GCC private sector adds USD320b to economy in 2010 

(MENAFN) The Federation of GCC Chambers of Commerce and Industry (FGCC) said that the Gulf Cooperation Council's (GCC) private sector's contribution to the economy in 2010 was between 33-35 percent, reaching USD320 billion, reported Emirates 24/7.

The FGCC added that the sector's contribution to the GCC's overall gross domestic product (GDP) jumped around 14.9 percent from nearly USD205 billion in 2005, to around USD236 billion in 2006.

It also said that the contribution leaped by about 15 percent, reaching USD272 billion in 2007.

It is worth noting that the GCC countries must launch reforms to stimulate the region's economy and the private sector, according to the FGCC, which added that the region should address obstacles that include existing restrains on land and stocks ownership in member countries, a ban on the establishment of firms without local partners and restrictions on banks to open branches in other GCC members.