Gulf Cable and Electrical Industries takes part in the 15th Industrialists Conference as Platinum Sponsor

The Gulf Organization for Industrial Consulting (GOIC) announced that Gulf Cable and Electrical Industries Co. has joined the sponsors of the 15th Industrialists’ Conference “Foreign Direct Investment in GCC and its impact on industry” as Platinum Sponsor of this key event hosted by the State of Kuwait on the 25th and 26th of November, 2015. 

The 15th Industrialists’ Conference is held under the patronage of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait. It is organised by Kuwait’s Ministry of Commerce and Industry, the Public Authority for Industry (PAI) and the Gulf Organization for Industrial Consulting (GOIC), in collaboration with Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Chamber of Commerce and Industry, the Industrial Bank of Kuwait and Kuwait Industries Union. The conference is organised in coordination with the Secretariat-General of the Gulf Cooperation Council, and the Federation of GCC Chambers (FGCCC).

Engineer Bader Naser Al-Kharafi, Chairman and Managing Director explained that Gulf Cable decided to sponsor the event because it is keen to participate in the 15th Industrialists’ Conference. According to Mr. Al-Kharafi, this Conference will play a major role in drawing Foreign Direct Investments to GCC countries, hence contributing to the promotion of the economy in general, and the industrial sector in particular. 

GOIC Secretary General Mr. Abdulaziz Bin Hamad Al-Ageel praised Gulf Cable and Electrical Industries Co. for deciding to sponsor the event and for its key role in boosting industrial growth in GCC countries, in addition to its support of the Kuwaiti and Gulf economies. 

Gulf Cable and Electrical Industries is a Kuwaiti company that was established in 1975. It specialises in manufacturing electrical cables and wires. Since 1984, the Company has been listed on the Kuwait Stock Exchange (KSE). It is the largest company operating in this field in the Arab World in terms of market capitalisation (until April 12, 2007) which amounted to 1.262 billion USD. Gulf Cable’s biggest shareholder is Kuwait Food Company and its subsidiary (9.09% of the capital). 

It is noteworthy that the15th Industrialists’ Conference to identify clear policies to stimulate development plans in GCC countries based on a comprehensive set of elements drawing foreign investors. It also seeks to create an ambitious strategy to develop and promote the industrial sector in order to attract more foreign investments. Furthermore, it aims at enacting legislations and laws and offering facilitations and incentives to foreign investors in order to create a promising investment environment. The conference will seek to strengthen the level of competitiveness of GCC countries by attracting foreign investments to promote Gulf economies. 

The conference will develop recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments and directing foreign investments in accordance with GCC strategic plans to achieve their development goals and maximise the benefit from these investments. In addition to that, they will work on determining key pillars of GCC investment plans in the industrial sector. 

The Gulf Industrialists’ Conference hosted by GOIC member states in rotation every other year is one of GOIC’s most important achievements since its foundation in 1976. Since the first conference held in Doha in 1985, they have been contributing in developing private and public industrial sectors in GCC countries. Each conference tackles a specific topic influencing the development of industries in the region through a series of papers delivered by international experts and specialists. In fact, previous conferences resulted in recommendations that helped in developing industrial plans in GCC countries, notably in the area of the industrial development strategy. 

Decision makers, officials, businessmen and industrialists are all interested in this conference. In its 14th version “Industrial Exports: Opportunities and Challenges”, the recommendations were to actively work on adopting policies and procedures aiming at facilitating the flow of Gulf exports to strengthen trade activities between Gulf countries and to benefit from GCC and Yemen seaports in addition to the existing land border points in support of Gulf industrial exports.