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Lima, October 1 (Andina)- The III Summit of Heads of State and Government of South American - Arab Countries (ASPA) will encourage investments and contribute to build a strong South-South cooperation, President of the Foreign Relations Committee of the Peruvian Congress, Javier Diez Canseco, said yesterday.

Published by Andina, Peru

Lima, October 1 (Andina)- The III Summit of Heads of State and Government of South American - Arab Countries (ASPA) will encourage investments and contribute to build a strong South-South cooperation, President of the Foreign Relations Committee of the Peruvian Congress, Javier Diez Canseco, said yesterday.

Both blocs are in a recognition phase in order to encourage a more fluid and sustainable cooperation, which can be translated into common positions in the international community.

"It is important that South America promotes a proper relationship with the Arab world ... we are in a recognition phase, countries need to recognize each other, and explore opportunities to strengthen South - South relationship," he told Andina.

The ASPA Summit, he added, is an important opportunity to strengthen that relationship so that both blocs can cooperate and coordinate positions in the framework of multilateralism.

At the level of economic and trade relations, he said Arab countries' sobereing funds are a key element to promote a greater integration.

He stated that Arab countries are looking for new investment opportunities as European countries face difficulties amid a hard economic crisis, and South America is a good alternative.