The Kuwaiti Prime Minister receives Thani Al-Zeyoudi
KUWAIT, 28 April / WAM / His Highness Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah, Prime Minister of Kuwait, received His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, upon His Excellency’s visit to the State of Kuwait, leading a delegation to participate in the “Emirati Companies Exhibition and Forum… Exploring Opportunities.” In the Kuwaiti market.
During the meeting, which was attended by His Excellency Dr. Matar Hamid Al Neyadi, the UAE Ambassador to Kuwait, ways were discussed to further advance trade and investment relations between the two sister countries to new levels of solid and sustainable strategic partnership.
His Excellency Dr. Thani Al-Zeyoudi stressed that the fraternal Emirati-Kuwaiti relations continue their prosperous path, which has risen to the level of a solid and sustainable strategic partnership at various levels and in all fields, with economic, trade and investment relations at the heart of them.
His Excellency said that these distinguished relations derive their momentum from the joint will of the leadership of the two countries, and their mutual keenness to continue to advance them to broader horizons and achieve the interests and aspirations of the two brotherly peoples.
The UAE delegation included His Excellency Abdullah Al Mazrouei, President of the Federation of Chambers of Commerce and Industry in the country, and His Excellency Abdul Rahman Al Jarwan, Chairman of the Emirates Council for Overseas Investors, in addition to representatives of more than 20 of the largest leading Emirati companies in various sectors.
During their participation in the “Emirati Companies Exhibition and Forum: Exploring Opportunities in the Kuwaiti Market,” His Excellency Thani Al-Zeyoudi held a meeting with His Excellency Abdullah Al-Joaan, Minister of Trade and Industry of the State of Kuwait, and the two sides exchanged visions and ideas on ways to advance the strategic partnership between the two brotherly countries to new levels of growth and common prosperity. , especially with regard to stimulating the momentum of intra-regional trade.
During the meeting, His Excellency Thani Al-Zeyoudi stressed that these established fraternal relations between the UAE and Kuwait are a solid base for moving towards new levels of strategic economic partnership to achieve joint growth, by strengthening long-term partnerships between the business communities on both sides, especially since there are many promising aspects of economic integration in the two countries. Many sectors of common interest.
For his part, His Excellency Abdullah Al-Joaan welcomed the Emirati delegation participating in the forum, and said, “I welcome our Emirati brothers to their second country, Kuwait.”
He stressed that the prosperity of mutual trade flows reflects the strength and diversity of joint economic relations and their continuous growth and development, noting that the establishment of the forum gives a strong impetus to trade and economic relations between the two countries, the conclusion of successful investment deals, and the promotion of the exchange of expertise and distinguished experiences, which achieves mutual benefits and strengthens the bonds of brotherhood and cooperation between them. The two countries.
His Excellency said that such forums restore the private sector in both Kuwait and the Emirates to their historical role as a bridge between the two brotherly peoples.
His Excellency Al-Joaan thanked the UAE Embassy in Kuwait for organizing the forum and exhibition, expressing his aspiration for its positive results that will bring good to both sides.
The “Emirati Companies Exhibition and Forum: Exploring Opportunities in the Kuwaiti Market” will be held over the course of April 28 and 29, under the patronage of His Highness Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah, Prime Minister of Kuwait.
20 of the leading Emirati companies in many key sectors also participated in the exhibition and forum, namely: Abu Dhabi Ports, Emirates Arkan Steel, Agthia Group, Aramex, Al Ain Farms for Animal Production, Ducab, Basal Foods, and Sanad. ENOC, Abu Dhabi Shipbuilding, Marmoom Dairy Farms, Fujairah Natural Resources Corporation, Elite Group Holding Group, Al-Futtaim Kuwait Supermarkets Company, Lulu Hypermarket, Al-Tamimi Group, Brisight Artificial Intelligence Solutions Company, Burjeel Holding, Zabeel Feed Company, and the Scientific Group. Advanced.
The exhibition and forum included keynote speeches delivered by senior officials of the two sister countries, and a group of presentations on the facilities provided to companies wishing to enter the Kuwaiti market, on the criteria for allocating industrial lands and their annual fees, on determining labor needs and conditions for recruiting them, and it also included a detailed presentation of investment opportunities in Kuwait.
The Emirati companies participating in the exhibition and forum provided comprehensive presentations on their distinguished, world-class products and services.
It is noteworthy that non-oil trade flows between the UAE and Kuwait continued their momentum that has been going on for years during the year 2023, recording 45 billion dirhams, a growth of 2% compared to 2022, and 16% compared to 2021.
UAE imports from Kuwait also increased by 24% during 2023 compared to 2022, and re-exports recorded a growth of 7% during the same year.
Kuwait ranked twelfth among the most important trading partners around the world, ranked tenth among the most important countries receiving UAE exports, and ranked sixth globally in receiving re-exports from the UAE.
On the other hand, the UAE is the second largest trading partner of the State of Kuwait around the world, after China, and it is also the first in the Arab and Gulf countries.
The UAE ranks first in the world as the largest recipient of Kuwait’s non-oil exports, accounting for 22% of Kuwaiti exports to the world alone. At the same time, the UAE ranks third in the most important markets for Kuwaiti imports after China and the United States.
The UAE alone accounts for more than 55% of Kuwait’s total trade with the Gulf Cooperation Council countries, according to 2023 data, and the UAE’s share is more than 46% of Kuwait’s trade with the Arab countries combined.
The two sister countries enjoy well-established and distinguished investment relations, as the UAE ranks third globally among the most important countries investing in Kuwait, with a share amounting to 6% of the value of the foreign direct investment balance coming into Kuwait until the end of 2022, with a value exceeding 3.3 billion dirhams. In contrast, Kuwait ranks tenth globally. Among the list of the largest countries investing in the Emirates, with a value of 13.2 billion dirhams until the end of 2021.
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