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Unified industrial law coming

posted on 18/10/2004: 707 views

The long-awaited unified law to organise the AGCC industrial sector has finally been agreed upon and will soon be implemented, following its approval by Gulf economy ministries, according to a source close to the AGCC General Secretariat.

The Technical Committee formed by the Ministries of Economy and Commerce of the six Arab Gulf Cooperation Council states, which convened in Riyadh, recently, approved the final draft of the law and immediately submitted it to the Supreme Economic and Financial Cooperation Committee, which have to approve it and pass it on to the Ministerial Committee, he said.

The move to implement the industrial law is expected to help lure Gulf investors to inject more of their capitals into the region's industrial sector and increase the contribution of industry in the Gulf's GDP. The number of nationals employed in industry could rise to almost 75 per cent by the year 2020 if the unified law is immediately adopted, the source said.

The AGCC Supreme Economic and Financial Cooperation Committee has received the Technical Committee's recommendations and it has in turn approved it and passed it on for final approval. This means the law will be implemented by the end of the current year, the source added.

The AGCC economic accord stresses the need to unify industrial legalisation and regulations including anti-dumping laws, cautionary regulations and exchange of industrial expertise. The removal of customs barriers for Gulf-manufactured products was one of the main issues discussed in the face of the new unified tariff recently implemented to encourage trade in locally manufactured items.

He said the unified industrial strategy aims at increasing the volume of investment in the industrial sector. The need to double the contribution of the industrial sector in the GDP of the AGCC states and increasing the number of national workers in the sector have also been recommended by the technical committee. The law is said to encourage setting up of major ventures between AGCC investors. They can create with the help of the government's industrial cities and centres that can compete with advanced countries. There is a huge potential in the Gulf industrial sector for those who are seeking an opportunity in the region's lucrative market.

It is essential for the AGCC to speed up implementation of the law to achieve the industrial development agreed upon by the six AGCC states, he said. The new unified law will help encourage exploitation of local natural resources, specially oil-related industries. (The Khaleej Times)


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