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Kuwait gov't assigns Economic Cmte to implement agreements with China
July 17, 2018, 8:41 am
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Acting Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah presides the cabinet weekly meeting.

The government Monday assigned its Economic Committee to implement recent agreements signed with China without delay, while urging private sector to make us of positive opportunities of these deals.

The government, chaired by Acting Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah at Seef Palace, said the private sector should "deal in a positive and serious manner with outcome" of the agreements in a drive to have common benefits, Deputy Premier and Minister of State for Cabinet Affairs Anas Al-Saleh said in a statement after the meeting.

The agreements were signed during His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's official visit to China. Sheikh Sabah Al-Khaled commended His Highness the Amir's vision during his visit, praising its outcome which aimed at establishing strategic partnership as well as cementing economic and political relations and cooperation.

Sheikh Sabah Al-Khaled said Kuwait enjoyed economic and commercial potentials that enabled it to be a haven for investment in the north of the Arabian Gulf. The cabinet meanwhile reviewed outcome of talks between His Highness the Amir and Chinese President Xi Jinping, which focused on establishment of strategic partnership.

The two countries signed seven agreements during the visit. His Highness the Amir also participated in the China-Arab Cooperation Forum.

The two countries signed a memorandum of understanding (MoU) on consultation and coordination over regional and international issues, as well as boosting strategic collaboration on Belt and Road Initiative to honor Kuwait's 2035 vision.

They signed a protocol on defense industry, aimed at promoting cooperation in purchase and transfer of equipment, spare-parts and raw materials related to weaponry and technology, joint research and development, and providing logistic and technical support for military equipment.

They signed framework agreement for cooperation in planning for the Silk City, five islands of Kuwait, energy, transport infrastructure, and improving domestic and regional transport networks.

Kuwait and China signed e-commerce agreement to encourage sustainable development, explore possible e-commerce opportunities, support trade in high-quality products, create conducive environment to develop communications over trade-related policies and training, in addition to providing jobs and development SMEs.

They signed an MoU to encourage direct investment, designed to empowering business communities to develop exhibitions and activities to expand direct investment cooperation. The two countries signed an agreement to foster cooperation on oil, gas, petrochemicals and renewable energy, as well as providing credit backing to Kuwait Petroleum Corporation (KPC) regarding financing of projects and exports.

They also signed an MoU between Huawei Company and Communication and Information Technology Regulatory Authority. The MoU aims at exchanging expertise in strategic planning for smart cities, and providing state-of-art designs, consultations, communications' application in Mubarak Al-Kabeer Port.

On the other hand, the cabinet took note of His Highness the Amir's speech at China-Arab Cooperation Forum, where he emphasized on improving joint cooperation to achieve genuine partnership. President Xi said the Arab countries were a true partner for the Belt and Road Initiative.

Source: KUNA

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