Kuwait and Saudi Arabia explore new business opportunities
KUWAIT CITY, Jan 30: The Kuwait Chamber of Commerce and Industry (KCCI) reaffirmed the business community's eagerness to explore joint investment opportunities and exchange expertise and knowledge with the Kingdom of Saudi Arabia. The KCCI also emphasized the importance of addressing and removing obstacles facing businesspeople in both countries, which would help foster prosperity for their joint economies.
This statement was made following the reception of a delegation from the Eastern Chamber of Saudi Arabia, headed by Ibrahim bin Mohammed Al-Sheikh, Chairman of the Industry and Energy Committee. The meeting was attended by representatives from Kuwaiti factories and companies and aimed at opening new avenues for economic cooperation between the two nations.
Al-Sheikh, in his speech at the meeting, highlighted the significant growth in economic and trade relations between the two countries. He noted that the trade exchange between Kuwait and Saudi Arabia reached nearly 11 billion riyals in 2022, up from around 8 billion riyals in 2015—an increase of 37.5 percent. This expansion has strengthened the economic ties between the two nations year by year.
He also pointed to the rapid growth of direct investments and emphasized the mutual goal of maximizing the use of local content in energy sector projects. Furthermore, he discussed the shared desire to promote innovation and apply emerging technologies, such as artificial intelligence, in the energy sector, as well as the development of an incubator environment to support these initiatives.
Al-Sheikh praised the ongoing efforts of the leadership in both countries to enhance their integrated relationship, citing the recent railway linkage agreement as a key example. This agreement is expected to boost trade exchanges, economic growth, and help implement the strategy of both nations to create a model of exceptional integration. It also aims to protect the gains and interests of both peoples and generate new opportunities for cooperation.
He further emphasized the potential for a deeper and broader partnership between the business sectors of both countries. This partnership is supported by the close relations between Kuwait and Saudi Arabia and the shared determination to expand economic cooperation in line with the strategic visions of both nations: Saudi Arabia's Vision 2030 and Kuwait's Vision 2035. Al-Sheikh highlighted that the horizon for cooperation and partnerships between the two countries is limitless.
Finally, he invited attendees to participate in the Saudi National Products and Industries Exhibition, which will be held at the exhibition grounds from January 29 to February 1.
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