By Khaled Al-Mutairi
SHANGHAI, Nov 21 (KUNA) -- Kuwait's Minister of Finance and Chairman of the Board of Directors of Kuwait Investment Authority (KIA) Dr. Nayef Al-Hajraf inaugurated on Wednesday KIA's office in Shanghai, China, in the presence of Managing Director Farouk Bastaki, a number of Chinese businessmen, financial and investment figures.
In a joint statement to KUNA and Kuwait TV, Al-Hajraf said the opening of this office is a continuation of KIA's efforts that started in 2011 when it opened its representatation office in the Chinese capital Beijing.
This office is the first foreign investment office opened by the KIA since the establishment of the Kuwait Investment Office in London in 1953, Al-Hajraf said.
The inauguration of this office is a confirmation of the historical relationship between Kuwait and the Republic of China, which has been going on for decades, he stressed.
He added that it is a result of the successful visit of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the Republic of China last July and his meeting with Chinese President Xi Jinping to enhance cooperation with China in all fields.
The office in Shanghai will aim to train national cadres in various investment fields and to develop human resources, in addition to qualifying Kuwaiti youth properly, he said.
KIA selection of China as the headquarters for its foreign investment office was a natural response to the global position of the Chinese economy, he confirmed.
Meanwhile, Al-Hajraf said that 400 Chinese companies were invited to participate in the first Sino-Kuwaiti investment forum to be held in Shanghai tomorrow, calling on all Chinese companies to participate actively in the development plan in Kuwait.
The forum is organized jointly by the Kuwaiti Ministry of Finance, KIA and Kuwait Direct Investment Promotion Authority.
The one-day forum will discuss investment opportunities available in the State of Kuwait including sectors such as oil construction, housing, infrastructure and information technology.
The forum will also discuss the attractiveness of the Kuwaiti market regionally and efforts exerted to improve business environment and the foreign investment environment in light of recent developments on the regulatory environment in the country and the impact of modern economic laws on the Kuwaiti economy.
A Kuwaiti economic delegation led by the Finance Minister Dr. Nayef Al-Hajraf arrived in Shanghai Tuesday to sponsor the opening of the first Sino-Kuwaiti investment forum on Thursday.
Kuwait and China signed on Monday a memorandum of understanding forming a mechanism for development of cooperation for Silk City and the five Kuwaiti islands. (end) km.ss