PA Economic of Finance Al Masri: "Ramallah is gradually becoming the PA economic capital."
Palestinian Authority Minister of the Economy Maher Al-Masri has told the daily newspaper "Al-Iam" that Ramallah is becoming the Palestinian economic capital. "President Yasser Arafat always viewed Ramallah as a center of political and economic importance, and has worked towards focusing the city’s economic functions. Ramallah is investing all its resources in order to become the economic center of the future country."
Al-Masri said he referred not only to Ramallah, but to previous decisions made by Arafat, such as the decision to establish a stock exchange, a Palestinian communications company and standards institute. Al-Masri added the PA would encourage all people of means to invest in Ramallah. "This will be the greatest center of industry and workshops, and will provide all economic services. When investors discover this, they will rush to the city."
Among the encouragement of investment plans is one soon-to be-approved plan to establish a Ramallah industrial zone. Al Masri said the PA must pass laws to encourage industry, trade, housing and other investment sectors. The Ministry of the Economy and the Investment Encouragement Authority plan to complete the formulation of suggested laws for encouraging investment, and file them for approval by the PA. These laws concern power of attorney, permits and other investment-related matters. The proposed laws are meant to protect investment, as opposed to the present situation. Al Masri said the laws will be brought up for approval shortly.