Qatari-Saudi Economic Forum Gets Underway in Riyadh

Riyadh, November 06 (QNA) - The Qatari- Saudi Economic Forum kicked off Sunday, on the sidelines of the "Made in Qatar" exhibition which will begin Sunday evening and continue until Wednesday Riyadh International Convention & Exhibition Center. Organized by Qatar Chamber of Commerce and Industry in cooperation with the Council of Saudi Chambers of Commerce and Industry, the Qatari-Saudi Economic Forum got underway in the presence of HE Minister of Energy and Industry Dr Mohammed bin Saleh Al Sada, HE Saudi Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Faleh and HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani, and President of the Council of Saudi Chambers of Commerce Dr Hamdan bin Abdullah Al-Samrain. In his opening remarks, HE Minister of Energy and Industry Dr Mohammed bin Saleh Al Sada thanked the Kingdom of Saudi Arabia for hosting the Qatari-Saudi Economic Forum and Made in Qatar Exhibition, pointing to the importance of the Forum in meeting the aspirations of the GCC citizens who hope to see GCC bloc as an active and influential economic power both regionally and internationally. He stressed the need to rely on diversified resources to advance the GCC economy in light of falling oil prices, pointing out that in the future oil would not be the prime mover and actor of the Gulf economy. Gulf investments abroad reached $ 248 billion in 2015, His Excellency added. He underlined the importance of creating real and sustainable development in the GCC by attaching more attention to the industrial sector, pointing out that the contribution of the industrial sector in the GDP of the GCC countries accounted for 10 percent, which is low when compared to the developed countries. HE the Minister of Energy and Industry reiterated the need for industrial coordination among the GCC countries in manufacturing, and small and medium sectors in particular, in addition to supporting the private sector and encouraging new initiatives in production and export domains. For his part, HE Saudi Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Faleh praised during his speech the economic achievements of the GCC states within few decades, pointing out that Saudi Arabia is the biggest economy in the Middle East and a member of the Group of Twenty. He stressed that his country and Qatar aspire to double the volume of their investment, adding that the private sector should play a leading role in this regard. HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani said that the forum and the exhibition provide a great opportunity to bring economic and trade relations between the two countries to new horizons. The event is an important opportunity to exchange expertise and experiences, he added, stressing that the forum aims to promote joint cooperation and explore opportunities available in both countries, in addition to identifying obstacles that prevent the achievement of common goals in developing trade relations. President of the Council of Saudi Chambers of Commerce Dr Hamdan bin Abdullah Al-Samrain welcomed the organization of the forum in Riyadh after the launch of the Kingdom's Vision 2030, a matter which gives a great opportunity for joint cooperation between businessmen in both countries, enhances intra-trade and allows more mutual investment. (QNA)