Riyadh, April 30 (QNA) - The Gulf Cooperation Council (GCC) underlined that the private sector in the GCC states plays a vital role in achieving national objectives and enhancing the path of joint Gulf action.

Secretary General of the GCC Jasem Mohamed Albudaiwi stressed that the 14th Consultative Meeting with the heads of GCC federations and chambers of commerce aims to support and empower this sector to fulfill its active role in achieving economic integration between the GCC states.

He pointed out that this periodic consultative meeting serves as a strategic dialogue platform that brings together policymakers and decision-makers with representatives of the private sector. "It further represents the highest level of communication between government officials and the private sector, with the goal of enhancing joint cooperation, stimulating economic growth, and addressing the regional and international economic challenges facing the Gulf private sector," he added.

He further added that the achievements in the growth of intra-regional trade serve as the clearest evidence of overcoming many challenges. "The intra-GCC trade volume reached approximately USD 146 billion in 2024, with an annual growth rate of 9.8 percent, confirming the growing strength and expanding scope of Gulf trade exchange," he highlighted. 

He voiced his hope that this meeting would lead to initiatives that support the growth of the private sector, enabling it to serve as a powerful economic engine that contributes to economic stability and development in the GCC states, while solidifying the Cooperation Council's position as a global financial, investment, and economic hub. (QNA)