Banks Strengthen Gulf-Asia Partnership in Investment and Digitalization

The Kuwait Banks Association announced the organization of the Asia-Gulf Economic Forum: Banking, Investment, and Digital Infrastructure, on the 14th at the United Nations Conference Centre in Bangkok, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. The event is supported by the Kuwaiti Embassy in Thailand and is held in partnership with the Asian Bankers Association, The Business Year Foundation, and the Kuwait Business Council in Dubai and the Northern Emirates.

The forum features high-level participation, including keynote speeches by Jassim Al-Budaiwi, Secretary-General of the Gulf Cooperation Council (GCC), Minister of Finance Dr. Yaqoub Al-Rafai, and Hamad Al-Merzouq, Chairman of the Board of Directors of the Kuwait Banks Association and the Board of Directors of Kuwait Finance House. The forum also sees the attendance of Bassel Al-Haroun, Governor of the Central Bank of Kuwait.

The forum’s agenda centers on three main strategic pillars. The first pillar discusses ways to strengthen direct cooperation between Gulf and Asian banks through enhancing cross-border financing, syndicated loans, conventional financing, and Sharia-compliant financing, alongside developing liquidity management solutions and collaborating on treasury activities, thereby supporting trade and investment flows between the two sides.

The second pillar focuses on cross-border investment and enhancing capital flows, including project and infrastructure financing, investments in credit and private equity, co-investment platforms, and sukuk issuances, contributing to expanding the horizons of investment partnerships between Gulf and Asian institutions.

The third pillar addresses the future of digital infrastructure for financial services and artificial intelligence applications, including enhancing connectivity between cross-border payment systems, digital identity, data governance, cybersecurity, and interoperability among financial systems, thereby supporting the construction of a more efficient, innovative, and interconnected financial ecosystem at the regional and international levels.

Al-Budaiwi stated, “The strategic and historical partnership with Asian countries is a fundamental pillar in the GCC states’ approach to diversifying their economies, enhancing their competitiveness, and expanding their economic and investment partnerships internationally. The forum forms an important platform that brings together decision-makers and financial and banking leaders, contributing to translating shared opportunities and potential into practical and sustainable partnerships in the fields of financing, investment, infrastructure, and technology.”

He added, “Developing sustainable economic and financial corridors between the GCC states and Asian countries requires strengthening institutional coordination, facilitating trade and capital flows, supporting joint investments, and building a more integrated and efficient financial and digital system. This would open new horizons for cooperation, enhance mutual interests, and support paths of development, growth, and shared prosperity for both sides.”

He emphasized that the GCC states’ focus on concluding free trade agreements with Asian countries is another indication confirming this important strategy, which would provide numerous commercial, economic, and investment opportunities for both sides.

For his part, Al-Rifai affirmed that the convening of the forum reflects Kuwait’s commitment to strengthening its economic and financial partnerships with Asian countries, and opening new horizons for trade, investment, and capital flows between the two sides. He added that the next phase requires developing innovative financing tools and expanding cooperation in capital markets, sukuk, project financing, and infrastructure, thereby supporting economic diversification and sustainable development plans. He pointed out that the forum provides an important platform that brings together governments, financial institutions, and investors, and contributes to transforming shared opportunities into practical projects and partnerships that serve mutual interests and support long-term sustainable growth and prosperity for both regions.

For his part, Kuwait’s Ambassador to Thailand, Dr. Meshal Al-Mansour, affirmed that Thailand’s hosting of this international event embodies the pivotal and growing role of Asian countries as a key driver of global economic growth, amid the challenges facing the global economy that necessitate enhancing cooperation and integration within the international community.

He considered that the forum represents an exceptional opportunity to enhance cooperation and communication between business communities, financial and investment institutions, and to explore new opportunities, particularly in the fields of financing, technology, infrastructure, and sustainable investment. He expressed hope that the forum’s proceedings and outcomes would contribute to opening new horizons for economic and investment cooperation between the Gulf Cooperation Council (GCC) countries and Asian nations, strengthening existing partnerships and exploring new opportunities that serve shared interests and support the path of development and prosperity for both sides.

In the same context, Al-Marzouq affirmed that the convening of the forum in Bangkok reflects the Kuwaiti banking sector’s commitment to enhancing its international presence and expanding its strategic partnerships, thereby contributing to linking the financial and investment capabilities of GCC countries with the promising opportunities offered by Asian markets.

Al-Marzouq said: “Economic relations between the Gulf countries and Asia possess strong foundations for growth and expansion, supported by solid trade and investment ties and growing shared interests. We look forward to the forum’s discussions yielding practical initiatives in the fields of financing, investment, capital markets, and digital financial services, thereby enhancing economic connectivity and opening new horizons for shared growth and prosperity between the two sides.”

He added that the Kuwaiti banking sector possesses strong fundamentals that qualify it to play a pivotal role in this process, given its financial robustness, established capital base, and advanced expertise in both Islamic and conventional financing, as well as its operation within a sophisticated regulatory framework led by the Central Bank of Kuwait, which enhances its standing as a trusted partner for Asian financial and investment institutions.

For her part, Sheikhha Al-Eissa, Secretary-General of the Union, affirmed that the forum embodies the Union’s vision of building sustainable cooperation bridges between financial and investment institutions in the Gulf and Asia, by providing a high-level platform that brings together decision-makers, business leaders, and experts from various relevant sectors.

Al-Eissa said: “We ensured that the forum represents more than just a gathering for dialogue and idea exchange, but rather a practical platform that enhances direct communication between institutions and enables the exploration of cooperation and strategic partnership opportunities. We also ensured that its themes reflect the current priorities of the financial and investment sectors, thereby contributing to supporting economic and financial relations between the Gulf countries and Asia.”

The sessions feature a number of the most prominent banking and investment leaders in the Gulf and Asia, including: