KUNA : Kuwait, Oman ink four MoUs for boosting cooperation – Economics – 13/05/2024 – Kuwait News Agency

KUNA : Kuwait, Oman ink four MoUs for boosting cooperation – Economics – 13/05/2024 – Kuwait News Agency

KUWAIT, May 13 (KUNA) -- Kuwait and Oman on Monday hammered out four memoranda of understanding for furthering industrial, investment, economic and diplomatic cooperation.

The memos were signed on the sidelines of the Kuwaiti-Omani trade and investment forum held at the Kuwait Chamber of Commerce and Industry on the occasion of the Sultan of Oman Haitham bin Tariq Al Said's state visit to Kuwait.

The signed memos deal with cooperation in standardization, direct investment, diplomatic studies and training as well as cooperation between the Kuwait Investment Authority and the Omani Investment Authority.

Speaking during the forum, Kuwait's Minister of Trade and Industry and Minister of State for Communications Affairs Omar Al-Omar said trade relations between the two Arabian Gulf countries have been remarkably developed over the past years.

He noted that the value of non-oil trade exchange between the two countries has reached over KD 124 million (about USD 403.2 million) in 2023, compared to KD 103 million (about USD 334.9 million in 2022, up 20.4 percent.

"This reflects the strength and diversity of trade relations and their continuous growth and development," Minister Al-Omer said.

He stated that forum serves as a platform for exchanging visions and ideas; exploring investment opportunities; discussing challenges and obstacles facing