Minister Of Finance Inaugurates GCC 2035 Conference

(MENAFN- The Peninsula) QNA

DOHA: Minister of Finance H E Ali bin Ahmed Al Kuwari inaugurated yesterday the GCC 2035 Conference. The event, held in cooperation between the Ministry of Finance, the General Secretariat of the GCC, and Georgetown University in Qatar, focused on the theme“Exploring the Future of Regions, Global Industries, Trade, and Investments.” The conference was attended by several dignitaries and officials from various countries and organisations.

In his opening speech, Al Kuwari addressed the attending ministers and delegations, stating:“This conference aims to galvanize our thinking on how we can work together to confront the challenges and opportunities of the next decade.”

The conference seeks to highlight the role of the Gulf Cooperation Council in building a robust regional model during a time of economic recovery, technological advancement, and climate progress, amidst geopolitical tensions. It also provides an interactive platform that brings together decision-makers and university students, enhancing community participation and contributing to the shaping of a bright future characterized by cooperation and innovation.

Also, Minister of Finance Ali bin Ahmed Al Kuwari participated in a discussion session during the GCC 2035 Conference.

This panel discussed how GCC countries leveraged regional cooperation to enhance economic resilience amidst global geopolitical shifts while balancing regional economic priorities against global demands. Key topics included the creation of a unified economic strategy that aligned national and regional goals, the management of geopolitical risks, and the strengthening of regional cooperation to establish a competitive advantage.

From this standpoint, the Minister of Finance affirmed in his speech that the differences in laws and regulations among the Gulf Cooperation Council (GCC) countries pose challenges to harmonizing policies in areas such as labor markets, taxation, and foreign investment. This can lead to delays in cooperation efforts; however, coordination between the GCC Secretariat and bilateral committees helps achieve progress in many areas.

During the session, Saudi Arabia's Minister of Finance, H E Mohammed Al Jadaan, emphasised the GCC countries' unique position in leveraging opportunities amid the current global economic challenges, adding that the region shines amidst a series of challenges facing the global economy. He explained that despite parts of the Middle East facing difficult times and severe humanitarian crises, GCC countries have played a pivotal role in easing tensions, focusing on their economies and citizens.

Also, Minister of Finance and National Economy of Bahrain, H E Sheikh Salman bin Khalifa Al Khalifa, emphasised the significant economic growth occurring in the GCC region, with the combined gross domestic product (GDP) of the six GCC countries currently exceeds $2 trillion annually, with projections suggesting it will rise to $3 trillion by 2030 and surpass $5 trillion by 2050.

International Monetary Fund (IMF) Managing Director H E Kristalina Georgieva, speaking during the same session, praised the GCC countries' relentless pursuit of reforms that have transformed their economies, making them more resilient to shocks. She also commended the regions focus on inclusive growth, particularly its efforts to ensure that Gulf youth have promising future prospects.

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