Kuwait Minister of Commerce and Industry Dr. Yusuf Al-Ali said Monday the GCC succeeded in increasing private sector's contribution to promoting economic and trade relations among the GCC states.
Al-Ali was speaking to KUNA after a meeting between Ministers of Commerce and representatives of the private sector in the six Gulf Cooperation Council.
"These meetings are very important and were already bearing fruit through promoting role of private sector in building economies of the GCC countries," he said. Al-Ali said they have discussed problems facing private sector, and how it could boost economic cooperation among the six GCC countries.
The participants, he added, raised some solutions to these problems, which he did not mention.
"The private sector has been playing a very important role in the economies of the GCC countries," he said. The GCC is looking forward for a greater private sector role in order to achieve further revenues and economic growth at the national and regional levels, said Al-Ali.
Talal Al-Kharafi, member of board of Kuwait Chamber of Commerce and Industry (KCCI), said these meetings were important because they address obstacles facing private sector.
These meetings, he told KUNA, aimed at facilitating trade and investment among the GCC countries, as well as unifying legislations and opening branches of companies in other member countries. Al-Kharafi said the GCC countries were witnessing an advanced stage of economic integration.