Gulf Economic Forum in Riyadh to Discuss Localization of Industries

Gulf Economic Forum in Riyadh to Discuss Localization of Industries

Tuesday, 4 September, 2018 - 10:00
Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo
Riyadh - Fatah Arahman Youssef
The Gulf Chambers of Commerce (GCC) is looking forward to strengthening the labor market and taxes and strengthening public-private partnerships, in parallel with the launching of the second Gulf Economic Forum in October.

Abdul Rahim Naqi, Secretary General of the Gulf Chambers Union, expected the coming period to witness the completion of the infrastructure of projects aimed at raising the growth rates of Gulf industries and enhancing their contribution to the GDP, with expectations of industrial sector growth of 25 percent and the achievement of one trillion USD in 2020.

In an interview with Asharq Al-Awsat, Naqi emphasized the need to stimulate the industrial sector and adhere to the highest quality standards to achieve the maximum degree of competitiveness in world markets, while encouraging the integration of industries such as aircraft and automotive industry, oil and gas and plastics.

Dr. Sami al-Obeidi, chairman of the Council of Saudi Chambers, called for strengthening the Gulf joint economic action and working on the path of developing and maximizing the advantages and gains achieved by the GCC countries in their march towards economic integration.

Al-Obeidi discussed in a meeting with Naqi, the aspired role of the Union, the Chambers of Commerce and the private sector in supporting GCC development trends, especially in light of the new economic vision adopted by the GCC countries and Saudi Arabia’s Vision 2030.

The meeting discussed the prospects of cooperation between the Union and the Council of Saudi Chambers as a representative of the Saudi business sector, in enhancing the role of the private sector in the economic development process in Gulf countries.

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