Albudaiwi Affirms GCC Economy’s Solidity to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed the solidity and strength of the GCC economy and its ability to face economic challenges.
This statement came during Albudaiwi’s recorded speech at the roundtable meeting between the GCC and American companies, which was held under the patronage of the US Chamber of Commerce on Thursday, June 27, 2024, in the US capital, Washington.
The GCC Secretary-General mentioned that the steps taken by the GCC countries to strengthen trade and investment ties with the US focused greatly on the mutual benefits of this economic partnership.
He also stressed that the six GCC countries enjoy long-term and strong trade and investment relations with the US, and these relations are witnessing clear and significant progress, explaining that these partnerships play a pivotal role in enhancing economic growth, innovation and development across various sectors.
Moreover, he projected during his speech some statistics that confirm the progress of cooperation between the two sides, such as achieving bilateral trade between the GCC countries and the US in 2023 of around $180 billion. He noted that the GCC countries have also achieved great success in the energy sectors, ranking first globally in crude oil production and reserves and second in natural gas reserves.
He also touched on future strategic GCC projects, such as the GCC railway project, which will enhance connectivity between Middle Eastern countries and provide great cooperation opportunities with American partners. He added that the Council countries are working at an accelerated pace to develop digital infrastructure and transition to a technology-based diversified economy.
In conclusion, Albudaiwi expressed the commitment of the GCC countries to enhancing stability and development in the region, pointing out to the ongoing GCC’s efforts to resolve regional conflicts and maintain peace and security to achieve more growth and prosperity. He underscored the determination of the GCC countries to deepen cooperation with the US, and ensure sustainable economic growth for future generations on both sides.