GCC commerce ministers meet in Bahrain to boost private sector growth

The Gulf Cooperation Council (GCC) held a consultative meeting in Manama, Bahrain, bringing together ministers of commerce and industry with heads of chambers of commerce and entrepreneurs. Chaired by Bahraini Minister of Industry and Commerce Abdullah bin Adel Fakhro, the summit aimed to strengthen dialogue between policymakers and the private sector to stimulate regional economic growth.

Minister Fakhro emphasized the necessity of transitioning from traditional support programs to an integrated empowerment ecosystem. This includes facilitating business establishment, improving access to finance, and developing legislative frameworks to help small and medium-sized enterprises (SMEs) expand into larger, competitive companies. He noted that SMEs are vital for innovation and job creation, particularly in advanced manufacturing and artificial intelligence.

GCC Secretary-General Jassim Mohamed Albudaiwi highlighted the meeting as a strategic platform to address regional and international economic challenges facing the Gulf private sector. The discussions focused on initiatives to support private sector growth, aiming to position the GCC as a global financial and investment hub through enhanced economic integration.