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Qatar: Private sector plays a pioneering role in leading GCC development

Friday, 09 April 2010 15:40

The technical and organizational capabilities wielded by the private sector in the Gulf Cooperation Council (GCC) states are a safety valve for GCC economies against global economic turbulence, Qatari Minister of State for International Cooperation Dr. Khaled Al-Attiyah said .

Al-attiyah pointed out in his address at the close of a ceremony marking the 30th anniversary of founding the Federation of GCC Chambers of Commerce (FGCCC) that such capabilities owned by the private sector have increased as it has tangible activities in many fields. He added that private sector contributes to implementing plans and policy of the diversification of economy base that marked a safety valve for the GCC economies against global economic upheavels.

Further, the GCC private sector plays a pioneering and pivotal role in leading the economic development under the current world drive toward globalization, liberalization of economy and depending on the market forces including supply and demand, Al-Attiyah said.

The Qatari minister also remarked that the businesspeople in the GCC states should go ahead with achieving the goals set by the GCC leaders, especially after the private sector realized the mechanisms and procedures related to putting the joint GCC market into effect.

These procedures comprise ten tracks set by the GCC Unified Economic Agreement including the right to travel, stay and own property, the right to trade in and buy shares and set up businesses, the right to take up professions and economic activities, the right to health care and education, he explained.

Al-Attiyah also drew attentions that the achievements made following the launch of the GCC Common Market in Doha are limitless in spite of the short interval passed.
This is clear from the remarkable increase in the volume of the GCC inter-trade since the establishment of the GCC Customs Union in 2003 as it jumped from USD 15 billion in 2002 to USD 65 billion in 2008, namely an increase of 327 percent, he said.

He finally noted that this comes out of the direct impact of the decision made on setting up the GCC Customs Union, asserting that such figures could be pushed up to higher levels in the future and that GCC gatherings will certainly bolster joint efforts for expanding economic cooperation among the GCC states in all fields. (KUNA)

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Last Updated on Friday, 09 April 2010 15:48

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