Al-Marzouq: Gulf and Asian economies heading toward stronger prospects

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, emphasized 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 was stated in his opening address at the Gulf-Asia 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 Jassim Mohammed Al-Bedawi, Secretary-General of the Gulf Cooperation Council; Dr. Yaqoob Youssef Al-Rafai, Kuwait’s Minister of Finance; Subagi Suthumporn, Deputy Prime Minister and Minister of Commerce of the Kingdom of Thailand; Bassel Ahmad 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, banking, asset management, and technology sectors across the Gulf and Asia.

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

Highlighting the robustness of economic relations between the two regions, Al-Marzouq pointed 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 trading partners, with a trade volume of approximately $299 billion, followed by India at around $158 billion, Japan at roughly $114 billion, and South Korea at about $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 connectivity, all of which support future economic growth.

He also addressed the strength of the banking sector in GCC countries, noting that total assets of commercial banks in the region reached approximately $3.9 trillion in 2025, while net foreign assets amounted to about $837 billion, according to data from the Gulf Cooperation Council Statistical Center. He indicated that these indicators reflect the significant potential available to support trade and investment and to strengthen financial linkages with Asian markets.

Furthermore, he added that Gulf financial institutions benefit from strong balance sheets, robust regulatory and supervisory frameworks, and high liquidity levels, positioning them to play a pivotal role in developing Gulf-Asian partnerships through supporting cross-border investments, trade financing, and innovation in financial services.

Speaking about the advantages enjoyed by both regions, Al-Marzouq explained that Asia offers extensive opportunities in the fields of technology and infrastructure, while Gulf Cooperation Council (GCC) countries possess long-term capital, strong risk management capabilities, and international expertise in Islamic finance. He added that the integration of these assets creates significant opportunities to support cross-border growth, attract new investments, and achieve shared prosperity. Meanwhile, Al-Marzouq emphasized that the objective in the coming phase extends beyond facilitating financial and commercial transactions to building long-term partnerships. He stressed 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 connectivity between the two regions. He further noted that the integration of the strong capital base of GCC countries 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. Concluding his remarks, Al-Marzouq pointed out that the gathering of leaders and decision-makers at the forum represents an important opportunity to deepen cooperation, increase investments, and achieve sustainable economic benefits for GCC and Asian countries.