UAE, Kuwait Trade Exchange On Upward Trajectory - Diplomat

(MENAFN- Kuwait News Agency (KUNA)) By Salem Al-Methen
ABU DHABI, May 13 (KUNA) -- Trade and investment exchange between the United Arab Emirates (UAE) and Kuwait has risen considerably over the past few years, Abu Dhabi's ambassador to Kuwait said on Tuesday, citing such growth as encompassing pivotal sectors.
Such tangible progress in bilateral trade between the two Gulf Arab states is a testament to an "earnest desire" to forge long-lasting economic partnerships, Jamal Al-Ghunaim told a seminar that delved into the intricacies of relations between Kuwait and the UAE.
Describing these ties as "long-standing," the Kuwaiti diplomat underlined that the two Gulf Arab nations share an illustrious history of vigorous trade exchange and investment over sectors running the gamut from real estate and energy to technology, while Abu Dhabi and Kuwait major investment partners, he said.
Kuwaiti investments in the Gulf Arab emirate's market have been on a meteoric rise, the diplomat said, attributing such an increase to the success of their "economic partnership" that continues to yield one accomplishment after another, he added.
On the factors behind the success of economic relations between Kuwait and Abu Dhabi, he said their ability to put in place a proper business environment that is conducive for investment was a major catalyst, in addition to the existence of simplified procedures for such activity, the diplomat explained.
Addressing the seminar, the chief of a Kuwaiti business council based in Dubia and the northern emirates Feras Al-Salem said that bilateral cooperation across both public and private sectors was instrumental in bringing development goals and strategies in both nations to fruition, in line with the directives of their respective political leaders.
He went on to say that the "geopolitical changes" in the global market represent a viable opportunity for Kuwait and other Gulf Arab nations to reshape their export and production strategies, thanks in part to the altered landscape these changes have produced.
According to government data, non-oil based trade between Kuwait and Abu Dhabi was worth more than 13.5 billion, which equates to an 8.8 percent growth rate as compared to the previous year. (end)
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