DOHA: There is more potential for developing strong trade relations between European Union (EU) and the Gulf Cooperation Council (GCC) countries in the field of innovation, research and development (R&D), energy efficiency and higher education, said Adam Kulach, Ambassador, EU Delegation in the GCC yesterday.
He was speaking at a forum on ‘Strengthening FDI in the GCC’ organised at Qatar Chamber. Kulach said that Qatar is a land of opportunity for EU.
There is ambition to make Qatar as a centre of excellence which creates huge opportunities in the field of higher education, he added.
Dr Ali Hamad Al Mulla from Qatar Chamber said that GCC market has advantages and challenges for investors. Developed infrastructure and low energy prices in GCC are advantages for investors.
Pascal Kerneis, Managing Director, European Services Forum said that there is a need to increase FDI in the GCC countries due to variety of reasons. Countries in this region are still heavily dependent on hydrocarbon which requires diversification of these economies.
Increase in FDI is also needed due to rapid and significant changes in the global energy market.
Ali Saaed Busharbak, head of International Relations of Qatar Chamber, welcomed the EU delegation.
The GCC countries account for 4.2 percent of total EU trade and are a significant export market for the EU, currently the fifth largest worldwide.
European Union imports from the GCC are mainly fuel and mining products while European Union exports to GCC are diverse but focused on manufactured products such as power generation plants, railway locomotives and aircraft as well as electrical machinery and mechanical appliances.
The Peninsula
