PARIS:The French capital hosts on Wednesday the Third French-GCC Forum to discuss prospects of enhancing mutual trade exchanges, estimated at euro 18 billion in 2015.
Conferees are scheduled to discuss during the day-long forum, to be held at headquarters of the French-Arab Chamber of Commerce, mutual investments and commercial cooperation.
The event will involve two workshops, themed “role of sovereign funds and funding organizations in financing small and medium enterprise,” and “the French-Gulf cooperation in health and pharmaceuticals.” France enjoys sold economic ties with Kuwait, Saudi Arabia, the UAE, Qatar, Bahrain and Oman. The European nation plays a key and dynamic role at the regional and international levels, with 40 percent of the globe petroleum reserves and produces 30 percent of the world daily output of consumed oil.
Moreover, its annual growth rates are higher than those posted in other member States of the Organization for Economic Cooperation and Development (OECD).
According to records of the French-GCC Chamber of Commerce, GCC exports to the European nation grew by 17 percent, in 2015, reaching euro 18 billion, with a surplus in favor of France exceeding euro four billion. Although the French-GCC commercial exchanges have been negatively affected with bearish oil prices, Paris is seeking to boost the economic and trade cooperation with the Gulf countries in various sectors, namely infrastructure.
As to the French economic ties with the State of Kuwait, the French Foreign Ministry records showed that the bilateral trade exchanged rose 31 percent, in 2015, reaching euro 1.7 billion, against euro 1.3 billion in 2014, thus transforming the trade exchanges’ deficit, recorded at euro 257 million, into a surplus valued at euro 510 million.
