EU-GCC trade, investment growing steadily, Kuwait’s ambassador says

EU-GCC trade, investment growing steadily, Kuwait’s ambassador says

BRUSSELS: Trade and investment have steadily grown between the 27- member European Union and the six-member Gulf Cooperation Council (GCC) since the 1988 Cooperation Agreement between the two sides, according to Kuwait’s ambassador to Belgium, the EU and NATO, Jasem Al-Budaiwi. “Despite the dual challenges of Brexit and the coronavirus pandemic the recovery is now blazing ahead and set to only increase to even greater levels” he said at an event organized by the Arab-Belgium-Luxembourg Chamber of Commerce (ABLCC) on Wednesday.

Al-Budaiwi was the guest speaker at a lunch-conference hosted by the ABLCC on the topic “Belgium and EU Investment Opportunities in Kuwait and the GCC: My 6 years-experience”. He noted that from a trade and investment point of view, the six GCC countries, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, represent an important region to the EU and together are the Union’s 10th largest trading partner.

The EU is the GCC’s second biggest trading partner, he noted and stressed, “There is so much potential, so much room for further growth and investment.” “The GCC States have clearly demonstrated their courage and trust by continuing to invest in European companies and projects,” said the Kuwaiti ambassador, but lamented that “European