The Federation of GCC Chambers expected Gulf industry investment to reach one trillion dollars by 2020 and Gulf foreign trade to grow 9.3 percent from 2001 to 2016, noting that total foreign trade in 2016 climbed to around $894.5 billion in which Gulf exports reached $474 billion.
Secretary General of the Federation of GCC Chambers Abdulrahim Naqi told Asharq Al-Awsat that inter-Gulf commerce reached around $79.3 billion in 2016 against $13.7 billion in 2001.
Total Gulf foreign trade was at $234.2 billion in 2001.
Naqi stated that the GCC countries seek to increase the industry sector’s contribution to the GDP from 10 to 25 percent by 2020 against 10 percent in the current time, and a contribution that doesn’t exceed 7.7 percent in 1990.
He added that this contribution was based on expectations on the completion of infrastructure for industrial projects and the sector’s growth in the region in the future, especially in nationalizing railways, medium and small industries and integrated industries with a rise of around 4 to 5 percent in the coming years.
According to Naqi, industrial investment in the GCC is expected to reach around $1 trillion by 2020, after setting up industry cities, a process that has already kick-started.
The Secretary General of the Federation of GCC Chambers said Gulf exports must expand. He called for encouraging integrated industries and opening the door of investment for oil, gas, plastic, aeronautics, vehicles and the weapons industries.
