CAIRO - 22 November 2023: The first Gulf-Egyptian Business Forum, held on Wednesday, delved into discussions on cooperation between the Gulf countries and Egypt, exploring avenues to boost economic and investment exchanges.
The forum concluded with several recommendations aimed at enhancing economic, trade, and investment cooperation between the Gulf Cooperation Council countries and Egypt, which are:
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Advocating for the annual and regular convening of this forum, with a general secretariat to follow up on the recommendations for presentation in the next meeting as significant achievements.
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Exploring technological solutions that contribute to trade and investment exchange between the two countries, such as establishing a platform adopted by chamber federations to showcase tenders and investment opportunities.
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Studying industrial integration between the Gulf Cooperation Council countries and the Arab Republic of Egypt, especially in light of the European Union's approval of carbon emission taxes, which will impact the growth of Arab exports and the utilization of renewable energy.
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Emphasizing the necessity of integration in the food industries, especially given challenges such as diseases, pandemics, climate change, and geopolitical conditions. The aim is to achieve Arab Gulf self-sufficiency in some industries, particularly in the field of food security.
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Working to increase focus on pharmaceutical industries between the Gulf Cooperation Council countries and Egypt.
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Stressing the importance of economic cooperation in various fields, from joint manufacturing and investment encouragement to bilateral trade development, agriculture and food manufacturing, transportation and logistics, tourism, and the connection of electricity, petroleum, and gas networks.
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Utilizing national potentials and striving for resource integration to deepen cooperation in facing the consequences of successive global economic crises.
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Emphasizing the importance of participation in enhancing industry in the Gulf Cooperation Council countries and Egypt to substitute imports to Gulf Cooperation Council countries with Egyptian and Gulf products.
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Cooperating through the establishment of industrial zones and logistic centers, connecting them to achieve joint manufacturing and the development of joint exports.
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Stressing that commercial cooperation between the Gulf Arab countries and Egypt should not be limited to fully manufactured goods only but should encompass industrial integration, production components, and necessities, to counter disruptions in global supply chains and increase the share of the Arab local component in penetrating Arab, African, and international markets.
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Calling on chambers of commerce and their members from both sides to create a strong Arab alliance working on spreading prosperity and development through joint reconstruction and investment.
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