China to play active role in boosting Kuwait economy

KUWAIT: The Minister of Commerce and Industry and Minister of State for Youth Affairs, Mohammad Al-Aiban, stated Kuwait’s keenness for China to have an active role in developing its contributions to housing cities, infrastructure, and energy projects and for these contributions to have a solid impact on Kuwait’s economy. The Ministry of Commerce said in a press statement Sunday that Al-Aiban discussed with his Chinese counterpart the development of trade exchange between both sides following the end of the economic conference of trade ministers of the Gulf Cooperation Council (GCC) countries and China, which was held in the Chinese city of Guangzhou.

During this meeting, they discussed developing trade exchange, diversifying trade relations between them, and expanding cooperation in non-oil fields. The non-oil fields that have been addressed are construction, free zone, economic zone, manufacturing, digital transformation, renewable energy, environmental protection, and others, in addition to investment in both countries. Kuwait looks forward to enhancing the level of trade cooperation between both countries and further deepening cooperation in the investment field, as the statement quoted Al-Aiban as saying.

He underlined that China is one of the largest exporters of imports to Kuwait and one of Kuwait’s largest trading partners in the non-oil field. Al-Aiban delved into the recent visit of His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah to China, signing the bilateral cooperation agreement for the years 2024–28 between both sides. Multiple agreements included many areas to enhance the current gains in cooperation in the field of oil and expand cooperation in non-oil fields, he pointed out, adding that these agreements and memoranda of understanding are being followed up and work is underway to implement them.

On his side, Chinese Minister of Commerce Wang Wentao confirmed that Kuwait has become one of the crucial countries for China with regard to renewable energy, infrastructure projects, energy, housing, and other projects. Wentao pointed to the high rates of investment between them, expressing hope that the volume of investment will increase further by the Kuwaiti side in the promising fields in China in innovation, artificial intelligence, the production of electric cars, and other matters and new projects on the economic scene. He pointed to the importance of the Chinese economy and its growth, which witnessed a significant increase in gross domestic product (GDP) this year and overcame the COVID-19 crisis.

Digital economy

Kuwait minister underscored establishing adequate infrastructure to accommodate the growing digital economy and adapt to arising challenges. He explained that the digital economy encompasses trade, electric services, data analysis, and artificial intelligence. Al-Aiban spoke of the importance of trade facilitations, saying that the future of trade and investments relies on smooth sailing trade and eradicating obstacles. He clarified that to keep up with expanding international trade, new policies and adequate mechanisms must be adopted.

The Minister commented on trade relations between Kuwait and China, saying that they had undergone significant leaps over the past few years, as China is considered Kuwait’s largest non-oil commodity supplier and the second-largest oil buyer. Mubarak Al-Kabeer port, stated Al-Aiban, is an opportunity for broadening horizons as it sets out to create direct navigation lines and augment supply chains. He added that the strategic partnership between the two nations is based on the Kuwait Vision 2035 and the Chinese Belt and Road Initiative through a comprehensive program on economic cooperation and reviving the Silk Road.

The Silk Road project, expounded by the Minister, reflects Kuwait’s strategic vision of a financial and commercial regional and international hub, regaining its pioneering position in the field. He stated that the resumption of free trade negotiations between the GCC and China contributes to deepening relations, creating work opportunities, and broadening horizons. The minister hailed organizing such conferences to develop ties and achieve mutual benefit. – KUNA

The post China to play active role in boosting Kuwait economy appeared first on Kuwait Times.

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