A Memorandum of Understanding to achieve economic development in KSA
GOIC and EPCCI seek to develop SMEs

 

The Gulf Organization for Industrial Consulting (GOIC) signed a Memorandum of Understanding (MoU) with the Eastern Province Chamber of Commerce and Industry (EPCCI) at the headquarters of the Chamber in the Kingdom of Saudi Arabia on Wednesday, March 20, 2013. The MoU was signed by EPCCI Secretary General Mr. Abdul-Rahman Bin Abdullah Al-Wabel and GOIC Secretary General Mr. Abdulaziz Bin Hamad Al-Ageel in the presence of representatives from both sides.

This Memorandum of Understanding reflects the determination of EPCCI and GOIC to establish a cooperation and consulting relationship aiming at developing Gulf industries, particularly SMEs. The two parties that have common objectives are convinced that this cooperation framework will help them meet their pledges to develop such projects in the Gulf with an increased efficiency and competence. They both believe in cooperating in order to gain additional profits and face main challenges in the development of industrial projects. Such cooperation will pave the way to maximize the benefit from mutual expertise in this field. 

The MoU determines areas of common interest. It aims at establishing a framework to facilitate cooperation and coordination and create a business relationship between GOIC and EPCCI to sustain this cooperation. It also seeks to facilitate partnerships and achieve mutual benefit through collaboration in the areas of common interest. Furthermore, this MoU helps businessmen and investors benefit from business opportunities by signing separate contracts in specific areas to offer technical assistance to economically viable projects.

The two entities agreed on cooperating in the area of researches and training workshops related to industrial strategies and policies. The objective is to develop the business environment and offer technical, administrative and financial consulting services which will help implement projects that guarantee economic development in KSA. Moreover, this cooperation will maximize the benefit from business opportunities through governmental procurements or subcontracting. In fact, the establishment of the Gulf Subcontracting and Partnership Exchange Centre (GSPX) to create a link between procurers and suppliers serves this very purpose.

The Memorandum of Understanding highlights the need to work to increase the competitiveness of high value-added industries locally, regionally and internationally. This objective can be achieved through the exchange of mutual expertise and the attempt to develop technical and administrative capacities of industrialists, investors, businessmen, officials and decision makers. Therefore, it is necessary to exchange information and data, hold training sessions and workshops, prepare feasibility and investment opportunity studies and study and promote investment opportunities as agreed between the two parties. Furthermore, diagnostic technical studies should be carried out in order to determine existing opportunities and production obstacles. In addition, factories operating in the Eastern Province should be technically assessed and then adequate recommendations should follow.
On the sidelines of the agreement signature, GOIC participated in the third meeting of the Saudi-Qatari business council which was attended by distinguished Saudi and Qatari businessmen representing industries of commerce and services.

GOIC Secretary General Abdulaziz Al-Ageel delivered a presentation about GOIC’s activities and programs. He explained the services provided by the Organization to investors, particularly in terms of identifying and preparing economically viable industrial investment opportunities in different industries. Al-Ageel also said GOIC helps building the capacities of export administrations and carrying out technical assessments of the SMEs in order to cut the cost by adopting energy efficient methods, maximizing production, reducing wastage, fighting pollution and preserving the environment. In addition, GOIC facilitates the cooperation between owners of big firms and SMEs through bilateral agreements and partnerships between procurers and suppliers under the GSPX Program. Furthermore, GOIC plays a major role in boosting individual and organizational capacities of industrial staff through the Training and Capacity Development (TCD) Program. The Organization also provides GCC plus Yemen-accredited and accurate industrial, economic and social data through its Industrial Market Intelligence Portal (IMI+).