GCC seeks to boost relations with ASEAN countries: Crown Prince

Crown Prince Mohammed bin Salman said the GCC countries look forward to strengthening relations with ASEAN countries in all fields.

The trade exchange between the GCC and ASEAN countries increased to $137.7 billion in 2022, representing 8% of the GCC's total trade exchange in the world, the Crown Prince said in his speech at the opening ceremony of GCC-ASEAN Summit held today in Riyadh.

ASEAN countries dominated 9% and 6% of the GCC's total exports and imports, respectively.

The Crown Prince added that the GCC's investments in the ASEAN countries represented 4%, or $75 billion, of the former's total foreign investments in 2022. Meanwhile, ASEAN's investments reached 3.4% or $24.8 billion of its foreign direct investments in the GCC.

Considering the two parties' human resources, commercial opportunities, and promising investment projects, the GCC countries look forward to benefiting from these opportunities, to emphasize its keenness on joint international cooperation and achieve the peoples' goals.

The joint action plan between the GCC and ASEAN countries for the period from 2024-2028 comes amid drawing a clear roadmap to enhance cooperation and partnership in various fields to serve the interests of both parties.

The GCC will continue to be a safe and reliable source of energy and maintain prices for the stability of global energy markets. In addition, it seeks to accelerate steps to achieve the requirements of sustainability as well as clean, low-carbon energy technologies, the Crown Prince said.

He added that the GCC countries also look forward to achieving the maximum joint benefit from logistical resources and infrastructure, in addition to enhancing cooperation in the fields of tourism and culture. This is in addition to forming partnerships between the public and business sectors to achieve ambitious visions for a better future of prosperity, development, and progress.