastructure and ICT sectors,
as well as one-to-one business discussions.
In his opening speech, the Prime Minister said: "A two-state solution lies at
the heart of our vision for peace. A democratic Palestine must exist peacefully
next to a secure Israel. Establishing a viable Palestinian state with a stable
economy and a flourishing private sector is a crucial part of this process and
that is what today’s Business Forum is about."
The Palestinian delegation went on to present an upbeat yet realistic
assessment of the opportunities for the private sector in the Occupied
Palestinian Territories (OPTs). Tony Blair said: "This is
a good time to invest in Palestine."
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Improving trade, creating jobs
A number of announcements were made throughout the first day, including:
- the establishment of the Palestine British Business Council to facilitate and promote investment opportunities in the OPTs
- confirmation from the Fairtrade Foundation that for the first time next year, Fairtrade-certified Palestinian olive oil will be available in the UK
- a franchise agreement with Days Inn for the building of a new hotel in East Jerusalem, leading to the creation of 300 to 350 jobs and investment worth $25 million
- a Palestinian Enterprise Revitalisation Fund worth $50 million to support underperforming Palestinian businesses (approximately five to 10 a year).
The second day included face to face meetings between UK and Palestinian
business delegates. Outcomes for the day included agreement on trade
missions to the OPTs in the agriculture, tourism and information and
communication technology sectors.
It is clear that economics, politics and security are inter-linked and that a strong
and sustainable Palestinian economy is a vital component of a viable future
Palestinian state. DFID is at the forefront of efforts to make this happen.
