Kuwait Finance Minister: Attacks on Regional Countries Threaten Global Security and Stability, Disrupt Supply Chains
صورة: وكالة الأنباء الكويتية (كونا)
Kuwait Finance Minister Yaqoub Al-Rafai affirmed that attacks on countries in the region threaten global security and stability, during his leadership of the Kuwait delegation at the COMCEC meetings in Istanbul.
Translated by Qiyas from كونا — Original source
Istanbul -- Kuwaiti Finance Minister Dr. Yaqoub Al-Rafai affirmed that the repeated attacks targeting the Kingdom of Saudi Arabia, several Gulf Cooperation Council (GCC) countries, and Arab and Islamic nations pose a threat to regional security and have cast a shadow over the global economy and supply chains due to the closure of the Strait of Hormuz, affecting countries worldwide. This statement was made during his leadership of the Kuwaiti delegation, representing Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, at the 42nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC), hosted today, Monday, in Istanbul, Turkey. The session is attended by representatives of member states and institutions of joint Islamic action.
Minister Al-Rafai, who also serves as Chairman of the Arab Group within COMCEC, emphasized Kuwait’s full solidarity with member states that have been subjected to these attacks, stressing the need to adopt urgent measures and policies to counter their economic and trade repercussions. He added that intra-trade among OIC member states, given their capabilities, resources, and genuine demand in targeted markets, reveals real challenges related to trade finance, particularly for small and medium-sized enterprises (SMEs), which form the backbone of national economies.
The meetings discussed several topics related to developing effective trade finance instruments to boost exports in OIC member states, alongside the adoption of several technical reports, recommendations, and action plans for sectors including trade, transport and telecommunications, agriculture, tourism, financial cooperation, poverty alleviation, and digital transformation, under the working groups of COMCEC. These efforts aim to achieve sustainable economic and social development among member states.
Kuwait’s participation comes within the framework of efforts to enhance economic and trade cooperation among Islamic countries, expand partnership areas, and support initiatives aimed at revitalizing intra-trade and achieving sustainable development. The current session discusses ways to develop effective trade finance tools that contribute to increasing exports among member states, as well as exploring innovative mechanisms to facilitate the movement of goods and services, strengthen the role of the private sector, and leverage available investment opportunities in Islamic markets.
The meetings also address cooperation files in the fields of investment, agriculture, transport, tourism, and finance, alongside discussing the economic and developmental challenges facing member states and seeking practical solutions that enhance the competitiveness of their economies. COMCEC is one of the main platforms for economic and trade cooperation within the OIC, bringing member states together annually to discuss common policies and initiatives and monitor the implementation of decisions aimed at enhancing economic integration and expanding trade exchanges.
The current session holds particular importance amid challenges facing the global economy, supply chain disruptions, and the need to diversify trade partnerships and develop financing mechanisms, thereby strengthening the ability of Islamic countries to leverage their economic potential and shared markets.
It is worth noting that COMCEC, established by a decision of the Third Islamic Summit Conference held in 1981, is chaired by the President of the Republic of Turkey. It is a council comprising the finance and economy ministers of the member states of the Organization of Islamic Cooperation, tasked with formulating comprehensive national economic policies and addressing all international and regional economic and trade issues and their implications for the countries. The Kuwaiti delegation, represented by His Highness the Prime Minister, was led by Minister of Finance Dr. Yaqoub Al-Rafai, and included Kuwait’s Ambassador to Turkey, Hamad Al-Shaboub, along with several officials from the Ministry of Finance and the Kuwaiti Embassy in Turkey, as well as representatives from the Organization of Islamic Cooperation. (End) T.A. / N.S.A.
