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UAE, Kuwait trade ministers affirm importance of 'Companies Investment Meet' in accelerating trade growth

UAE, Kuwait trade ministers affirm importance of 'Companies Investment Meet' in accelerating trade growth
28 Apr 2024 23:47

KUWAIT (WAM)


Abdullah Hamad Abdullah Al-Jouaan, Minister of Commerce and Industry in Kuwait and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, have affirmed the depth of strategic relations between the UAE and Kuwait, emphasising the importance of developing joint cooperation and integrated relations to ensure thriving and comprehensive economic development for both countries.

Speaking to the Emirates News Agency (WAM) on the sidelines of the first day of the UAE Companies Investment Meet, organised by the UAE Embassy in Kuwait, Al-Jouaan affirmed the growth in trade exchange between the two nations, citing the fact that non-oil foreign trade reached $12.2 billion during 2023, up 2% from $10.5 billion in 2019.

He pointed out the two countries' efforts to enhance cooperation and integration in all fields in a way that contributes to strengthening trade and investment relations between the two sides.

The minister stated that the trade growth achieved during the past years confirms the strength of bilateral trade relations, highlighting the leading role played by the private sector in strengthening trade relations, describing the private sector as a fundamental pillar for the growth and development of the businesses and economies of both countries.

For his part, Al Zeyoudi told WAM that the forum is a significant opportunity to continue the momentum of growth in trade and investment relations between the two countries.

He referred to the completion of discussions on a number of tenders and investment opportunities for UAE companies to enter the Kuwaiti market, explaining that the volume of UAE investments in Kuwait amounted to more than Dh3.3 billion by the end of 2022, while Kuwaiti investments in the UAE hit Dh13.2 billion by the end of 2021.

“UAE maintains its position as the world's leading recipient of Kuwait's non-oil exports, capturing 22% of Kuwait's total global non-oil exports. Simultaneously, the UAE ranks as the third most significant import market for Kuwait, following China and the United States," Al Zeyoudi explained.

He concluded by saying that the UAE Companies Meet contributes to creating qualitative opportunities for increasing exports from both countries and expanding investments.

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