GCC Promotes Five Industrial Opportunities to Reduce Imports, Strengthen Regional Manufacturing

The Gulf Cooperation Council (GCC) is promoting five priority industrial investment opportunities to the region’s private sector, as part of efforts to reduce reliance on imports and diversify the economy.

The industries cover high-pressure seamless pipes for the oil and gas sector, sterile single-use surgical instruments, high-purity copper cathodes, silicon wafers used in semiconductors, and multi-parameter patient monitoring devices.

The initiative was introduced during a workshop organized by the Oman Chamber of Commerce and Industry, in cooperation with the GCC Secretariat General and the Federation of GCC Chambers. It follows a decision by GCC Industry Ministers during their 56th meeting in April to approve the outcomes of a study on preparing and promoting five joint Gulf industrial investment opportunities in priority industrial activities for the private sector.

Yousuf Ali Al Sunaidi, Director of the Industry and Mineral Resources Department at the GCC Secretariat General, said the private sector is a key partner in advancing economic development and industrial integration among GCC states. He added that the GCC’s unified strategy for industrial development provides a framework to support industrial growth, most notably preparation of joint Gulf industrial investment opportunities in priority activities.

Lamia Al Shunaifi from the GCC Secretariat General also highlighted the role of the Economic and Development Affairs Authority in supporting economic integration among member states. She added that the project aims to enhance industrial integration, reduce import dependence, improve the competitiveness of Gulf industries, and create quality job opportunities.

The five industries were chosen after a review of 26 potential investment opportunities, which was narrowed to 15 before the final list was approved.

Related: MoIAT Secures AED18 Billion in Financing Commitments for the Industrial Sector