GCC economic competitiveness forum discusses opportunities, challenges

The State of Qatar, represented by the Ministry of Finance, organised on Sunday the first GCC Economic Competitiveness Forum in co-operation with the World Economic Forum, with the attendance and participation of members of the GCC countries.

Chaired by Assistant Undersecretary for Economic Affairs at the Ministry of Finance Dr Saud bin Abdullah al-Attiyah, the forum seeks to bring together the parties concerned with economic competitiveness in the GCC countries under one roof to discuss the common opportunities and challenges related to improving the competitiveness of the Gulf countries and unifying efforts between the GCC countries by establishing a common framework to enhance coordination and co-operation, which contributes to enhancing the competitiveness and supporting the Gulf economy of each country individually and as a single bloc.

In a speech delivered at the opening of the forum, the assistant undersecretary for Economic Affairs at the Ministry of Finance said that the aim of organising the forum is to answer some questions such as what is economic competitiveness, and ways to come up with a unified Gulf definition proposal for economic competitiveness, especially in light of the changing methodologies and indicators of economic competitiveness, some of which do not necessarily reflect the reality of the Gulf economy, especially when relying on international indicators.

He added that the forum will also address how the GCC countries can benefit from each other's experiences and form a joint Gulf framework for coordination and communication regarding Gulf competitiveness, especially unifying messages directed to international institutions, and how to benefit from the capabilities and expertise of existing Gulf institutions, such as the Economic and Development Affairs Authority of the GCC General Secretariat as well as the GCC Statistical Center.

The Assistant Undersecretary for Economic Affairs at the Ministry of Finance stressed that the GCC countries enjoy great economic strength, as they have been able in recent years to confront economic, financial, and geopolitical crises and challenges, such as fluctuations in oil prices, Covid-19 pandemic, interest rates, and others, thanks to political stability, financial, monetary, and economic policies.

In turn, Director of the Economic Competitiveness Department at the Ministry of Finance Baraa al-Mansouri addressed the definition of competitiveness by global institutions, the importance of this ability at the global level, and the extent of the need for cooperation between the GCC countries in this field, whether among themselves or with major economies, reviewing the main foundations for cooperation between the GCC countries and the field of competitiveness.

Al-Mansouri said that the forum will discuss these topics in detail through two discussion sessions, the first of which will address the future of competitiveness of the GCC countries, while the second will address methodologies of global reports, especially the World Economic Forum's Competitiveness Index, as it is one of the most followed indicators around the world.

In his remote speech, Aengus Collins of the World Economic Forum praised this Gulf initiative aimed at examining the GCC countries' ability to add tools and mechanisms that help formulate the GCC's economic policies and increase their competitiveness as a Gulf economic bloc. He stressed that today's meeting embodies the values of dialogue, cooperation, and institutional innovation, which are important concepts that support the Gulf's competitiveness.

Collins discussed the work undertaken by the World Economic Forum in the field of competitiveness, addressing the chronology of the transformations it underwent later after its European launch in 1979, especially the development of the definition of competitiveness during 2010, 2014, and 2019, especially when the forum became global and held its annual meetings in Davos, Switzerland.

He pointed out that the World Economic Forum defines competitiveness as the set of institutions, policies, and factors that determine the level of productivity in any country, which in turn determines the level of development and progress in any country, indicating the factors affecting competitiveness in terms of production costs, productivity, and many other elements that play a role in this regard, such as the country's internal dynamics, the quality of its human resources, the way it prepares for the future, and others. This competitiveness can also be affected by various factors such as wages, the cost of social programmes, the efficiency of telephone systems, or even the ability to speak foreign languages.

After exchanging experiences between the GCC countries in the field of competitiveness, the forum concluded its work with a number of outputs and recommendations, to enable everyone to benefit from pioneering experiences, achieve greater economic integration, and establish a co-ordination framework between the GCC countries to enhance cooperation in the field of economic competitiveness, and to ensure continuous co-ordination in this field.