Gulf’s commitment as secure, reliable energy provider reaffirmed by Saudi Crown Prince

Looks forward to strengthening economic ties between ASEAN and GCC
Gulf’s commitment as secure, reliable energy provider reaffirmed by Saudi Crown Prince
Saudi Crown Prince receives UAE President on arrival in Riyadh (Photo credit: SPA)

Saudi Crown Prince Mohammed bin Salman affirmed in a statement on Friday that the Gulf states will persist in serving as a “secure and reliable” energy provider.

During the inaugural of the GCC-ASEAN summit in Riyadh, the Saudi Crown Prince said his country remains committed to its endeavors in upholding the prices and stability of global energy markets.

Read more: Saudi Energy Minister: OPEC+ shielded Saudi from oil market chaos

He further added, “Our commitment remains steadfast in maintaining price stability and ensuring the stability of global energy markets.”

The Saudi Crown Prince expressed his anticipation for bolstering economic ties between ASEAN (the Association of Southeast Asian Nations) and the GCC (Gulf Cooperation Council), aiming to “foster new avenues of cooperation across all sectors.”

He emphasized, “We are actively pursuing expedited measures to meet the sustainability criteria for the advancement of low-carbon clean energy technologies and petrochemical supply chains.”

Prince Mohammed conveyed his vision to “optimize the collective utilization of logistical resources and infrastructure, foster collaboration in tourism and cultural endeavors, facilitate people-to-people communication, and cultivate diverse partnerships within the business sector across our nations.” His aim is to achieve the goals set forth in ambitious visions for a prosperous and progressive future. He expressed hope that this summit would yield tangible outcomes that enhance cooperation across various domains, benefiting our respective peoples.

Fostering dialogue, enhancing economic cooperation

The Saudi minister of Economy and Planning, Faisal bin Fadil Alibrahim, affirmed that the Kingdom’s hosting of the GCC-ASEAN summit in Riyadh is a strategic step to foster dialogue, enhance economic, trade, and development cooperation between the two sides, and facilitate the exchange of best practices and experiences. This collaborative effort is expected to yield positive impacts on the economies of both groups, strengthen the regional and international presence of the GCC, and promote economic integration among member states.

In a statement to the Saudi Press Agency (SPA), Alibrahim underscored the Kingdom’s aspiration to cultivate international strategic partnerships and reassess development priorities across diverse sectors. This is aimed at fostering economic diversification, establishing an appealing investment climate, and fostering collaborative efforts to accelerate sustainable development and realize desired goals and aspirations.

Trade volume surge

He commended the advancements made in trade relations between the two parties, highlighting a notable increase in trade volume in 2022 to $137.7 billion. This surge propelled ASEAN countries’ trade contribution to 8 percent of the total trade volume of the GCC with the rest of the world. Moreover, ASEAN exports accounted for 9 percent of the GCC’s total global exports, while imports from ASEAN constituted 6 percent of the GCC countries’ total imports from the world.

Furthermore, the minister concluded by acknowledging the proactive role played by technical and specialized committees in fostering cooperation, economic engagement, and strengthening bilateral partnerships in key areas such as energy, food security, education, and infrastructure. These efforts, according to Alibrahim, have led to increased joint investments and bolstered trade between the two groups.

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