Bangkok, October 14 (QNA) - GCC Secretary-General Jasem Mohamed Albudaiwi underscored the strategic importance of the economic partnership between the GCC and Asian countries in expanding investment cooperation, deepening financial and banking integration, developing digital infrastructure and promoting sustainable growth and shared prosperity.
Addressing the opening of the GCC-Asia Economic Forum in Bangkok on Wednesday, Albudaiwi said rapid changes in the global economy, driven by geopolitical developments and shifts in trade, investment and technology, highlighted the importance of reliable partnerships capable of sustaining trade and financing and opening new avenues for growth.
Held under the theme "Banking, Investment and Digital Infrastructure," the forum was organized by the Kuwait Banking Association and the Asian Bankers Association on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank Group. It brought together business leaders, policymakers and representatives of financial, investment and technology institutions from GCC and Asian countries.
Albudaiwi attributed the resilience of GCC economies to prudent economic and fiscal policies pursued under the guidance of GCC leaders, strong financial reserves, robust banking sectors, and sustained efforts to diversify national economies, develop infrastructure and deepen regional economic integration.
Albudaiwi said longstanding historical and trade ties between the GCC and Asian countries provided a strong foundation for long-term economic and investment partnerships. Combining the Gulf's financial and investment capabilities with Asia's industrial and technological strengths and vast markets could unlock opportunities for joint projects, knowledge transfer, technology localization and greater value creation.
He added that GCC economic diversification programs were opening up opportunities for Asian companies to participate in major development projects, while Asian markets offered Gulf businesses scope to expand their investments and international partnerships.
Albudaiwi outlined three priority areas for advancing the GCC-Asian cooperation: logistics and infrastructure, digital infrastructure and artificial intelligence, and financial and banking services.
On logistics, he emphasized the importance of strengthening links between ports and economic hubs and upgrading transport and storage networks to facilitate trade and enhance supply-chain efficiency and resilience.
In digital infrastructure and artificial intelligence, he highlighted opportunities to expand joint investment in data centers, cloud services and advanced technologies, while promoting knowledge-sharing to boost productivity, improve service delivery and accelerate digital transformation.
In financial and banking services, he underscored the need to expand trade and project financing, develop joint investment platforms, strengthen capital-market links and facilitate cross-border payments. Reliable, efficient financing, he said, was essential to translating economic opportunities into viable investment projects.
Citing data from the GCC Statistical Center, Albudaiwi highlighted the region's financial strength and capacity to support large-scale, long-term investments. Assets held by Gulf sovereign wealth funds were estimated at $5.2 trillion, while the market capitalization of GCC financial markets reached approximately $4 trillion at the end of June 2026.
Total assets of commercial banks operating across the GCC stood at around $4.1 trillion at the end of June, while GCC central banks held approximately $829 billion in net foreign assets. These indicators, he said, underscored the region's capacity to finance long-term investments, support business expansion and develop sustainable economic partnerships.
Albudaiwi emphasized the need to move GCC-Asian cooperation from exploring opportunities to implementing joint projects and investments. He highlighted the importance of closer engagement between economic and financial institutions, identifying priority investment opportunities and developing practical steps to realize them, underscoring the private sector's key role in driving innovation and translating economic initiatives into tangible development projects.
Concluding his address, Albudaiwi said the shared interests and complementary strengths of GCC states and their Asian partners provided a solid foundation for advancing economic ties. He stressed the importance of translating opportunities into investments and cooperation into tangible outcomes that serve mutual interests. (QNA)