Gulf Cooperation Council (GCC) Secretary-General Jassem Al-Budaiwi said on Wednesday that the economic partnership between GCC countries and Asian nations represents a strategic pillar for strengthening economic and investment cooperation, expanding financial and banking integration, and developing digital infrastructure.
Al-Budaiwi made the remarks during the opening of the Gulf-Asian Economic Forum in Bangkok, Thailand, held under the theme “Banking, Investment and Digital Infrastructure,” organized by the Kuwait Banking Association and the Asian Bankers Association on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank Group.
He stressed that such cooperation contributes to achieving sustainable development and shared prosperity. Al-Budaiwi said the global economy is witnessing rapid transformations, with geopolitical developments increasingly intertwined with changes in trade, investment and technology, underscoring the importance of building reliable economic partnerships capable of addressing challenges, ensuring sustainable financing and trade, and creating broader opportunities for economic growth.
He noted that GCC economies have demonstrated resilience in addressing economic and financial challenges, supported by sound economic and fiscal policies, strong financial reserves and robust banking sectors, alongside efforts to diversify their economies, develop infrastructure and deepen Gulf economic integration.
Al-Budaiwi affirmed that the longstanding historical and trade relations between GCC countries and Asian nations provide a solid foundation for building long-term economic and investment partnerships. He pointed out that combining Gulf financial and investment capabilities with Asia’s industrial and technological potential and markets creates opportunities for joint projects that promote knowledge transfer, technology localization and greater economic added value.
He added that economic diversification programs across GCC countries offer growing opportunities for Asian companies and institutions to participate in major development projects, while Asian markets provide Gulf institutions with opportunities to expand their investments and international partnerships.
Outlining future areas of cooperation, Al-Budaiwi identified three main pillars for strengthening economic partnerships between the two sides. The first focuses on logistics and infrastructure through enhancing connectivity between ports and economic hubs and developing transportation and storage networks to facilitate trade and improve the efficiency and resilience of supply chains.
The second centers on digital infrastructure and artificial intelligence by expanding joint investments in data centers, cloud services and advanced technological applications, alongside exchanging expertise and knowledge to boost productivity, improve service efficiency and support digital transformation in both economies.
The third pillar involves strengthening financial and banking cooperation by expanding trade and project financing, developing joint investment platforms, enhancing connectivity between capital markets and facilitating cross-border payments.
He stressed that providing reliable and efficient financing is essential to transforming economic opportunities into viable investment projects. Al-Budaiwi also highlighted several economic and financial indicators reflecting the strength of GCC economies, citing the latest figures issued by the GCC Statistical Center.
He said Gulf sovereign wealth fund assets are estimated at approximately $5.2 trillion, while the market capitalization of GCC financial markets reached around $4 trillion by the end of June 2026. He added that total assets of commercial banks operating in GCC countries reached approximately $4.1 trillion by the end of June 2026, while net foreign assets held by GCC central banks stood at around $829 billion during the same period.
Al-Budaiwi emphasized that these indicators demonstrate the financial and economic strength of GCC countries and their capacity to finance long-term investments, support business growth and establish economic partnerships with sustainable impact.
He underscored the importance of advancing the Gulf-Asian partnership from exploring opportunities to implementing joint projects and investments by strengthening communication among economic and financial institutions, identifying priority opportunities and establishing practical steps for their development. He also highlighted the pivotal role of the private sector in supporting innovation and transforming economic initiatives into tangible development projects.
In conclusion, Al-Budaiwi affirmed that shared economic interests and complementary capabilities between GCC countries and their Asian partners provide a solid foundation for elevating economic relations to more advanced levels, serving mutual interests and supporting sustainable economic growth.
— KUNA
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