GCC States will stimulate Next Cycle of Global Growth: Bahraini

Dubai, September 14, SPA -- The Gulf countries have a vital role to
play in stimulating the next cycle of global economic growth, said a
senior Bahraini official, according to a report of Qatar News Agency
(QNA).

Speaking at the World Economic Forum’s Annual Meeting of the New
Champions 2009 in China, Bahrain's Economic Development Board (EDB)
Chief Executive Sheikh Mohammed bin Essa Al Khalifa, said: "It is
appropriate that we are in China, one of the new global giants along
with India, to focus on ''re-launching growth''. And just as these
two nations have affirmed their important place in the global
economy, the Gulf is emerging as a third destination vital for a
transformational and sustainable recovery."

"The GCC is a single market, which still enjoys enviable rates of
growth and is approaching $ 1 trillion (Dh3.67trn) in terms of GDP –
the equivalent of India. People are now talking about China, India
and the GCC – global engagements should take that into account," he
was quoted as saying by the UAE-based newsletter "Emirates Business
24/7".


Sheikh Mohammed said the GCC has a point of view that needs to be
heard on significant issues, reiterating comments he made at the
World Economic Forum on the Middle East in May.

In Jordan, he said it was time for the Middle East – and the Gulf –
to take its rightful place in the new economic architecture.

Speaking on the global economic outlook, he said: "Reviving economic
growth is a priority for us all. And we must work together to restore
confidence and revitalize the global economy in a sustainable manner.
There is much to learn from the Gulf economies and we are rightly
recognized as a model for cross-border partnership. We will continue
to fund new investments, especially at this difficult time for the
world economy. And in due course there will be opportunities for
privatization.

"You can expect the GCC states to continue to invest in essential
areas such as healthcare, infrastructure, education and training – to
build an attractive business environment for international companies
seeking access to the growing markets of the Gulf. We will act as a
single market, where companies can operate easily across borders to
access its $ 1 trillion potential. And we will continue to diversify,
essential if we are to enjoy the security and growth afforded by a
balanced economy."

He said that while the GCC economies will increasingly reduce their
dependence on oil, their strength at the heart of the world’s oil and
gas riches should be treated as an opportunity to enable such growth
and diversification.

--SPA