Commerce Min.: China Has Active Role In Kuwait's Economy

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Oct 22 (KUNA) -- The Minister of Commerce and industry and Minister of State for Youth Affairs Mohammad Al-Aiban stated Kuwait's keenness for China to have an active role in developing its contributions to housing cities, infrastructure and energy projects and for these contributions to have a solid impact on Kuwait's economy.
The Ministry of Commerce said in a press statement Sunday that Al-Aiban discussed with his Chinese counterpart the development of trade exchange between both sides, following the end of the economic conference of trade ministers of the Gulf Cooperation Council (GCC) countries and China, which was held in the Chinese city of Guangzhou.
During this meeting, they discussed developing trade exchange, diversifying trade relations between them, and expanding cooperation in non-oil fields, it explained.
The non-oil fields that have been addressed are construction, free zone, economic zone, manufacturing, digital transformation, renewable energy, environmental protection, and others, in addition to investment in both countries, it indicated.
Kuwait looks forward to enhancing the level of trade cooperation between both countries and further deepening cooperation in the investment field, the statement quoted Al-Aiban as saying.
He underlined that China is one of the largest exporters of imports to Kuwait and one of Kuwait's largest trading partners in the non-oil field.
Al-Aiban delved into the recent visit of His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah to China signing the bilateral cooperation agreement for the years 2024-28 between both sides.
Multiple agreements included many areas to enhance the current gains in cooperation in the field of oil and expand cooperation in non-oil fields, he pointed out, adding that these agreements and memorandums of understanding are being followed up and work is underway to implement them.
On his side, Chinese Minister of Commerce Wang Wentao confirmed that Kuwait has become one of the crucial countries for China with regard to renewable energy, infrastructure projects, energy, housing and other projects.
Wentao pointed to the high rates of investment between them, expressing hope that the volume of investment will increase further by the Kuwaiti side in the promising fields in China in innovation, artificial intelligence, the production of electric cars, and other matters and new projects on the economic scene.
He pointed to the importance of the Chinese economy and its growth, which witnessed a significant increase in gross domestic product (GDP) this year and overcame the COVID-19 crisis. (pickup previous)
aam

MENAFN22102023000071011013ID1107282380