GCC can become the ‘6th largest economy’

The Gulf Cooperation Council (GCC) has the potential to become the sixth largest economy in the world, according to Deputy Crown Prince Muhammad Bin Salman.

Speaking to members of the GCC in Riyadh, the Saudi Prince and the country’s minister of defence stressed that there is an opportunity if they worked properly as one bloc in the coming years.

The deputy crown prince, who is also chairman of the Saudi Council of Economic and Development Affairs (CEDA), made the remarks while opening the first meeting of the GCC Economic and Development Affairs in Riyadh yesterday.

The meeting identified five basic priority areas, including boosting joint economic work, adoption of a mechanism for the quick implementation of key economic decisions, comprehensive reviews of the GCC economic and development policies, programmes and initiatives, facilitating structural, legal, financial and manpower related aspects to develop economic dimension of Gulf joint work and giving top priority to youth affairs and issues.

Meanwhile, President of Turkey Recep Tayyip Erdogan has also called for greater cooperation between Turkey and the GCC, stressing that “it will benefit everyone”.

Erdogan also spoke of continued cooperation with Gulf States adding: “We want to develop our relations with Gulf countries, because we are brothers with these countries, and we have a lot of potential for cooperation with them starting from the defence industry, economy and food industries, and even in construction, infrastructure and metadata.”