The Ministry of Commerce and Industry stated on Tuesday that the total volume of non-oil trade exchange between Kuwait and Pakistan in 2023 amounted to about 590 million US dollars.

     This came in a speech by the Undersecretary of the Ministry of Commerce and Industry Ziad Al-Najem during the meeting of technical experts in the 5th session of the Kuwaiti-Pakistani Joint Ministerial Committee for Trade, Economic and Technical Cooperation, which was launched today in the presence of the Undersecretary of the Ministry of Economic Affairs of Pakistan, Dr. Kazem Niaz, and the participation of several government and private agencies and will continue until May 30.

      Al-Najem added that the country has begun to focus on the need to continue towards more trade and economic openness towards the outside world through the signing of bilateral agreements in the fields of trade, economic and investment, holding joint committees, opening the Kuwaiti market to foreign investments and paying attention to encouraging them.

       He stressed that the government of Kuwait pays great attention to the private sector as it is the main pillar that works to stimulate the process of economic growth, due to the future vision to transform it into a financial and commercial center in the region and an attraction to foreign investments by creating an appropriate investment climate and benefiting from commercial and economic laws and legislation.

      In addition, He pointed out that the country is striving to open the way for foreign investors to invest in Kuwait and benefit from the advantages offered by Kuwait Direct Investment Promotion Authority to foreign investors and enhance cooperation, understanding and coordination in the field of food security, which has recently become one of the most important issues in the world.

    He added that the trade, economic and investment relations between Kuwait and Pakistan are relations of growth and prosperity, and this development is reflected through the exchange of joint visits, such as the visit of former Minister of Commerce and Industry Khalid Al-Roudhan at the head of a delegation from various sectors of the state 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 last year.

     Furthermore He stated: "Through this meeting, we seek to open new horizons of joint cooperation in various fields, identify trade and investment opportunities in both countries, and solve all obstacles and problems facing both sides."

      Al-Najem expressed his wishes that the meeting will bear fruit with the desired results that both sides aspire to and contribute to strengthening and developing trade, investment and economic relations between the two friendly countries, hoping for more continuous communication and efforts to ensure and continue to hold these committees because of their great impact on raising the level of trade exchange between the two countries.

     Moreover, 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 agencies 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 and Fish Resources, oil companies and the Kuwait Chamber of Commerce and Industry.

     Additionally, The committee is scheduled to submit its recommendations and findings to the 5th meeting of the Kuwaiti-Pakistani Joint Ministerial Committee for Technical, Commercial and Industrial Cooperation on Thursday under the chairmanship of Minister of Commerce and Industry and Minister of State for Communications Affairs Omar Al-Omar.

      At the end, The Joint Committee represents an umbrella covering the trade, economic and investment sectors in the public and private sectors and contributes to pushing trade exchanges to a wider horizon and identifying investment opportunities available in both countries.