Kuwait city: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi participated in the ninth GCC-EU Business Forum, held under the patronage and with the attendance of Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah. The forum, themed “Together for Shared Prosperity,” was organized by Kuwait’s Ministry of Foreign Affairs and the Kuwait Direct Investment Promotion Authority (KDIPA), in partnership with the GCC General Secretariat and the European Union (EU), on Wednesday in Kuwait City.
According to Saudi Press Agency, Albudaiwi expressed his appreciation to Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for his generous support for the joint Gulf action and for Kuwait’s hosting of this forum. He praised Kuwait’s ongoing support for the success of the GCC’s efforts across various fields.
Moreover, Albudaiwi affirmed that GCC-European relations constitute a firm model of strategic partnership, dating back to the 1988 signing of the cooperation agreement between the two sides. He noted that this partnership has advanced significantly in trade, investment, energy, education, and the environment, and that the Joint Work Program (2022-2027) has established a new phase of cooperation across the political, economic, security, and development fields.
“The GCC-EU Summit held in Brussels in 2024 confirmed the commitment of both sides to bolstering trade and investment cooperation and moving towards a free trade agreement between the GCC and the EU. The joint ministerial meetings following the summit resulted in practical steps to strengthen the partnership in sustainable development, intellectual property rights, and diversifying supply chains,” he said.
Albudaiwi also reviewed several economic indicators for the GCC states, including the GCC’s gross domestic product (GDP), which reached $2.3 trillion in 2024, ranking ninth globally. Meanwhile, the assets of Gulf sovereign wealth funds exceeded $4.8 trillion. He indicated that the GCC states continue to solidify their position as a global economic power in oil and natural gas production, as well as in diversifying income sources and promoting sustainable growth.
He further stated, “The volume of trade exchange between the GCC and the EU reached $197 billion in 2024, making the EU one of the most important trading partners for the GCC states. European foreign direct investment (FDI) stock in the GCC states reached $285 billion, reflecting the deep confidence in the Gulf business environment.”
In concluding his speech, Albudaiwi called for continuing to build on the existing momentum between the two sides by enhancing cooperation in clean energy, green hydrogen, digital transformation, cybersecurity, and innovation. He underscored that the GCC-European partnership can contribute to achieving shared prosperity and a brighter future for both regions.