The Parliamentary Assembly of the Mediterranean has formally set-up its own working initiative for the regional development of trade and investments. The Panel was launched on the occasion of a two day meeting in Lisbon (27-28 May, 2010), hosted by the Portuguese Parliament and co-organised together with the Portuguese Business Development Agency (AICEP).

PAM is already actively committed to the economic dimension of parliamentary diplomacy in the Mediterranean within the framework of the 2nd Standing Committee, which deals with economic, social and environmental cooperation. A Special Task Force on Free Trade in the Mediterranean was set-up in 2008, paving the way for further discussions on the sector and leading to the initiative launched in Portugal.

More than 50 delegates from PAM member states national Parliaments, national Trade and Investment Agencies, Employers and employees Associations, Banks and Financial institutions, and Chambers of Commerce, participated in the debate, following which, the Panel was established and it was further unanimously agreed to set up an action group consisting of representatives of all economic actors in the region, which will prepare a structured plan, serving as a platform for the Panel’s future initiatives.

Among other suggestions, particular attention was dedicated to the practical proposal put forward by Charles Henry Malécot of the “Caisse des Dépôts et Consignations” of France. He made reference to the Milhaud Commission set up at the behest of French President Nicolas Sarkozy, with a view to studying the feasibility of creating an investment bank for the development of the Mediterranean region. Mr. Malécot made reference to the Commission’s proposal to support the establishment of a Mediterranean Investment Bank (MIB) as a subsidiary to the European Investment Bank, with countries from the Mediterranean participating themselves in part financing the Bank. In the discussion that ensued it was agreed that such an institution could make access to funding much easier and that such an idea should be further pursued and studied. It was also underlined that a cohesive approach is required and that the financial aspect of the Panel and the MIB should be matched by an equally strong social element, especially with regards to the Small and Medium-Sized Enterprises, whose role in the social texture of all countries represents a crucial value to the holistic approach to development.

PAM has an important role to play, and as its Vice-President Hon. Abdelkader Fedala (Algeria) said, “PAM considers itself as a catalyst for investment in the Mediterranean region. It wishes to work alongside other interested organisations, academia and the private sector, therefore emphasising its role as a driving force for dialogue, as well as assisting national parliaments”. It was further decided to study the best possible way for PAM Parliamentarians to support and promote the establishment of a Mediterranean Investment Bank, with the advice of M. Malecot. A course of action will be decided at the PAM Plenary Session to be held at the end of October in Morocco.

PAM also welcomed the initiative of the Chamber of Commerce of the city of Savona, Italy, to launch a regional project for the International Exhibition of Mediterranean Food and Flavours (IMEFF), which represents an excellent practical example of an action which can be held under the aegis of PAM and its newly created Panel. “PAM is an ideal forum for the promotion of this International Exhibition, especially among national parliaments”, Mr. Giancarlo Grasso, President of the Savona Chamber said.

The Parliamentary Assembly of the Mediterranean has formally set-up its own working initiative for the regional development of trade and investments. The Panel was launched on the occasion of a two day meeting in Lisbon (27-28 May, 2010), hosted by the Portuguese Parliament and co-organised together with the Portuguese Business Development Agency (AICEP).

PAM is already actively committed to the economic dimension of parliamentary diplomacy in the Mediterranean within the framework of the 2nd Standing Committee, which deals with economic, social and environmental cooperation. A Special Task Force on Free Trade in the Mediterranean was set-up in 2008, paving the way for further discussions on the sector and leading to the initiative launched in Portugal.

More than 50 delegates from PAM member states national Parliaments, national Trade and Investment Agencies, Employers and employees Associations, Banks and Financial institutions, and Chambers of Commerce, participated in the debate, following which, the Panel was established and it was further unanimously agreed to set up an action group consisting of representatives of all economic actors in the region, which will prepare a structured plan, serving as a platform for the Panel’s future initiatives.

Among other suggestions, particular attention was dedicated to the practical proposal put forward by Charles Henry Malécot of the “Caisse des Dépôts et Consignations” of France. He made reference to the Milhaud Commission set up at the behest of French President Nicolas Sarkozy, with a view to studying the feasibility of creating an investment bank for the development of the Mediterranean region. Mr. Malécot made reference to the Commission’s proposal to support the establishment of a Mediterranean Investment Bank (MIB) as a subsidiary to the European Investment Bank, with countries from the Mediterranean participating themselves in part financing the Bank. In the discussion that ensued it was agreed that such an institution could make access to funding much easier and that such an idea should be further pursued and studied. It was also underlined that a cohesive approach is required and that the financial aspect of the Panel and the MIB should be matched by an equally strong social element, especially with regards to the Small and Medium-Sized Enterprises, whose role in the social texture of all countries represents a crucial value to the holistic approach to development.

PAM has an important role to play, and as its Vice-President Hon. Abdelkader Fedala (Algeria) said, “PAM considers itself as a catalyst for investment in the Mediterranean region. It wishes to work alongside other interested organisations, academia and the private sector, therefore emphasising its role as a driving force for dialogue, as well as assisting national parliaments”. It was further decided to study the best possible way for PAM Parliamentarians to support and promote the establishment of a Mediterranean Investment Bank, with the advice of M. Malecot. A course of action will be decided at the PAM Plenary Session to be held at the end of October in Morocco.

PAM also welcomed the initiative of the Chamber of Commerce of the city of Savona, Italy, to launch a regional project for the International Exhibition of Mediterranean Food and Flavours (IMEFF), which represents an excellent practical example of an action which can be held under the aegis of PAM and its newly created Panel. “PAM is an ideal forum for the promotion of this International Exhibition, especially among national parliaments”, Mr. Giancarlo Grasso, President of the Savona Chamber said.