Bangkok:Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi stressed the importance of enhancing economic partnerships between GCC member states and Asian nations. He described these partnerships as a strategic foundation for advancing trade, joint investments, digital infrastructure, and banking integration to promote shared prosperity.
According to Saudi Press Agency, Albudaiwi's remarks were made during the opening address at the GCC-Asia Economic Forum in Bangkok. The event, themed "Banking, Investment, and Digital Infrastructure," was organized alongside the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group by the Kuwait Banking Association and the Asian Bankers Association. The forum facilitated critical discussions among regional financial and economic leaders.
Albudaiwi noted that GCC economies have shown strong resilience amid global market changes, attributed to prudent fiscal strategies led by GCC leaders. He emphasized that integrating Gulf capital and financial capabilities with Asia's industrial and technological strengths offers substantial opportunities for knowledge transfer, technology localization, and cross-border value creation.
The secretary-general identified three main areas for future cooperation enhancing logistics and infrastructure by connecting ports, trade corridors, and storage networks; advancing digital infrastructure and artificial intelligence through joint investments in data centers and cloud services; and strengthening financial and banking cooperation through expanded trade financing, integrated capital markets, and cross-border payment platforms.
He cited data from the GCC Statistical Centre, highlighting that the assets of Gulf sovereign wealth funds are approximately $5.2 trillion, with the market capitalization of GCC stock exchanges reaching nearly $4 trillion by the end of June 2026. During the same period, commercial bank assets totaled $4.1 trillion, and net foreign assets of GCC central banks stood at roughly $829 billion, showcasing the council's financial capability to support large-scale global investments.
In closing, Albudaiwi called for a shift from exploratory dialogue to concrete actions, stressing the private sector's role in transforming strategic opportunities into operational ventures that foster sustainable economic growth for both regions.
