GCC Chambers Federation President: Bahrain summit key step in boosting economic diversification, empowering Gulf private sector
Manama, Dec. 2 (BNA): Faisal bin Abdullah Al Rawas, President of the Federation of Gulf Cooperation Council Chambers (FGCCC), said that hosting the 46th GCC Summit in the Kingdom of Bahrain comes at a time of rapid geopolitical and economic changes, emphasising the importance of the summit and its role in strengthening collective action, preserving security and stability, enhancing the GCC’s presence in the global economy, and opening wider avenues for integration and cooperation.
Al Rawas expressed appreciation for the support given to joint GCC work by His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, noting that this support has advanced the sustainability of GCC economic work and reinforced integration among member states.
He underscored that successive GCC summits over the years have enhanced joint economic cooperation, moving from coordination to true integration through initiatives including the GCC Common Market, the Customs Union, facilitation of goods and capital movement, the development of air, land and sea ports, the GCC Railway Project, and other economic and developmental programmes that have reinforced the longstanding ties between member states.
The FGCCC President added that developing a unified GCC economy is essential for achieving the GCC vision for economic integration, especially amid rapid global changes. He noted that aligning the investment environment, enhancing value chains, and coordinating industrial and trade policies now serve as key factors of competitiveness, attracting quality investment and providing a stable, supportive business environment.
Al Rawas highlighted that intra-GCC trade has grown significantly in recent years, supported by improved customs efficiency, advanced logistics infrastructure, and higher levels of unified economic legislation, reflecting the strength of economic ties between member states.
He emphasised that the 46th GCC Summit represents an important stage in building on past achievements, developing the GCC’s economic system, promoting economic diversification, and empowering the Gulf private sector. He expressed confidence that the outcomes of the summit will advance the common interests of GCC states, meet the aspirations of their peoples, and support stability and growth in the region.
