ISTANBUL

Leaders in the Gulf and Southeast Asia are set to hold an inaugural summit Friday in Saudi Arabia.

“This summit is very important and is expected to yield very positive results,” said Malaysian Foreign Minister Zambry Abdul Kadir.

Malaysia is the coordinator of the summit.

Leaders of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) are headed to Riyadh where they will discuss bilateral and geo-political developments, including security, economic progress and socio-cultural collaboration.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are six members of the GCC while the 10-member ASEAN consists of Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam.

The Southeast Asian region, with a combined population of 650 million, “would naturally seek attention from the Gulf region and the world due to its strategic and dynamic geopolitical position,” said Kadir.

The two blocs established relations in 1990.

The summit allows member states from the two sides to engage in bilateral as well as multilateral talks besides bloc-level discussions.

The GCC has its headquarters based in the Saudi capital.

“This summit will serve as an important platform for the Philippines to highlight the need for cooperation in energy and food security, logistics, supply chains, digital [transformation], the free flow of goods, people, and services, as well as the enhancement and protection of the rights, of course, of our overseas workers,” Philippines President Ferdinand Marcos said before his flight to Riyadh.

A Filipino official said earlier this week that the outcome of the summit can help Southeast Asian nations “mitigate” higher oil prices.

GCC members are among the world’s largest producers of crude oil.

A look at economic indicators shows GCC imports from ASEAN countries made up 6% of the Arab bloc while exports to the Southeast Asian regional bloc were on the rise -- mainly because of crude and plastic polymers.

Investments by the GCC in the ASEAN region have been around $14 billion with 75% of the share from UAE investors.

A large Muslim population in Southeast Asia has been one of the most attractive aspects for GCC nations as Arab investors have shown a keen interest in ASEAN’s food and beverage sector.