day Gulf-Africa Investment Conference 2010, which concluded here Sunday, adopted a series of recommendations aimed at fostering economic relations between GCC and sub-Saharan African countries. The conference held under the patronage of King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, stressed the significance of promoting financial instruments through the participation of private sectors on both sides. The delegates noted that the flow of investments was limited largely due to the absence of GCC banks in Africa. Abdullah Bin Ahmed Zainal Alireza, Minister of Trade and Industry, delivered the closing remarks that emphasized the need for strengthening economic relations under the conference theme “One region, unlimited opportunities”. He underscored the importance of the conference saying that it took place at a time when the world was undergoing economic crisis with many countries facing difficult financial situations. The conference was important, he said, because it discussed ways to strengthen economic cooperation between the countries of the Cooperation Council for Gulf Arab states and friendly countries in sub-Saharan African, and sought to create a partnership between the two sides. The conference witnessed the participation of six African heads of state and a large contingent of ministers, economic experts, academicians, ambassadors and prominent businessmen from both sides. “In light of the ideas proposed by participants who included ministers and ambassadors and businessmen, the conference sought to achieve the well-being of people living in the GCC and sub-Saharan African states,” Alireza said. ?The final communiqué said Africa, as a continent, has become a focus of attention for investors from around the world, largely because of traditional markets and the potential for trade and investment in a number of areas including agriculture. ?It said working together the GCC and Africa could meet the needs of GCC markets for agricultural products while African producers could attract investment from Gulf states. ?The delegates in the communiqué called on Gulf businessmen to enter into genuine partnerships with their African counterparts. ?They underscored the need for bilateral and multinational partnerships between the Gulf and Africa with joint venture projects being facilitated with support from financial institutions that are in the common interests of both parties. ?Saudi Arabia enjoys strong relations with a number of African countries, which is evident through the level of financial activity supported by the Saudi Fund for Development, the minister said. Moreover, Saudis have taken the initiative of investing in the field of agricultural development in a number of African states. ?The two-day conference organized by the Council for Saudi Chambers of Commerce and Industries (CSCCI) was divided into seven sessions and discussed key issues on topics such as communications and infrastructure, agriculture, trade, energy, minerals and natural resources. ?The delegates raised the issuing of trade relations saying that economic relations in terms of trade and investment between the Gulf states and Africa were far below the potential the two blocs offered. The two blocs could work together in areas to promote mutual cooperation through investment and the use of the vast natural resources that exist is some African countries.?The communique also said that there is a huge gap in the availability of funds such as foreign direct investment (FDI) inflows that businesses in African states could rely on. ?Trade and commerce in the African region were based on factors such as guarantees and investment returns, and to achieve this the GCC states should work on financial instruments to promote private sector participation in investments, it said.
