Gulf Economic Forum to boost economic integration in the region
The Gulf Cooperation Council’s (GCC) Chambers of Commerce Union’s
Secretariat and the Council of Saudi Chambers (CSC) are organizing the
2nd edition of the Gulf Economic Forum (GEF), under the patronage of
Saudi Minister of Commerce and Investment Majid bin Abdullah Al-Qassabi.
The event will be held in Riyadh on Oct. 21-22, with a broad
participation of government officials, business owners and economy
leaders from the Gulf states.
Mohammed Thani Murshed Al-Rumaithi, chairman of the GCC Chambers of
Commerce Union, said: “The Gulf Economic Forum comes in the context of
the efforts exerted by the GCC countries’ governments and their private
sectors to strengthen economic cooperation.
“A large number of high-level Gulf ministers and officials in the
sectors of investment, customs, capital markets, trade and another
economic field will take part in the forum. This will boost the forum’s
activities and help deliver effective decisions and recommendations that
support the joint Gulf economy.
“The GCC leaders’ keenness to involve the Gulf private sector in
relevant laws and decisions is of great value. This support and
political will should be invested in the development of the business
environment in the Gulf countries.”
Dr. Sami bin Abdullah Al-Obaidi, chairman of the Council of Saudi
Chambers, said: “The second Gulf Economic Forum is one of the important
economic activities in the Gulf region. It discusses the activation of
economic cooperation, the acceleration of the integration’s pace, the
strengthening of the private sector’s role in the sustainable
development process and allowing the Gulf business sector to increase
its contribution to development projects.
“This forum will hopefully come up with strong and effective
recommendations that will help overcome the main challenges facing the
process of unity and economic integration in the Gulf.”
He also highlighted the importance of the topics to be discussed in the
forum. “They include the Gulf Customs Union, which is the main pillar in
the development of intra-GCC trade, cybersecurity, industrial cities,
free trade zones, in addition to the logistics services sector and its
significance in the GCC countries’ economies. Saudi Arabia relies a lot
on the logistics services sector in the diversification of its sources
of income, which come in line with its 2030 Vision.”
During the forum, a number of economic officials, experts and
researchers from the Gulf will discuss six main subjects. The first
session will take on the logistics services industry in each of the GCC
countries and the role these services play in the development of the
countries’ economies, while the second session will talk about the Gulf
Customs Union’s progress, its achievements and the challenges facing its
activation.
The third session will tackle the role trading plays in the logistics
services in the GCC countries, in addition to the impact of value-added
tax and the selective commodity tax on the growth of the trade sector in
the Gulf.
The investment opportunities in the logistics services sector available
in the GCC countries and their challenges will be the focus of the
forum’s fourth session.
The forum will discuss the role of industrial cities and existing free
trade zones and the support they are providing to the logistics services
sector in its fifth session.
The sixth and last session will focus on the importance of quality,
consumer protection, the improvement of trade exchange between the GCC
countries and cybersecurity.
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