Economic experts discussed unifying the Gulf market in order to maximize inflows of capital from abroad during a virtual meeting on Sunday.
General Coordinator for Negotiations and head of the GCC Negotiating Team Dr. Raja Al-Marzoqi suggested completing the unified Gulf market and developing mechanisms for resolving investment disputes would attract more foreign investment and contribute to the economic diversification of Gulf states.
The comments came during a presentation delivered remotely by Al-Marzoqi from Riyadh to a select group of Gulf specialists, when he addressed the relationship between economic openness, regional integration, bilateral agreements and attracting foreign direct investment.
Foreign investment has declined in recent years due to geopolitical tensions stemming from shifting US trade policies, unstable global inflation trends and rising energy prices resulting from the Iran war and its impact on the international economy.
Al-Marzoqi explained that membership in formal integration agreements and the signing of free trade agreements send a credible signal to investors that market liberalization policies will not be reversed, thus reducing obstacles for small-scale investment projects.
