The Federation of Saudi Chambers of Commerce stressed the need to accelerate ongoing efforts to develop commercial relations between the Kingdom and Kuwait and to diversify private sector partnerships.
The Federation emphasized that Saudi-Kuwaiti economic relations enjoy great support from the political leadership in both countries, backed by effective institutional organizational frameworks.
A recent economic report issued by the Center for Economic Studies in the Federation of Saudi Chambers noted that the Covid-19 pandemic reduced the volume of trade exchange between the two countries, which amounted to about 7.7 billion riyals (USD 2 billion) in 2020. This made Kuwait rank fourth among GCC countries in the volume of trade exchange with the Kingdom.
According to the report, the value of Saudi exports decreased last year by 15% compared to 2019, while Kuwaiti exports dropped by 14%, which led to a 15% decrease in the volume of trade exchange between the two countries.
The report underlined the need to work to increase coordination and cooperation in sectors and areas that achieve common economic interests.
It also reviewed the advantages of direct investment in Kuwait represented in policies to improve the business climate to empower the private sector and to simplify registration and licensing procedures for investors, as well as allowing foreign ownership of up to 100%.
Meanwhile, the Kuwaiti-Saudi Business Owners Forum concluded its activities on Friday, with the signing of six agreements between Kuwaiti and Saudi companies.
The investment, renewable energy and water sectors, Gulf integration in the fields of chemical industries, the national real estate strategy and real estate investment opportunities were the main topics of discussion at the forum.
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