Albudaiwi: Bab Al Bahrain Forum Offers Unique Platform to Explore Innovative Solutions to Economic Challenges: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi stated that the Bab Al Bahrain Forum is a unique platform for exploring innovative solutions to economic challenges amidst the rapid changes in the global economy.
According to Saudi Press Agency, this came during his participation in the Bab Al Bahrain Forum, held under the patronage of Bahraini Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa, and with the participation of a number of ministers, officials, and experts from various countries around the world.
During the forum, the GCC Secretary-General participated in a session entitled "Navigating Economic Transformation: The Impact of Changing Global Blocs on Stability and Growth" alongside Bahraini Minister of Transportation and Telecommunications Sheikh Abdullah bin Ahmed Al Khalifa, Bahraini Minister of Industry and Commerce Abdullah bin Adel Fakhro, as well as Director General of the World Trade Organization Ngozi Okonjo-Iweala and Director General of the International Labour Organization Gilbert Houngbo.
Albudaiwi began his speech by expressing his thanks and appreciation to the Kingdom of Bahrain for hosting and organizing this forum. He went on to praise Bahrain's continuous efforts and contributions towards enhancing economic solutions and building more sustainable, developed societies.
Albudaiwi reviewed the most prominent challenges resulting from global economic trends, stressing the urgent need for the GCC countries to take the necessary measures to face these challenges. He pointed out the GCC countries have proven their ability to overcome the most difficult crises thanks to their wise policies.
He also asserted that the GCC countries have demonstrated themselves as a hub for future economic growth thanks to the strategic vision of their leadership, the robust strength of their economies, and their strategic location.
The GCC Secretary-General touched upon the indirect economic repercussions resulting from recent global economic developments, including disruptions in the GCC financial markets, weak global demand for energy, falling oil prices, pressure on public budgets and diversification plans, declining confidence in the private sector, and rising inflation rates due to increased import prices. This is in addition to the impact on exchange rates due to the Gulf currencies' pegging to the dollar.
In discussing the GCC countries' balance in their relations with the East and West, he noted that the GCC states adopt balanced foreign policies with both sides and strive to enhance their strategic partnerships, as well as promote themselves as attractive investment destinations for both Eastern and Western companies.
He also reviewed the effect of the current global trading environment on existing and future trade agreements for the GCC countries. Albudaiwi highlighted the opportunity available for the GCC to become a neutral destination for supply chains and investment, as well as enhance foreign direct investment, with a focus on the role of green and digital technology as a key axis for building the economic and trade capacity of the Council countries.