LOC16:43
13:43 GMT
KUWAIT, April 17 (KUNA) -- Algerian President Abdul Aziz Bouteflika will
begin a state visit to Kuwait on Friday, during which he will hold talks with
His Highness the Amir of Kuwait, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah aimed
at promoting bi-lateral relations in various fields and ways to achieve
security and stability in the region.
Algerian officials have confirmed the good relations between the two
countries in many occasions, stemming from the Kuwaiti support for the
Algerian revolution back in November 1954, which have been on a rise since
that time.
In previous statements, Algerian Prime Minister Abdulaziz Belkhadim said
that Kuwaiti investments in Algeria have increased, since the rule of Sheikh
Sabah, which indicates a commitment to develop economic relations with Algeria.
Previous visits between officials of the two countries include a visit to
Kuwait made by former Algerian President Chadli Bin Jadid in March 1980, and a
visit to Algeria made by former crown prince Sheikh Saad Al-Abdullah Al-Sabah,
in December 1981 which resulted in the formation of a joint cooperation
committee.
Kuwait and Algeria also set up a joint investment fund in April 1999, with
an estimated capital of USD 178 million for tourism, monetary, mining and
industry purposes.
The two countries have also signed an agreement an preventing double
taxation to encourage investment in both countries, back in May 2006.
On the other hand, Chairman of Kuwait Chamber of Commerce Ali Thunayan
Al-Ghanim, sees that trade relations between the two states need improvement,
and that private corporations on the two sides need to increase the exchange
of investments.
Recent figures obtained from the Kuwait Fund for Arab Economic Development
(KFAED) show that, Kuwait has granted four loans to Algeria which add up to a
total of KD 29 million (USD 109.5 million) to assist agriculture and energy.
Kuwait also in the cultural aspect, launched The Kuwaiti Cultural Week, in
February 2007 which included exhibition of photography and art amongst other
various activities and displays of poetry. (end)
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