DOHA, June 24 (KUNA) -- The Gulf Organization for Industrial Consulting (GOIC) Sunday anticipated Gulf industrial investment to be around USD trillion by the year 2020 compared with current USD 323 billion.
The Doha-based GOIC said in a statement the six Gulf Cooperation Council (GCC) countries were keen on raising their industrial sector's contribution to the Gross Domestic Product (GDP) to 25 percent by 2020, from present 10 percent.
The GCC countries are working on strengthening the industrial sector within their national strategies and plans which aimed at diversifying income, it said.
There are many challenges facing the Gulf industrial sector, noted GOIC, foremost low contributions of small and medium-sized industries in the overall industrial output despite their importance in creation of jobs and economic growth.
Small and medium-sized industries form 86 percent of total industrial installations in the six GCC countries, said GOIC, but their investments were only 22 percent of total industrial investment.
It said GCC private sector's contribution to the GDP was 33-35 percent, below expectations.
GOIC was established in 1976 with the aim of strengthening and developing inudstry in the GCC countries, in addition to Yemen which joined GOIC in 2009. (end) KUNA 242027 Jun 12NNNN