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Kuwait, Oman ink four MoUs for boosting cooperation

Minister of Trade and Industry and Minister of State for Communications Affairs Omar Al-Omar
Minister of Trade and Industry and Minister of State for Communications Affairs Omar Al-Omar
KUWAIT, May 13 (KUNA) -- Kuwait and Oman on Monday hammered out four memoranda of understanding for furthering industrial, investment, economic and diplomatic cooperation.
The memos were signed on the sidelines of the Kuwaiti-Omani trade and investment forum held at the Kuwait Chamber of Commerce and Industry on the occasion of the Sultan of Oman Haitham bin Tariq Al Said's state visit to Kuwait.
The signed memos deal with cooperation in standardization, direct investment, diplomatic studies and training as well as cooperation between the Kuwait Investment Authority and the Omani Investment Authority.
Speaking during the forum, Kuwait's Minister of Trade and Industry and Minister of State for Communications Affairs Omar Al-Omar said trade relations between the two Arabian Gulf countries have been remarkably developed over the past years.
He noted that the value of non-oil trade exchange between the two countries has reached over KD 124 million (about USD 403.2 million) in 2023, compared to KD 103 million (about USD 334.9 million in 2022, up 20.4 percent.
"This reflects the strength and diversity of trade relations and their continuous growth and development," Minister Al-Omer said.
He stated that forum serves as a platform for exchanging visions and ideas; exploring investment opportunities; discussing challenges and obstacles facing investors; and putting forward recommendations for improving trade and investment exchange.
He stressed Kuwait's keenness to overcome the challenges and difficulties that may face Omani companies wishing to enter the Kuwaiti market and to facilitate the entry of Kuwaiti companies into the Omani market.
In his speech, the Omani Minister of Trade, Industry and Investment Promotion Qais Al-Yousef said the forum, attended by an elite group of business owners from both sides, is the best evidence of the two countries' interest in enhancing trade and investment cooperation.
The Sultanate of Oman seeks to diversify its imports and enhance its exports, he said, urging business owners from both sides to explore the emerging opportunities in the Omani and Kuwaiti markets.
Al-Yousef pointed out that the two governments seek to provide all facilities, incentives and capabilities to allow the private sector to contribute to achieving prosperity and sustainable growth in the two countries.
He affirmed that the sisterly State of Kuwait is a vital strategic partner for the Sultanate of Oman. (end) fh.ibi