Washington, DC — One of the great frustrations among those of us who follow the Arab Maghreb Union (AMU) is the need to convince local governments to stimulate entrepreneurship, this in a region that pioneered mercantilism and international trade. While there are many historical caveats for their "risk averse" perspective, the bottom line is that too often there has been little incentive for the private sectors unless they have had some cozy relationships with their governments.
Today, the Arab uprisings are forcing governments to become more attuned to their citizens, and economic demands are front and center on their agenda. Promoting entrepreneurship has become the stuff of multiple conferences and foreign assistance programs. While this is a start, much more must be done with existing medium and large companies to jump start sustainable growth. Without mechanisms to speed job creation, all AMU governments will face diminished public support and the consequences of not delivering on promises made. So a regional investment body that can facilitate long-delayed projects with cross-border benefits makes sense.
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