KUWAIT CITY: The Omani-Kuwaiti Economic Forum and exhibition commenced on December 23, 2024, in the State of Kuwait.
The four-day forum, organised by the Oman Product Promotion Team (OPEX), Kuwait's Ministry of Commerce and Industry, and the Kuwait Chamber of Commerce and Industry, aims to strengthen economic and trade relations between the two nations.
In a statement to ONA, Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef, emphasised the longstanding ties between Oman and Kuwait. “The State of Kuwait is a strategic partner for the Sultanate of Oman and we are determined to strengthen our economic relationship according to the directives of the leaders and enhance trade and investment cooperation in priority sectors that contribute to creating job opportunities and fostering sustainable development in both countries,” he stated.
He also noted that the forum focuses on increasing trade, sharing expertise and building strategic partnerships between businesses and entrepreneurs. Additionally, the forum aims to highlight investment opportunities in sectors such as tourism, logistics and food security, while strengthening integration between the two countries to support the goals of Oman Vision 2040 and Kuwait’s Vision 2035.
Kuwaiti Minister of Commerce and Industry, Khalifa Abdullah al Ajeel reiterated the country’s commitment to strengthening trade exchange with GCC member states. “The State of Kuwait, represented by the Ministry of Commerce and Industry and other government agencies, is keen to align its efforts with the noble desire to strengthen cooperation and trade exchange with GCC countries,” he shared.
According to the Minister, the economic forum and its accompanying exhibition reflect the directives of His Highness the Emir of Kuwait to unify policies, facilitate trade and investment flows, support local industries, and expand innovation and entrepreneurship within the GCC.
Chairman of the Oman Chamber of Commerce and Industry and Head of OPEX, Faisal bin Abdullah al Rawas, highlighted the role of the private sector in both countries. He shared that both Omani and Kuwaiti private sectors are eager to invest in promising sectors to expand cooperation and enhance mutual investments to achieve common interests.
The forum includes bilateral meetings between Omani and Kuwaiti companies to discuss trade opportunities and exchange expertise.
The first day featured three discussion panels on the manufacturing sector and supply chain integration, real estate development and hospitality, and food security. Additionally, the accompanying exhibition was inaugurated, showcasing 70 small and medium enterprises across various sectors, 50 of which were Omani.
Furthermore, a Memorandum of Understanding (MoU) was signed between Omani company "Mu’awi" and Kuwaiti Public Services Company to establish a joint venture in education services, infrastructure and oil, with a capital of RO 3 million.
It is worth noting that the Oman Product Promotion Team (OPEX), consists of the Ministry of Commerce, Industry and Investment Promotion, the Oman Chamber of Commerce and Industry (OCCI), The Authority for Small and Medium Enterprises Development (ASMED) and the Public Establishment for Industrial Estates (Madayn).
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