Luxembourg, Kuwait sign agreements to strengthen, expand bilateral relations

Luxembourg, Kuwait sign agreements to strengthen, expand bilateral relations

LUXEMBOURG: Luxembourg and Kuwait signed two agreements recently, one in the aviation area and the other in the financial sector, that aim to further strengthen bilateral relations between the two countries. The first agreement on air service was signed by Luxembourg's foreign minister Jean Asselborn and on behalf of the State of Kuwait by its ambassador to Belgium, Luxembourg, the European Union and NATO, Jasem Al-Budaiwi. The second agreement on the additional protocol to the bilateral tax treaty was signed by Luxembourg's finance minister Pierre Gramegna and Budaiwi. "I am very pleased that we sign this bilateral air service agreement today enhancing the already excellent bilateral relations,“ said Asselborn in statements to KUNA and Kuwait TV after signing the agreement at Luxembourg's foreign ministry. The agreement will provide a very strong legal framework to our national freight carrier CargoLux which is already flying to Kuwait once a week, he noted.

The additional protocol agreement provides untapped opportunities that exist in the area of financial services including Islamic finance, said Asselborn. He noted that in 2014 Luxembourg set up the first Sukuk listed in the euro currency. "I have good hope that these two agreements will substantially increase trade opportunities between our