The 15th Industrialists’ Conference
“Foreign Direct Investment in GCC and its Impact on Industry”
GCC countries have achieved large financial surpluses driven by high oil and gas prices, the two main sources of income for these six countries’ GDP. In addition, these countries’ balance of payments recorded surpluses that boosted their cash reserves and foreign investments. Therefore, the desired foreign investments are not only about financial capital, but they also encompass foreign capital in the form of 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.
Specialists’ opinions vis-à-vis foreign investments do not necessarily converge: some of them consider that these flows have positive impacts strengthening the economies of target countries, others disagree while several researchers detail both positive and negative impacts. Thus, in order to determine the impact of foreign investments on Gulf economies, applied economic studies are undoubtedly needed to analyse their influence according to economic indicators of Gulf countries.
Industrialists’ Conference Background Information
The Gulf Industrialists’ Conference hosted biennially, alternating among by GCC member states, is one of GOIC’s most important achievements since its foundation in 1976. Since the first conference held in Doha in 1985, they have been contributing in developing private and public industrial sectors in GCC countries. Each conference tackles a specific topic influencing the development of industries in the region through a series of papers delivered by international experts and specialists. In fact, previous conferences resulted in recommendations that helped in developing industrial plans in GCC countries, notably in the area of the industrial development strategy.
Decision makers, officials, businessmen and industrialists are all interested in this conference. In its 14th version “Industrial Exports: Opportunities and Challenges”, the recommendations were to actively work on adopting policies and procedures aiming at facilitating the flow of Gulf exports to strengthen trade activities between Gulf countries and to benefit from GCC and Yemen seaports in addition to the existing land border points in support of Gulf industrial exports.
- Putting together clear policies to stimulate development plans in GCC countries based on a set of elements drawing foreign investors.
- Developing an ambitious strategy to develop and promote the industrial sector in order to attract more foreign investments.
- Enacting legislation’s and laws and offering facilitation’s and incentives to foreign investors in order to create a promising investment environment.
- Strengthening the level of competitiveness of GCC countries by attracting foreign investments to promote Gulf economies.
- Presenting a number of recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments and directing them in accordance with GCC strategic plans to achieve their objectives and maximize the benefit from these investments.
- Determining key pillars of GCC investment plans in the industrial sector.
- Ministries of commerce and industry in member states
- Gulf, Arab and international investment development and promotion authorities
- Chambers of commerce and industry
- Gulf, Arab and international industrial firms
- Small and medium industries authorities
- Financing banks
- Regional and international trade and foreign investment organisations
- Government sectors
- Private sector authorities and institutions