The Kingdom of Saudi Arabia, realizes the importance to boosting contribution of the GCC’s private sector in all economic aspects and provisions of appropriate investment climate, a senior Saudi official said.
The Kingdom of Saudi Arabia’s Minister of the Economy, Dr. Mohammed bin Suleiman Al-Jassir, said that such steps were aimed at creating mutual investments and to direct Gulf investments to the inside of the GCC-member states in the industrial and housing sectors and to activate the role of GCC money markets in compliance with resolutions passed by the Supreme Council of their Majesties and their Highnesses leaders of the GCC states by opening GCC labor markets for national workforces in addition to activation of channels of consultation with the private sector during the phase of building the Arabian Gulf’s economic stability.
The Minister asserted the importance of the GCC’s accomplishments on the road to economic integration and unity, and expressed his hopes for addressing any remaining obstacles in order to achieve full integration and unity as soon as possible.
On the occasion of the 33rd GCC Summit of their Majesties and their Highnesses leaders of the GCC countries, the Saudi Economic Planning Minister, emphasized the importance of seeking ways and means to bolster joint GCC march in various fields in order to realize aspirations of GCC citizens in terms of integration and unity and to proceed towards brighter and more advanced future.
The Saudi Minister asserted the move from the phase of GCC cooperation to the phase of Gulf Union in line with the invitation of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud in the light of regional and international transformations in order to preserve the GCC entity and develop it and give more impetus for the joint march of its member states in all spheres.
The Saudi Minister of the Economy and National Planning highlighted the significance to activate the invitation to move from the phase of GCC cooperation in order to boost the Arabian Gulf’s economic power and efficiency with other regional and international blocs in order to serve the best interests of GCC citizens.
Dr. Mohammed Al-Jassir cited steps achieved so far until now on the road to economic integration, including customs’ tariffs vis-à-vis the outside world, announcing of the Gulf Common Market and Currency Union, egalitarianism between GCC citizens, the freedom of movement of people, capital and investments and benefiting from public services which satisfy basic economic conditions to move on to the phase of the Gulf Union. The Minister also cited his country’s development plan aimed to realize GCC economic integration.