Addressing the opening session of a round-table over "External Factors Influencing British-Bahraini Relations: prospects for trans-regional cooperation," Abdul Gaffar attributed the slim economic risks to the oil revenues which prevented huge losses suffered by European and Asian markets.
Economic growth in the GCC region rose from 4.2 percent in 2010 to five percent last year, he said, thus the World Bank’s classification.
The round table is organized by Bahrain Centre for Strategic, International and Energy Studies (BCSISE), presided by Abdul Ghaffar.
He said the Arab Gulf region were sitting over around 55 percent of global oil reserves and 40 percent of world’s natural gas stocks.
He noted that the region was the third in the world in terms of commercial and geopolitical importance.
On GCC-UK relations, Abdul Ghaffar said the Gulf countries were the seventh largest importer of British goods, amounting to around 15 billion pounds last year. There are around 160,000 British nationals living and working in the six GCC countries – Kuwait, Saudi Arabia, Qatar, Bahrain, Oman and the United Arab Emirates (UAE).
Combined GCC investments in Britain are estimated at USD 2.25 billion, mainly in real estate, services, banks and infrastructure.
Abdul Ghaffar, meanwhile, said the GCC countries were open to other markets like in East Asia. He said trade exchange with China, for example, was USD 93 billion last year while exceeding USD 106 billion with India and over USD 172 billion with Japan.
This economic development will encourage these countries to play more political role in the Gulf region specially regarding security and defense matters.
