During a virtual meeting on Sunday, economic experts talked about unifying the Gulf market to maximize foreign capital inflows. Dr. Raja Al-Marzoqi, General Coordinator for Negotiations and leader of the GCC Negotiating Team, proposed that completing the unified Gulf market and establishing procedures for settling investment disputes would attract more international capital and help Gulf states diversify their economies.
Al-Marzoqi made the remarks while giving a remote presentation from Riyadh to a small group of Gulf experts. During the presentation, he discussed the connection between bilateral agreements, regional integration, economic openness, and drawing in foreign direct investment.
Due to geopolitical tensions stemming from shifting US trade policies, volatile global inflation, and rising energy costs driven by the Iran War and its effects on the world economy, foreign investment has recently declined.
According to Al-Marzoqi, signing free trade agreements and participating in formal integration agreements provide investors with a reliable indication that market liberalization policies won’t be reversed, thereby lowering barriers to small-scale investment projects. According to World Bank estimates, regulatory differences between nations increase operating expenses for businesses catering to fragmented markets by 8 to 15 percent.
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