Kuwait City, 13 July 2023 (TDI): The United Kingdom’s Minister of State for Investment, Lord Dominic Johnson, met with Foreign Minister Sheikh Salem Abdullah Al-Jaber during his official visit to Kuwait on July 12.
The visit marked the continuation of the engagements initiated following the first round of strategic dialogue between Kuwait and the United Kingdom, held during Sheikh Salem’s visit to the British capital last March.
Fostering Bilateral Trade and Investment
Minister Sheikh Salem and Lord Johnson underlined the historical friendship and strategic partnership between the two countries. They also discussed various ways and means to develop and foster cooperation in vital financial and investment sectors.
Moreover, they explored promising opportunities for collaboration between the two friendly countries, expanding the horizons of their bilateral economic cooperation. The meeting analyzed various measures to mutually promote the available incentives aimed at encouraging and attracting private investment.
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Lord Johnson urged the Kuwaiti government to adopt initiatives, that would attract British companies to invest and establish their business presence in the Gulf country.
He emphasized the dynamic trade and investment relationship between the United Kingdom and the State of Kuwait.
They deliberated on the upcoming visits between the two nations, along with discussions on the course of their future economic ties. They expressed their joint aspirations toward broader cooperation that would be beneficial for both Kuwait and the UK.
Also Read: Gulf-UK Trade Ties to be further Integrated
Minister Jhonson shared his happiness about being here this week as the Kuwait Investment Authority (KIA) celebrates its 70th anniversary. Kuwait Investment Authority, established in 1982, was the first sovereign wealth fund to be created in the Gulf region.
Deliberations on Regional and International developments
Within the framework of regional and international developments, the two Ministers discussed several issues of mutual concern.
They particularly focused on the positive repercussions of the Saudi-Iranian rapprochement agreement on the security, stability, and economic recovery of the Middle Eastern region.
In early March 2023, the two rival countries of the Middle East, Saudi Arabia and Iran, agreed to normalize their diplomatic ties after secret talks brokered by China, shocking the whole world and signaling a dramatic geopolitical power change in the region.
The two ministers also considered the impacts of the Ukrainian crisis on food security and global markets. The whole world experienced an extreme recession, food shortages, and oil crises amidst the Russian-Ukraine conflict.
Minister Johnson, accompanied by his economic delegation, also engaged in a discussion with the Director General of Kuwait Direct Investment Promotion Authority (KDIPA), Meshaal Jaber, on the means to strengthen economic cooperation between the two countries.
Realizing the positive trends in bilateral economic cooperation, the British Minister advocated for the establishment of new industrial partnerships between the two countries.