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Kuwait, China seek closer economic, trade ties
April 8, 2017, 8:46 am
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Undersecretary of the Kuwaiti Ministry of Finance Khalifa Hamada during the signature ceremony.

The Kuwaiti-Chinese joint economic, technical and trade committee agreed Friday to promote bilateral relations, mainly in economic and trade domains.

The agreement capped two days of meetings of the joint committee held in Beijing, which focused on ways of consolidating bilateral cooperation in vital areas, Kuwaiti Ambassador to China Samih Johar Hayat said in a release, a copy of which was sent to KUNA.

During its 5th session, the committee reviewed Kuwaiti-Sino cooperation in the fields of economy, finance, trade, investment, development, planning, oil, gas, energy and public works, he said.

The meetings were held in a friendly atmosphere that reflected mutual friendship and close cooperation and high ambitions for a further promotion and development of bilateral ties, he added.

Undersecretary of the Kuwaiti Ministry of Finance Khalifa Hamada and the Chinese vice-minister of commerce co-chaired the committee meetings.

Hamada addressed the session by voicing much satisfaction with the current level of Kuwaiti-Shino cooperative relations even though the last joint session was held 15 years ago.

The continuation of bilateral cooperation came through the signing of several economic, trade and investment agreements and Kuwait's opening of two investment and oil offices in Beijing, he said.

He pointed to mutual visits between both countries' senior officials, the last of which was paid by His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah to China in 2014.

During the meetings, both sides agreed to consolidate economic and financial cooperation in order to ensure the implementation of already signed cooperative agreements, and to provide a congenial atmosphere for launching joint ventures.

They also underlined the significance of encouraging and spurring mutual visits by both countries' trade delegations with a view to promoting each other's available investment openings, and stimulating participation in international exhibitions and conferences.

The Chinese side expressed much appreciation to the Kuwait Fund for Arab Economic Development (KFAED) for its great help in the implementation of the Chinese's development projects.

They even voiced mutual willingness to promote and open up broader vistas of bilateral strategic cooperation in the field of oil, gas and energy.

In 2015, China's total exports to Kuwait amounted to USD 5 billion, while its imports from this oil-rich Gulf country hit USD 807 million.

Source: KUNA

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