Omani- Kuwaiti Forum in Kuwait Starts

Kuwait, Kuwait Chamber of Commerce and Industry organized the Omani- Kuwaiti Economic Forum for Oman Chamber of Commerce and Industry delegation visiting Kuwait to share knowledge about the developments made to improve business environment in the Sultanate and the State of Kuwait.

‘The meeting, which comes within the continuous communication, aims at introducing the latest developments in improving business and investment environment in Kuwait and to present the mega projects which will be implemented in partnership between the public and private sectors. In Kuwait, we believe that the economic visions should be clear for everyone as their success is linked to their integration on one hand and the cooperation of all stakeholders on the other hand, said Ali bin Mohammed al- Ghanim, Chairman of Kuwait Chamber of Commerce and Industry.

‘ The investment and business cooperation between the two sides is a strong indicator about the strong economic relations between the two brotherly countries. The number of Kuwaiti companies operating in the Sultanate stands at 500. They operate in retail, energy, contracting, tourism and construction fields. The value of the reciprocal trade in 2017 stood at $426 million, he added.

On his part, Qais bin Mohammed al- Yousef, Chairman of OCCI said that the Omani- Kuwaiti relations are deep rooted and historic. In his speech, he pointed out that most Omani exports to Kuwait or 96% are of Omani origin. He added that as of the end of 2016, the value of the joint Omani- Kuwaiti investments stood at RO210 Million. The investments are distributed onto 557 companies, most of which are focused on trade, construction and other sectors. The figure may increase significantly if we added the new Kuwaiti investments in A’Duqm.

The meeting included presentations by some public organisations from the two sides. The Kuwaiti presenters included the Direct Investment Promotion Authority in Kuwait, Kuwait Business Center, Public and Private Partnership Projects Authority, and Abdul Aziz Hamad al- Saqr Center for Development. The Omani side presenters included the Public Authority for Investment Promotion and Export Development ‘ Ithraa’, the Special Economic Zone Authority in Duqm (SEZAD)’, the Public Establishment for Industrial Estates (PEIE) and the Ministry of Heritage and Culture.

There have been some presentations by some Omani companies on the great investment projects in the Sultanate.

On the sidelines of the forum, the two sides also signed two commercial agreements between Omani and Kuwaiti companies taking part in the forum. SMEs owners also displayed their products at the Real Estate Forum. The agenda of the visit program included visits to Kuwait Petroleum Corporation by some of the delegation members operating in oil and gas sectors.

Source: Oman News Agency