IMF Chief Urges GCC States to Attract More Investment
Gulf Cooperation Council (GCC) states must attract more foreign investment to achieve their economic objectives, International Monetary Fund (IMF) managing director Horst Koehler said on Saturday.
“To do this, GCC states must demonstrate that they are politically stable and an integrated economic market,” he said during a meeting with GCC foreign ministers in Manama, reported the Gulf Daily News.
Koehler praised the GCC states for achieving economic recovery last year, which he said was due as much to the effectiveness of their policies as to higher oil prices.
According to the paper, the IMF chief was “particularly impressed with the convergence of the strategic approach of the GCC, which is focused on reducing dependency on oil and promoting non-oil investment and private sector growth.”
“I was also struck by the unanimity (among the GCC) on the need for education and training so that job-creation for the now rapidly growing young population is in the focus,” said Koehler.
Equally impressive was the spirit of cooperation within the GCC, he said, cited by the paper – Albawaba.com