Media Centre

Kuwaiti, Omani Ministers of Commerce stress importance of bilateral cooperation

KUWAIT-- Kuwaiti Commerce Minister Khalifa Al-Ajeel and Omani counterpart Qais Al-Yousef, on Monday, stressed the importance of bilateral economic and commercial cooperation.

This came during their participation in the Kuwaiti-Omani Economic Forum and Exhibition held in Kuwait for four days. In his speech during the opening of the forum, Minister Al-Ajeel stressed that Kuwait is keen to ensure that all efforts are in line with the noble desire of His Highness the Amir of Kuwait Sheikh Meshaal Al-Ahmad Al-Sabah to strengthen the bonds of cooperation and trade exchange with the Gulf Cooperation Council countries.

The meeting comes to translate these objectives and implement them, he added, noting that the relations between the State of Kuwait and the Sultanate of Oman are old and deeply rooted.

The Minister pointed out the latest bilateral cooperation between the two countries, where the tenth session of the Kuwaiti-Omani Joint Committee held in Kuwait on October 31, and witnessed the signing of a memorandum of understanding on cooperation in the field of consumer protection between the Governments on both countries on October 31.

In a similar speech, the Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Yousef affirmed that Kuwait is a strategic partner of the Sultanate of Oman. "We are determined to consolidate our economic relations in accordance with the directives of our leaders, and to enhance areas of trade and investment cooperation in priority sectors that will contribute to providing job opportunities and enhance sustainable development in both countries", he noted.

"We are looking forward, through this Forum, to focus on the joint commercial and investing cooperation, increase trade surplus, exchange expertise and knowledge, and building strategic partnerships between companies and businessmen ", he added. He said that the forum aims to review latest development in the field of exportation, identify investment environment, and enhance cooperation and investment in industrial, tourism, logistics and food security sectors, including food industries.

Al-Yousef pointed out the importance of working on integration between the two brotherly countries to achieve the goals of Oman Vision 2040 and Kuwait Vision 2035, expressing hope that this cooperation would be enhanced and that Omani products would have opportunities and priority in entering the Kuwaiti market and vice versa.

On the other hand, the Omani Minister referred to the Duqm Refinery and Petrochemical Industries Project in the Special Economic Zone in Duqm, which is the largest joint investment project between Oman and Kuwait, wishing for broader aspirations in developing joint work between the two brotherly countries in accordance with the aspirations and directives of the leaders.

Following the opening of the forum, a cooperation agreement was signed which aims to enhance cooperation in several fields. This agreement comes within the framework of strengthening economic ties and expanding the horizons of cooperation between the private sectors in Oman and Kuwait, which will benefit the national economies.

On the sidelines of the Forum, the two ministers launched opened the exhibition accompanying the forum, in which 70 small and medium enterprises are participating, including 50 Omani enterprises representing the food, handicraft, technical and other sectors.

The forum also includes three main dialogue sessions, discussing topics related to manufacturing industries, supply chain integration, real estate development, luxury hotels, and food security, in addition to organizing bilateral meetings between companies and businessmen from the two countries.