GCC Financial, Economic coop. cmte meeting kicks off in Doha

DOHA, May 30 (KUNA) -- The 121st GCC Financial and Economic cooperation committee meeting kicked off on Thursday in Doha, Qatar, with Kuwait's participation.
In his speech, Qatari Minister of Finance Ali Al-Kuwari said that the meeting will discuss several topics regarding joint economic work, in continuation of the findings of the Committee of Undersecretaries of the Ministries of Finance, including the recommendations submitted by the Central Bank Governors Committee, the Board of Directors of the Customs Union Authority, and the Gulf Joint Market Committee.
He expressed his aspirations that the meeting would result in a number of decisions that would enhance economic integration, reach economic unity among the GCC countries, overcome the difficulties and obstacles that obstruct the process of joint Gulf action, and increase the gains for the benefit of the citizens.
He stressed the need for the GCC countries to continue efforts to diversify economic income and raise competitiveness by updating laws and legislation to attain higher competitive positions that contribute to attracting more foreign investments.
Al-Kuwari expressed his happiness after several countries in the region, including Qatar, entered partnerships for advanced technology projects, including artificial intelligence with international companies specialized in this field.
On his part, GCC Secretary General Jasem Al-Budaiwi expressed his hopes that this meeting would be filled with achievements and fruitful work, praising the efforts to reinforce cooperation and joint integration between GCC countries, following the directives of the GCC political leaderships.
"Despite the weak global economic growth, high interest rates, and geopolitical risks in the region and the world as a whole, the World Bank expects the economy of the GCC countries to grow by 3.6 percent in 2024 and 3.7 percent in 2025, outperforming major global markets," said Al-Budaiwi.
He said that the International Monetary Fund expects the total general government surplus of the GCC countries to reach 3 percent of the gross domestic product during this year, indicating the World Bank's confirmation that the non-oil sectors will lead economic growth in the countries of the GCC.
"In light of the economic challenges facing many countries of the world, the expansion of the economic and industrial aspects, innovation and artificial intelligence in the GCC countries has become a huge leap that carries many promising investment opportunities within it, especially in light of the great potential that the GCC countries enjoy," he pointed out.
The Kuwaiti delegation is headed by the Minister of Finance and Minister of State for Economic Affairs and Investment, Anwar Al-Mudhaf, and other senior officials. (end) sss.bb