By Abdullah Al-Harbi KUWAIT, Oct 15 (KUNA) -- Kuwait hosts the First Asia Cooperation Dialogue (ACD) Summit tomorrow with attendance of heads of state or government or senior representatives from 32 Asian countries, amidst high expectations that the two-day meeting would create new commercial and investment partnerships between the GCC countries and the rest of Asian nations.
The summit is expected to place solid foundations for joint ventures that will enhance trade exchange between the Asian countries as well as commercial and economic collaboration between the six Gulf Cooperation Council (GCC) and the rest of the Asian countries.
Trade exchange between the GCC and the other Asian countries grew by 40 percent over the past few years, with both sides showing desire to elevate trade and investment relations.
Trade exchange grew from USD 67.33 billion in 2009 to USD 83.25 billion the following year. Asian countries' exports to the GCC states were around USD 20 billion while imports amounted to around USD 60 billion.
The ACD Summit will also encourage public and private sectors to seek new investment opportunities in the Asian countries, especially that the GCC countries are key oil and gas producers and thus ambitious to seek giant infrastructure projects.
The GCC countries have huge investment plans with Saudi Arabia setting around USD 400 billion for the next five years, Kuwait allocating USD 107 billion, Oman USD 78 billion while Qatar allocating USD 225 billion for infrastructure projects. (end) asha.bs KUNA 152138 Oct 12NNNN