| 8 December 2023, Friday |

Intra-Gulf trade exceeds $100 billion

Jasem Mohamed Al-Budaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, said that the volume of intra-Gulf trade exceeded $100 billion, as a result of efforts to enhance areas of economic cooperation between the six countries.

Addressing an economic conference in Oman, Al-Budaiwi called for accelerating work to complete economic and development projects and to reach Gulf economic integration, with the aim to strengthen the position of the GCC countries as a global financial, investment and economic hub, and to confront global economic challenges in light of the current geopolitical crises and their repercussions on GCC countries.

Al-Budaiwi was speaking during the 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers, which was held on Thursday in Muscat.

He also attended the inauguration of the first edition of the Gulf Pioneers platform and the 50th meeting of the GCC Industrial Cooperation Committee.

Al-Budaiwi noted that the Gulf Pioneers platform aims to facilitate communication and provide the necessary data and information for Gulf entrepreneurs, as well as enable them to develop and improve their businesses

He indicated that the platform contributes to highlighting the various investment opportunities in the region and facilitates communication between Gulf entrepreneurs, investors, financiers, customers and job seekers.

For his part, Qais Al-Yousef, Omani Minister of Trade, Industry and Investment Promotion, praised the efforts made by the GCC General Secretariat to promote economic cooperation among the countries.

Dr. Saleh bin Saeed Masan, Undersecretary for Commerce and Industry at the Omani Ministry of Commerce, Industry and Investment Promotion, said that Oman, the current chairman of the council, submitted two proposals, including an award for honoring GCC innovators, and the establishment of a Gulf industrial forum.

Meanwhile, the 50th meeting of the GCC Industrial Cooperation Committee discussed a number of issues, including finding a unified definition of the Gulf national product and its standards.

The heads of federations and chambers of the GCC states also held a consultative meeting to promote the growth of the economic sector.

  • Asharq Al-Awsat