Abdel Rahim Naqi, Secretary-General of the Federation of Gulf Chambers, revealed that the French investments in Saudi Arabia, whether direct investments or in the form of financial institutions, corporations and other areas of investment estimated at 80 billion dollars. While in the other Arab Gulf states, it exceeds hundreds of billions of dollars.

Mr. Naqi affirmed that the trade, economic and investment relations between the Gulf states and France has reached in the past few years advanced levels of cooperation and in terms of importance, as the volume of non-oil trade exchanges between the two sides exceeded ten billion dollars in 2007, pointing out the tendency of the trade balance significantly in favour of France, where Gulf exports to France are no more than half a billion dollars, while the remaining amount represents the value of French exports to the GCC countries, and therefore the Gulf States looks forward to further open markets to their exports and elimination of customs duties definitively through the Gulf - European Free Trade Agreement which would be signed during the coming months.

In this regard Mr. Naqi expected the first Gulf - French Economic Forum, which would be held in October 28 in Paris, to witness a broad array of participation by officials and Gulf and French businessmen.

He explained that Forum will be held under the title "Towards A Sustainable Strategic Partnership" which would be organized in cooperation with the Chamber of Commerce and Industry in Paris and the Arab French Chamber of Commerce, and in coordination with the General Secretariat of the Gulf Cooperation Council and the French government. Pointing out that through the forum, four working sessions spread over two days will discuss a range of issues vital to both sides such as the challenges facing the GCC states, and the common Gulf market and its implications on Gulf / French economic relations. In addition to Economic reform efforts to ensure the integration of GCC countries in the world economy and the unified Gulf currency in 2010 and its role in the development of exchanges with France. Also on the table is food security in the GCC states and the prospects for cooperation with France in this regard. The Forum will also discuss the investment environment in France and the GCC states in terms of legislative environment and investment opportunities available, the banking and financial systems, real estate and institutional frameworks and promising opportunities for boosting the Gulf French relations, in addition to the review and analysis of the role of the GCC states in economic growth and global peace. Also, there will be free meetings between Gulf and French business men and women to discuss ways of bilateral cooperation in the different areas of investment and trade