The Gulf Co-operation Council (GCC) states are due to meet in Muscat Saturday for the second consultative meeting.
GCC states will tackle various economic, political and social matters, which require urgent attention, said the daily Oman Observer Saturday.
The meeting assumes significance in the backdrop of the GCC states' endeavors to tailor their economies in tune with globalization and their efforts to steer the oil-rich countries away from a dependence on oil revenues, the daily added.
While attempts have succeeded in reaching a consensus on unified customs tariffs, the six Gulf states are re-doubling efforts to encourage foreign investment and create more job avenues to absorb national manpower.
Saudi Press Agency (SPA) said the role of private sector in accelerating economic growth has been given due recognition while the GCC governments are also opting for the privatization route to reinforce their economies.
Problems persist in the form of population explosion and structural imbalances in the economy, but the GCC states are fully prepared through timely corrective measures, which have curbed public expenditure and brought in reforms appealing to foreign investors, SPA said.
Security concerns have also been addressed at great length by the GCC states. They are inching closer to formulating joint military strategies to protect the region from hostile interference -- (Agencies)
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