Al-Rafai: Attacks on the region have harmed the global economy

The 42nd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) has commenced in the Republic of Turkey. The meeting was inaugurated by Turkey’s Vice President, Cevdet Yılmaz, representing Turkish President and COMCEC Chairman Recep Tayyip Erdoğan. The Kuwaiti delegation was led by Dr. Yaqoub Al-Sayed Yousef Al-Rafai, Minister of Finance and Chairman of the Arab Group of COMCEC, representing His Highness the Prime Minister, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah (may God protect him).

Also in attendance were Turkish Ambassador to Kuwait Mohammed Marzouq Al-Shobou, Kuwait’s Consul General in Istanbul Khaled Badr Al-Khalifa, the Secretary-General of the Organization of Islamic Cooperation (OIC), ministers and heads of delegations from OIC member states, and the President of the Islamic Development Bank.

The current ministerial session focuses on governmental efforts to develop effective trade finance tools to boost exports among OIC member states.

In his address, the Minister of Finance and Chairman of the Arab Group of COMCEC stated that repeated attacks targeting the Kingdom of Saudi Arabia and several Gulf Cooperation Council (GCC) countries, as well as other Arab and Islamic nations within the OIC, pose a threat to regional security and stability. These attacks have cast a shadow over the global economy and supply chains, particularly due to the closure of the Strait of Hormuz, affecting countries worldwide. He emphasized Kuwait’s full solidarity with the affected member states, underscoring the need for urgent measures and policies to counter the economic and trade repercussions.

He further noted that while intra-OIC trade holds significant potential and resources, and there is genuine demand in target markets, recorded indicators and figures reveal real challenges related to trade finance, especially for small and medium-sized enterprises (SMEs), which form the backbone of national economies.