Oman-kuwait trade touches $426 m in 2017

KUWAIT: The value of trade between Oman and Kuwait in 2017 was $426 million, said Ali bin Mohammed al Ghanim, Chairman of Kuwait Chamber of Commerce and Industry. Speaking at the Omani-kuwaiti Economic Forum for Oman Chamber of Commerce and Industry (OCCI) delegation visiting Kuwait, he said: “The investment and business cooperation between the two sides is a strong indicator about the strong economic relations between the two countries.” Kuwait Chamber of Commerce and Industry had organised the forum.

He said a total of 500 Kuwaiti companies are operating in the Sultanate in the fields of retail, energy, contracting, tourism and construction. The forum, he said, aims at introducing the latest developments in improving business and investment environment in Kuwait and to present mega projects which will be implemented in partnership between public and private sectors. Qais bin Mohammed al Yousef, Chairman of OCCI, said 96 per cent of the Omani exports to Kuwait are of Omani origin. At the end of 2016, the value of the joint Omani-kuwaiti investments stood at RO210 million. The forum saw presentations by public organisations from both sides. From Kuwaiti side, presentations were made by the Direct Investment Promotion Authority in Kuwait, Kuwait Business Center, Public and Private Partnership Projects Authority, and Abdul Aziz Hamad al-saqr Center for Development. From Oman’s side, presentations were made by Public Authority for Investment Promotion & Export Development (Ithraa), the Special Economic Zone Authority in Duqm (SEZAD), the Public Establishment for Industrial Estates (PEIE) and the Ministry of Heritage and Culture.

Some Omani companies made presentations on big investment projects in Oman. On the sidelines of the forum, the two sides signed two commercial agreements. SME owners also displayed their products at the Real Estate Forum.