걸프産油國의 成長 潛在力과 投資環境에 관한 分析
(An) Analysis on the Potentiality of Economic Growth and Investment Environment of the Gulf Oil Export Countries
걸프산유국 성장잠재력 투자환경 아랍지역;
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The principle purpose of this study is to analyse the Economic Development of the Middle Eastern Islamic States and the Entry Strategies of the Korea specially concentrate on the Gulf 6 Countries. This study examines the change of Middle East Countries based on the estimation and evaluation of the trend of recent changes in the economic policy of the nations, as well as the evaluation of the economic cooperation between Gulf region, evident in achievements such as the Oil Development Industrial Complex, GCC connection, and developments in the trade and investment sectors. In addition, this study analyzes the major developing frame of 6 Gulf oil export countries related to the economic development that has occurred there after the open policy was implemented in 1990 and reformed subsequently so far. This has expedited and balanced the country's economic development and economic management under a planned economic system. The most important factors to be analyzed in the study would be the characteristics of the nation following the implementation of the investment inviting measures as well as future possibilities concerning economic cooperation between the countries. Over the period from the mid-1990s to until now, Gulf oil export 6 countries as a group implemented some of the most restrictive trade regimes in the developing world. Import substitution industrialization was pursued throughout the region. While varying in degree and from country, these policies included an extensive and complex system of import controls, tariff rates, and exchange controls. Additionally, Most of these governments also put in place comprehensive systems to support domestic import-substituting industries, including investment, credit. prices, and trade support programs. Some countries like a Oman, UAE, and Kuwait began to pursue extensive economic reform programs. trade reform measures, including a general dismantling of quantitative import controls, streamling of tariff systems, and current account convertibility, were introduced. Policies to promote non-oil and non-mineral exports were also implemented. In most of these countries where reforms were introduced, the impetus for change came in response to major balance-of-payments difficulties. Overall, greater progress was made in liberalizing quantitative restrictions than in reducing tariffs, due largely to the continued reliance on international trade taxes as a source of budgetary revenue. Despite these advances in trade liberalization trend in the countries, economies remain relatively closed on the whole, with high average tariffs compared with the other developing countries` only a few countries-Oman, and Saudi Arabia have levels below 15percent, while most are close to or above 30 percent. Also, they have some protection of import -substituting activities. Moreover, trade institutions, such as customs, financial services, and expert promotion, creating further deterrents to trade expansion. Where data are available, weighted average tariffs rates all Gulf countries are more than double the international average, and are either higher or just below the average for developing countries Effective import duties tend to be lower in the Gulf countries, ranging from less than 0.1 percent in the UAE to 5.8 percent in Oman, with the exception of Saudi Arabia, where they are estimated at 10 percent. Aside from rates of 8 percent in Kuwait, diversified exporters`effective import duty rates range from 11.3 percent in Iran to 0 percent in Iraq after the present war. Trade taxes in the region represent from 2.8-8.2 percent of GDP in more diversified Gulf exporters, and from 0.4-4.2 percent of GDP for Gulf oil exporters. Each Government will serve as one of the main forces driving trade liberalization in the region in the coming 20 years, as, well as influence economic performance. Additionally, they have stimulated regional integration, evidenced by the recent Free Trade Area Agreement. Another factor advancing trade liberalization in a number of Gulf countries is WTO membership. Oman, Kuwait, and the UAE were members of the WTO. Iran and Saudi Arabia have all applied to join, and currently have observer status. The most significant feature of the future of these countries is the implied unilateral liberalization and opening to imports of manufactured products. The policy of the countries include the following shared objectives: (a) progressive elimination of all dependency rate on oil goods: (b) gradual and limited trade liberalization for general products: and (c) measures to liberalize services and rights of establishment that is, harmonization of rules and regulations to facilitate trade, especially in the areas of competition policy and intellectual property rights. Additionally, the agreements open further liberalization prospects with planned negotiation on agriculture and services. This study proposes that our nation take action to steadily promote to progress on the Middle East Country's reforms and opening up through the expansion of the economic alliance not only in Gulf region but, also whole World.