Belgian-Kuwait economic trade ties flourishing: webinar participants
Webinar aims to highlight trade and economic relations between Belgium, Luxembourg and Arab world
BRUSSELS, March 4, (KUNA): The volume of trade exchanges between Belgium and Kuwait is dynamic and constantly growing, participants in a webinar have said.
Trade between Kuwait and Belgium rose from 212 million euros, or about USD 256 million in 2018 , to 224 million euros, or about USD 270 million in 2019, according to Emad Al-Kandari, First Secretary and Charge d’affaires at the Kuwait Embassy in Brussels.
Speaking at a webinar on Arab-Belgian trade and economic relations held Wednesday evening, he noted that Kuwait and Belgium enjoy a substantial two-way investment partnership. Kuwait Petroleum International or (Q8) in Belgium, owns about 450 filling stations under the brands Q8 and Q8 easy, and accounts for approximately 13.1 percent of the total sales for the domestic fuel market.
In addition, as part of the Vision 2035 development plan, Kuwait has expressed interest in partnering with Belgian companies specialized in digging and deepening waterways to assist in the construction of the Mubarak Al-Kabeer Port.
Kuwait Ambassador to Brussels Jasem Albudaiwi, has also “personally contributed to enhancing ties by hosting a number of Belgian companies and providing them with a briefing on investment opportunities in Kuwait,” said Al-Kandari.
He stressed that Kuwait and Belgium have a history of economic cooperation, beginning with the Economic Agreement signed between both sides in 1974. “Since then our relationship has only continued to flourish culminating in the successful Kuwait Economic Forum under the slogan Kuwait Vision 2035, held in Brussels in February 2018, and most recently, the first Belgium-Kuwait Joint Economic and Technical Committee on November 19, 2019 in Brussels,” he said.
This meeting, chaired by Ambassador Amal Al-Hamad, Kuwait’s Assistant Minister of Foreign Affairs for
Economic Affairs, included the participation of a number of Belgian and Kuwaiti public and private institutions.
In line with the Kuwait Vision 2035 development plan, Kuwait is keen to consolidate and deepen its bilateral relationship with Belgium in the fields of renewable energy, port management, health, and education, he stressed.
In fact it is the desire of the Kuwait Oil Company (KOC) to sign a memorandum of understanding with the Belgian authorities specialized in the field of renewable energy, said Al-Kandari. “We are close partners in almost every aspect, sharing the same values and aspirations on a wide variety of issues, not limited to solely an economic partnership. We must work together to deepen our cooperation and increase our coordination in order to ensure business and investment opportunities that will benefit both our countries and our peoples,” concluded the Kuwaiti diplomat.
The online event was organised by the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC) under the title “A window on Belgium: meet Belgian Trade Agencies and Arab Economic Attaches.” Qaisar Hijazin, Secretary General of ABLCC, in his introductory remarks said the webinar aims to highlight the trade and economic relations between Belgium, Luxembourg and the Arab world. “We are looking forward to strengthen these relations,” he said.
He noted that it is an unique opportunity to gather the three Regional Foreign Trade Agencies in Belgium and Arab Economvic Attaches as well as trade representatives from several Arab countries to find out more about the Agenda 2021 in Arab countries and the best sectors of investment.