The semi-annual economic report prepared by the General Secretariat of the Federation of GCC Chambers revealed that with the GCC economy expected to grow to 4.2% in 2014, with a total value close to $1.7 trillion, compared to $1.65 trillion in 2013, the GCC countries aspire to increase the contribution of some economic sectors to their GDP, especially the industrial sector.<\/p>\n
Therefore, the GCC countries aim to raise the contribution of the industrial sector to 25% by 2020, compared to about 10% at the present time, benefiting from the continuous growth of this sector and the volume of government and private investments flowing into industrial projects, as the volume of GCC industrial investment is expected to reach about one trillion dollars by 2020, compared to about 323 billion dollars currently, after the GCC countries complete the preparation of industrial cities that are currently underway.<\/p>\n
The report pointed out that the GCC countries are working to strengthen the industrial sector as part of their national strategies based on diversifying sources of income and creating investment opportunities in sectors other than oil and gas, although there are still many challenges facing this sector, most notably the low contribution of the small and medium industries sector in the total industrial activity despite its importance in creating jobs and achieving economic growth.<\/p>\n
The report also pointed out that the GCC countries are among their plans to support and support small and medium-sized industries. Although these enterprises constitute more than 86% of the total number of industrial establishments in the GCC countries, the size of their investments does not exceed 22% of the total investments in the GCC industrial sector.<\/p>\n
Therefore, the SME sector is expected to receive government investment in light of the limited funding opportunities from the financial market and banks, despite the job opportunities that SMEs provide for citizens.<\/p>\n
In a related context, the report emphasized that the Gulf private sector will play a pivotal role in the economy through alliances with international companies to transfer technology and benefit from productive partnership, as well as facilitating procedures for obtaining industrial inputs for the private sector to enable it to invest in manufacturing industries, with the importance of encouraging national partnerships between the private sector, petrochemical companies, and mineral industries, localizing knowledge industries, and increasing spending on research and development and unifying it with technological research for the targeted industrial sectors.<\/p>\n
The Federation of GCC Chambers also continues its efforts to create the appropriate environment to develop the performance of the GCC private sector, enhance its competitive capabilities, coordinate between the chambers of commerce and industry and their federations in the GCC countries and support them as representatives of the private sector in their countries, represent the GCC private sector before the GCC official bodies through the formulation of economic policies and trends in a way that leads to the creation of compatibility between these policies and trends and the actual requirements of the GCC private sector in light of current and future global economic developments and deepen the degree of integration of the Gulf private sector into the global economy.<\/p>\n
Within the directions of the Board of Directors of the Federation in developing and activating the sectoral committees to perform their role in line with the strategy approved in 2011, the Board decided to reconstitute the committees and link them to the technical and specialized committees, where there is the Gulf Common Market Committee, Customs Union Committee, Gulf Tourism Committee, and this step aimed to deepen the role of the Gulf private sector and express its views regarding the development of the performance of these vital sectors.<\/p>\n
The report illustrates the efforts of the General Secretariat of the Federation and the intensification of its activities during the six (6) months of 2014.<\/p>\n
In April 2014, the General Secretariat of the Federation organized a workshop in Riyadh on the effects of applying the UAE's decision to impose fees on carriers, with the participation of representatives of the UAE National Transport Authority, a representative of the General Secretariat of the Gulf Cooperation Council, representatives of member associations and chambers, Saudi and Gulf national chambers, and business owners practicing the road transport sector, the workshop came up with many recommendations that support the road transport sector in GCC countries and avoid applying unilateral fees by the GCC countries.<\/p>","protected":false},"excerpt":{"rendered":"
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