KUWAIT: The Kuwait Chamber of Commerce and Industry (KCCI) affirmed the business community’s aspiration to explore joint investment opportunities and exchange expertise and knowledge with the Kingdom of Saudi Arabia and work to remove obstacles and impediments facing businessmen in both countries, which contributes to the prosperity of the joint economy.
The KCCI issued a statement on Wednesday on the occasion of receiving a delegation from the Eastern Chamber in the Kingdom of Saudi Arabia headed by Chairman of the Industry and Energy Committee Ibrahim bin Mohammed Al-Sheikh and attended by representatives of Kuwaiti companies, with the aim of opening new horizons for economic cooperation between them.
The statement quoted Al-Sheikh as saying in a speech at the meeting that economic and trade relations have developed greatly between the two brotherly countries to form an economic fabric that is expanding and increasing year after year, as the volume of trade exchange between the two countries approached 11 billion riyals in 2022 compared to about 8 billion in 2015, meaning an increase of 37.5 percent. Al-Sheikh added that direct investments have witnessed rapid growth, pointing to the common desire to maximize the benefit from local content in energy sector projects and cooperation to stimulate innovation and apply emerging technologies including artificial intelligence in the energy sector and develop the incubator environment for it.
He stressed the existence of tireless efforts by the leadership of the two countries to strengthen the ties of integration between them by signing the railway linkage agreement, which enhances trade exchange and economic growth and achieves the strategy of the two countries to build an exceptional integrated model that supports the path of joint Gulf cooperation and contributes at the same time to protecting gains and interests and creating new opportunities for the two peoples.
He said the aspiration for a greater and broader partnership between the business sectors in the two countries, especially in light of these favorable circumstances supported by close relations and backed by a single will that emphasizes the importance of expanding the horizons of cooperation and economic partnership between the countries. This is envisioned in the light of the Kingdom’s Vision 2030 and Kuwait’s Vision 2035 which indicates that the horizon for cooperation and partnerships is unlimited. He called on the attendees to participate in the Saudi National Products and Industries Exhibition held at the exhibition grounds from January 29 to February 1. — KUNA