Private Sector Plays Pivotal Role To Achieve Gulf Economic Integration

(MENAFN- The Peninsula) The Peninsula

Doha, Qatar: The Qatar Chamber (QC) hosted yesterday the 63rd Board of Directors Meeting of the Federation of GCC Chambers (FGCCC) at the Sheraton Hotel.

The meeting was chaired by Hassan bin Muajab Al Huwizi, President of the Federation of GCC Chambers (FGCCC) and President of Saudi Chambers of Commerce, in the presence of QC Chairman sheikh Khalifa bin Jassim Al Thani and with the participation of chairmen of GCC chambers and federations of chambers.

The Chamber's delegation participating in the meeting included Rashid bin Hamad Al Athba, Second Vice-Chairman, and board members Sheikh Hamad bin Ahmed Al Thani, Ibtihaj Al Ahmadany, Eng. Ali bin Abdullatif Al Misnad, and Mohamed bin Ahmed Al Obaidli, as well as Ali bu Sherbak Al Mansouri, Deputy General Manager.

The meeting touched on many topics in connection with enhancing economic and trading links between the GCC states, in addition to revitalizing the role of the private sector in the Gulf economy, in a way that helps in maximising the intra-Gulf trade.

In his remarks, QC Chairman, Sheikh Khalifa bin Jassim Al Thani voiced his hope that the meeting would contribute to achieving objectives of the FGCCC, foremost of which is the enhancement of the Gulf private sector's role in promoting prosperity, economic integration, and sustainable development.

Sheikh Khalifa also noted that the ongoing political and economic shifts affecting the global economy, coupled with the current geopolitical challenges and their impacts on GCC countries, have compelled us to redouble our efforts in enhancing economic, trade, and investment cooperation among our states.

He emphasized that the GCC possesses significant potential and capabilities, in addition to a strong desire and will to achieve economic unity, both at the leadership and public levels.

He stressed that the GCC owns all the potential to become a strong economic alliance capable of imposing itself on the global economic map, indicating that this is attributed to the natural resources it owns, and its distinctive geographical location, in addition to the robust relations with a multitude of global economic entities and alliances.

Sheikh Khalifa underscored the pivotal role of the Gulf private sector in fostering economic integration among member states, the significance of collaborative efforts between member chambers to support the Gulf private sector, strengthen alliances, and foster partnerships among Gulf firms.

For his part, Hassan bin Muajab Al Huwizi, President of the Federation of GCC Chambers (FGCCC) and President of Saudi Chambers of Commerce, highlighted the numerous developments in Gulf economic affairs within the GCC. He noted the positive growth achieved by GCC countries, in which the private sector played a key role.

He also pointed out that our countries have achieved higher rankings in various global indicators, including competitiveness. He affirmed that GCC countries are among the most important global economies, attracting both local and foreign investments and experiencing remarkable growth in promising sectors such as technology and tourism.

Al Huwizi underscored that the FGCCC should capitalize on opportunities arising from the council's visions, strengthen partnerships with concerned bodies in the GCC countries at the highest levels, and foster coordination with the GCC General Secretariat, aiming to empower the private sector and increase its contribution in the GCC GDP.

The meeting's agenda included the approval of the previous meeting's minutes, the announcement of the transition of the Federation's Presidency to the Oman Chamber of Commerce and Industry for the 23rd session from February 10, 2024, to February 9, 2026.

The agenda also included the follow-up on resolutions from the 62nd meeting, the draft work programme of the General Secretariat of the Federation for 2024, and the draft estimated budget for 2024. Additionally, the meeting addressed the outcomes of the consultative meeting with Their Excellencies and the Ministers of Trade and Industry of the GCC countries.

MENAFN22122023000063011010ID1107646196