Development Strategies for GCC: Challenges, opportunities and Tasks

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Development Strategies for GCC: Challenges, opportunities and Tasks

GCC has been on the eve for more than decades now coming together to ensure that they create a very strong union in order to steer up their economic gains in the years to come. Therefore this paper deduces the strategies that the GCC is applying, the challenges it’s facing and the tasks it has to ensure that this is in order.

One of the strategies is that the countries have ensured that they have come up with a union that brings the countries in GCC under the same economic objective. This is noted as a unification strategy (Al-Mubaraki & Busler, 2013). The other strategy is that the region has constantly opened up their infrastructure for the last 2 decades to pave way for tourism one of the sectors that was dormant for years. The other and the main strategy is that the region has solicited ways that they can refine oil and not to sale in crude form in order to earn more for their sale. Education diversification is also one key strategy that GCC nations have used to inform the public of the need for development.

The challenges that face the region are also diverse but for the case of this paper I will mention two important ones. The first challenge is that the region is noted with terror perception hence most investor fear to invest in the region. The other is that despite the fact that the GCC nations have come up together to steer development they do not have a common currency.

Oil offers the GCC one important opportunity towards is development as it is a source of funding for development projects. The other is that the region has available human labor for development. The tasks that the region has is to ensure that all the policies in place are implemented for development to commence.

Reference

Al-Mubaraki, H. M., & Busler, M. (2013). Business incubation as an economic development strategy: a literature review. International Journal of Management,30(1), 362.