The President of the Federation of Gulf Chambers, Ajlan al-Ajlan, has acknowledged several challenges facing the Gulf common market, revealing ongoing efforts to identify them.
Speaking to Asharq Al-Awsat, Ajlan called for cooperation between the public and private sectors to address the challenges, noting that efforts are being made to attract international investments to the GCC countries.
Ajlan said that although the GCC countries have benefited from the ten tracks of the Gulf common market, there are some challenges facing the full implementation of the market, which the Federation is working to solve with the private sector.
The ten paths of the GCC common market are movement and residence, work in the government and private sectors, social insurance, and pension, engagement in all professions and crafts, engagement in economic, investment, and service activities, real estate ownership, movement of capital, tax treatment, stock ownership and formation of corporations, and education, health, and social services.
Ajlan pointed out that the completion of the paths of the common market will pave the way for achieving complete economic unity among the GCC states, which will open the way for the private sector to activate its role in economic development.
The Gulf countries are working to amend their legislation and regulations to encourage global investment flows through many significant successful investments, announced Ajlan adding that Gulf countries are ready to become a hub for international investments.
He recalled that the Federation supports entrepreneurs, inventors, and owners of small enterprises to create promising job opportunities for Gulf youth.
Ajlan explained that the Federation is a window of opportunity for introducing the available investments in the GCC countries through its partnerships with international investment blocs and bodies.
He referred to the investment laws in the GCC countries, pointing to the ongoing efforts of the Federation to bring global investments to the Gulf.
It is necessary to support the small enterprises and encourage youth initiatives, especially creativity and innovation, asserted Ajlan, adding that it supports the field of business youth in member chambers and exchanges best practices and experiences.
The Chairman stressed that owners of small and medium enterprises should use the latest technologies to improve production quality, enabling them to compete with imported products.
He indicated that small and medium enterprises create job opportunities for young people and establish opportunities for innovation and creativity.
The Federation seeks to encourage entrepreneurship to enhance the contribution of this category to the GDP of the GCC countries.
Ajlan pointed out that this can be achieved by supporting projects and providing all facilities to them, reducing service fees, and providing financial opportunities.
