Kuwait un­der­lines pri­vate sec­tor’s key role to pro­mote GCC econ­omy, trade

Kuwait Times - - LOCAL -

Kuwait Min­is­ter of Com­merce and In­dus­try Dr Yusuf Al-Ali said Mon­day the GCC suc­ceeded in in­creas­ing pri­vate sec­tor’s con­tri­bu­tion to pro­mot­ing eco­nomic and trade re­la­tions among the GCC states. Ali was speak­ing af­ter a meet­ing be­tween Min­is­ters of Com­merce and rep­re­sen­ta­tives of the pri­vate sec­tor in the six Gulf Co­op­er­a­tion Coun­cil. “Th­ese meet­ings are very im­por­tant and were al­ready bear­ing fruit through pro­mot­ing role of pri­vate sec­tor in build­ing economies of the GCC coun­tries,” he said.

Ali said they have dis­cussed prob­lems fac­ing pri­vate sec­tor, and how it could boost eco­nomic co­op­er­a­tion among the six GCC coun­tries. The par­tic­i­pants, he added, raised some so­lu­tions to th­ese prob­lems, which he did not men­tion. “The pri­vate sec­tor has been play­ing a very im­por­tant role in the economies of the GCC coun­tries,” he said. The GCC is look­ing for­ward for a greater pri­vate sec­tor role in order to achieve fur­ther rev­enues and eco­nomic growth at the na­tional and re­gional lev­els, said Ali.

Talal Al-Kharafi, mem­ber of board of Kuwait Cham­ber of Com­merce and In­dus­try (KCCI), said th­ese meet­ings were im­por­tant be­cause they address ob­sta­cles fac­ing pri­vate sec­tor. Th­ese meet­ings aimed at fa­cil­i­tat­ing trade and in­vest­ment among the GCC coun­tries, as well as uni­fy­ing leg­is­la­tions and open­ing branches of com­pa­nies in other mem­ber coun­tries, he said. Kharafi said the GCC coun­tries were wit­ness­ing an ad­vanced stage of eco­nomic in­te­gra­tion. — KUNA

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.