Qatar Chamber Emphasizes Opportunities Provided by Gulf Economic Integration

Doha, May 05 (QNA) - Qatar Chamber (QC) participated in the inaugural GCC Economic Forum, held under the theme 'Integrating Trade and Diversifying Economic Clusters in Qatar.' Organized by Qatar University in collaboration with the Ministry of Finance and the Qatar Research, Development and Innovation Council (QRDI), the forum brought together a distinguished group of policymakers, experts, and leaders from both the public and private sectors.

In his speech at the opening session of the forum, Qatar Chamber's Acting General Manager Ali Saeed Bu Sharbak Al Mansori said that the State of Qatar attaches great importance to trade and investment cooperation with its regional surroundings, pointing out economic integration among the GCC countries is an important goal, as it provides major investment opportunities and digital integration that facilitates the movement of goods and markets.

Gulf economic integration faces many challenges that require accelerating efforts to achieve this integration, establish a common market, standardize Gulf services and specifications, establish industrial complexes, and promote digital integration, he noted.

Al Mansori also presented a working paper during the first session, highlighting the main challenges and opportunities facing trade integration among GCC nations.

He also emphasized the importance of joint cooperation among GCC countries in building integrated production chains, particularly in sectors like renewable energy and petrochemicals, noting that the availability of modern infrastructure, including ports, highways, and free zones, presents an ideal opportunity to accelerate trade integration and boost regional economic collaboration.

Regarding the impact of regional trade policies on Qatar's economy, Al Mansori said that the GCC Customs Union has significantly contributed to reducing administrative complexities for Qatari exporters, thereby facilitating access to Gulf markets, emphasizing that the GCC market serves as a vital outlet for Qatar to promote its products and services within a familiar and accessible regional environment.

QC's Acting General Manager underscored the importance of adopting targeted strategies to maximize the benefits of regional cooperation. These strategies include enhancing digital and customs integration across GCC countries, coordinating industrial and trade policies to foster synergies, supporting cross-border small and medium-sized enterprises (SMEs), and developing joint financing mechanisms to support infrastructure and major industrial projects. (QNA)