International conference on Industrial Investment in the GCC Countries opens in Ras Al Khaimah

International conference on Industrial Investment in the GCC Countries opens in Ras Al Khaimah
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Published November 7th, 2010 - 08:43 GMT

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The International Conference on ' Perspectives of Industrial Investment in the Gulf Cooperation Council (GCC) Countries' opened at the Al Hamra Convention Centre here today with a call to stimulate inter- GCC industrial investment and strengthen the process of economic integration in the Gulf region.

H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, attended the opening session of the conference organised by the Department of Economic Development, Government of Ras Al Khaimah in cooperation with the School of Business and Management of the American University of Sharjah and the UAE Ministry of Economy.

Addressing the conference, H.E. Abdul Rahman bin Hamad Al Attiyah, Secretary General of the GCC, said that the implementation of the Customs Union will hasten the industrial development in the GCC countries. "The Customs Union will be a vital step that would contribute to greater economic integration among GCC countries and would hasten the development of the industrial sector by facilitating easier movement of goods and commodities," Abdul Rahman Al Attiyah said.

Al Attiyah said that among the various steps taken by the GCC to facilitate economic integration were the adoption of the Unified Commercial Policy which aims at unifying the external trade policy of the GCC countries and dealing with the outside world as a single economic block and the launch of the GCC Common Market policy at the Doha Summit in 2007.

He also called for fostering scientific and research cooperation among GCC countries and increased involvement by the private sector to achieve the industrial vision of GCC member states.

Mohammed Ahmed Al Shehhi, Director General of the UAE Ministry of Economy, in the speech delivered on behalf of H.E Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said that the GCC countries should address the issue of higher costs of production and upgrade its industrial infrastructure to optimize the competitive advantages the region has in the industrial sector.

Sheikh Mohammed bin Kayed Al Qasimi, Vice Chairman of RAK Department of Economic Development, Dr. Peter Heath, Chancellor of American University of Sharjah, and Hall Delano Roosevelt, President and CEO of Roosevelt Consulting Inc. and grandson of former US President Franklin Roosevelt, spoke at the inaugural session of the conference.

Senior government officials, economists and development planners from across the GCC are participating in the conference which will conclude on Monday. 

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