Al-Marzouq: Gulf and Asia Heading Toward Stronger Economic Horizons Backed by Banking Partnerships

Chairman of the Kuwait Banks Association and Chairman of Kuwait Finance House in his opening address at the Gulf-Asia Economic Forum

Gulf financial institutions are well-positioned to lead partnerships and enhance integration between the two regions, supported by liquidity and solvency.

Total Gulf goods trade reaches $1.59 trillion... 41.5% with China, India, Japan, and South Korea

Hamad Abdulmohsin Al-Merzoug, Chairman of the Board of Directors of the Kuwait Banks Association and Chairman of the Board of Directors of Kuwait Finance House Group, 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 Group.

The forum was attended by a distinguished group of senior officials, including Jassem Mohamed Al-Bedaiwi, Secretary-General of the Gulf Cooperation Council; Dr. Yaqoob Youssef Al-Rifaie, 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 community, banking sector, asset management, and technology industries from across the Gulf and Asia.

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

Al-Merzoug highlighted the robustness of economic ties between the two regions, pointing 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 approximately $659 billion of this total trade.

He clarified that China topped the list of GCC trading partners, with a trade volume of approximately $299 billion, followed by India at around $158 billion, Japan at approximately $114 billion, and South Korea at around $88 billion. Collectively, these four Asian economies represented about 41.5% of the total external goods trade of GCC countries in 2024.

He 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 linkages, thereby supporting economic growth in the coming period.

Al-Merzoug also addressed the strength of the banking sector in GCC countries, noting that total assets of commercial banks in the GCC reached approximately $3.9 trillion in 2025, while net foreign assets amounted to around $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 enhance financial connectivity with Asian markets.

He added that Gulf financial institutions benefit from the robustness of their balance sheets, the strength of their regulatory and supervisory frameworks, and high liquidity levels, which qualify them to play a pivotal role in developing Gulf-Asian partnerships by supporting cross-border investments, trade financing, and innovation in financial services.

In discussing the advantages enjoyed by both regions, Al-Marzouq clarified that Asia offers extensive opportunities in technology and infrastructure, while Gulf Cooperation Council (GCC) countries possess long-term capital, strong risk management capabilities, and international expertise in Islamic finance. He further noted 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 interconnectivity between the two regions.

He added 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.

In conclusion, Al-Marzouq pointed out that the gathering of leaders and decision-makers at the forum represents a vital opportunity to deepen cooperation, increase investments, and achieve sustainable economic benefits for both GCC and Asian countries.