GCC-UK to enhance economic ties

The Gulf Cooperation Council (GCC) and the UK have co-organised the Public and Private Partnerships (PPP) Conference in London. 
The conference is the first major economic deliverable from the first GCC-UK Summit that took place in Manama, Bahrain in December 2016, and aims at promoting GCC-UK economic cooperation through private and public sector partnerships that will create a successful paradigm in the context of achieving the national transformation plans of the GCC member states, exchanging expertise from the GCC and UK private sectors and create jobs for both sides. 
The conference is an opportunity that will pave the way to the upcoming trade and investment working group that is set to take place in July 2017 at the headquarters of the GCC Secretariat. 
In the first event of its kind between the Gulf and the UK co-organized by the Secretariat of the GCC and the International Trade Department. The Secretary of the Department of International Trade Dr. Liam Fox, the General-Secretary of the Gulf Cooperation Council (GCC), Dr. Abdullatif Alzayani, Minister of Industry, Commerce and Tourism of the Kingdom of Bahrain, Zayed R. Alzayani, and the Minister of Commerce and Industry of the Sultanate of Oman Dr. Ali Masoud Alsunaidy, today opened the GCC-UK Public Private Partnership conference to further enhance our partnership in economic cooperation and activate the deliverables of the 1st GCC-UK Summit. 
The conference will bring together ministers, senior representatives, GCC member state ambassadors and private sector stakeholder of both sides, to explore the opportunities of Public Private Partnerships (PPP) in achieving the national transformation goals of the GCC member states.
The Gulf region is the largest investor in the UK and second biggest export market. Through the PPP conference, public and private stakeholders will discuss strengthening economic relations, which is what the GCC member states and the UK leaders aspire to implement.
The UK has considerable experience in the area of Public Private Partnerships – which enable the public sector to access the discipline, skills and expertise of the private sector – and for many years has been home to one of the world’s largest and most experienced PPP markets. UK companies with a proven track record across a range of sectors shared their expertise at the conference.
International Trade Secretary Dr. Liam Fox said: "The UK consistently shows how collaboration with the private sector can lead to innovation in public sector services. Today’s conference is not only an opportunity for the GCC nations to capitalise on our extensive knowledge and experience in this area, but is also a springboard for our growing future trading relationship.
"The UK and Gulf states share a strong and growing trade and investment relationship, and the connections that are made today between government and business will help to shape a better future for all our nations".
Dr. Abdel Aziz bin Hamad Aluwaisheg further added: "The Conference is focused on the implementation of the GCC-UK 2016 Summit and the Joint Action Plan agreed between the GCC and the United Kingdom on increasing opportunities for investment between the two sides."
"The conference also presents the national transformation programmes, and the economic diversification plans adopted by the GCC, the laws enacted by the GCC countries to increase opportunities for foreign investors in the sectors of infrastructure, health, telecommunications, energy, information technology and other sectors.in pursuit of strengthening their economies and diversifying their resources."
The conference paves the way to the upcoming GCC-UK Trade and Investment Working Group which is set to take place in July 2017 at the headquarters of the secretariat and with the participation of both GCC member state and UK senior experts.
Similar to the GCC – the UK government is embarking upon a bold industrial strategy, taking the big investment decisions required on capital projects to stimulate the economies and projects that will enhance the prosperity of both sides far into the future.
The UK’s infrastructure plans include over ?300 billion worth of investment by 2020/2021, over 50% of which will be financed and delivered by the private sector. The GCC national transformation plans will provide a further opportunity to enhance investments between both sides, create jobs and expand and deepen the trading relationship between the GCC and the UK. 
UK companies export over ?30 billion worth of goods and services to the GCC nations every year and thousands of British companies are active across the Gulf, creating jobs and helping to deliver projects from energy expansion, to helping Qatar prepare to host the 2022 World Cup. The volume of trade exceeded 25 billion USD in 2016 and the United Kingdom enjoys high levels of trade balance.
The Department for International Trade is also offering practical support to expand the GCC-UK relationship. Through UK Export Finance, the UK can provide up to ?30 billion in support for UK companies exporting globally, and for their buyers in both the public and private sectors.
In addition, UK Export Finance support will now be available in all of the GCC’s currencies, allowing the region’s buyers to access finance in their own currency and making the UK’s world-leading goods and services even more competitive. 

Source: BNA