Memorandum of Understanding between the Federation of Gulf Chambers and the Chamber of Uzbekistan to enhance Investment and Business Opportunities

  • GCC Countries
  • 4 February 2021

The Federation of the Gulf Cooperation Council (GCC) Chambers signed a memorandum of understanding with the Chamber of Uzbekistan, to continue and enhance joint work and enable the Gulf private sector to access investment and business opportunities between the two sides.

The agreement of understanding was signed on the sidelines of the Gulf Cooperation Council Uzbekistan forum, which was held virtually, which aimed at introducing the services and investment opportunities provided by both sides to the business sector in their countries, presenting future projects between the two sides, and exchanging experiences and information in the field of trade and economy.

The President of the Federation of the Gulf Cooperation Council (GCC) Chambers, Samir Nass, said that the size of the Gulf economy reached $ 1.6 trillion in 2019. He explained that the ranking of the Gulf economy has reached the 12th place in the world, while the per capita GDP is about 30 thousand dollars, indicating that these economies occupy strategic importance internationally because they are the first source of oil in the world with about 17 million barrels per day, and have the largest reserves, as they occupy Third place in the world in gas production.

The President of the Federation of Gulf Chambers affirmed that the GCC countries possess advanced global centers in the indicators of human development, facilitating business and attracting investments, as they attract more than $ 20 billion annually in view of the attractiveness of investment, the incentives provided, the advanced infrastructure and the great opportunities for investment.

Source (Asharq Al-Awsat Newspaper, Edited)

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