Qatar, Kuwait seek to strengthen trade ties

Doha: Qatar Chamber (QC) hosted yesterday a joint meeting with an industrial, business delegation from Kuwait headed by Director-General of the Public Authority for Industry (PAI) Abdel Kareem Taqi Abdel Kareem.

The meeting was chaired by First Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari in the presence of QC several board member including Ali Abdullatif Al Misned, Mohamed bin Ahmed Al Obaidli, Abdulrahman Al Ansari, Abdulrahman Abdul Jaleel Abdul Ghani as well as the Director-General Saleh bin Hamad Al Sharqi.

A number of leading businessmen from both sides and representatives of 20 Kuwaiti manufacturing companies attended the event. Officials from General Authority of Customs and QDB were also present.

The meeting touched on enhancing cooperation relations between both sides in all trade and industrial sectors, strengthening cooperation between businessmen, and combating all obstacles that face bilateral trade and investment.

It also reviewed the possibility of setting Qatari-Kuwaiti business council to boost private sector relations, opening an office for the PAI in Qatar and holding permanent exhibition for Kuwait products in Qatar as well as a joint exhibition for both sides’ products to be held in different countries.

First Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari said that relations between Qatar and Kuwait have significantly developed over the past few years under the wise leaderships of both countries.

Twar noted that the Chamber organised a businessmen visit to Kuwait last year where investment opportunities and cooperation relations aere reviewed. There is a strong wish of both sides to push forward relations to higher levels, he said and added: “Qatar-Kuwait Business Forum held in Kuwait contributed to expanding cooperation ties between both countries’ business sectors. It helped in setting up more joint ventures that will accordingly increase trade between them.”

Twar praised the role played by the Kuwaiti private sector during the siege, affirming that it helped its Qatari counterpart to overcome the siege through providing the Qatari market with needed goods and commodities.
He said that number of Kuwaiti companies operating in Qatar with 100 percent ownership reached 194 companies, while number of Qatari-Kuwaiti joint companies reached 332 companies, with a total number of 526 companies in 2018, registering a growth of 34% compared to 393 companies in 2017.

In his part, Director-General of the Public Authority for Industry (PAI) Abdel Kareem Taqi Abdel Kareem said that the Kuwaiti side is keenly interested to enhance cooperation relation with the Qatari party, noting that the delegation is headed by the government sector to assure that the private sector is a real partner in the economic development.

Abdel Kareem said that the historic relations between both countries urge both sides to increase their trade and strengthen cooperation in industrial sector which is backbone of any developed economy.

He praised Qatari businessmen’s interest to cooperate with their Kuwaiti counterpart, noting that they have a real desire to set up joint firms and factories for the benefit of both countries’ economies.

QC Board Member Ali Abdullatif Al Misned thanked Kuwait for its positive stance during the siege, noting that Qatar sought to attract more foreign investments, especially in the light of legislative reforms and laws recently issued such as Free Zones Laws.

Qatar’s budget for 2019 allocated QR212bn for infrastructure projects, he added, saying that this would pave the way for more partnerships and cooperation between both parties.

He suggested setting up a joint business council that helps ease procedures and boost communication and cooperation between businessmen from both brotherly countries. He also suggested establishing a representative office for the PAI in Qatar Chamber venue to link both sides’ manufacturers.

QC Board Member Abdul Rahman Al Ansari eluded Kuwaiti stance during the siege, noting that both sides have the desire to develop industry sector and increasing its contribution in the economy. There are many cooperation fields between both countries businessmen in new industries needed by each market, he added.

QC Director-General Saleh bin Hamad Al Sharqi said that both chambers continually communicate, noting that all issues revealed today will be discussed with the aim to remove all obstacles that face joint investment and ease procedures that ensure increasing trade between Qatar and Kuwait.

Deputy Director of Kuwait Chamber of Commerce and Industry Hamad Garrah Al Omr said that Kuwaiti businessmen are eager to expand their cooperation with Qataris, find local agents for their products in the Qatari market and take part in tenders offered in Qatar.

He noted that the delegation comprised of several companies specialized in food and building material industries and other various industries.

He expressed Kuwait Chamber’s preparedness to provide Qatari businessmen with all data and information about business environment and investment opportunities available in Kuwait.

Qatar General Authority of Customs representative expressed the authority readiness to cooperate with the Kuwaiti side in order to streamline trade between both countries, while representative of QDB affirmed the bank’s readiness to provide finance for Qatar-Kuwaiti joint ventures.

Source from: The Peninsula Qatar