Al-Budaiwi: GCC States, Globally-Reliable Energy Suppliers

(MENAFN- Kuwait News Agency (KUNA)) DAVOS, Switzerland, Jan 23 (KUNA) -- Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Al-Budaiwi stated that the GCC countries are among the most stable nations in the world, enhancing their role as reliable energy suppliers globally.
This announcement was made during his speech at the panel session organized by the General Secretariat of the GCC in Davos on the sidelines of the 55th annual meeting of the World Economic Forum (WEF) 2025.
Several ministers of Economy and finance from the Council member states participated in the session, along with senior economic officials, experts, and business leaders from various countries.
The GCC chief stressed in his address that the GCC remains committed to peace, respect for international law, and striving for sustainable development for the benefit of future generations, despite the challenges it faces.
He spoke about the establishment of the GCC and its objectives, reviewing the significant economic milestones it has achieved, starting with the founding of the Free Trade Area in 1983, which eliminated customs duties on traded goods among the member states, leading to a substantial increase in trade and investment within the region.
He then referred to the creation of the Customs Union in 2003, which implemented a unified tariff on goods imported from outside the council, helping to protect local industries and facilitate trade.
He also touched on the Common Market established in 2008, which allowed for the free movement of goods, services, capital, and labour within the region, enhancing economic integration and creating a broader market.
Al-Budaiwi affirmed that the GCC countries continue to work together to achieve complete economic integration in accordance with the Gulf Economic Agreement, which outlines the mechanisms for achieving this integration.
He presented a series of facts and statistics that affirm the position and economic strength of the GCC region both regionally and internationally, noting that the member states will continue their mission to ensure prosperity, sustainability, and a better future for all through their active participation and initiatives with regional and international partners.
He added that the council has implemented numerous initiatives aimed at enhancing economic diversification, supporting sustainable development, and encouraging innovation, which has resulted in a significant increase in intra-GCC trade and trade with external partners.
The GCC chief pointed out that this workshop will highlight cooperation opportunities among various economic and financial sectors, contributing to enhancing economic growth at both regional and international levels.
"It will also provide suitable solutions to the challenges facing the region, allowing both the private and public sectors to benefit," he said, adding that the workshop will discuss anticipated economic and developmental policies within the framework of joint Gulf cooperation.
During the workshop, the ministers discussed several topics and exchanged views, including the importance of economic diversification and its role in enhancing the resilience of Gulf economies, reducing reliance on traditional income sources such as oil and gas, and promoting innovation and diversification in economic sectors to enhance regional and global competitiveness.
The workshop also addressed the relationship between economic diversification and the Sustainable Development Goals, investment in renewable energy, technology, and knowledge-based industries.
Participants discussed adopting sustainable economic policies that balance economic development with the protection of natural resources for future generations.
They emphasised the importance of cooperation among the GCC countries and the world to achieve common interests, enhance shared economic opportunities, exchange experiences, and activate strategic partnerships in energy and innovation to achieve sustainable development.
The workshop concluded with discussions on the role of traditional and renewable energy in supporting the economies of GCC countries, as well as reviewing the future development visions of the member states and the challenges they face in their economic diversification journey.
The Secretary General indicated that, in light of the success of the GCC event in Davos and the significant attendance it witnessed, an agreement has been reached between the General Secretariat of the GCC and the World Economic Forum to hold an annual session dedicated solely to the economic, commercial, and investment affairs of the GCC.
Kuwait was represented at the panel session by Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam. (end)
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