First vice-chairman of Qatar Chamber Mohamed bin Ahmed bin Twar said the number of Kuwaiti-Qatari companies operating in the State reached 526 by the end of 2018, as opposed to 393 companies by the end of 2017, registering an increase of 34 percent.
This came in a meeting between Qatar Chamber and a trade and industry delegation from Kuwait. The delegation is chaired by General Manager of Kuwait’s Public Authority for Industry Abdulkarim Taqi Abdulkarim, joined by officials from Kuwait Industries Union, Kuwait Chamber of Commerce and Industry and a number of Kuwaiti businessmen and industrialists who represent nearly 20 industrial companies.
QC several board member including HE Eng. Ali Abdullatif Al Misned, Mohamed bin Ahmed Al Obaidli, Abdulrahman Al Ansari, Abdulrahman Abdul Jaleel Abdul Ghani as well as the Director-General Saleh bin Hamad Al Sharqi attended the event alongside with number of leading Qatari businessmen and representatives of 20 Kuwaiti manufacturing companies.
Officials from General Authority of Customs and QDB were also present.
During the meeting, both parties discussed ways to boost cooperation in all trade and industry fields, bringing together businessmen, finding solutions for any obstacles that may face mutual investments and developing cooperation to its best potential, which benefits the Qatari and Kuwaiti economies.
Both parties discussed a number of common issues such as the suggestion to establish a Qatari-Kuwaiti business council to promote the cooperation between the private sector of both countries. In addition to opening a representative office for Kuwait’s Public Authority for Industry in Qatar, organizing a permanent exhibition to introduce Kuwaiti industries in Qatar and working on a common approach to jointly promote the industries of both countries abroad.
Mohamed bin Ahmed bin Twar said the relations between the private sectors in Qatar and Kuwait have recently seen further development and growth, where the trade exchange volume between both countries reached nearly QR 2.8 billion in the first nine months of 2018, registering an increase of 12 percent in comparison to the whole of 2017. This reflects the growth of bilateral trade between the two countries, benefiting from the great convergence between business sectors in both countries.
The First vice-chairman said both parties have a strong desire to make the best of the cooperation which reflects on the Qatari and Kuwaiti economies. He added that Qatari-Kuwaiti business forum which was held in Kuwait contributed to expanding the cooperation aspects between the business sectors of both countries. It also pushed the establishment of more Qatari-Kuwaiti companies which can support the growth of trade exchange between both countries.
Mohamed bin Ahmed bin Twar praised the role of the Kuwaiti private sector in helping its Qatari counterpart to overcome the repercussions of the unjust siege imposed on the State of Qatar since Jun. 5th, 2017, where the Kuwaiti companies have extended the Qatari market with many products and commodities since the start of the GCC crisis, which contributed to the stability of the national market.
General Manager of Kuwait’s Public Authority for Industry Abdulkarim Taqi Abdulkarim stressed that industrial and commercial sectors in Kuwait were interested in enhancing cooperation relations with the Qatari side, pointing out that there was a great opportunity to increase the volume of trade exchange between the two sides.
He noted that the industrial sector, which is the safety valve in any developed economy, could play an important role in joint cooperation between Qatar and Kuwait, praising Qatari businessmen for their interest in building bridges of cooperation with their Kuwaiti counterparts and their desire to establish joint companies and factories for the sake of the economies of both countries.
The General Manager of Kuwait’s Public Authority for Industry said the visit of the Kuwaiti delegation to Doha aimed to develop a plan to increase trade relations between the industrial sectors in Qatar and Kuwait, and identify obstacles and ways to overcome them to facilitate the procedures and commercial flow required in different industrial products.
The two sides, he said, shared the same concern regarding the need to create new partnerships and unified laws to promote joint cooperation to the levels that match the existing relations between the two countries and to discuss bilateral issues to facilitate trade exchange and create a single system that contributes to the flow of trade between them.
On the volume of industrial exchange between the two countries, the General Manager of Kuwait’s Public Authority for Industry pointed out that it does not exceed 50 million Kuwaiti Dinars, a modest figure that does not match the ambition and desire of both parties. He called for replacing foreign industry with local one in both countries and benefiting from the competence of the Qatari and Kuwaiti industries.
He stressed that building economic security in the two countries requires the existence of industries in full production lines, the development of existing plants and the exchange of skills related to the revitalization of industry in Qatar and Kuwait.
In turn, Eng. Ali bin Abdullatif Al Misnad, Board Member of Qatar Chamber, said Qatari investors were willing to attract more Kuwaiti investments, especially in light of the laws and regulations that encourage foreign investment, such as the Free Industrial Zones Law and others, adding that Qatar budget allocated QR 212 billion for infrastructure projects, which opens the way for more cooperation between the two sides.
Al Misnad welcomed the proposal to establish a joint Qatari-Kuwaiti Business Council to facilitate the procedures and enhance communication and cooperation between businessmen in the two countries, as well as the proposal to host a representative office of the Kuwait’s Public Authority for Industry at the Qatar Chamber premises to serve as a link between industrialists in Qatar and Kuwait.
QC Board Member Abdul Rahman Al Ansari eluded Kuwaiti stance during the siege, noting that both sides have the desire to develop industry sector and increasing its contribution in the economy.
There are many cooperation fields between both countries businessmen in new industries needed in each market, he added.
QC Director-General Saleh bin Hamad Al Sharqi said that both chambers continually communicate to discuss all related issues, noting that all issues revealed in today’s meeting will be handled to remove obstacles that face joint investments and ease procedures that ensure increasing trade between Qatar and Kuwait.
Deputy Director of Kuwait Chamber of Commerce and Industry Hamad Garrah Al Omr said that Kuwaiti businessmen are eager to expand their cooperation with Qataris, find local agents for their products in the Qatari market and take part in tenders offered in Qatar.
He noted that the delegation comprised of several companies specialized in food and building material industries.
He expressed Kuwait Chamber’s preparedness to provide Qatari businessmen with all data and information about business environment and investment opportunities available in Kuwait.
Qatar General Authority of Customs representative expressed the authority readiness to cooperate with the Kuwaiti side in order to streamline trade between both countries, while representative of QDB affirmed the bank’s readiness to provide finance for Qatar-Kuwaiti joint ventures.