The Gulf Cooperation Council Chambers has called for industrial integration among member-states in the health, medical, agricultural and food industries.
While underlining the Importance of the industrial integration, the GCC Chambers emphasized the need to support investments with the aim to enhance the sustainability of Gulf food and health security.
This came in a proposal submitted by the Federation of the Gulf Cooperation Council (GCC) Chambers to the GCC ministers of trade and industry during a video conference on Thursday November 5, 2020.
In a statement, Chairman of the Saudi Chambers Ajlan Al-Ajlan said that the economic repercussions of the Covid-19 pandemic and the protectionist measures taken by countries have shown the importance of supporting and encouraging economic activities and manufacturing industries in the medical and pharmaceutical sector in order to achieve self-sufficiency.
Ajlan also called for enhancing consumer confidence in the Gulf industries to attract investments and localize medical productions.
The Kingdom currently spends 30 billion riyals on medicines, he noted, adding that supporting the food industries and achieving sustainability required strengthening economic-agricultural integration.
Ajlan stated that “The Gulf states are among the largest importers of foodstuffs in the world, as they import around 90 percent of their food needs from foreign markets.”
“Industry is one of the pillars of comprehensive economic development and the main engine of growth,” the head of the Saudi Chambers said.
“It greatly contributes to limiting imports from other countries, especially strategic goods such as pharmaceutical and food commodities, achieves economic development and improves the balance of payments by promoting national products, increasing exports, and providing job opportunities for the citizens, he added.