Saudi Arabia, Kuwait agree to enable investments

Part of the meeting

Crown Prince and Prime Minister Mohammed Bin Salman and Kuwait’s Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah held official talks on opportunities to develop bilateral relations in all fields, Saudi Press Agency reported.

The two leaders praised the growth of trade relations and bilateral investments. The trade exchange volume between the two countries reached approximately SAR 11 billion in 2022 and amounted to more than SAR 6 billion until July 2023.

They stressed the importance of expanding cooperation and economic partnership, achieving integration between the opportunities available in the two countries. They also sought to explore and develop economic opportunities in light of the Kingdom’s Vision 2030 and Kuwait Vision 2035.

The two sides agreed on facilitating Saudi investments in Kuwait in a number of targeted sectors including industry, communications, logistics, financial technology, infrastructure and real estate development. Saudi Arabia welcomed Kuwaiti investors and companies to expand their businesses in the Kingdom and take advantage of the available investment opportunities. Both countries expressed their desire to sign an agreement on avoiding double taxation.

Moreover, they pointed out that they look forward to signing a memorandum of understanding (MoU) in the field of cybersecurity.

The two sides also agreed to sign an agreement on a railway project, which will contribute to organizing and activating the sustainable railway connection between the two countries and enhance trade exchange and economic growth.

They further commended their energy cooperation and the successful efforts of the OPEC+ to maintain the stability of global oil markets.

The two countries agreed to enhance cooperation in oil, gas and their derivatives, as well as clean technologies and hydrocarbon resources. They also agreed to develop projects related to these sectors to ensure the sustainability of demand for global energy supplies.

With regard to climate change, the two sides agreed to increase cooperation in implementing international climate policies.

The leaders expressed their desire to maximize local content in energy sector projects through incentivizing innovation, applying emerging technologies, including artificial intelligence, in the energy sector and developing its environment.

They stressed the importance of enhancing cooperation in energy efficiency, rationalizing its consumption, raising awareness of its importance, exchanging experiences in the energy services companies sector, and developing capabilities in the field of energy efficiency.

They also agreed to cooperate in the fields of electricity, renewable energy, commercial exchange of electrical energy, developing supply chains and their sustainability for the energy sectors.

Moreover, the two sides are to enable cooperation between companies to maximize the use of local resources in a way that contributes to achieving the flexibility and effectiveness of energy supplies.

They highlighted the importance of protecting the marine environment and enhancing bilateral trade exchange in this field, especially agricultural products, in accordance with the agreed upon requirements.

Communications, technology, digital economy, innovation, and space are also among the fields of cooperation between the two countries, in addition to judiciary and justice domains.

In addition, they agreed on developing air, land and rail transport, ports, logistics and civil aviation; as well as culture, and holding cultural activities between the two countries.

Tourism and sports also were in focus as the two leaders discussed cooperation in the fields to achieve sustainable development goals, along with strengthening partnerships in sports programs and activities.

The two sides discussed cooperation in higher education and scientific research, encouraging direct scientific and educational relations between universities and scientific research institutions in the two countries and activating student and faculty exchange programs.

They will also work together in the field of media, strengthening partnership in combating misleading information, and raising the reliability of media content by applying international best practices.

The countries seek to enhance cooperation between health institutions and private sector companies. Regulatory and supervisory cooperation in the fields of food, medicine, and medical devices were also among the fields of focus.

The two countries agreed to cooperate in finance, exchanging expertise and experiences in implementing financial reforms and diversifying sources of income. They will also enhance the efficiency and transparency of public finance, and joint coordination on regional and international issues through international financial organizations and institutions.

Both sides agreed to intensify cooperation to reach industrial integration in priority sectors, and to discuss ways of cooperation between financial institutions in the two countries to provide credit facilities for non-oil goods and products to enhance bilateral trade exchange.