Chinese Ambassador to Egypt Wu Sike said on Sunday that the Egyptian government is doing a good job in hosting the World Economic Forum (WEF) conference on the Middle East.

The three-day glitzy forum, under the theme of "The Promise of a New Generation," opened on Saturday in Egypt's Red Sea resort of Sharm el-Sheikh.

The WEF meeting was held in Egypt for the first time but the fourth time in the Middle East. Jordan had hosted the previous three gatherings since June 2003.

Wu, who was invited to the economic forum on behalf of the Chinese government, told Xinhua on the sidelines of the conference that such a conference is very good not only to Egypt and its economy but also to the whole region.

Addressing the forum on Saturday, the veteran diplomat explained China's views on the current political and economic situation, its achievements in the last two decades and future development prospects.

Mideast peace, stability and development is closely linked to peace and development of the whole world and the international community is paying close attention to the region, said Wu.

The WEF conference has been playing an even more important role in regional economy and politics, he said, adding that the forum has become an important platform for regional and world political and business leaders to conduct dialogues, promote mutual understanding and push ahead with regional development.

Klaus Schwab, founder and executive chairman of the WEF, expressed his appreciation of Wu's participation, telling Wu that the WEF values its cooperation with China.

Some 1,200 political and business leaders from 46 countries attended the forum, including U.S. Deputy Secretary of State Robert Zoellick, Israeli Deputy Prime Minister Shimon Peres and Foreign Minister Tzipi Livni, Palestinian leader Mahmoud Abbas, Pakistani Prime Minister Shaukat Aziz, Malaysian Prime Minister Abdullah Ahmad Badawi and Turkish Prime Minister Recep Tayyip Erdogan.

The forum, modelled on the WEF's annual meeting at the Swiss Alpine resort of Davos, is held as a platform for worldwide leaders to discuss economic reforms, unemployment and regional stability and peace in the troubled Middle East.

Incorporated as a foundation in 1971, the Geneva-based WEF is an independent international organization committed to improving the state of the world by engaging leaders in partnership to shape global, regional and industry agendas.

Source: Xinhua