Russian minister urges Kuwaiti investors to launch business ventures in Russia
A Russian minister has urged Kuwaiti investors to launch business ventures in Russia, saying that bilateral ties were booming.
Sergey Ivanovich Shmatko, Russia’s energy minister, issued the call following the third meeting of the Kuwaiti-Russian government committee for trade, economic, scientific and technical cooperation in Moscow.
Kuwait’s oil minister Shaikh Ahmad Al Abdullah Al Sabah headed the Kuwaiti delegation while Shmatko led the Russian team.
Both countries said that the session addressed important issues related to prospective cooperation in several spheres and that the “positive results” would boost ties and cooperation.
However, the two sides said that commercial ties were not as strong as political relations and that both countries needed to speed up the formation of two sub-committees, the first dealing with oil, gas and other energies, while the other deals with science and technology
The two delegation heads said they discussed possible opening of investment offices in the two countries and the exchange of information about them.
“The protocol document of the Russian-Kuwaiti Joint Committee meetings expresses both parties’ eagerness to boost relations in all domains, reflecting the constructive atmosphere throughout the meetings,” Kuwait News Agency (KUNA) reported. “The document noted in particular the two nations’ interest in boosting cooperation in trade, commerce, industry, science and technology, and other related fields.”
The meeting also “recalled the agreement to exchange visits by specialist delegations at all levels, and noted both countries’ wish to establish a legal basis to aid expansion in economic interaction and cooperation, as well as stressing both sides’ desire to raise the volume of trade exchange to a level more suitable to the two states’ potential and resources.”
According to the official news agency, Kuwait City and Moscow “reviewed a Memorandum of Understanding (MoU) on the peaceful use of nuclear energy and technology.”
“The protocol signing ceremony was attended yesterday by the chairmen of the two delegations. The meetings were held as the result of an agreement signed between the two states in 1994 on forming a cooperation committee and of Decree 91 issued in 1995 approving this initiative,” KUNA said.
The first meeting of the Kuwaiti-Russian government committee for trade, economic, scientific and technical cooperation was held in Moscow in 2002 while the second meeting was hosted by Kuwait in 2006.
