The Ministry of Commerce and Industry stated today, Tuesday, that the total volume of non-oil trade exchange between Kuwait and Pakistan reached about USD 590 million in 2023.
This came in a speech by the Undersecretary of the Ministry of Commerce and Industry, Ziad Al-Najem, during the meeting of technical experts at the 5th session of the Kuwaiti-Pakistani Joint Ministerial Committee for Commercial, Economic and Technical Cooperation, which was launched today in the presence of the Pakistani Undersecretary of the Ministry of Economic Affairs, Dr. Kazim Niaz, with the participation of several government and private entities, and will continue until 30 May.
Al-Najem added that the country has begun to focus on the need to continue towards greater commercial and economic openness to the outside world, through signing bilateral agreements in the commercial, economic and investment fields, holding joint committees, opening the Kuwaiti market to foreign investment and taking an interest in encouraging it.
He affirmed that the Government of Kuwait attaches great importance to the private sector, as it is the main pillar that stimulates economic growth, in line with the future vision of transforming the country into a financial and commercial hub in the region that attracts foreign investment, by creating a suitable investment climate and making use of commercial and economic laws and legislation.
He indicated that the country is striving to open the way for foreign investors to invest in Kuwait and benefit from the advantages offered by the Direct Investment Promotion Authority to foreign investors, and to enhance cooperation, understanding and coordination in the field of food security, which has recently become one of the most important issues worldwide.
He said that the commercial, economic and investment relations between Kuwait and Pakistan are characterised by growth and prosperity, and this development is reflected in the exchange of mutual visits, such as the visit of the former Minister of Commerce and Industry, Khaled Al-Rowdhan, at the head of a delegation from various state sectors in September 2018 to hold the fourth meeting of the Joint Committee, and the visit of the Prime Minister of Pakistan to Kuwait in November of last year.
He added: "Through this meeting, we seek to open new horizons of joint cooperation in various fields, identify commercial and investment opportunities in both countries, and resolve all obstacles and problems facing both sides.
Al-Najem expressed his hope that the meeting would yield the desired results to which both sides aspire and contribute to enhancing and developing the commercial, investment and economic relations between the two friendly countries, hoping for more continuous communication, the exertion of the necessary efforts and the continued holding of these committees, given their significant impact on raising the volume of trade exchange between the two countries.
During its meeting, the Committee discussed a draft agreement in the industrial field and a draft memorandum of understanding in the field of agriculture, in addition to discussing the latest developments in bilateral relations. Many government entities participated in the Committee, namely the Ministry of Finance, the Ministry of Interior, the Ministry of Foreign Affairs, the Ministry of Health, the Kuwait Investment Authority, the Public Authority for Manpower, the Kuwait Ports Authority, the Public Authority for Industry, the Public Authority for Agriculture Affairs and Fish Resources, oil companies and the Kuwait Chamber of Commerce and Industry
The Committee is scheduled to submit its recommendations and results to the 5th meeting of the Kuwaiti-Pakistani Joint Ministerial Committee for Technical, Commercial and Industrial Cooperation next Thursday, chaired by the Minister of Commerce and Industry and Minister of State for Communications Affairs, Omar Al-Omar.
The Joint Committee represents an umbrella covering the commercial, economic and investment sectors in both the public and private sectors, and contributes to pushing trade exchanges to wider horizons and identifying the investment opportunities available in both countries.
X
Facebook