Organization

University of Malaya

Project Description

Malaysian businessmen perception towards GCC market

Project Abstract

Gulf Cooperation Council (GCC) is the largest economic group in the Middle East region and rank at number 17th in the global economy. The establishment of GCC Custom Union in 2003 has attracted a number of economic groups such as European Union (EU) as well as individual countries to deal with the GCC as an economic group. As a custom union, it requires to interested parties to deal with GCC as a group. A number of Free Trade Agreement with GCC has been signed and still under negotiating. Malaysia, apart from religious affinity, has significant economic relation with the group. The economic ties between Malaysia and GCC have been remarkable particularly on trade, oil sources as well as investment opportunities for Malaysia. At the same time, recent development shows that, the GCC nations also investing and participating in Malaysian economy and this contributing considerably its economic growth. Given this background, the objective of this paper is to highlight that economic co-operation at the intra-regional level has been an important feature of the economic development policies for developing countries. In doing so, this paper will particularly look into trends, level and few other aspects of its trade and economic relation with the GCC members, and benefit that gained by Malaysian investors as well as expatriates investing and working in this region.
The findings of this paper will be analyzing toward the opportunity of Free Trade Agreement (FTA) between two parties. It has been indicated that, Free Trade Agreement (FTA) is an instruments of trade liberalization to get the optimum benefits of free trade. FTA will improve the overall image in GCC and Malaysia and will create a more favourable business environment for GCC-Malaysian companies.

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