KUWAIT: Minister of Commerce and Industry Khalifa Al-Ajeel and his Omani counterpart, Qais Al-Yousef, emphasized the importance of strengthening economic and trade relations between the two countries, particularly in areas that promote sustainable development. In his speech at the launch of the Kuwaiti-Omani Economic Forum and Exhibition in Kuwait on Monday, Minister Al-Ajeel stated: “We are keen to ensure that the efforts of the ministry and government entities align with the noble desire to enhance cooperation and trade exchange within the Gulf Cooperation Council (GCC).”

Following the opening of the forum, an agreement was signed between Omani company “Mawane” and Kuwait’s “Public Services Company” to enhance cooperation in several fields, strengthening economic ties and expanding the scope of collaboration between the private sectors of both nations. During the forum, the ministers also inaugurated an accompanying exhibition featuring 70 small and medium-sized enterprises, with 50 Omani companies showcasing sectors such as food, handicrafts, and technology.

The forum includes three main discussion sessions focusing on topics such as manufacturing industries, supply chain integration, real estate development, luxury hotels, and food security. Additionally, bilateral meetings between businesspeople and companies from both countries are being organized to establish strategic partnerships and achieve integration in line with the goals of Oman Vision 2040 and Kuwait Vision 2035.

Al-Ajeel highlighted the directives from the leadership to unify policies, facilitate trade and investment flows, support local industries, and promote innovation and entrepreneurship across GCC countries. He further remarked that the forum was a manifestation of these directives, aiming to achieve prosperity and advancement for the Gulf region. He also reflected on the long-standing and rooted relations between Kuwait and Oman, particularly during the prosperous maritime trade period. “Oman has been a key stop for Kuwaiti ships heading to the Indian subcontinent and beyond, marking the beginning of a historical trade relationship that continues today,” he said.

The minister recalled the strong ties between the two nations, especially during the 1990 Gulf War, when Oman opened its doors and hearts to Kuwaitis, providing refuge and solidarity. Al-Ajeel also noted that with the establishment of the GCC in 1981 and the signing of the unified economic agreement, the economic ties between Kuwait and Oman have been formalized and continue to grow.

In his address, Oman’s Minister of Commerce and Industry referred to Kuwait as a “strategic partner” and expressed the commitment to further strengthen economic relations under the guidance of both countries’ leadership. He emphasized the importance of cooperation in priority sectors that will create job opportunities and enhance sustainable development for both nations. 

Al-Yousef also highlighted the forum’s focus on boosting trade and investment, exploring opportunities in the industrial, tourism, logistics, and food security sectors. “We aim to foster business partnerships and increase trade exchange between our countries, aligning with Oman’s Vision 2040 and Kuwait’s Vision 2035,” he said. The minister also mentioned the development of joint investment projects, including the Duqm refinery and petrochemical industries, which represent the largest shared investment project between Oman and Kuwait. He expressed hope for expanding collaboration in line with the leadership’s aspirations. — KUNA