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light manufacturing

Jordan: Kerry announces $4bn economic plan for the State of Palestine

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1. W/S Audience clapping 2. SOT, John Kerry, US Secretary of State: "Prime Minister Blair is shaping what I believe could be a ground breaking plan to develop a healthy sustainable private sector led Palestinian economy that will transform the fortunes of a future a Palestinian State, but also significantly transform the possibilities for Jordan and for Israel." 3. W/S Audience 4. SOT, John Kerry, US Secretary of State: "The fact is that we are looking to mobilise some $4bn [€3bn] of investment and this team of experts, private citizens donating their time are here right now. They're analysing the opportunities in tourism, construction, light manufacturing, building materials, energy, agriculture and information and communications technology. This group will make recommendations to the Palestinians, they're not going to decide anything, the Palestinians will decide that, in their normal course of governance." 5. W/S Audience 6. SOT, John Kerry, US Secretary of State: "These experts believe that we can increase the Palestinian GDP by as much as 50% over three years. 7. M/S Audience 8. SOT, John Kerry, US Secretary of State: "Ultimately, as the investment climate in the West Bank and Gaza improves, so will the potential for a financial self sufficient Palestinian Authority, that will not have to rely as much on foreign aid." 9. M/S Audience SCRIPT Jordan: Kerry announces $4bn economic plan for the State of Palestine US Secretary of State John Kerry unveiled a $4bn (€3bn) economic investment plan for the Palestinian economy at the World Economic Forum in Southern Shuneh, Jordan on Sunday. Israeli President Shimon Peres, Palestinian President Mahmoud Abbas, Jordan's King Abdullah II and US Secretary of State John Kerry all spoke at the forum about future of peace in the Middle East region. US Secretary of State introduced a new plan, being devised by the leader of the Quartet, former British Prime Minister Tony Blair, which hopes to revitalise the Palestinian economy with investments from business leaders and private companies. This plan will not only transform the Palestinian economy but hopefully, spill over to other parts of the region. Kerry said, "Prime Minister Blair is shaping what I believe could be a ground breaking plan to develop a healthy sustainable private sector led Palestinian economy that will transform the fortunes of a future Palestinian State, but also significantly transform the possibilities for Jordan and for Israel." The private investment team will focus on different sections of the economy and are planning to build from the ground level up, while acting as advisors to the Palestinian Authority. Kerry gave some details on the plan: "The fact is that we are looking to mobilise some $4bn [€3bn] of investment and this team of experts, private citizens donating their time are here right now. They're analysing the opportunities in tourism, construction, light manufacturing, building materials, energy, agriculture and information and communications technology. This group will make recommendations to the Palestinians, they're not going to decide anything, the Palestinians will decide that, in their normal course of governance." Kerry acknowledges that the plan is optimistic but, he does not believe in being cynical about the matter, "These experts believe that we can increase the Palestinian GDP by as much as 50% over three years." The economy of the Palestinian state remains in perilous condition, with President Mahmoud Abbas saying that Israeli obstacles have held them back from fully exploiting capital and resources. The United Nations noted in a September 2012 report that restrictions on travel with the West Bank have severely damaged prospects for investment in the area. According to the International Monetary Fund, a quarter of the Palestinian population was also unemployed by the end of 2012, with that figure expected to rise given a poor fiscal outlook. As the state prepares to mark th...