150 firms to take part in major GCC-EU expo
Manama, August 21, 2008
More than 150 companies are set to take part in a major two-day GCC-EU economic and trade exhibition in London.
The event opens on November 12. The GCC Chambers Federation is co-ordinating the exhibition with the GCC General Secretariat and the EU Chambers Union.
'More than 150 Gulf and EU companies are expected to take part,' GCC Unions Federation secretary-general Abdulrahim Hassan Naqui said.
He also called on government, semi-governmental establishments and private companies to take part in the event.
'The event, the biggest of its kind, is expected to yield positive dividends for the GCC economies,' he said.
Promising economic opportunities will be promoted for companies, establishments and businessmen.
GCC businessmen will also be meeting their EU counterparts to discuss investment opportunities.
Proposals aimed at overcoming obstacles hindering GCC-EU investments will also be scrutinised.
A string of key trade and economic bilateral ventures are also expected to be signed.
'The exhibition is part of the memorandum of understanding signed between the GCC and the EU last October,' Naqui said.
A series of workshops promoting investment opportunities will also be held.
They concern mainly the renewable energy, natural resources, metallurgy, oil and gas, information technology, transport, real estate, tourism, education and vocational training, industries, infrastructure projects and financial services sectors.
The GCC represent the fifth biggest market for European exports, which topped 55 billion euros ($80.8bn).
A major bulk, 54 per cent, includes equipment and machinery, in addition to other products.
Meanwhile, GCC exports soared to 375bn euros with crude oil and chemical by-products topping 70 pc.
The EU market also absorbs a substantial part of the GCC aluminium exports.
Meanwhile, GCC countries are said to have an estimated overall 542bn billion euros in foreign investments abroad, for the 2002-2006 period, figures reveal.
A substantial share, 100bn euros, is invested in the EU economic zone.
In comparison, the EU direct investments in the GCC countries topped a mere 13bn euros in 2006. - TradeArabia News service