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Abu Dhabi summit turn new promising page of GCC march: Hamed

posted on 17/12/2005: 735 views

Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Planning and Economy Department, has said that the 26th GCC summit, to be hosted by Abu Dhabi on Sunday, will deliberate on a number of key economic and trade issues that will push forward the GCC march towards more progress and prosperity.

Noting the phenomenal growth made in trade, economic and investment relations among GCC member states over the recent years, Sheikh Hamed said : 'That progress is set to open up new avenues of joint cooperation under the guidance of GCC leaders.

'Bilateral economic agreements signed by GCC member states and economic resolutions issued by them over the recent years will, no doubt, further boost the existing cooperation between them. These moves have contributed tremendously to the steady increase in exchange of commodities and goods and other economic activities,' he said.

'The Abu Dhabi summit turns up a new chapter in the history of the GCC march and renews confidence in the feasibility and importance of the GCC bloc which has proven its capability of flexibility, resilience and cohesion,' Sheikh Hamed maintained.

He expressed his hope the two-day gathering will come out with positive resolutions and recommendations that will further expand and enhance GCC joint cooperation for the interest of the GCC peoples.

'We hope the summit results will bolster mechanisms for economic integration, joint production and sustainable development as well as accelerate the financial, economic, industrial and investment partnerships in order to become very affective in addressing future challenges.

He said that the GCC leaders are expected to take major resolutions on customs union, inter-trade exchange and common market as part of their strategy to keep abreast of regional and international developments.

The UAE, he said, is looking forward for emergence of joint initiatives conducive to enhancement of the leading role being played by the private sector in the GCC economic life and attraction of more foreign investment to the GCC economic and industrial sectors.

Sheikh Hamed cited the Industrial City of Abu Dhabi as one of the most favourable investment havens for Arab and international capital and the last week US$2.4 billion agreement for Sohar aluminium smelter between the governments of Abu Dhabi and Oman as a shining example of joint economic cooperation among GCC member states. (The Emirates News Agency, WAM)


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