Innovation as a factor for the further development of the Cooperation Council for the Arab States of the Gulf

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Abstract

The author analyzes the current stage of integration of the Cooperation Council for the Arab States of the Gulf. The main categories of factors hindering the deepening of economic integration in the region are identified. Economic, institutional and political factors are considered.An alternative model of deepening economic integration in the Cooperation Council for the Arab States of the Gulf is proposed. Economic integration in the Cooperation Council for the Arab States of the Gulf does not set the ultimate goal of forming an economic and monetary union. The model is based on horizontal integration. The goal of the proposed model is to coordinate economic policy measures at the supranational level in individual industries. It is proposed to pay special attention to the innovative development and implementation of innovative technology in key industries and areas of economic activity of the region. Increasing the level of innovation in the Arab Gulf energy sector, including increasing the role of renewable energy, industry and the transport and logistics industry, could contribute not only to deepening economic integration within the framework of the association, but also to creating conditions for more sustainable long-term development of the region.

About the authors

Pyotr Sergeevich Prokopyev

The Financial University under the Government of the Russian Federation

Email: prokopiev2012@gmail.com

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