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Economic Affairs Minister: Kuwait strives for achieving GCC economic integration

Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam has affirmed that Kuwait is exerting great efforts to boost Gulf economic integration.

Minister Al-Fassam said this during a symposium organized Thursday by the General Secretariat of the Gulf Cooperation Council in Davos on the sidelines of the World Economic Forum.

The Minister, who participates in the WEF on half of His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Sabah, highlighted His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's clear directives in this regard. He recalled His Highness the Amir's calls to GCC member states at the recently-held GCC Summit in Kuwait to unify policies, diversify sources of income and facilitate flow of trade and investments to reach economic integration.

Minister Al-Fassam underlined the need to support and localize key industries with particular focus on the promising sectors such as innovation and artificial intelligence to increase the competitiveness of the GCC economies on global markets.

She made clear that Kuwait is keen on using its presidency of the GCC meetings in 2025 to enhance joint action in face of the global economic challenges.

The recent major transformations in the GCC economies were necessary to ensure sustainable prosperity and better future for the peoples of the region, she argued.

The Kuwaiti minister called for increasing investments in infrastructure to achieve sustainability, especially in water security in light of climate change.

The symposium touched on the economic and development achievements of GCC States during the past period, and the most prominent reforms and strategies expected to be implemented to enhance the financial sustainability of the GCC countries.

The participants also discussed the importance of investing in human capital, especially youth, who constitute about 70 percent of the GCC population.

They also stressed the importance of strengthening economic partnerships between the GCC countries and other countries and blocs to attract foreign direct investments.

They discussed the importance of intensifying efforts and cooperation to expand the green economy, reduce dependence on non-renewable resources and support innovation in the fields of renewable energy and environmental technology.

The event was attended by the Minister of Finance of the Kingdom of Saudi Arabia, Mohammed Al-Jadaan, the Minister of Finance and National Economy of the Kingdom of Bahrain, Sheikh Salman bin Khalifa Al Khalifa, and the Minister of Economy of the Sultanate of Oman, Saeed Al-Saqri, in the presence of Sheikh Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Endowment, Chairman of the Board of Directors of the Labor Fund, a number of Gulf ministers, senior officials in international institutions, the international business community and decision-makers.