Manama, Jan. 16 (BNA): Under the patronage of Dr Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs, the closing session of the Diplomatic Forum titled "Competition Among Major Powers in the Global Economy: Risks and Adaptation Strategies" was held at the headquarters of the International Institute for Strategic Studies (IISS).

The session featured Robert Ward, Japan Chair and Director of Geoeconomics and Strategy at IISS; Rahul Roy-Chaudhury, Senior Fellow for South and Central Asian Defence, Strategy and Diplomacy at the IISS; and Dr. Hasan Alhasan, Senior Fellow for Middle East Policy. The session was moderated by Air Marshal (Retd) Martin Sampson, Executive Director of IISS-Middle East.

The session was attended by heads of diplomatic missions and consulates abroad, and senior officials from the Ministry of Foreign Affairs.

Air Marshal Martin Sampson opened the session by expressing his deep gratitude to His Majesty King Hamad bin Isa Al Khalifa, and to His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, for their continued support of IISS’s efforts to promote regional issues.

The Executive Director of IISS also commended the close partnership with the Ministry of Foreign Affairs and the joint efforts that have led to significant achievements. He emphasised IISS’s commitment to continuing cooperation with the ministry on various fronts. He reviewed the challenges related to competition among major powers in the global economy, focusing on its geopolitical and economic impacts.

He also highlighted the role of global economic and political factors in shaping current strategic shifts and their effect on the region and the world, highlighting the importance of adapting to these dynamics to maximise opportunities and mitigate risks.

Roy-Chaudhury discussed India’s economic goals and strategies to achieve its ambitions, noting the country’s aim to double its economy by 2030 and become the third-largest global economy. He outlined the challenges India faces, such as slowing economic growth, a weak manufacturing sector, and the need for better labour skills. He also focused on opportunities for enhancing connectivity and supply chains, highlighting the key role the Gulf Cooperation Council (GCC) countries can play in supporting India’s economic development.

Dr. Alhasan spoke about the economies of the GCC countries, emphasising the global shift towards clean energy and the characteristics of the global energy markets, highlighting the importance of continuing to diversify the economies of the Gulf states to ensure their sustainability in the future.

At the conclusion of the session, the minister highlighted the importance of turning the region’s challenges into opportunities for peace and stability. He emphasised the need to create a secure and stable environment that allows countries to focus on internal development and enhance regional and international cooperation. He noted that security is not solely about military power but also encompasses diplomacy, economic integration, and social cohesion. He called for enhancing the bonds between the peoples of the region to achieve shared prosperity and establish a future that supports stability and peace for all.

The minister also expressed his appreciation to IISS for its ongoing cooperation with the ministry, commending the important role played by IISS in enhancing mutual understanding and discussing pressing international issues, particularly through the organisation of such significant sessions.

A.S.