His Excellency Sameer bin Abdullah Nass, Chairman of the Bahrain Chamber of Commerce and Industry, led the chamber's delegation at the Board of Directors meeting of the Federation of Gulf Cooperation Council Chambers, held under the presidency of the Oman Chamber of Commerce and Industry in Sharjah, United Arab Emirates, yesterday morning. He confirmed that the Federation continuously encourages the Gulf private sector to enhance trade and investment cooperation among their countries to confront international economic changes and their local market repercussions.
He pointed out the importance of creating complementary industrial partnerships in the Gulf that contribute to elevating various economic sectors, in line with the directives of Their Majesties and Highnesses, the leaders of the Gulf Cooperation Council, to enhance the economic structures that achieve economic integration and sustainable development.
He explained that the Bahrain Chamber consistently incorporates Gulf economic integration principles into its future expansion policies and plans, aiming for coordination, integration, and interconnection among member states in all fields. This includes strengthening ties and cooperation between their peoples in various domains, establishing similar systems in economic, financial, and trade matters, and promoting scientific and technical advancement in economic fields. The chamber also aims to establish research centers, initiate joint projects, and encourage cooperation with the private sector.
He added that maintaining the robustness and resilience of the Gulf economy and its ability to face challenges is an urgent necessity, with part of this responsibility falling on the Gulf chambers, as the private sector is a crucial partner in achieving economic integration among the member states.
For his part, Mr. Khalid bin Mohammed Najiibi, First Vice Chairman of the Bahrain Chamber, stated that the trade exchange rate among Gulf Cooperation Council states has exceeded $100 billion during the past period, reflecting the strong brotherly relations among the Council's countries on historical, political, and economic levels. This is a result of the efforts made to enhance economic cooperation among member states. He called on the Gulf private sector to contribute to building a more stable, sustainable, and resilient economy and to work on creating an advanced Gulf business environment focused on growth and sustainability, which enhances the Gulf's status as a global financial, investment, and economic center, especially amidst current geopolitical crises and their repercussions on the member states.
Additionally, the Chairman of the Board of the Federation of Gulf Cooperation Council Chambers (FGCCC) and Chairman of the Oman Chamber of Commerce and Industry, Mr. Faisal bin Abdullah Al-Rawas, confirmed that the Federation has become significant in the Gulf economic development journey, emphasizing the strong interest of the leaders of the Gulf Cooperation Council in supporting and empowering the private sector. He added that there is clear interest from economic sector ministers in the Council to involve the private sector in economic issues, enhance communication with it, and incorporate its viewpoints in economic matters.
He noted that the Federation has achieved many accomplishments in recent times, having resolved 27 challenges raised in consultative meetings and adopted more than five initiatives at the Gulf level. Furthermore, the Federation has taken into account proposals for creating incentives to support the private sector. The Federation has also played an important role with the Customs Union in identifying key challenges facing intra-Gulf trade growth and established a work plan to address them. Additionally, the Federation has agreed with the relevant parties at the General Secretariat of the Gulf Cooperation Council to hold specialized economic seminars with the Gulf private sector on customs union issues and the Gulf common market.
For his part, His Excellency Ahmed bin Jassim Al-Zaabi, President of the Federation of UAE Chambers, emphasized the importance of these meetings in enhancing economic integration, noting that the challenges facing global economies, particularly in the region, require more partnerships between the Gulf public and private sectors.
The Board of Directors of the Federation of Gulf Cooperation Council Chambers discussed several topics at the 64th session, chaired by the Oman Chamber of Commerce and Industry in Sharjah, United Arab Emirates, including the Federation's future directions and enhancing cooperation between the public and private sectors.
AE