Support during crises embellishes Kuwaiti-Japanese trade relations
Ties characterized by excellent trade figures
KUWAIT CITY, Nov 19, (KUNA): The strength of Kuwaiti-Japanese relations is illustrated in the position each has taken towards the other during times of strife and is characterized by excellent trade figures.
This was evident as Tokyo supported Kuwait after the Gulf country suffered from an occupation orchestrated by its neighbor Iraq in 1990, and Kuwait was quick to dispatch aid to a Japan, severely affected by a tsunami-afflicted nuclear disaster in 2011.
Tokyo stood by international efforts to condemn the invasion, demanding sovereignty be restored to Kuwait and handing over assistance worth over $13 billion towards the goal, which culminated in a global allied military intervention.
Amongst these efforts were economic sanctions imposed on Baghdad in spite of Tokyo’s dependency on Iraqi oil, which led to 11.5 percent losses for Japanese companies.
For its part, Kuwait donated five million barrels of oil to Japan (worth $500 million at the time) amid rebuilding efforts as the latter struggled to contain the explosion of the eastern Fukushima Daiichi nuclear reactor due to a tsunami and earthquake.
The donation was followed by a $3 million donation to Aquamarine Fukushima, a scientific museum also hit by the 2011 tsunami, and another $2 million in personal donations made by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the Japanese Red Crescent.
On trade, Japan is Kuwait’s fifth exporter, occupying around 6 percent, according to figures recorded in August this year. These exports were worth KD 46.4 million ($148.5 million).
In the opposite direction, in the period between January and August, Kuwait exported KD 418.5 million ($1.38 billion) to Tokyo, making it the fifth largest recipient of Kuwaiti exports.
The exports, predominantly of oil and bi-products make Kuwait the fourth largest oil provider to Japan.
In September, for instance, some 6.9 million barrels of crude made it across the ocean, consisting 230,000 barrels-a-day, with Kuwaiti oil providing 7.9 percent of Tokyo’s imports of the energy commodity - making it Japan’s fourth largest supplier.
These numbers are significant as the Japanese-Kuwaiti Businessmen’s Committee look to meet on Monday for the 22nd time in Tokyo.
Attending these discussions will be representatives from the Kuwait Central Bank, General Secretariat of the Supreme Council for Planning and Development and the Kuwait Direct Investment Promotion Authority (KDIPA) alongside a number of Kuwaiti businesses.
Kuwait’s Public Housing Authority, Kuwait National Fund for Small and Medium Enterprises, the Ministry of Electricity and Water, Kuwait’s Silk City and Boubyan Island projects development body, Kuwait Petroleum Corporation, Kuwait’s Stock Exchange, Kuwait Foundation for the Advancement of Sciences and banking sector will also form part of the discussions.
Kuwait intends to conduct a briefing to attendees on its New Kuwait 2035 development plan, including lucrative opportunities for direct investment, and the latest key public-private joint venture projects.
It will also contain ongoing and potential oil and power projects, recently-completed smart cities, plans to develop the Kuwaiti islands and the proposed ‘Silk City’ free trade zone and the country’s efforts in backing local SMEs.
Meanwhile, Kuwait’s trade surplus with Japan jumped 48.9 percent from a year earlier to JPY 47.8 billion ($424 million) in October, up for the first time in two months buoyed by strong exports, the Japanese Finance Ministry said Monday. Top: Kuwaiti Deputy Foreign Minister Khaled Al-Jarallah with Egyptian Ambassador to Kuwait Tareq Al-Qouni and (above) with Bhutanese Ambassador to
Kuwait Tshering Gyaltshen Penjor. Kuwaiti Deputy Foreign Minister Khaled Al-Jarallah on Monday met with Egyptian Ambassador to Kuwait Tareq Al-Qouni on bilateral ties and the latest regional and international developments.
Al-Jarallah then received Bhutanese Ambassador to Kuwait Tshering Al-Salaam Media Group is participating in Kuwait International Book Fair with the theme, “Palestinian Trust and Normalization is Betrayal.”
Board Chairman of Al-Salaam Media Gyaltshen Penjor, discussing cooperative relations and latest developments regionally and internationally.
Assistant Foreign Minister for the Deputy Foreign Minister’s Office Ambassador Ayham Al-Omar attended the meeting. Group Abdulaziz Al-Musallam explained that choosing the Palestinian issue is part of the Kuwaiti commitment to support the cause and rights of Palestinians.