Activation of the GCC Private Sector’s Role in Economic Decision Making

 At the 39th Meeting of the Committee of Executive Leaderships of the Federation of GCC Chambers of Commerce and Industry (FGCCC) held in Ras Al Khaimah, H.E. Humaid Bin Salem, Secretary General of the Federation of UAE Chambers of Commerce and Industry, emphasized the important role that the meeting played. He noted that the significance lay in the particular topics discussed which subsequently led to assessments and recommendations being presented to the 48th FGCCC board meeting for approval.

Bin Salem added: “The FGCCC Executive Leadership’s meetings are well aware of the nature of the challenges facing the GCC private sector due to current conditions and the business environment in the region. They discussed the amendment of AoA of the General Union of Arab Chambers, the MRM Business Excellence Award, the role of the private sector in food and water security in GCC countries, as well as the establishment of the GCC-France Business Center, the third Kaftans Festival and Jeddah Economic Forum.”

During the meeting, Bin Salem also called for the fostering of cooperation between FGCCC members, supporting the economic integration of GCC countries given the continuous challenges and problems that affect the private sector, and the activation of the GCC private sector’s role in participating in economic decision-making.

He stressed that the GCC private sector continued to be a key partner in economic, social and intellectual progress and will remain a supporter and driver of the ongoing development of the GCC national - the resource with infinite value. 

He clarified that the meeting discussed the formation of permanent work teams from the member chambers in order to deal with the repercussions of regional and international crises on the GCC private sector. The teams will develop general and comprehensive strategies to manage situations affecting the GCC’s private sector. They will also work as a link between the FGCCC and the official authorities in GCC countries to coordinate between them and cooperate with private sector institutions and companies.

Bin Salem emphasized the common belief in the importance of this step, particularly in light of the economic consequences in regional developments, fluctuations in oil prices and their anticipated effect.

“In line with this trend, the meeting discussed the future role of the FGCCC in providing new services and products in line with current requirements. The meeting reviewed all communications of the FGCCC Secretariat General regarding the regular meeting with ministers of trade and industry and ministries of labor in GCC countries”, he noted.

In addition, the meeting discussed the establishment of the GCC-France Business Center. The Committee had reservations about the establishment of the center as it contradicts decisions of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries regarding the establishment of business centers. The meeting called for cooperation with the Franco-Arab Chamber of Commerce through the General Union of Arab Chambers.

The meeting discussed also many other topics, including the MRM Business Excellence Award, the role of private sector in food and water security in GCC countries, and work schedule of the Secretariat General. 

RAK Chamber - Federation of UAE Chambers of Commerce and Industry