GCC countries making headway in economic diversification - chief

RIYADH, April 25 (KUNA) -- Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi said the GCC economies, in keeping with the strategic vision approved by the GCC leaders, have made progress in alleviating reliance on oil revenues as source of national income.
"The achievements made over the past four decades in various sectors had positive impacts on the GCC peoples," a statement from the GCC Secretariat quoted him as saying on Thursday.
Al-Budaiwi made the comments at a panel discussion, hosted by Asian Society Hong Kong Center (ASHK) under the theme of "Engaging with the Gulf States." He reviewed the numerous achievements made by the GCC member countries as they strive to grow and diversify their economies and promote their status on the global economic map.
The GCC states laid out plans and strategies for economic diversification, and created partnership to promote trade and investment, thus becoming major international actors.
They have struck free trade agreements with several friendly countries and global economic blocs with a view to opening new markets for their products, he pointed out.
Al-Budaiwi commended as strategic the relationship between the GCC states and Hong Kong, saying that both sides share the desire to take this relationship to new heights in the economic, trade and investment.
The ASHK is one of the 14 global centers of the New York-based Asia Society. It is an independent non-governmental educational organization established in 1990 by a group of Hong Kong community leaders led by Sir Quo-wei Lee. (end) sns.gb