LOC22:52
19:52 GMT
MANAMA, Nov 28 (KUNA) -- GCC countries work on setting up an economic unity and alliance to achieve stability in the region, said Bahrain's Minister of Industry, Commerce and Tourism Zayed Al-Zayani on Saturday.
GCC countries try to diversify their income sources and reduce dependence on oil revenues, he added while inaugurating a forum on "regional security and job opportunities."
GCC member states are not away from repercussions of economic problems facing the world, he added.
He noted that economic instability increases problems facing the region in general, referring to an amendment of taxes in member states as part of an income source to tackle falling oil prices. He stressed the need for finding solutions to cut spending and raise revenues.
The Bahraini government plans to spend about USD 30 billion in the coming years on developing infrastructure in collaboration with the private sector, Al-Zayani said, adding the business sector like banks and service companies can provide further support for economy.
The forum's sessions will start Sunday to discuss several dossiers on economy, commercial opportunities, political risks in the Middle East, the emerging economies in the region, oil and energy. (end)
mge.hm