A unique forum that will discuss industrial and commercial co-operation between the Gulf region and Africa is scheduled for Bahrain this December.
The Crans Montana Forum Middle East (CMF-ME) has announced it will hold its “Strengthening GCC-Africa Cooperation” forum from 1-3 December, 2008, at the Ritz-Carlton Hotel and Spa, Bahrain, under the patronage of Bahraini Prime Minister Shaikh Khalifa bin Salman Al Khalifa.
This high-profile economic and investment forum organised by Crans Montana Forum Middle East, in association with the OFID OPEC Fund for International Development, is the first of its kind to connect African nations with the Middle East representing a new era of South-South cooperation in today’s rapidly globalising world, a statement from the organisers said..
“The historic event will provide a tangible platform for African government officials and businesses to meet with the GCC region’s key bankers and investors to discuss recent developments and business opportunities and to promote foreign direct investment and trade,” the statement said.
 The forum will focus on a number of targeted topics including natural resources mining, oil and gas, energy, renewable energy, transport, industrial and economic infrastructure, financial services, banking, trade, housing, telecommunications, IT, tourism, manufacturing industry, public health and related activities.
Africa is indeed high on the foreign investment agenda of most GCC countries and relations between Africa and the GCC have grown rapidly in recent years.
“The Gulf region is a leader in attracting two-way direct foreign investment and is becoming a major player on the international economic and financial scenes. At the very moment of globalisation, economic expansion of the Middle East, especially the Gulf area is absolutely impressive. A new market is born; a new hub for financial activities and investment is now integrating the world concert,” revealed Osama Al Khajah, vice chairman and managing director of CMF - ME.
“Gulf businesses have been making significant foreign direct investments in an increasing number of African sectors. Young and expanding players on international markets, they have repeatedly demonstrated willingness to take risks and operate in difficult environments into which Western multinational enterprises are reluctant to tread,” the statement said.
CMF chairman Jean-Paul Carteron commented: “This forum will provide a first-hand account of Africa’s investment climate from a policy and regulatory environment perspective as well as enabling national, state, and regional governments, and the private sector, to showcase the clusters and projects that seek investments.”
Carteron said Bahrain’s geographical location made it a point of gravitation for South-South cooperation and would buttress efforts to implement realistic and mutually beneficial cooperation between the economies of the GCC states and Africa and facilitate economic relations between the group of resource-rich nations.
The forum is targeting policy makers and officials from governments and para-governmental institutions, parliaments, chambers of commerce, businesses, business associations, foreign chambers and business councils in the GCC region, India and Africa; top executives from national funds, foreign investment funds, investment and financial institutions, banks including Islamic banks; institutional investors, corporate, traders, developers, and high-networth individuals and diplomats.
Since 1989, the Crans Montana Forum has been devoted to Africa’s economic development and world integration through economic growth, trade capacity building, natural resources management and infrastructure development.