UAE, Kuwait Ministers Laud Investment Meet For Trade Growth

In a significant affirmation of the deep strategic relations between the UAE and Kuwait, Abdullah Hamad Abdullah Al-Jouaan, Minister of Commerce and Industry in Kuwait, alongside Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, have underscored the importance of fostering joint cooperation and integrated relations. This collaboration aims to propel comprehensive economic development for both nations. Their discussions took place against the backdrop of the UAE Companies Investment Meet, an event spearheaded by the UAE Embassy in Kuwait.

Al-Jouaan highlighted a notable increase in trade exchange between the two countries, with non-oil foreign trade hitting US$12.2 billion in 2023, marking a 2% rise from $10.5 billion in 2019. This growth underscores the robust bilateral trade relations and showcases the pivotal role of the private sector in enhancing these ties. The private sector's involvement is deemed a cornerstone for the economic and business advancement of both nations.

On his part, Al Zeyoudi emphasized the forum's role as a pivotal platform to sustain the momentum of growth in trade and investment relations between the UAE and Kuwait. He pointed out that discussions on several tenders and investment opportunities for UAE companies to penetrate the Kuwaiti market have been concluded. By the end of 2022, UAE investments in Kuwait had surpassed AED3.3 billion, while Kuwaiti investments in the UAE reached AED13.2 billion by the end of 2021.

Al Zeyoudi further elaborated on the trade dynamics, stating that "UAE maintains its position as the world's leading recipient of Kuwait's non-oil exports, capturing 22% of Kuwait's total global non-oil exports." Additionally, he noted that the UAE ranks as the third most significant import market for Kuwait, following China and the United States. The UAE Companies Meet is seen as a catalyst for creating qualitative opportunities for boosting exports from both countries and expanding investments.

The dialogue between Al-Jouaan and Al Zeyoudi not only reaffirms the strong economic ties between Kuwait and the UAE but also sets a positive trajectory for future cooperation. With both countries keen on enhancing their trade and investment relations, this partnership is poised to contribute significantly to their economic prosperity.

With inputs from WAM