Gulf economic "integration" step towards growth - Kuwait Min.
KUWAIT -- Economic "integration" within Gulf Arab states is a major step forward towards sustainable growth, Kuwait's finance minister said on Sunday, citing the measure as a cornerstone of development plans.
At a time of "grave" economic challenges, coupled with geopolitical tensions, it would behoove Gulf Cooperation Council (GCC) states to ratchet up their efforts in a bid to keep these difficulties at bay, Nora Al-Fassam told a gathering of the six-member bloc's financial and economic cooperation committee in Kuwait.
As non-oil revenue continues to be on an upward trajectory, Al-Fassam, who doubles as state minister for economic and investment affairs, said that Gross Domestic Product in GCC member states was worth USD 2.2 trillion in 2024, while sectors ranging from tourism to energy continue to see palpable growth, she underlined.
In terms of GDP value, the minister prognosticated that the economies of Gulf Arab states will be among the top 10 in the world in the coming years, while the primary objective for the committee gathering is to look into plans to bolster cooperation in the face of existential challenges, which was necessary to keep development steady, said the minister.
In attendance amid the talks, the Riyadh-based bloc's secretary general Jasem Al-Bedaiwi said that the slew of accomplishments member states have amassed helped transform the region into a financial and economic hub, while steps are being taken towards the economic "integration" of GCC countries, he said.
He went on to say that forging a solid rapport with international bodies and organizations was a "priority" moving forward, emphasizing that recent indicators point to the growing economic clout of Gulf Arab countries, whose stock markets rank seventh in the world in terms of market value, the bloc's chief added.
On other accomplishments, he said the region's non-oil economic activity comprised 75.9 percent of total GDP last year, at a time where Gulf Arab states continue to push forward "economic diversification" plans, while the proper infrastructure is in place to accelerate a digital drive, said the official.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
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