The Gulf Cooperation Council discusses strengthening economic relations with ASEAN countries
Saudi Crown Prince Mohammed bin Salman confirmed that the Gulf Cooperation Council countries are looking forward to strengthening relations with ASEAN countries in all fields, explaining that trade exchange between the Gulf Cooperation Council countries and ASEAN countries witnessed an increase during the year 2022 to reach 137 billion dollars, bringing the volume of trade with countries ASEAN accounts for 8 percent of the total trade volume of the Gulf Cooperation Council countries with the world.
The Crown Prince and Prime Minister of Saudi Arabia added in his opening speech during the Gulf and ASEAN summit held in Riyadh, that exports to ASEAN countries constituted 9 percent of the total exports of the Gulf Cooperation Council countries to the world, while imports from the ASEAN countries constituted 6 percent of the total imports of the Gulf Cooperation Council countries from the world.
He stated that the percentage of Gulf countries’ investments in the ASEAN countries represented 4 percent of the total foreign investments, with a value amounting to $75 billion during the past year, while the investments of the ASEAN countries represented 3.4 percent of the total foreign direct investments to the GCC countries, with a value of $24.8 billion.
The Saudi Crown Prince said: “The countries of the (Hen) group have achieved an important achievement in the path of economic development, such that the gross domestic product of our countries together exceeds $7.8 trillion, and our countries have witnessed rates of economic growth that have increased their contribution to the global domestic product, as the economy of the Gulf Cooperation Council countries has grown by 7.3 percent, and the ASEAN economy grew by 5.7 percent during 2022, and this prompts us to work together towards a more prosperous economy.”
The Crown Prince added that in light of the countries of the two groups possessing human resources, commercial opportunities, and promising investment projects, the Gulf countries are looking forward to benefiting from these opportunities, to emphasize our keenness on joint international cooperation to achieve the goals of the peoples.
He pointed out that the joint action plan between the Gulf Cooperation Council countries and the ASEAN countries for the period from 2024-2028 comes in light of drawing a clear road map for what the two sides seek to enhance cooperation and partnership in various fields in a way that serves the interests of all.
The Saudi Crown Prince also stressed that the Gulf countries will continue to be a safe and reliable source of energy from all its sources and to maintain prices for the stability of global energy markets and seek with accelerated steps to achieve the requirements of sustainability, clean, low-carbon energy technologies and supply chains, looking forward to achieving the maximum joint benefit from logistical resources and infrastructure and enhancing… Cooperation in the fields of tourism and cultural activities to communicate between peoples and establish diverse partnerships between the public business sectors in our countries in order to achieve ambitious visions for a better future of prosperity, development and progress.
The ASEAN countries, which were founded in 1967, include (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam).
The importance of holding the Gulf Summit with the Association of ASEAN Countries lies in the fact that it is the first of its kind at the level of country leaders, and that it reflects the openness of the GCC countries, led by the Kingdom, to partnerships with active blocs in the international community. With the aim of strengthening the position of the Cooperation Council for the Arab States of the Gulf globally.
The summit aims to adopt a joint cooperation framework for the next five years 2024-2028, which includes political, security, economic and investment cooperation, in addition to cooperation in the fields of tourism, energy, food and agricultural security, and social and cultural cooperation.