Kuwait warns regional attacks have far-reaching impact on global economy
. . . calls for urgent action to address fallout
Kuwait has called for urgent measures to mitigate the economic and trade repercussions of repeated attacks targeting Gulf countries and other member states of the Organization of Islamic Cooperation (OIC), warning that the crisis has affected global economic activity and supply chains.
Minister of Finance Dr Yaqoub Al-Rifai, representing His Highness the Prime Minister Sheikh Ahmed Al-Abdullah, made the remarks while heading Kuwait’s delegation at the 42nd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Turkey.
Al-Rifai, who also chairs the Arab Group of COMCEC, said repeated attacks targeting Saudi Arabia, several other Gulf Cooperation Council (GCC) countries and other Arab and Islamic states threaten regional security and stability.
He noted that the closure of the Strait of Hormuz had further aggravated the situation, casting a shadow over the global economy and disrupting supply chains, with consequences extending to countries worldwide.
Reaffirming Kuwait’s full solidarity with the affected member states, Al-Rifai stressed the need for urgent measures and policies to contain the economic and trade repercussions of the attacks.
Addressing the meeting’s economic agenda, he said intra-OIC trade had considerable potential, supported by available resources and genuine demand in target markets. However, existing indicators highlighted significant challenges, particularly in accessing trade finance.
He pointed out that small and medium-sized enterprises (SMEs), which form the backbone of national economies, face particular difficulties in securing trade financing.
The current ministerial session focuses on government efforts to develop effective trade finance instruments to strengthen exports among OIC member states.
