Bahraini Minister of Finance and Economy: GCC Economies Proved Their Efficiency in Facing Challenges and Continuing Development
Manama, Oct 11 (KUNA) -- Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, affirmed today that Gulf Cooperation Council (GCC) countries have demonstrated their ability to handle various challenges with efficiency and competence, relying on strong fraternal ties, a shared vision, robust economic foundations, and prudent fiscal and monetary policies that have enhanced the resilience of their economies, maintained confidence in their financial sectors, and enabled them to confront challenges and continue on their development paths.
This statement was made by the Bahraini Minister of Finance and National Economy while chairing the 10th meeting of the Standing Preparatory Committee at the ministerial level of the Economic and Development Affairs Authority, attended by the ministers of economy from GCC countries, including Abdulaziz Al-Marzouq, Minister of State for Economic Affairs and Investment and Acting Minister of Commerce and Industry, and Jassim Al-Budaiwi, Secretary-General of the GCC Council.
He stressed that the Kingdom of Bahrain consistently emphasizes that joint Gulf action represents a strategic necessity dictated by deep-rooted fraternal relations, shared objectives, and the nature of the current stage, as well as the rapid transformations and challenges facing the region and the world, which affect market stability, energy security, supply chains, and the flow of trade and investment.
He highlighted the close cooperation and coordination among sister countries in addressing the malicious Iranian attacks on GCC states and the resulting mitigation of negative impacts on the regional economy and the global economy as a whole. In this regard, he noted that the Kingdom of Bahrain strongly condemns the ongoing malicious attacks launched by the Iran-backed Houthi militia against the Kingdom of Saudi Arabia, which constitute a blatant violation of international law, international humanitarian law, and the UN Charter, and represent a dangerous and unacceptable escalation that threatens the security and stability of the region.
He also affirmed Bahrain’s solidarity with the Kingdom of Saudi Arabia and its full and absolute support for all sovereign measures and legitimate steps taken to safeguard its sovereignty, security, stability, and to protect its citizens and residents on its territory.
The Bahraini Minister of Finance and National Economy emphasized the importance of accelerating economic and developmental cooperation and integration among GCC states by continuing to expand the network of free trade agreements with countries and international groups, thereby contributing to enhancing trade exchanges, increasing investment flows, and opening broader horizons for economic cooperation with various countries worldwide, thus supporting the achievement of sustainable development.
He pointed out the importance of continuing to develop coordination and integration mechanisms among GCC states, enhancing the readiness of national economies, and raising their resilience and adaptability to changes. In this context, he referred to the high directive issued by the leaders of GCC states during the consultative meeting held in Jeddah, Kingdom of Saudi Arabia, regarding the need to expedite the completion of requirements for joint GCC projects, including the water interconnection project, the establishment of strategic reserve zones, the enhancement of electricity interconnection, and the completion of GCC railway projects, all of which contribute to achieving shared developmental goals and aspirations that bring prosperity and growth to GCC states and their peoples.
The meeting’s agenda included discussions on several topics related to joint Gulf economic and developmental cooperation and mechanisms to enhance cooperation and coordination among GCC states, thereby supporting the trajectory of joint Gulf action and achieving the desired objectives. (End) K.N.A. / A.B.G.
