Kuwait Commerce Min. affirms keenness to strengthen GCC economic, industrial integration

KUWAIT, April 30 (KUNA) -- Kuwaiti Minister of Commerce and Industry Khalifa Al-Ajil affirmed on Wednesday, Kuwait's keenness to strengthen GCC economic and industrial integration, highlighting the importance of coordinating trade and industrial policies and unifying Gulf positions in light of the rapidly changing global economic landscape.
This came in a speech delivered by Minister Al-Ajil during the 68th ministerial meeting of the Trade Cooperation Committee and the 54th ministerial meeting of the Industrial Cooperation Committee, which is hosted by Kuwait.
He emphasized that achieving Gulf economic integration requires more consultation, exchange of expertise, and coordination of efforts within an organized institutional framework, hoping that these meetings would contribute to a qualitative leap in the course of joint Gulf cooperation.
Al-Ajil praised the efforts of the General Secretariat of the GCC in following up on the implementation of committee decisions and coordinating joint work among member states, which supports the Council's path toward greater progress and prosperity in the commercial and industrial fields.
In his speech at the meeting, he said: "Today, our region has become an influential economic power on the global map, and the historical ties, strategic interests, and massive market size we share give us a great opportunity to turn challenges into opportunities, boost trade exchange among our countries, and open new horizons for Gulf capital, products, and distinguished services." He pointed to the growing importance of supporting entrepreneurs, small and medium-sized enterprises (SMEs), now more than ever, adding that these businesses are the ones that will drive change, invest in innovation, create job opportunities, and contribute to building a bright future.
He expressed his hope that GCC governments would continue their unwavering support for entrepreneurs and SMEs, calling on the assembled ministers to adopt joint initiatives and practical plans that enable these businesses to stabilize, grow, and become milestones in national economies and influential forces on both regional and international levels.
Al-Ajil affirmed that today marks the beginning of a new phase of action and development, where strong will meets great ambition, explaining that "it is our responsibility to seize this moment to build a Gulf economy that remains resilient in the face of challenges an economy based on sustainability, innovation, and close cooperation between the public and private sectors.
He also referred to the statement made by His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, who said: "In light of the extremely complex circumstances that are casting shadows over the global economy and threatening the development and prosperity of our peoples. We must accelerate our efforts toward achieving Gulf economic integration through policy unification, diversification of non-traditional income sources, facilitation of trade and investment flows, support for local industries, and expansion of innovation and entrepreneurship, especially in emerging fields such as artificial intelligence to enhance the competitiveness of our countries' economies on both regional and international levels." Meanwhile, in his speech during the 54th meeting of the Industrial Cooperation Committee, the minister said: "We meet today at a critical stage that requires us to enhance Gulf industrial integration and keep pace with rapid international changes, in implementation of the directives of our leaders." He stressed the need to unify efforts and strengthen joint action to face challenges and achieve sustainable development and prosperity for our peoples in an environment of security and stability.
Ministers of Commerce and Industry from the GCC countries are participating in these meetings, alongside representatives from the GCC General Secretariat. These gatherings pave the way for key decisions that support the progress of joint Gulf economic and industrial cooperation.
The meetings are being held as a continuation of preparatory sessions by undersecretaries of the ministries of commerce and industry, during which a range of priority topics were discussed in preparation for presenting them to the ministers for appropriate decision-making. (end) aam.onm