Private sector ‘vital’ to ensure sustainable economy in GCC

MANAMA: Talks involving the chiefs of commerce chambers in the Gulf Cooperation Council (GCC) are pivotal in pushing forward cooperation within the six-member bloc, Kuwait Chamber of Commerce chief Mohammad Al-Saqer said on Sunday. Such talks are also instrumental in bolstering cooperation between the public and private sectors in the region, Kuwait Chamber of Commerce chief Mohammad Al-Saqer told KUNA on the sidelines of pan-GCC talks in the Bahraini capital that brought together commerce chamber heads and the bloc’s secretary general, Jasem Al-Bedaiwi.

GCC Secretary-General takes a group photo with senior officials after the 62nd meeting of the Board of Directors of the Gulf Chambers. – KUNA photos

These talks are also imperative to solidify economic relations within the wider Gulf Arab region, he emphasized. Meanwhile, GCC Secretary-General Jassim Al-Budaiwi said that the private sector is one of the most essential pillars in ensuring a sustainable Gulf economy capable of facing economic challenges. This came in a speech during his participation in the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by the Kingdom of Bahrain, headed by the Saudi President of the Federation of Gulf Chambers for the current session, Hassan Al-Huwaizi, and with the participation of the Kuwait Chamber of Commerce and Industry Chief, Mohammad Al-Saqer.

Al-Budaiwi conveyed to the Board of Directors the assurances of the leaders and presidents of the Gulf Cooperation Council countries to support the process of joint Gulf action to achieve the aspirations of their citizens towards greater interconnection, cooperation, and integration in various fields. He also expressed his aspiration to increase cooperation and integration between the GCC and the Gulf private sector to address different challenges and obstacles.

For his part, Al-Huwaizi called for the establishment of a joint Gulf financing and investment fund directed to support initiatives of mutual Gulf companies that seek to build partnerships and economic integration among the GCC countries. He pointed to the success achieved by government financial funds in the GCC countries that support private sector projects in various development fields. – KUNA

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