Next month Bahrain will play host to the first GCC – China economic forum, with over 300 delegates expected to descend on Manama to thrash out a roadmap for better cooperation and closer economic ties between the two.
Outside of major state infrastructure projects many companies in the dominant energy fields throughout the GCC have found building bridges with Chinese firms challenging, something the conference is designed to reverse says BME Global’s event organiser James Lamb.
“The talks are aimed at strengthening the economic links between the GCC nations and China, while improving the free flow of economic information and emerging opportunities from both sides,” he explained.
The highly anticipated event is expected to draw over 150 Chinese delegates and business leaders, and is expecting at least the same number from GCC companies and ministries to attend.
Trade relations between China and the GCC regions have broadened dramatically over the past decade with the McKinsey consulting group predicting trade flows by 2020 will climb to between $350 billion and $500 billion.
Since 2006, the Asia region has been the largest trading partner of the GCC, according to data compiled by Standard Chartered Bank. As of last year, Asia accounted for 55% of the GCC’s total trade of $758 billion.
The main objective of the GCC-China Economic Forum is to provide a chance for the GCC countries and China to find common ground over a number of issues, including trade, investments, technology transfers, business incentives and copyrights – all key issues in the oil, gas and petrochemicals spheres.
“The relationship between the GCC and China has been growing in many areas of economic activity, hence the GCC-China Economic Forum is being convened to further crystallise and focus on the priorities of cooperation, and at the same time, focus on the long range program of the partnership,” said Abdulrahim Hasan Naqi, Secretary General of the Federation of GCC Chambers of Commerce and Industry.
The talks will also include ministers, high ranking officials and experts, addressing the forum across a variety of issues. Panel discussions with experts and analysts will discuss every topic presented in depth, with the results being recommended to the public sector for action, explained Naqi.
“The forum is a great opportunity to further strengthen the economic and trade cooperation between entrepreneurs from both sides. China Council for the Promotion of International Trade will be sending a Chinese business delegation to participate in this event,” said Wan Jifei Chairman of the China Chamber of International Commerce.
The forum is jointly organised by the FGCC Chambers and the China Council for the Promotion of International Trade (CCPTI). The event will run on the 22nd and 23rd March, and be held at the Gulf International Convention Centre in Manama, Bahrain.
