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Far Eastern projects may interest Kuwaiti investors

In Moscow, on May 16, a meeting of the Co-Chairs of the Intergovernmental Russian-Kuwaiti Cooperation Commission was held.

The Russian delegation was headed by the Minister of the Russian Federation for the Development of the Far East Alexander Galushka, the Kuwaiti delegation - by the Minister of Oil of the State of Kuwait Ali al-Omeir. Representatives of the Ministry for the Development of the Russian Far East, the Ministry of Energy, the Ministry of Foreign Affairs, and the Ministry of Education and Science took part in the negotiations of the co-chairs. On the Kuwaiti side - representatives of the diplomatic corps of the State of Kuwait in the Russian Federation, the Ministry of Oil of the State of Kuwait.

“I am convinced that today's indicators of trade and economic cooperation do not in any way correspond to the potential that exists between our countries. However, there are a number of positive aspects to trade relations. Thus, at the beginning of the year there is a significant increase in Russian exports to Kuwait, ”A. Galushka said during the negotiations.

The Minister considers the signing of an agreement between the Russian Direct Investment Fund (RDIF) and the Kuwaiti Investment Agency (KIA) an important step in the development of bilateral relations, according to which a fund in the amount of 500 million was created.

Alexander Galushka named the fuel and energy sphere, geophysical service, scientific and technical sphere, education and training among the priority areas of cooperation.

“In addition, in order to expand direct ties between the Russian and Kuwaiti business circles“ on the margins ”of the next meeting of the Commission, we suggest holding a Russian-Kuwaiti investment forum,” said Galushka.

During the meeting, the Minister focused on the interest of the Russian side in Kuwaiti investments in the development of the Russian Far East.

“Today, the Russian government is making great efforts to create favorable conditions for the implementation of investment projects in the Far East. I think it is advisable to create a systematic collection of all development projects that are interesting both to the Russian and Kuwaiti side. Such a list would be very useful for the upcoming investment forum, ”the Minister noted.

Kuwait’s oil minister, Ali al-Omeyr, confirmed that his government was interested in developing ties with Russia. In his opinion, the recent joint events have laid a positive basis for bilateral cooperation in the future.

"It is unfortunate that as long as the volume of trade is low. This, of course, does not correspond to the potential of our countries, and we need to think about how to expand the scope and direction of cooperation, "the Minister said.

He informed the Russian side about the opportunities of the Kuwaiti business and briefly described the plan for the medium-term development of Kuwait, which will soon be transferred to the Russian business community.

As a result of the talks, the Protocol of the meeting of the co-chairs was signed. It reflects the main priorities for further cooperation between Russia and Kuwait, as well as the main agreements reached.

It is planned that the next meeting of the Commission will be held in November of this year.

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