GCC Secretary-General Jasem Albudaiwi Highlights Strategic GCC-EU Relations At Ninth Business Forum

The ninth GCC-EU Business Forum took place in Kuwait City, with the theme "Together for Shared Prosperity." The event was organised by Kuwait's Ministry of Foreign Affairs and the Kuwait Direct Investment Promotion Authority, in collaboration with the GCC General Secretariat and the European Union. Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah attended the forum, which was held under his patronage.

Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), expressed gratitude to Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for supporting joint Gulf initiatives. He commended Kuwait's role in advancing the GCC's objectives across various sectors. Albudaiwi highlighted that GCC-European relations have been a strong strategic partnership since their cooperation agreement in 1988.

Albudaiwi presented several economic indicators for the GCC states. The region's gross domestic product (GDP) reached $2.3 trillion in 2024, placing it ninth globally. Additionally, assets of Gulf sovereign wealth funds surpassed $4.8 trillion. These figures underscore the GCC's growing influence as a global economic force in oil and natural gas production.

The trade exchange between the GCC and EU amounted to $197 billion in 2024, positioning the EU as a key trading partner for GCC countries. European foreign direct investment (FDI) stock in the GCC reached $285 billion, indicating strong confidence in the Gulf business environment. This reflects deep trust from European investors in the region's economic landscape.

The Joint Work Program (2022-2027) has ushered in a new era of cooperation between the GCC and EU across political, economic, security, and development fields. The 2024 GCC-EU Summit in Brussels reaffirmed both sides' commitment to enhancing trade and investment ties and working towards a free trade agreement.

Following this summit, joint ministerial meetings led to practical steps to strengthen partnerships in sustainable development, intellectual property rights, and supply chain diversification. These efforts aim to bolster cooperation between both regions further.

Focus on Innovation and Sustainability

In his concluding remarks, Albudaiwi emphasised building on current momentum by enhancing collaboration in clean energy, green hydrogen, digital transformation, cybersecurity, and innovation. He stressed that these areas are crucial for achieving shared prosperity and ensuring a brighter future for both regions.

"The volume of trade exchange between the GCC and the EU reached $197 billion in 2024," said Albudaiwi. "European foreign direct investment (FDI) stock in the GCC states reached $285 billion, reflecting deep confidence in the Gulf business environment."

With inputs from SPA