Under the patronage and with the attendance of His Highness Shaikh Ahmad Abdullah Al Ahmad Al Sabah, His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the 9th GCC-EU Business Forum.
The forum, themed "Together for Shared Prosperity," was organised by the Kuwaiti Ministry of Foreign Affairs and the Kuwait Direct Investment Promotion Authority (KDIPA), in partnership with the GCC General Secretariat and the European Union (EU), Wednesday, November 5, 2025, in Kuwait City.
At the beginning of his speech, His Excellency Mr Albudaiwi extended his highest sentiments of thanks and appreciation to His Highness Shaikh Meshal Al Ahmad Al Jaber Al Sabah, the Amir of the State of Kuwait, for His Highness's generous support for the joint Gulf action and for Kuwait's hosting of this forum. He praised the continuous facilities and support Kuwait provides for the success of the GCC's efforts in various fields.
Moreover, His Excellency affirmed that GCC-European relations represent a firm model of strategic partnership, extending back to the signing of the Cooperation Agreement between the two sides in 1988.
He noted that this partnership has developed remarkably in trade, investment, energy, education, and the environment, and that the Joint Work Programme (2022-2027) established a new phase of cooperation in political, economic, security, and development fields.
"The GCC-EU Summit held in Brussels in 2024 confirmed the commitment of both sides to bolstering trade and investment cooperation and moving towards a free trade agreement between the GCC and the EU. The joint ministerial meetings following the summit resulted in practical steps to strengthen the partnership in sustainable development, intellectual property rights, and diversifying supply chains." His Excellency explained.
His Excellency also reviewed several economic indicators for the GCC states, including the GCC's Gross Domestic Product (GDP), which reached $2.3 trillion in 2024, ranking ninth globally. Meanwhile, the assets of Gulf sovereign wealth funds exceeded $4.8 trillion. He indicated that the GCC states continue to solidify their position as a global economic power in oil and natural gas production, and in diversifying income sources and promoting sustainable growth.
"The volume of trade exchange between the GCC and the EU reached $197 billion in 2024, making the EU one of the most important trading partners for the GCC states. European foreign direct investment (FDI) stock in the GCC states reached $285 billion, reflecting the deep confidence in the Gulf business environment." His Excellency pointed out.
In concluding his speech, His Excellency Mr Albudaiwi called for continuing to build on the existing momentum between the two sides by enhancing cooperation in clean energy, green hydrogen, digital transformation, cybersecurity, and innovation.
He underscored that the GCC-European partnership is capable of contributing to achieving common prosperity and a brighter future for both regions.