(MENAFN- Gulf Times) Attracting more foreign direct investments to promote Gulf economies could help strengthen the level of competitiveness of GCC countries, Public Authority for Industry (PAI) acting director-general Mohamed Fahad al-Ajmi said.
Al-Ajmi was referring to one of the objectives of the Gulf Organisation for Industrial Consulting-initiated (Goic) "15th Industrialists Conference" slated on November 25 to 26 in Kuwait.
Al-Ajmi said the conference, which carries the theme "Foreign Direct Investments: Their Impact on Gulf Industries," would focus on clear policies to stimulate development plans in GCC (Gulf Cooperation Council) countries to attract foreign investors.
It also seeks to create an ambitious strategy to develop and promote the industrial sector to attract more foreign investments, and to enact legislations and laws, and offer facilitations and incentives to foreign investors to create a "promising" investment environment.
"Participants are expected to put together a number of recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments.
"It also aims to manage foreign investments according to the GCC strategic plans to achieve their development goals and maximise the benefits of these investments. In addition, participants will work on determining key pillars of the GCC investment plans in the industrial sector," al-Ajmi explained.
GOIC secretary general Abdulaziz bin Hamad al-Ageel said the conference features several themes such as the current status, development, and incentives of foreign investments in GCC countries; and the role of foreign investments and their impact on GCC economies.
Other themes include the role of the private sector and small and medium-sized enterprises (SMEs) in drawing foreign direct investments; preparing and improving GCC's investment environment, and foreign investments in the industrial sector and their role in developing knowledge and transferring technology.
Al-Ageel said the conference is being held under the patronage of the Emir of Kuwait, Sheikh Sabah al-Ahmad al-Jaber al-Sabah, with the participation of GCC ministers of industry, Kuwait's Ministry of Commerce and Industry, and PAI.
"It is also being held in collaboration with the Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Chamber of Commerce and Industry (KCCI), and in co-ordination with the secretariat-general of the Gulf Cooperation Council and the Federation of GCC Chambers (FGCCC)," al-Ageel said.
He said GOIC member states take turns in hosting the conference, which is held every other year. "Since the first conference held in Doha in 1985, they have been contributing in developing private and public industrial sectors in GCC countries," he explained.
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," al-Ageel added.
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