GCC food industry investments hit USD18b in 2013

04 Dec 2014

(MENAFN) According to the Gulf Organization for Industrial Consulting (GOIC), the value of investments made by the GCC food industry firms has reached USD18.1 billion, registering an accumulated growth of 10 percent compared with USD12.4 billion spent by the firms in 2009, QNA reported.

GOIC attributed the growth in investments to the increasing number of GCC food industry firms, which grew from 1602 in 2009 to 1857 in 2013, a cumulative growth rate of 3.8 percent, while the workforce increased from about 149.000 workers in 2009 to approximately 196.000 in 2013, at a growth rate of 7 percent during these five years.

“Food industries are becoming increasingly important to GCC countries in light of their key role in achieving Gulf food security. In fact, food industries are essential to manufacturing activities in GCC countries, for this sector’s share of the total number of manufacturing firms is 4.9 percent, its share of the total funds invested is 4.9 percent and of the total workforce in manufacturing industries 14.2 percent,” GOIC Secretary General said.

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