AL ATTIYAH SAYS BAHRAIN WILL BENEFIT MOST FROM THE GCC COMMON MARKET

AL ATTIYAH SAYS BAHRAIN WILL BENEFIT MOST FROM THE GCC COMMON MARKET

date: 23 03, 2008


MANAMA, MARCH 23, (BNA)--BAHRAIN WILL BE PARTICULARLY THE BIGGEST BENEFICIARY OF ALL THE GCC COUNTRIES FROM THE LAUNCH OF THE GCC COMMON MARKET THANKS TO ITS OPEN ECONOMY, EXPERIENCE AND PASSED LEGISLATION, GCC SECRETARY GENERAL ABDULRAHMAN BIN HAMAD AL ATTIYAH AFFIRMED TODAY IN A SPEECH GIVEN AT A MEETING HELD BY BAHRAIN CHAMBER OF COMMERCE AND INDUSTRY (BCCI) ON THE COMMON MARKET.

HE URGED TO SPEED UP LEGISLATION IN THE GCC COUNTRIES TO GIVE A PUSH TO THE GCC COMMON MARKET, EXPRESSING HOPE TO ACHIEVE A MONETARY UNION AND THE COMMON GCC CURRENCY IN LINE WITH THE RECOMMENDATIONS OF 2001 GCC SUMMIT IN MUSCAT AND THE LATEST SUMMIT IN DOHA.

AL ATTIYAH UNDERLINED KUWAITS COMMITMENT TO THE MONETARY UNION PROJECT WHILE OMAN, HE SAID, WOULD JOIN WHEN APPROPRIATE ACCORDING TO ITS ECONOMIC SITUATION.

HE ALSO CALLED FOR TRUE PARTNERSHIP BETWEEN THE GCC SECRETARIAT GENERAL AND THE CHAMBERS OF COMMERCE AND INDUSTRY IN THE GCC COUNTRIES TO ACTIVATE THE GCC COMMON MARKET AND TRANSLATE IT INTO A REALITY.

ON HIS PART, MINISTER OF INDUSTRY AND COMMERCE DR.
HASAN ABDULLAH FAKHRO STRESSED IN A SPEECH, DELIVERED ON HIS BEHALF BY UNDERSECRETARY FOR COMMERCIAL AFFAIRS DR.
ABDULLAH AL MANSOUR, THE KEY ROLE PLAYED BY THE PRIVATE SECTOR IN THE ECONOMIC AND SOCIAL DEVELOPMENT PROCESS TAKING PLACE IN BAHRAIN AND THE GCC STATES AT LARGE, UNDERLINING THE NEED TO INVOLVE THIS VITAL SECTOR IN THE ECONOMIC DECISION-MAKING PROCESS, NOTABLY AFTER THE LAUNCH OF THE GCC COMMON MARKET.
THE MINISTER HIGHLIGHTED THE MULTIPLE ECONOMIC, COMMERCIAL AND INVESTMENT OPPORTUNITIES TO BE GENERATED BY THE GCC COMMON MARKET FOR ESTABLISHMENTS AND INDIVIDUALS THANKS TO A FREE COMMODITY EXCHANGE, FREELANCE EXCHANGE OF SERVICES, EASY CAPITAL TRANSFER AND LABOUR FORCE MOBILITY.
DR.
FAKHRO URGED THE PRIVATE SECTOR TO ENHANCE ITS PARTICIPATION IN THE DEVELOPMENT PROCESS IN THE COMING PHASE AND EXPAND ITS INVESTMENTS IN ALL FIELDS.
WITHIN THE SAME CONTEXT, CHAIRMAN OF THE UNION OF GCC CHAMBERS OF COMMERCE DR.
ISSAM ABDULLAH FAKHRO CALLED ON THE GOVERNMENT AND PRIVATE SECTORS TO JOIN EFFORTS IN ACTIVATING THE RESOLUTIONS ISSUED BY THE GCC SUPREME COUNCIL WHICH SEEK TO ACHIEVE FULL GCC ECONOMIC CITIZENSHIP AND GET RID OF BUREAUCRACY WHICH MAY UNDERMINE THE COMMON MARKET AND IMPAIR ITS IMPLEMENTATION MECHANISMS.
HE STRESSED THE IMPORTANCE OF EFFECTIVE PARTNERSHIP BETWEEN THE GCC CHAMBERS OF COMMERCE AND GOVERNMENTS THROUGH THE EFFORTS OF THE MINISTERIAL AND TECHNICAL COMMITTEES.FAKHRO SAID THAT THE GCC HAS TAKEN A MAJOR STEP IN THE TRACK OF ITS ECONOMIC PROGRESS BY LAUNCHING THE JOINT MARKET.
HE LOOKED FORWARD TO REACHING COMPLETE ECONOMIC UNITY BY ISSUING A UNIFIED CURRENCY.
FACTORS CONTRIBUTING TO THE SUCCESS OF THE CURRENCY ARE NOW AVAILABLE MORE THAN ANY OTHER TIME AFTER THE LAUNCH OF THE JOINT MARKET, HE SAID.
FAKHRO POINTED OUT TO THE IMPORTANCE OF LOOKING AT THE JOINT GCC MARKET AS THE CORE OF A JOINT ARAB MARKET.
ON HIS PART, FEDERATION OF GCC CHAMBERS OF COMMERCE SECRETARY GENERAL ABDUL RAHEEM NAQI OUTLINED SOME OF THE INDICATORS RELATED TO THE LIBERATION OF PRODUCTS INVESTMENTS AMONG GCC STATES AND THE ROLE THAT THE JOINT MARKET COULD HAVE IN INCREASING THE EXCHANGE OF TRADE AND INVESTMENT AMONG THEM.
THE NUMBER OF JOINT GCC PROJECTS REACHED AROUND 1,000, HE SAID, NOTING THAT THE SUM OF THEIR CAPITAL DID NOT EXCEED USD205 BILLION IN 2005.
ON THE OTHER HAND, JOINT-STOCK COMPANIES ALLOWING GULF CITIZENS TO TRADE IN THEIR SHARES REACHED 524 OUT OF A TOTAL OF 1,000 COMPANIES, HE SAID.
ACCORDING TO NAQI, THERE ARE ONLY 16 BRANCHES OF GULF BANKS IN COUNCIL MEMBER COUNTRIES.
THE NUMBER OF GCC CITIZENS OWNING PROPERTY IN OTHER GCC STATES DID NOT EXCEED 34,000, HE NOTED.
THE SIZE OF TRADE EXCHANGE AMONG GCC COUNTRIES ONLY REACHED 10 PER CENT OF THE TOTAL OF EXCHANGE IN THE AREA, HE ADDED.
WITH THE JOINT MARKET, HE SAID, THE RATE IS EXPECTED TO MORE THAN DOUBLE, ACCORDING TO ESTIMATIONS.
A SIGNIFICANT SHARE OF GCC INVESTMENTS ABROAD, WORTH AROUND USD 1 TRILLION, COULD ALSO BE FORWARDED TO THE ECONOMIES OF COUNCIL COUNTRIES INSTEAD, HE SAID.
THE MEETING ALSO COVERED VARIOUS ASPECTS RELATED TO THE LAUNCH OF THE GCC JOINT MARKET.
IT DISCUSSED THE MEANS OF ACHIEVING GCC ECONOMIC CITIZENSHIP THROUGH THE POTENTIALS MADE AVAILABLE BY THE MARKET.
THIS COULD BE DONE BY FAMILIARIZING BUSINESSMEN AND VARIOUS ECONOMIC SECTORS WITH THE RULES AND REGULATIONS RELATED TO GCC ECONOMIC CITIZENSHIP.
NTQ/MT 23-MAR-2008 19:18