“The harmonization of region-wide data will add new dimension to the GCC efforts to conclude free trade agreement (FTA) in much quicker and transparent way,” Dr. Masataka Fujita, Head of Investment Trends & Issues Branch at UNCTAD told The24X7News Bahrain (www.twentyfoursevennews.com).
Dr Masataka was speaking as he attended the MENA Centre for Investment Bahrain’s first task force meeting which is being held in cooperation with GCC-Stat, Oman and the United Nations Conference on Trade and Development (UNCTAD) on foreign direct investment statistics in the Kingdom of Bahrain.
He said that the work on the first GCC Investment Report was in progress by using the harmonized data being compiled by the GCC Task Force on Foreign Investments.
The meeting was attended by representatives of central banks, statistical and financial entities of five GCC Countries and also the GCC Secretariat. The task force meeting will look into harmonizing statistical efforts between all GCC Countries under the umbrella of GCC-Stat with the help of UNCTAD. This is the first official meeting of this program. This initiative will look into creating a work plan and road map strategy for coordinating GCC Direct and Portfolio investment for 2015 to 2020. The main areas of interest are identification of statistical initiatives and projects of common interest and possible avenues of cooperation. This program will result in the creation of national country teams that will help to implement the program in their respective countries.