HE GCCSG: Economic Partnership Between GCC and Asian Countries Represents a Strategic Pillar for Bolstering Joint Investments, Developing Digital Infrastructure, Achieving Financial and Banking Integration, and Driving Sustainable Growth and Prosperity for Both Sides

His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underlined that the economic partnership between GCC member states and Asian countries represents a strategic pillar for advancing economic and investment cooperation, broadening the horizons of financial and banking integration, as well as developing digital infrastructure, thereby contributing to sustainable development and fostering shared growth and prosperity for both sides.

His Excellency’s remarks were delivered during his address at the opening of the GCC-Asian Economic Forum, held today, Wednesday (October 14, 2026), in the Thai capital, Bangkok, under the theme “Banking Services, Investment, and Digital Infrastructure”. Organised jointly 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 the World Bank Group (WBG), the forum convened a distinguished gathering of leaders, decision-makers, and representatives of financial, investment, and technology institutions from across GCC and Asian nations.

At the outset of his address, His Excellency the Secretary General expressed his appreciation to the Kuwait Banking Association and the Asian Bankers Association for organising the forum, pointing out that it serves as an essential platform to deepen economic dialogue, explore promising investment opportunities, and foster enduring partnerships between financial and economic institutions across both regions.

“The global economy is undergoing rapid transformations where geopolitical developments intersect with fundamental shifts in trade, investment, and technology. These dynamics underscore the vital imperative of building reliable and resilient economic partnerships capable of navigating emerging challenges, ensuring the sustainability of financing and commerce, and unlocking wider avenues for sustained economic expansion,” His Excellency explained.

Elaborating further, he pointed out that GCC economies have demonstrated remarkable capability in addressing diverse economic and financial challenges, thanks to Allah the Almighty and the prudent economic and financial policies pursued under the directives of Their Majesties and Highnesses the Leaders of the GCC states. He emphasised that this strength is bolstered by robust fiscal reserves, sound and well-capitalised banking sectors, ongoing economic diversification efforts, infrastructure modernisation, and the continuous deepening of Gulf economic integration.

“The enduring historical and trade ties between GCC member states and Asian countries provide a solid foundation for building long-term economic and investment partnerships. Integrating Gulf financial and investment capabilities with Asia’s industrial and technological capacity and markets unlocks wide opportunities for launching joint ventures that contribute to knowledge transfer, technology localisation, and higher economic value-add,” His Excellency highlighted.

He further explained that the economic diversification programmes pursued by GCC member states present expanding opportunities for Asian enterprises and institutions to participate in major developmental projects, while Asian markets offer promising horizons for Gulf institutions to broaden their global investments and partnerships.

Reviewing future areas of cooperation, His Excellency emphasised the importance of focusing on three primary tracks to bolster the economic partnership between both sides. “The first track centres on the logistics and infrastructure sector by cementing connectivity between ports and economic hubs, alongside advancing transport and storage networks to facilitate trade flows, improve supply chain efficiency, and bolster resilience,” His Excellency indicated.

His Excellency added that the second track lies in digital infrastructure and artificial intelligence (AI) through scaling up joint investments in data centres, cloud services, and advanced technological applications, as well as exchanging expertise and knowledge to drive institutional productivity, elevate service delivery efficiency, and advance digital transformation across both economies.

Regarding the third track, His Excellency explained that it focuses on bolstering financial and banking cooperation by expanding the scope of trade and project financing, developing joint investment platforms, strengthening capital market interlinkages, and facilitating cross-border payments. He stressed that providing reliable and effective financing represents a vital component in transforming economic opportunities into actionable and viable investment projects.

Moreover, His Excellency the Secretary General reviewed several economic and financial indicators underlining the robustness of GCC economies and their capacity to lead wide-ranging international investment partnerships, citing the latest data issued by the GCC Statistical Centre (GCC-Stat). He stated that the assets of Gulf sovereign wealth funds (SWFs) are estimated at approximately USD 5.2 trillion, while the market capitalisation of GCC stock markets reached roughly USD 4 trillion by the end of June 2026.

“The total assets of commercial banks operating across GCC member states stood at around USD 4.1 trillion by the end of June 2026, while the net foreign assets of GCC central banks reached approximately USD 829 billion during the same period. These indicators reflect the financial and economic strength of GCC states and their ability to finance long-term investments, support business growth, and build economic partnerships with sustainable impact,” His Excellency noted.

His Excellency the Secretary General stressed the importance of transitioning the GCC-Asian partnership from the phase of exploring opportunities to the actual implementation of joint projects and investments. This, he noted, can be achieved through elevating direct communication between economic and financial institutions, identifying priority investment opportunities, and devising practical steps for their development, underscoring the pivotal role played by the private sector in driving innovation and transforming economic initiatives into tangible developmental projects.

Concluding his address, His Excellency the Secretary General affirmed that the shared economic interests and complementary capabilities enjoyed by GCC member states and their Asian partners provide a solid foundation for elevating economic relations to more advanced levels. He underscored the imperative of transforming opportunities into investments, relationships into projects, and cooperation into shared prosperity, serving mutual interests and supporting sustainable economic growth.