Oman’s Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef said that industry is a key economic sector at the level of the GCC countries.
It ranks second among the member countries with a contribution of more than 12.2 percent, he added.
This sector grew by 8 percent during 2022 compared to 2021, reaching $434 billion.
The city of Salalah witnessed the inauguration of the first Gulf industrial exhibition, on the sidelines of the 65th Trade Cooperation Committee, the 51st Industrial Cooperation Committee, the 6th Ministerial Committee for Standardization Affairs, and the consultative meeting between Commerce and Industry ministries and heads of federations and chambers of the GCC states in the period between 13-15 September.
Al-Youssef noted that the GCC countries achieved a growth of more than 6 percent in the Gulf economy during 2022 and their GCD passed $2.4 trillion. It is further expected to reach $6 trillion in 2050.
GCC intra-trade exceeded $107 billion, added the minister, noting that the sovereign fund financial assets at the GCC countries surpassed $3225 billion.
The 65th GCC Trade Cooperation Committee meeting discussed several important topics, including the creation of a permanent committee concerned with investment, taking a decision regarding the trade and economic ministers meeting with China 6+1, and the GCC trade laws.
It was attended by Nigel Huddleston, the UK Minister of State for International Trade. The meeting reviewed the GCC-UK free trade agreement that is still being negotiated between the GCC and the UK.