Oman and Kuwait Strengthen Economic Ties at Joint Forum

Oman, 24 December, 2024 :  The Omani-Kuwaiti Economic Forum, along with an accompanying exhibition, began on Monday in Kuwait, aiming to boost trade and investment ties, promote products, and enhance bilateral trade exchange between the two nations.

H E Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, highlighted the strong fraternal ties between Oman and Kuwait, reinforced by high-level visits this year. He emphasised the forum's role in fostering collaboration and strategic partnerships across various sectors, aligning with Oman Vision 2040 and Kuwait Vision 2035.

Key discussions at the forum focused on enhancing trade and investment in priority sectors such as industry, tourism, logistics, food security, and food industries. H E Yousef stressed the importance of creating job opportunities, promoting sustainable development, and strengthening economic relations between the two nations.

Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), underscored the private sector's role in leveraging opportunities in promising sectors. He also noted that bilateral meetings and an exhibition showcasing Omani products aim to expand cooperation and mutual investments.

On the sidelines, a memorandum of understanding was signed to establish a joint Omani-Kuwaiti company with a capital of RO3mn. The company will focus on education, infrastructure, and oil services, further cementing economic ties.