‘Joint cooperation key to GCC development’

TDT | Davos

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His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa has stressed the importance of fostering joint cooperation and economic integration among the GCC countries.

He noted how these efforts help achieve the Kingdom of Bahrain’s comprehensive development goals in alignment with GCC leaders’ far-reaching visions.

HH Shaikh Isa bin Salman, Chairman of the Board of Trustees of the Isa bin Salman Education Charitable Trust and Chairman of the Board of Directors of the Labour Fund (Tamkeen), was speaking as he attended the “Economic Diversification and Its Impact on Sustainability: The Role of the Gulf Cooperation Council Countries in Global Economic Growth” session yesterday at the World Economic Forum (WEF) 55th Annual Meetings in Davos, Switzerland.

This session, organised by the General Secretariat of the Gulf Cooperation Council countries, witnessed the participation of the Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, alongside other GCC Ministers of Finance.

During the session, HH Shaikh Isa bin Salman affirmed the role of GCC countries in driving economic growth, emphasising how their economic and developmental visions have positioned them at the forefront of economic progress globally.

His Highness also highlighted the region’s competitive environment as a driver for sectoral growth and sustainable development.

He underscored the significance of international conferences, like the World Economic Forum, in addressing global challenges, fostering knowledge exchange, and sharing best practices to promote sustainable economic growth.

HE Shaikh Salman stressed the importance of adopting innovative policies and strategies that align with climate objectives and development priorities.

Commitment

His Highness highlighted the region’s commitment to strengthening Gulf unity and promoting economic diversification across vital sectors to achieve sustainable growth in line with the Kingdom’s aspirations.

The strategic advantages of the GCC’s geographic location, which positions it as a significant investment and trade hub, he noted, adding that the GCC is Asia’s sixth-largest trading partner and the EU’s second-largest.

The session addressed several key issues, including GCC nation’s global economic achievements, innovative responses to challenges, and sustainable development commitments.

Policies

The discussion also covered the GCC’s economic and development policies to integrate economic, environmental, and social objectives for long-term sustainability.

Technological innovation was highlighted as a driver of economic reform and diversification, particularly in emerging industries.

The session explored ways to enhance international partnerships to drive economic growth, attract investments, and promote competitive business climates.