GOIC Secretary General Abdulaziz Al-Ageel
GOIC Secretary General Abdulaziz Al-Ageel

KUWAIT: The Gulf Organization for Industrial Consulting (GOIC) announced that Kuwait Petroleum Corporation and its subsidiary companies has joined the list of sponsors of the 15th Industrialists’ Conference ‘Foreign Direct Investment in GCC and its Impact on Industry’ as a Diamond Sponsor. The Conference will be hosted by the State of Kuwait on the 25th and 26th of November, 2015. The 15th Industrialists’ Conference is held under the patronage of His Highness the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah. It is organized by Kuwait’s Ministry of Commerce and Industry, the Public Authority for Industry (PAI) and the Gulf Organization for Industrial Consulting (GOIC), in collaboration with Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Chamber of Commerce and Industry, the Industrial Bank of Kuwait and Kuwait Industries Union. The conference is organized in coordination with the Secretariat-General of the Gulf Cooperation Council, and the Federation of GCC Chambers (FGCCC).

Economic development
Nizar Al-Adsani, CEO of Kuwait Petroleum Corporation stated that sponsoring the 15th Industrialists’ Conference reflects KPC’s keenness to contribute in any activity aiming at promoting the industrial sector and achieving GCC economic development. GOIC Secretary General Abdulaziz Bin Hamad Al- Ageel praised “KPC and its subsidiary companies” for its sponsorship of the 15th Industrialists’ Conference: “Over the years, KPC has been able to prove its position at the global level and accomplish several remarkable achievements that have positively impacted the industrial sector in Kuwait and the Gulf”, he said. Kuwait Petroleum Corporation is an establishment of economic nature that is fully owned by the State of Kuwait and managed on a commercial basis.

It is one of the most important oil and gas companies in the world. Its activities include discovering new reservoirs, producing, refining, marketing and manufacturing petrochemical products and transport. KPC’s mission is to manage and operate these integrated activities all over the world through the most efficient and effective means and to maximise the value and financial benefits of stakeholders and optimize the use of Kuwait’s hydrocarbon resources. Furthermore, the Corporation plays a key role in supporting and stimulating the local economy, developing national labour force, preserving experienced commercial and technical cadre and efficiently managing issues related to health, safety and environment.

In order to carry out its mission, KPC has developed strategic directions for the next phase towards continuous success through all of KPC’s activities. It is noteworthy that the 15th Industrialists’ Conference to identify clear policies to stimulate development plans in GCC countries based on a comprehensive set of elements drawing foreign investors. It also seeks to create an ambitious strategy to develop and promote the industrial sector in order to attract more foreign investments. Furthermore, it aims at enacting legislations and laws and offering facilitations and incentives to foreign investors in order to create a promising investment environment. The conference will seek to strengthen the level of competitiveness of GCC countries by attracting foreign investments to promote Gulf economies.

Investment environment
The conference will develop recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments and directing foreign investments in accordance with GCC strategic plans to achieve their development goals and maximise the benefit from these investments. In addition to that, they will work on determining key pillars of GCC investment plans in the industrial sector. The Gulf Industrialists’ Conference hosted by GOIC member states in rotation every other year is one of GOIC’s most important achievements since its foundation in 1976. Since the first conference held in Doha in 1985, they have been contributing in developing private and public industrial sectors in GCC countries. Each conference tackles a specific topic influencing the development of industries in the region through a series of papers delivered by international experts and specialists. In fact, previous conferences resulted in recommendations that helped in developing industrial plans in GCC countries, notably in the area of the industrial development strategy. Decision makers, officials, businessmen and industrialists are all interested in this conference. In its 14th version “Industrial Exports: Opportunities and Challenges”, the recommendations were to actively work on adopting policies and procedures aiming at facilitating the flow of Gulf exports to strengthen trade activities between Gulf countries and to benefit from GCC and Yemen seaports in addition to the existing land border points in support of Gulf industrial exports.