Kuwait China Trade Relations Set to Strengthen at May Meeting
Under the patronage of His Excellency Faisal Mohammad Al Hajji, the Kuwaiti Deputy Prime Minister and State Minister for Cabinet Affairs, the First China-Kuwait Investment Forum is set to be launched on May 25th in Kuwait City.
“The First China-Kuwait Investment Forum aims at to strengthen bilateral trade and investment opportunities in both countries,” said Etedal Hamad Al-Ayyar, the Managing Director of WAY Communications and the head of the organizing committee for the forum. “Of utmost importance here is for Chinese companies to be introduced to the massive infrastructure projects Kuwait aims to launch over the next few years.”
According to Kuwait News Agency (Kuna), trade exchanges between Kuwait and China amounted to AED 10billion (US$2.8 billion) between 2006 and June 2007 while total trade between China and the GCC states amounted to AED55 billion (US$15 billion) over the same period.
Recently, the Kuwaiti government and three Chinese companies signed an agreement on the first phase of construction of a 35 kilometer long over sea bridge valued at AED1.8 billion (KD117.7 million) linking the island of Boubyan with the Kuwaiti mainland. It has also concluded an AED18.3 billion (US$5 billion) deal with China to build an oil refinery and a petrochemical plant, to be completed by 2010.
The forum will be attended by representatives of the government and public sector investment institutions as well as banking, industrial, insurance and real estate sector organizations in Kuwait.
The Chinese delegation will be headed by the vice-chairman of the Chinese Council for the Promotion of International Trade (CCPIT) Dr. Zhang Wei. The council comprises thousands of Chinese companies and is concerned with developing Chinese economic relations globally.
According to Al-Ayyar, the forum will be held in two phases: the first phase will be held in Kuwait while the second phase will be in China in November of this year in both Beijing and Shanghai.