Countries in the Gulf Cooperation Council (GCC) are planning to set up an integrated industrial strategy, Bahraini Minister of Industry, Commerce and Tourism Zayed Alzayani said.
This will be done by creating a unified “Gulf strategy for industry,” Asharq Al-Awsat reported, citing him.
The Gulf countries are also trying to increase dependence on each other instead of importing raw materials from abroad, which Alzayani said could create jobs, diversify economies, and expand their exporting values.
He added the region is heading towards the formation of a customs and economic union by 2025, and the integrated industrial system will help the Gulf to stand among global conglomerates as a single bloc.
When combined, Gulf countries are the 12th largest economy globally, the minister said, adding their aim to be among the top 10 biggest economies in the world.