KSA is pledging to enhance the competitiveness of the Gulf economy
The Kingdom of Saudi Arabia made its presence felt at the 5th meeting of the Permanent Ministerial Preparatory Committee of the Gulf Cooperation Council (GCC) Economic and Development Affairs Authority. The highly anticipated gathering took place in the picturesque city of Salalah, Oman, on Wednesday.
In a recent statement, Minister of Economy and Planning Faisal F. Alibrahim expressed the Kingdom of Saudi Arabia's ambitious goal of bolstering the competitiveness of the Gulf economy. Alibrahim emphasized the nation's commitment to advancing the progress achieved by the Gulf Cooperation Council (GCC). During the meeting, Alibrahim delivered a resolute speech, expressing his unwavering commitment to foster enhanced coordination, integration, and interdependence among our nations.
During the meeting, the ministers engaged in fruitful discussions surrounding key economic and development matters that hold significance for all parties involved. The primary objective of these deliberations was to foster and fortify economic cohesion among the Gulf nations. The focal points of conversation revolved around the forthcoming second session of the Economic and Development Affairs Authority. Additionally, there was considerable deliberation on the management of collaborative Gulf economic and development endeavors, as well as the strategic plan for initiatives and economic unity projects set to be implemented by the year 2025.
According to Alibrahim, the GCC Common Market is essentially centered around the unrestricted movement of people, services, and investments among the GCC states. The objective is to bring advantages to consumers, boost competitiveness, encourage visible investments, attract foreign investments, and generate employment opportunities. There has been a notable advancement in the realm of enacting laws and legislation. However, he emphasized that the crucial aspect lies in assessing the actual implementation of these measures, evaluating their impact, consistently re-evaluating them, and formulating legislation and executive regulations that can optimize the advantages derived from the shared market.
In a display of leadership and expertise, the meeting was skillfully chaired by none other than Dr. Said bin Mohammed bin Ahmed Al Saqri, the esteemed Minister of Economy from Oman. Distinguished figures graced the event, among them the esteemed Bahraini Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa. Also in attendance was the highly regarded UAE Minister of Economy, Abdulla bin Touq Al Marri. Adding to the prestigious gathering was the Qatari Minister of Finance, whose presence further elevated the significance of the occasion. In a recent gathering of esteemed individuals, Ali bin Ahmed Al Kuwari, the acting Undersecretary at the Ministry of Finance of Kuwait, Talal Al-Nemesh, and GCC Secretary General Jasem Mohamed AlBudaiwi were in attendance. During a productive brainstorming session held on Tuesday, a range of crucial topics were thoroughly examined and deliberated upon. These included the Gulf Customs Union, the Gulf common market, the utilization of artificial intelligence (AI), and the overall competitiveness of the Gulf economy.