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GCC Can Assume Global Role in Tackling International Challenges: Al-Kuwari

GCC Can Assume Global Role in Tackling International Challenges: Al-Kuwari

The Gulf Co-operation Council (GCC) economies can assume a global role in tackling international challenges in view of the region’s greater say in energy stabilisation, be it in prices or quantities; according to HE the Minister of Finance Ali bin Ahmed al-Kuwari.

"Our energy supplies further contribute to the region's significant role in stabilising energy prices and quantities. This role is becoming increasingly crucial, and the region is emerging as a major player in this regard," al-Kuwari told the second day of the third Qatar Economic Forum, powered by Bloomberg.

Stressing that people are now paying attention to the region; he said Qatar recently hosted a mega event, the FIFA World Cup and for a country in this region to successfully organise such an event speaks volumes.

"We possess numerous advantages here, including top-notch infrastructure and a strategic location at the heart of the world, connecting the East and the West," he said.

Highlighting that the GCC countries have made substantial investments in creating a business environment that is conducive to easy business operations and favourable for FDI (foreign direct investment); the minister said this achievement is not a result of overnight efforts but a result of a long-term strategic approach.

"As a result, you can witness the region outperforming many advanced economies," al-Kuwari said.

The global economy is facing enormous challenges, be it GDP (gross domestic product) growth, inflation, or debt, according to him.

"When we examine the world and the GCC region, it's like observing two distinct realities. We firmly believe that we can contribute and assume a global role," he said.

In this regard, he highlighted Saudi Arabia's significant role in the G20 and Qatar's active participation in both political and economic spheres.

"The world has changed, and the GCC is now playing a distinct and impactful role, shouldering its responsibilities,” the finance minister said.

Asked how the surpluses would be used by the country, al-Kuwari said the country has developed a long-term fiscal policy framework, which has a clear mandate on how to use the surpluses in terms of allocation to Qatar Investment Authority or Qatar Central Bank reserves.

In case of deficits, he said the country has cushions and if there is any need to issue debt, the sovereign would do so.