Latest news with #UnifiedIndustrialDevelopmentStrategy
Zawya
01-05-2025
- Business
- Zawya
GCC ministers launch Unified Investor Engagement Platform
KUWAIT:In a significant step to enhance communication between governments and the private sector, Gulf Cooperation Council (GCC) member states officially launched the Tawasul initiative during a series of ministerial meetings held in Kuwait on Tuesday. The new platform aims to facilitate real-time engagement between investors and government bodies across the region, creating a unified and transparent interface to support trade and investment. The Sultanate of Oman participated in the meetings with a high-level delegation led by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The delegation also included Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, alongside officials from the SME Development Authority, Consumer Protection Authority, and Oman's diplomatic mission in Kuwait. Launched during the 13th Consultative Meeting between GCC Ministers of Commerce and Industry and the heads of chambers and business federations, Tawasul is designed to close long-standing communication gaps and promote better coordination on economic policy. Officials described the platform as an important policy innovation that positions the private sector as a partner in shaping the region's economic future. Through a shared mechanism and interactive digital tool, Tawasul will enable fast responses to investor concerns and help uncover market opportunities across Gulf economies. GCC ministers launch Unified Investor Engagement Platform The platform's launch came amid broader discussions on regional integration, trade facilitation, and economic equity. Ministers warned against unilateral measures taken by some GCC countries that could hinder private sector participation and undermine efforts to establish a level playing field for Gulf investors. They stressed the need to uphold decisions of the GCC Supreme Council and ensure equal treatment of citizens across all member states. In parallel, the 68th meeting of the GCC Commercial Cooperation Committee addressed several key policy areas, including the adoption of a unified methodology for drafting commercial legislation, updates on national trade laws, the development of the GCC Commercial Arbitration Center, and funding strategies for SME and entrepreneurship programmes. The committee also reviewed progress in ongoing free trade negotiations with international partners. The 54th meeting of the GCC Industrial Cooperation Committee focused on issues related to industrial development and self-sufficiency. Ministers examined the implementation of a unified framework for defining 'national products,' penalties for non-compliance, and updates on exempted product lists. They also reviewed the Gulf Organization for Industrial Consulting's (GOIC) efforts to update the Unified Industrial Development Strategy and enhance data-sharing through a regional electronic platform. A special report was presented on the potential impacts of US tariffs on Gulf exports. Separately, the 9th session of the Ministerial Committee for Standardization saw the adoption of new technical regulations, approval of the final accounts of the Gulf Standardization Organization for 2024, and discussions on improving the regulatory status of the GCC Accreditation Center. These efforts are intended to harmonize standards and promote greater integration of Gulf markets. The meetings concluded with a strong call to reinforce the role of the private sector in regional development, supported by practical steps such as streamlining customs procedures and prioritizing GCC-certified firms in cross-border trade. The Tawasul initiative, in particular, is expected to act as a strategic bridge, ensuring that private investors are included in the region's long-term economic vision. The sessions were attended by Jassim Mohammed al Budaiwi, Secretary-General of the GCC, ministers of commerce and industry from all member states, senior government officials, and representatives of Gulf business chambers and federations. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
30-04-2025
- Business
- Observer
GCC ministers launch Unified Investor Engagement Platform
KUWAIT:In a significant step to enhance communication between governments and the private sector, Gulf Cooperation Council (GCC) member states officially launched the Tawasul initiative during a series of ministerial meetings held in Kuwait on Tuesday. The new platform aims to facilitate real-time engagement between investors and government bodies across the region, creating a unified and transparent interface to support trade and investment. The Sultanate of Oman participated in the meetings with a high-level delegation led by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The delegation also included Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, alongside officials from the SME Development Authority, Consumer Protection Authority, and Oman's diplomatic mission in Kuwait. Launched during the 13th Consultative Meeting between GCC Ministers of Commerce and Industry and the heads of chambers and business federations, Tawasul is designed to close long-standing communication gaps and promote better coordination on economic policy. Officials described the platform as an important policy innovation that positions the private sector as a partner in shaping the region's economic future. Through a shared mechanism and interactive digital tool, Tawasul will enable fast responses to investor concerns and help uncover market opportunities across Gulf economies. GCC ministers launch Unified Investor Engagement Platform The platform's launch came amid broader discussions on regional integration, trade facilitation, and economic equity. Ministers warned against unilateral measures taken by some GCC countries that could hinder private sector participation and undermine efforts to establish a level playing field for Gulf investors. They stressed the need to uphold decisions of the GCC Supreme Council and ensure equal treatment of citizens across all member states. In parallel, the 68th meeting of the GCC Commercial Cooperation Committee addressed several key policy areas, including the adoption of a unified methodology for drafting commercial legislation, updates on national trade laws, the development of the GCC Commercial Arbitration Center, and funding strategies for SME and entrepreneurship programmes. The committee also reviewed progress in ongoing free trade negotiations with international partners. The 54th meeting of the GCC Industrial Cooperation Committee focused on issues related to industrial development and self-sufficiency. Ministers examined the implementation of a unified framework for defining 'national products,' penalties for non-compliance, and updates on exempted product lists. They also reviewed the Gulf Organization for Industrial Consulting's (GOIC) efforts to update the Unified Industrial Development Strategy and enhance data-sharing through a regional electronic platform. A special report was presented on the potential impacts of US tariffs on Gulf exports. Separately, the 9th session of the Ministerial Committee for Standardization saw the adoption of new technical regulations, approval of the final accounts of the Gulf Standardization Organization for 2024, and discussions on improving the regulatory status of the GCC Accreditation Center. These efforts are intended to harmonize standards and promote greater integration of Gulf markets. The meetings concluded with a strong call to reinforce the role of the private sector in regional development, supported by practical steps such as streamlining customs procedures and prioritizing GCC-certified firms in cross-border trade. The Tawasul initiative, in particular, is expected to act as a strategic bridge, ensuring that private investors are included in the region's long-term economic vision. The sessions were attended by Jassim Mohammed al Budaiwi, Secretary-General of the GCC, ministers of commerce and industry from all member states, senior government officials, and representatives of Gulf business chambers and federations.
