Strategic diversification, with a focus on trade and sustainability, was the focus of the seventh EU-GCC Business Forum held at the Ritz-Carlton Bahrain.Organised in collaboration with the Industry and Commerce Ministry, the one-day forum was held under the theme of ‘Redefining Economies: Building a Sustainable and Diversified Future’.“This forum clearly demonstrates the desire and strategic ambition to connect and empower our economies, trade, investment and companies,” EU special representative for the Gulf region Luigi Di Maio noted in his opening remarks.“I believe the new EU Strategy for the Gulf provides our regions with the best platform to reconcile our strategic mission, empower one another and make us more resilient for the future.” Mr Di Maio went on to highlight the importance of trade and visa liberalisation, calling it a priority for both parties.He also noted the importance of the India-Middle East-Europe (IMEC) Economic Corridor, which was announced in September.His remarks were followed by an address by the GCC assistant secretary-general for political affairs and negotiations Dr Abdel Aziz Abu Hamad Aluwaisheg and Bahrain Economic Development Board (EDB) chief executive Khalid Humaidan.“The European Union is a large economic bloc that represents around 70 per cent of the world’s GDP and the GCC’s GDP has exceeded $2 trillion,” Mr Humaidan noted in his comments.“It is important for us to build on our shared history of trade and investment to strengthen the bridges between our two regions.“As the GCC continues to diversify its economy, non-oil sectors will drive that economic growth and Bahrain is a good example of a successful diversification story.”Mr Humaidan added that last year financial services overtook oil and gas to become the largest sector in the economy, while also referencing the thriving manufacturing sector and pointing to growth opportunities in tourism, logistics and digital services.The forum, attended by policy leaders, businesses and government leaders, was comprised of four panel sessions.The first was titled ‘Sustainable Energy Mix and Energy Security: Strategies for Energising Economic Diversification’ and concluded that it was necessary to implement innovative strategies for energy security as the world transitions towards cleaner energy sources.Panellists in the second session, ‘Circular Economy: A Pathway to Economic Sustainability’, discussed how to foster economic competitiveness while keeping environmental sustainability in focus.The third session, ‘Green Logistics and Transport: Driving Sustainable Mobility and Connectivity’ discussed how policy frameworks can be aligned to boost sustainable mobility, connectivity and trade investment.The fourth and final session, ‘Women and Trade – Empowering Women in the Economy: Strategies for Economic Inclusion & Sustainable Development’ examined how women’s roles in trade and investment could be bolstered.“These discussions underscored the commitment to leverage innovation, renewable energy, and digital transformation as key drivers of economic growth, social prosperity, and environmental responsibility,” the organisers said, in a statement.“The emphasis was on actionable outcomes that would cement the EU’s position as a vital trade and investment partner for the GCC.”The importance of knowledge sharing, market access expansion, and the empowerment of small and medium-sized enterprises were identified as key objectives going forward. (ICE Doha)

Fonte notizia: Gulf Daily News