GOIC presents 5 new industrial projects at the 3rd investors meet

Dr. Al Sada added that development banks need continuous development of the mechanisms and systems of projects' financing, as this will elevate them to the required level of challenge.

Also, he described entrepreneurs and investors to be the driving force behind economic development in any country, and it is they who undertake calculated initiatives and establish projects by means of utilizing investment opportunities, such as those presented in this meet, which are to foster economic growth forward.

In addition, the minister called the Gulf Organization for Industrial Consulting (GOIC) and similar organizations to work on introducing both profitable and sustainable at the long terms. He also pointed that "Such kind of cooperative partnerships help in building confidence on the part of investor and encourage foreign investments and export competitiveness".

"GCC member states exert efforts to increase the share of the non-oil sector in the Gross Domestic Product (GDP), something which suites the call for more diversification in the economic base. This kind of challenge cannot be faced by consultative organizations alone, it requires further to that investors who are capable and willing to delve into this field, as well as development banks which are capable of providing their financing offers, alongside other supporting mechanisms on the part of governments." Dr. Al Sada reported.

Dr. Lulwa A. Al-Misned, Assistant Secretary General for Industrial Investment Promotion in GOIC said "We need to think ahead if we have to catch up with some of the technologically advanced countries in future.", indicating that such technological leap would require that "we think of more advanced technologies in the preliminary stages of its development elsewhere fund them and develop them for its eventual implementation in this region." Dr. Al-Misned reported, assuring, meanwhile, the role of development banks at all development stages.

Dr. Al-Misned also pointed to the Meet Agenda and that the objective of investors meets have been to identify viable projects for the GCC region, develop the projects in association with technology licensors and present the techno-economic findings of such studies to prospective investors in this region. "We hope that such an exercise would not only stimulate the thinking process of investors but also act as a catalyst in promoting new projects." she added.

In addition, Dr. Al-Misned assured that GOIC would render all necessary professional support required in terms of project identification, market research, technology sourcing, technical evaluation and techno-economic feasibility studies. And she pointed out that in this meet GOIC is presenting five new projects to participants, which were picked up employing the criteria of first of its kind in GCC, import substitution, export potential, enhanced value addition and industrial development of this region.

In the inaugural session also, Member of the Board of Directors of Qatar Chamber of Commerce and Industry (QCCI), Mr. Mohammed Mahdi Al Ahbabi talked about the importance of the support offered by governments, businessmen, and investors to the industrial sector as it is considered the perfect way to diversify income resources, instead of depending on a single depletionable commodity.

He also added that industry can achieve self-satisfaction phase in some sectors and reduce imports. In the remark which was delivered on behalf of Sheikh Khalifa Bin Jassem Bin Mohammed Al Thani, Chairman of QCCI, Mr. Al Ahbabi indicated that the real problem which faces Gulf industry is represented in the lack of raw materials which are mainly restricted to oil and gas, further to the unavailability of advanced technologies; this resulted in Gulf industries' inability to compete with foreign products, specially in SMEs sector.

However, in the field of heavy industries which extensively depend on energy such as iron and steel, and petrochemicals, GCC member states were capable of achieving great progress at global level.

Mr. Al Ahbabi criticized the poor turnout of the private sector in terms of investing in the industrial sector. Meanwhile, he called for working together to encourage single entrepreneurs on the part of businessmen to advance the industrial sector, further to governments' supporting role to those entrepreneurships, in a way and mechanism that can achieve benefits for the national economy of GCC member states.

Finally, during the Meet, GOIC presented new projects which were selected after screening more than fifty project ideas. The new projects where ISO Propyl Alcohol, Aluminium Die Cast Parts for Automotive Industry, ISO Standard Dry Shipping Containers, Ultra Thin Aluminium Foil, and Nitric Acid & UAN-32 Solutions. It is worth mentioning that the investment size in the proposed projects is estimated to US D 400 millions, and in case of implementation they will create around 350 job opportunities.