Foreign Minister Prince Faisal Highlights Economic Ties At GCC-ASEAN Summit In Kuala Lumpur

Representing His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, attended the second summit between the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) in Kuala Lumpur. During his speech, he highlighted the strong foundations established by the first summit in Riyadh in 2023 and emphasized the ambitious partnership between these regions.

Prince Faisal stressed the importance of enhancing mutual commitments and exploring economic priorities. He advocated for deepening regional market integration and sustainability, advancing digital transformation, and increasing public-private sector collaboration. Additionally, he emphasized fostering people-to-people connections to strengthen ties further.

The foreign minister noted that economic relations between GCC and ASEAN countries present promising opportunities in sectors like finance, agriculture, halal food industries, and green energy. He mentioned that trade exchange between these groups grew by 21% from 2023 to 2024, reaching approximately $123 billion in 2024. This growth underscores the partnership's potential and highlights the need to facilitate trade by removing barriers.

Prince Faisal referred to an Economic and Investment Conference organized by Saudi Arabia's Ministry of Investment in Riyadh as a significant platform for exchanging investment opportunities. He expressed optimism about increased private sector participation to achieve shared objectives.

The summit took place amid global challenges such as climate change impacts, energy market fluctuations, and urgent food and water security needs. Prince Faisal recalled commitments made during the first summit in Riyadh in 2023 to address these issues collectively. He reaffirmed Saudi Arabia's dedication to a just solution for establishing an independent Palestinian state with East Jerusalem as its capital.

He called for intensified international efforts to promote peace, support humanitarian relief in Gaza, and enhance regional stability through comprehensive political and humanitarian approaches. The Kingdom remains committed to initiatives that boost cooperation between GCC and ASEAN countries.

Strengthening Regional Partnerships

Praising Malaysia's hosting of the second summit, Prince Faisal acknowledged its role in building on previous achievements. The event aimed to develop partnerships that serve both regions' interests and aspirations while achieving sustainable development and regional stability.

The foreign minister reiterated Saudi Arabia's support for initiatives enhancing cooperation between GCC and ASEAN nations. These efforts contribute significantly to realizing aspirations for a prosperous future for their peoples.

With inputs from SPA