The president made the remarks in his inaugural address to the 3rd ministerial meeting of Economic Cooperation Organization (ECO).



"Not only the current international system is incapable of solving political, economic, social, financial and cultural problems of world nations, it is the root cause of such problems," he added.



He regretted that the present system has not been able to put an end to massacre of women and children as well as occupation and homelessness of millions of people by the Zionist regime.



Referring to world economic and monetary challenges, Ahmadinejad said there are one billion people living under the poverty line throughout the globe.



Economic ministers and senior officials from 10 ECO member states as well as representatives of international monetary and financial organizations are attending the event.



The latest developments in global markets and their impacts on member states as well as economic potentials of member states will top the agenda of the talks.



Promoting the banking, monetary and financial cooperation of the member countries and campaign against money laundering will be other topics to be discussed by the delegates.



ECO member states include Afghanistan, Azerbaijan Republic, Iran, Turkmenistan, Kyrgyzstan, Pakistan, Turkey, Kazakhstan, Uzbekistan and Tajikistan.

Tehran, Dec 23, IRNA