ShareBy Sajeev K Peter
KUWAIT: Saudi Arabia is working hand in hand with Kuwait to integrate the kingdom's 'Vision 2030' with Kuwait's 'Vision 2035' under the wise leadership of both countries, said Saudi Minister of Investment Khalid Al-Falih on Monday.
Khalid Al-FalihAddressing the 'Invest in Saudi Arabia Forum' in Kuwait, the Saudi minister said the unity of these common visions and goals was pronounced in June 2021 when the first meeting of the Saudi-Kuwaiti Coordination Council was convened. This was followed by the signing of five memorandums of understanding (MoUs) between the two countries, including a memorandum of cooperation to promote direct investment between the two countries, unify efforts to remove hurdles and provide opportunities for investors in both countries.
The economic reforms initiated by the kingdom within the framework of the kingdom's 'Vision 2030', helped the country push its economic growth and diversify its sources, he said. According to the estimates of the International Monetary Fund (IMF), Saudi Arabia became the fastest growing economy in the world in 2022 and its GDP touched nearly 4 trillion riyals (more than $1 trillion) to become the 16th largest economy in the world, Falih pointed out.
Applauding Kuwait's accomplishments, Falih said: "We are proud of Kuwait's achievements as a beacon of culture, development and social development over the past decades. We are also proud of Kuwait's long-standing record in trade, as Kuwaiti merchants reached India and Europe in the 19th century for trade, particularly in pearls."
He said the Kuwait Stock Exchange (now Boursa Kuwait) was established in 1962 to be the first stock market in the Arab Gulf region. Kuwait's sovereign funds, and the investments they manage, have become an example to follow. They rank second in the Arab world and fourth globally among their counterparts with assets amounting to $750 billion, Falih added.
The launch of Kuwait's economic advisory unit, headed by HH the Prime Minister, set an advanced approach to support Kuwait's national economy, work to attract foreign direct investments with added value and strengthen the role of the private sector within the framework of the New Kuwait 2035 vision.
Bilateral trade
Speaking about bilateral trade, Falih said economic exchanges between the two countries have multiplied over the years. "Today, Kuwait is one of the most prominent trading partners of the kingdom as the volume of trade between the two countries amounted to nearly 11 billion riyals, an increase of 22 percent over the levels of the pre-COVID-19 period. Similarly, Kuwaiti investments in the kingdom have grown to about 35 billion riyals in sectors such as hospitality, retail, food, communication, construction and others. We are also proud of choosing a number of major Kuwaiti companies such as Zain, Agility, Alghanim Group, and many others for operating in the kingdom as a market in which huge investments are being pumped in, contributing to the growth and diversification of the Saudi economy as much as they contribute to the strengthening and development of the Kuwaiti economy," he concluded.
Mazen Al-Nahedh"What enhances the feasibility of investing in Saudi Arabia is not only the exceptional opportunities offered, but also the facilities that are provided to investors while investing in major projects proposed by the kingdom," said Mazen Al-Nahedh, Minister of Commerce and Industry and Minister of State for Communications and Information Technology. Delivering a speech at the Invest in Saudi Arabia Forum, he said: "This provides investors with tremendous opportunities to develop their businesses and realize successes, benefiting from the exceptional growth taking place in all business sectors."
Future partnership
Chairman of the Kuwait Chamber of Commerce and Industry (KCCI) Mohammad Al-Sager praised the encouraging measures taken by Saudi Arabia in the last few years. In a speech at the forum, Sager said the similarity in the premises and objectives of Saudi Vision 2030 and New Kuwait 2035 vision must lead to a future partnership between Kuwait and Saudi Arabia, not only in the field of investment, but also in the commercial, industrial and service sectors as well.
"It is a partnership that will expand to other Gulf Cooperation Council countries as well through its clear development visions, which are open to contributions of the citizens of these countries and to foreign investments," Sager said.
"If 'Saudi Vision 2030' enjoys the supervision and directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman leads and carries its torch, then His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah sponsors and directs 'Kuwait Vision 2035', whose steps and projects were entrusted to His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah," he pointed out.
KUWAIT: (From left to right) Mazen Al-Nahedh, Khalid Al-Falih and Mohammad Al-Sager during the 'Invest in Saudi Arabia Forum' in Kuwait on Monday.The two visions basically agree on building an educated workforce, reducing dependence on oil, expanding the production base and enabling the private sector to play its developmental role. This will lead to a sustainable economy that meets the requirements of the times and future trends, he said adding, which will be open to scientific progress and contributes to the dissemination of creativity and innovation.
Sager thanked the Saudi ministry of investment for choosing Kuwait as the first stop in its international roadshow to introduce the climate and investment opportunities of Saudi Arabia. The kingdom approved in March 2021 a privatization system aimed at making 16 government sectors available to the private sector whose vision aims to raise its contribution to the GDP from 40 to 65 percent. The kingdom has also adopted the national strategy for industry and the national initiative for global supply chains. The country has come a long way in building a sustainable infrastructure in the tourism and cultural sectors and stimulating creativity and innovation.
President of the Federation of Saudi Chambers Hassan bin Mujib Al-Huwaizi said that the programs of the kingdom's Vision 2030 contributed to strengthening the capabilities of the Saudi economy to maintain a continuous pace of growth in 2022, as the programs present enormous opportunities.
"The Invest in Saudi Arabia Forum aims to expand the horizons of economic cooperation and explore the investment and trade opportunities available to the business sectors in both countries," Huwaizi said. The Saudi delegates attending the forum gave an overview of the various development projects taking place in the kingdom during presentations and an exhibition that followed. They included presentations on megaprojects such as NEOM, Qiddiya, the Red Sea, Diriyah, Al-Ula and others.
