It is imperative that Kuwait broadens its investments abroad and diversifies them in as many revenue generating fields of trade as possible, said Kuwait's Minister of Commerce and Trade Dr. Youssif Al-Ali on Tuesday.
This came out in a ministry statement after a meeting the minister had with his Sri Lankan counterpart Risad Badhiutheen on the sideline of The United Nations Conference on Trade and Development (UNCTAD) currently being held in the Kenyan capital city of Nairobi.
Dr. Al-Ali acknowledged the investment opportunities in Sri Lanka available to both the public and private sectors in Kuwait as he underscored the growing commercial ties between the two countries.
Minister Badhiutheen painted an attractive image of the investment opportunities in his country to the Kuwaiti minister in the hopes of enticing Kuwaiti investments to it.
For instance, the Sri Lankan minister boasted that his country is among the best sought-after destinations for international tourists, so much so that the country seeks to build hotels with rooms enough to absorb about 2.5 million tourists in the upcoming few years.
Sri Lanka, he noted, has confirmed plans to build a two billion dollar oil refinery capable of producing no less than 200,000 barrels of oil daily.
Investors moreover, he said, can find ample opportunities for investing in industry, shipbuilding, and fisheries in his country.
He expressed hope that Kuwaiti investments would assume a coveted role in pushing along the Sri Lankan economy. The Kuwait minister is representing his country at the 14 UNCTAD meeting.
UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. The organization's goals are to: maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.