Economic ties with Kuwait deepened

MUSCAT: Stemming from the existing fraternal relations between the Sultanate and the sisterly State of Kuwait, Omani-Kuwaiti Joint Committee held its seventh session at the Al Bustan Palace Hotel on Thursday.

Yusuf bin Alawi bin Abdallah, Minister Responsible for Foreign Affairs chaired the Omani side, while the Kuwaiti side was chaired by Sheikh Sabah Khalid al Hamad al Sabah, First Deputy Prime Minister and Minister of Foreign Affairs, with the participation of a number of senior officials in both countries, representing various government agencies and institutions.

The Joint Committee discussed various areas of cooperation between the two countries, especially economic, trade and investment fields and ways of developing them, in addition to reviewing what has been achieved since the sixth session of the committee, which was held in Kuwait in April 2013.

Sheikh Sabah al Hamad said in a statement: “What has been reached in the work of the Joint Committee is reflecting the desire of the leadership of the two countries that the relationship between the Sultanate and Kuwait is to be a model for the relationship between the countries,” referring to the talks that bring together officials from 27 institutions from Kuwait with their counterparts from the Sultanate for two days to discuss ways of mutual cooperation in all fields.

As many as 20 agreements and a memorandum of understanding is to be signed that will enhance cooperation in various fields.

“We are seeing more growth in trade and investment between the two countries and the potential of the two countries is bigger than what has been achieved, so we must employ all potentials to full capabilities in the interests of the two countries, its people, Gulf Cooperation Council and the region.”

A Memorandum of Understanding (MoU) between the Ministry of Civil Service and the Civil Service Commission in Kuwait was signed on the sidelines of the meeting of the Omani-Kuwaiti Joint Committee.

The MoU will regulate the cooperation between the two sides in the areas of training and development, the civil service affairs and the administrative development.

Shaikh Khalid bin Omar al Marhoon, Minister of Civil Service, signed the MoU on behalf of the Omani side and Sheikh Sabah Khalid al Hamad al Sabah signed for the Kuwaiti side.

KUNA adds: The volume of trade exchange between Kuwait and Oman in 2013 reached $609 million, an increase of 30 per cent, compared to 2012. Kuwait’s exports to Oman in 2013 hit $124 million, while Omani exports to Kuwait reached $468,” Sheikh Sabah al Hamad said.

The size of Kuwaiti investments in Oman in 2014 exceeded $1 billion in the sectors of hotels, public services, construction, real estates, pharmaceutical industry and food industry, he pointed out.

SOURCE: OMAN DAILY OBSERVER

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