His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the Bab Al Bahrain Forum is a unique platform for exploring innovative solutions to economic challenges amidst the rapid changes in the global economy.
This came during his participation in the Bab Al Bahrain Forum, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain and in the presence of His Excellency Shaikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, and with the participation of a number of ministers, officials and experts from various countries around the world, on Tuesday, April 29, 2025, in Manama, Kingdom of Bahrain.
During the forum, His Excellency the Secretary General participated in a session entitled "Navigating Economic Transformation: The Impact of Changing Global Blocs on Stability and Growth" alongside His Excellency Dr Shaikh Abdullah bin Ahmed Al Khalifa, Minister of Transportation and Telecommunications, and His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Commerce in the Kingdom of Bahrain, as well as Her Excellency Ms Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, and His Excellency Mr Gilbert Houngbo, Director General of the International Labour Organisation.
At the beginning of his speech, His Excellency expressed his thanks and appreciation to the wise leadership in the Kingdom of Bahrain for hosting and organising this forum, praising the Kingdom's efforts and continuous contributions to everything that would enhance economic solutions and build more sustainable and developed societies.
After that, His Excellency reviewed the most prominent challenges resulting from global economic trends, stressing the urgent need for the GCC countries to take the necessary measures to face these challenges. He pointed out that the GCC countries have proven their ability to overcome the most difficult crises thanks to their wise policies.
His Excellency also confirmed that the GCC countries have demonstrated that they are a hub for future economic growth, thanks to the strategic vision of their wise leadership, the strength and robustness of their economies, and their strategic location.
His Excellency the Secretary General touched upon the indirect economic repercussions resulting from recent global economic developments, including disruptions in the financial markets of the GCC countries, weak global demand for energy, falling oil prices, pressure on public budgets and diversification plans, declining confidence in the private sector, and rising inflation rates due to increased import prices, in addition to the impact on exchange rates as a result of the pegging of Gulf currencies to the dollar.
In discussing the GCC countries' balance in their relations with the East and West, His Excellency noted that the GCC states adopt balanced foreign policies with both sides and strive to enhance their strategic partnerships, as well as promote themselves as attractive investment destinations for both Eastern and Western companies.
He also reviewed the effect of the current global trading environment on existing and future trade agreements for the GCC countries, highlighting the opportunity available for the GCC to become a neutral destination for supply chains and investment, as well as to enhance foreign direct investment, with a focus on the role of green and digital technology as a key axis for building the economic and trade capacity of the Council countries.
