UAE-Kuwait trade relations exemplify Arab integration: Kuwait's Ministry of Commerce and Industry

Dubai [UAE], February 3 (ANI/WAM): Zyad Abdullah Alnajem, Under-Secretary of the Ministry of Commerce and Industry of the State of Kuwait, stressed that the future of economic relations between Kuwait and the UAE holds promising prospects that ensure prosperity and growth in the Gulf region, underpinned by strong trade and investment ties.

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He added that the UAE is one of Kuwait's largest trading partners globally and the largest in the Arab world, with bilateral trade witnessing significant growth in recent years.

Speaking on the sidelines of the UAE-Kuwait Week, Alnajem highlighted that the well-planned economic policies of both nations and their bilateral cooperation have contributed to enhancing trade exchange, resulting in substantial levels of investment. Kuwaiti investments in the UAE have notably flourished, particularly in real estate, services, financial investments and tourism.

He also noted that Emirati investments in Kuwait support economic growth, particularly in the maritime and aviation sectors, with 122 weekly flights between the two countries, ensuring continued economic integration.

Alnajem pointed out that several bilateral agreements have been signed recently within the framework of the UAE-Kuwait Joint Higher Committee, focusing on key areas such as telecommunications, cybersecurity and information technology.

Additionally, the agreement on avoiding double taxation aims to facilitate the movement of goods, services and capital between the two countries while enhancing the competitiveness of local companies in both markets.

Alnajem affirmed that Kuwaiti-UAE trade relations serve as a model of Arab integration, where both nations collaborate to achieve mutual interests. He underscored that their historical ties, reinforced through mutual understanding, constructive cooperation and innovation in emerging economic sectors, are essential for supporting development and economic diversification plans in both countries. (ANI/WAM)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)