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GCC must focus on new sectors; can attract $300bn FDI

GCC countries can capitalise on their abundant and cost-competitive green energy, attractive location, and industrial and logistics infrastructure, thereby unleashing a new wave of economic growth, says a report.According to the latest report by Strategy& Middle East, part of the PwC network, entitled ‘Reconfiguring Global Value Chains’, global value chains are rapidly moving away from a primary focus on cost towards high-value, resilient, and operationally agile industries.  Thanks to their unique advantages, this presents GCC countries with a historic opportunity to capitalise on local resources to ramp up backward GVC participation to innovate and manufacture locally while accelerating domestic productivity, it says.

Link: https://www.tradearabia.com/news/IND_409461.html

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