Kuwait- GCC attracted USD 416.3 bln FDI in 2014- GOIC
Date
11/25/2015 8:59:19 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Nov 25 (KUNA) -- The flow of foreign direct investments (FDI) to the Gulf Cooperation Council (GCC) rose from USD 84.3 billion in 2005 to USD 416.3 billion in 2014 Secretary General of the Gulf Organization for Industrial Consulting (GOIC) Abdulaziz Al-Aqeel said on Wednesday.The six-member bloc is seeking to enhance the flow of FDI to support the industrial sector variate sources of income and reduce reliance on oil which still constitutes 47 percent of their GDP Al-Aqeel told the GCC's 15th industrialists' conference.The event kicked off here today under patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.Last year the GCC states recorded an accumulation of USD 53 billion from FDI which helped provide up to 302000 jobs in the Gulf markets he said.According to the GOIC official further flow of FDI into the GCC will bring in various benefits namely giving a push to economic development and support national economies to keep pace with the world's technological progress.In addition foreign capital will boost economic variation and the gradual shift from the consumption economy to production economy besides consolidating competitiveness of local products to help them have a more share of domestic markets which will consequently offer a remedy for the chronic deficit in the trade balance Al-Aqeel noted.He urged the GCC states to exert more efforts to develop a favorable environment to attract foreign capital.Al-Aqeel underlined the need to take a multitude of measures mainly promoting the existing policies and regulatory and legal frameworks on foreign investment and developing new ones in addition to carrying on with efforts to abolish obstacles and offering more incentives and exemptions.He noted that GOIC has always been hard at work to streamline the flow of foreign capital into the Gulf markets through several programs referring to one for industrial investment. It is also working on a study on the promising investment opportunities in countries of the region.GCC's 15th industrialists' conference is held for two days with the participation of the Kuwaiti Ministry of Commerce and Industry the Public Authority for Industry the GCC Secretariat the Union of the GCC Chambers of Commerce the Industrial Bank of Kuwait and GOIC. (Pick up previous) ht.skm.nsm.msa
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