MoFI plays key role as GCC industrial development strategy reaches crucial stage

The meeting signaled completion of the preliminary phase of the lead up to the all-important unified GCC States report.

Mr. Shabib bin Ahmad Shabib, Director General of MoFI's Industrial Development Department and strategy expert at GOIC, and other Ministry officials to finalise quantitative measures of the rate of progress towards an integrated industrial development strategy. Preparations were made for a forum to take this phase of the initiative forward and that meeting has been scheduled for the end of this month.

Technical issues will be top of the agenda. Topics expected to be given priority include identifying the challenges for applying the quantitative indicators, providing technical support and building resources necessary for creating the national report. Mr. Shabib said: "The industrial Development Strategy aims to speed up the integrated industrial development of all the GCC States, taking into consideration the individual circumstances and resources of each country.

"The strategy will also focus on increasing the local component in the gross industrial production, utilizing GCC resources in industry and encouraging the nationalisation of industries in less developed areas. It also intends to establish a database for research and applied sciences related to the industrial sector," he added.