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July 14, 2024

Oman-Kuwait Business Forum Explores Ways to Enhance Bilateral Cooperation

Kuwait,

The Oman-Kuwait Business and Investment Forum, held at Kuwait Chamber of Commerce and Industry today, discussed ways to enhance existing cooperation between the two countries in various fields. The forum was held on the sidelines of the current “State Visit” made by His Majesty Sultan Haitham bin Tarik to the State of Kuwait.

Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said in a speech at the forum that Oman and Kuwait have shared commercial partnerships since old times. He added that the visit of His Majesty Sultan Haitham bin Tarik will help consolidate joint action, expand elements of economic integration to develop a vibrant economy that is capable of interacting with global economies and maintaining sustainability.

Al Yousef added that the two countries’ trade and investment cooperation in priority sectors would contribute to generating employment opportunities and promoting sustainable development in both countries.

“We hope that this forum will open up new vistas of cooperation and investment in the sectors of logistics, tourism, industry, food security and converting industries,” said Al Yousef, who stressed the importance of joining hands to achieve the goals of Oman Vision 2040 and Kuwait Vision 2035, notably in the sectors of trade, industry and investment. He pointed out that the agreements and memorandums of understanding signed by the two countries would enable the private sector to realize further growth and sustainable development.

For his part, Eng. Omar Saud Al Omar, Kuwaiti Minister of Commerce and Industry, said that the forum would help activate strategic cooperation in the fields of trade and investment. He referred to what he described as “remarkable development in economic relations between the two countries over the past few years”.

Al Omar added that “the forum constitutes an important platform for exchanging visions, ideas and investment opportunities, as well as means to develop joint recommendations and build a better framework for exchanging trade and investments and overcoming challenges that might face Omani firms wishing to enter the Kuwaiti market”.

During the forum, Oman presented two visual displays: the first by the Ministry of Commerce, Industry and Investment Promotion (represented by “Invest Oman” lounge) and the second by Oman Investment Authority. Another presentation was made by Kuwait Direct Investment Promotion Authority (KDIPA).

— Ends/Bishara/Khalid

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