GCC to address impact of foreign direct investments

21/04/2015 00:55 AST

The Gulf Organization for Industrial Consulting (GOIC) announced Sunday that the 15th Industrialists’ Conference titled “Foreign Direct Investments: Their Impact on Gulf industries” will be held on Nov. 25-26, 2015 in Kuwait.

The event is in collaboration with Kuwait Direct Investment Promotion Authority (KDIPA) and Kuwait Chamber of Commerce and Industry (KCCI) and in coordination with the GOIC Secretariat-General and the Federation of GCC Chambers (FGCCC).

GOIC Secretary General Abdulaziz Bin Hamad Al-Ageel said “the desired foreign investments are not only in the form of financial capital, but they also encompass foreign capital as advanced technology, research and development, knowledge-based industries, marketing, organization and innovative administration in various production and services fields.

The objective is to promote high-tech Gulf industries to achieve acceptable levels of competitiveness and reinforce global networking at the levels of value chains and demand.”

He noted that Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, is particularly interested in promoting joint Gulf activities in order to achieve economic development and boost GCC industrial sector for the best of Gulf nations and people.

The Conference aims at putting together clear policies to stimulate development plans in GCC countries based on a comprehensive set of elements drawing foreign investors.

It also seeks to build an ambitious strategy to develop and promote the industrial sector in order to attract more foreign investments.

Furthermore, it aims at enacting legislations and laws and offering facilitations and incentives to foreign investors in order to create a promising investment environment.

Among its objectives is to strengthen the level of competitiveness of GCC countries by attracting foreign investments to promote Gulf economies and to deliver a number of recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments and directing foreign investments in accordance with GCC strategic plans to achieve their objectives and maximize the benefit from these investments.

In addition to that, it will endeavor to determine key pillars of GCC investment plans in the industrial sector.

Saudi Gazette