Industrialization necessary to diversify Gulf committee countries' income

Saudi Minister of Industry and Electricity Hashem Yamani called on Gulf Cooperation Council states on August 27 to embark on industrialization to diversify income in light of the world's shaky oil prices and increasing competition in the petroleum sector.

Yamani, indicated that realization of the objective would be difficult after formation of the World Trade Organization (WTO) and removing barriers on international trade.

The minister indicated Gulf committee countries' industrial strategists should seek to upgrade quality of products and slash their costs to strengthen competitiveness.

Four Gulf committee countries, Kuwait, Qatar, Bahrain, and the United Arab Emirates are members of the WTO. Saudi Arabia and Oman have taken preparatory steps to join the organization.

The WTO, set up on January 1, 1995, replaced GATT, the General Agreement on Tariffs and Trade, charged with the elimination of world trade restrictions.

Yamani appealed to the Gulf committee countries states to aid science research institutions and develop applied sciences to introduce modern techniques, grant facilities for investments and launch joint Gulf investment ventures.