Hamad Al-Marzouq: Gulf and Asian Countries Moving Toward Stronger Economic Horizons Supported by Banking Partnerships and Investments

Hamad Abdulmohsin Al-Marzouq, Chairman of the Board of Directors of the Kuwait Banks Union and Chairman of the Board of Directors of Kuwait Finance House, affirmed the growing strategic importance of relations between the Gulf Cooperation Council (GCC) countries and Asia, and the pivotal role played by the banking sector in enhancing economic integration between the two regions.

This statement was made in his opening address at the Gulf-Asian Economic Forum: Banking, Investment, and Digital Infrastructure, held in Bangkok on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank.

The forum was attended by a distinguished group of senior officials, including Jassem Mohamed Al-Bedaiwi, Secretary-General of the Gulf Cooperation Council; Dr. Yaqoob Youssef Al-Rifaie, Kuwait’s Minister of Finance; Subagi Suthumporn, Deputy Prime Minister and Minister of Commerce of the Kingdom of Thailand; Bassel Ahmed Al-Haroun, Governor of the Central Bank of Kuwait; as well as central bank governors, ambassadors of GCC countries, and numerous leaders from the business community, banking sector, asset management, and technology industries from across the Gulf and Asia.

In his speech, Al-Marzouq emphasized that the strong ties between the GCC countries and Asia are steadily advancing toward deeper partnerships that enhance investment, trade, and economic growth. He noted that both regions are playing an increasingly important role in consolidating stability and strengthening resilience in the face of current economic challenges.

Al-Marzouq highlighted the robust economic relations between the two regions, pointing out that total goods trade for GCC countries reached approximately $1.59 trillion in 2024, according to data from the Gulf Cooperation Council Statistical Center. China, India, Japan, and South Korea accounted for about $659 billion of this total trade volume.

He clarified that China led the list of GCC’s trading partners, with a trade volume of approximately $299 billion, followed by India at around $158 billion, Japan at about $114 billion, and South Korea at roughly $88 billion. Collectively, these four Asian economies represented approximately 41.5% of the GCC’s total external goods trade in 2024.

Al-Marzouq stressed that Gulf-Asian relations remain a strategic priority, supported by growing trade volumes, increasing investment flows, and the active role of financial institutions in financing infrastructure, energy projects, and broad market linkages, all of which support future economic growth.

Al-Marzouq highlighted the strength of the banking sector in the Gulf Cooperation Council (GCC) countries, noting that the total assets of commercial banks in the GCC reached approximately $3.9 trillion in 2025, while net foreign assets amounted to around $837 billion, according to data from the Statistical Center of the Gulf Cooperation Council. He pointed out that these indicators reflect the significant potential available to support trade and investment and enhance financial integration with Asian markets.

He added that Gulf financial institutions benefit from the robustness of their balance sheets, the strength of their regulatory and supervisory frameworks, and high liquidity levels, all of which qualify them to play a pivotal role in developing Gulf-Asian partnerships by supporting cross-border investments, trade financing, and innovation in financial services.

Speaking about the advantages enjoyed by both regions, Al-Marzouq clarified that Asia offers extensive opportunities in technology and infrastructure, while GCC countries possess long-term capital, strong risk management capabilities, and international expertise in Islamic finance. He emphasized that the integration of these strengths creates substantial opportunities to support cross-border growth, attract new investments, and achieve shared prosperity.

Meanwhile, Al-Marzouq stressed that the objective in the coming phase extends beyond facilitating financial and commercial transactions to building long-term partnerships. He underscored the importance of enhancing cooperation across various areas of the financial sector, including project financing, expanding sukuk markets, supporting new investment opportunities, and developing digital systems that strengthen economic interconnection between the two regions. He added that integrating the GCC’s strong capital base with Asia’s technological innovation would contribute to building an integrated economic corridor that facilitates investment, stimulates innovation, and supports sustainable growth in both regions.

In conclusion, Al-Marzouq noted that the gathering of leaders and decision-makers at the forum represents a vital opportunity to deepen cooperation, increase investments, and achieve sustainable economic benefits for the GCC countries and Asian nations.