Trade exchange Brunei-Kuwait Below Expectation
23/11/2014 | 04:31 PM
KUWAIT, Nov 23 (KUNA) -- Trade exchange between Kuwait and Brunei, which is estimated at USD 6 billion, is below the aspired levels regarding the bilateral historical ties, a senior Finance Ministry official said on Sunday.
There is common expectation to enhance bilateral economic ties and trade, Ministry Undersecretary Khalifa Hamada said in a press statement on the sidelines of the second meeting of the Kuwait-Brunei Joint Committee (KBJC) that opened here today.
Hamada who chairs the gathering with his counterpart from the Sultanate Ministry of Foreign Trade, said the agenda of the two-day meetings covers a review of cooperation in fields of economy, trade, investment, higher education, petroleum and IT, as well as the private sector.
Today, the two sides assessed developments since the first meeting was held in Darussalam in 2010, in addition to identifying requirements for cementing cooperation, Hamada said.
He referred to signals that bilateral cooperation is still below expectation, considering the similar economies and nature; both countries are oil exporters and their national income mainly depend on petroleum revenues.
The Kuwaiti Finance Ministry official pointed to the role by the chambers of commerce in the both countries, saying the private sector is the locomotive of any trade cooperation.
He also referred to an agreement, still in the making, to be later signed by the ministries of commerce in Kuwait and Brunei, saying it will focus on joint investments, financing and exchange of expertise through cooperation between the relevant bodies in both.