The Gulf Organization for Industrial Consulting (GOIC) announced that Qatar Industrial Manufacturing Company (QIMC) has joined the list of sponsors of the 15th Industrialists’ Conference “Foreign Direct Investment in GCC and its Impact on Industry” as a Diamond Sponsor. The Conference will be 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).

 

Mr. Abdulrahman Al-Ansari, CEO of QIMC said this sponsorship was the result of the continuous cooperation between GOIC and QIMC that was crowned with the signature of a Memorandum of Understanding between the two entities. Mr. Al-Ansari explained that QIMC was keen on taking part in the Industrialists’ Conference in light of its key role in elaborating development strategies in GCC countries to stimulate the industrial sector.

 

Moreover, GOIC Secretary General Mr. Abdulaziz Bin Hamad Al-Ageel praised QIMC for its decision to sponsor the Conference and underlined the importance of the continuous cooperation between GOIC and QIMC, which highly contributes to boosting GCC industrial sector. Mr. Al-Ageel valued QIMC’s critical role at the national and regional levels.

Qatar Industrial Manufacturing Company (QIMC) was the result of Qatar’s efforts aiming at engaging the private sector in Qatar’s economic development process. This approach was based on investments in SMEs and was highlighted through the establishment of QIMC in 1990 with 20%-80% government-private equity interests respectively.

 

In fact, investing in lucrative industrial projects based on the use of natural resources and intermediate inputs locally and regionally is the core of QIMC’s investment policy. The company considers its investment activities from a comprehensive economic development perspective; it tries to maximise the direct and indirect benefits of investments for the national economy by deepening structural ties between the industrial sector and other economic sectors. Furthermore, the company endeavours to increase job opportunities for nationals, transfer modern production technologies and positively contribute to the country’s trade balance.

 

 

QIMC’s operations started in May 1990 and within a short period of time, the company became a pioneer in the area of SMEs in Qatar. It currently takes part in 16 industrial projects, all in the production phase, in different industries such as petrochemicals, chemicals, construction materials and food processing. It is also investigating the feasibility of several other projects.  QIMC endeavours to achieve its investment goals and therefore welcomes investors and technology proprietors who would like to participate in joint ventures in the area of SMEs.

 

 

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.