B&R News: Kuwait's Silk City key project in China's One Belt One Road initiative
25 Mar 2018


Kuwait City Skyline


Kuwait's Silk City and the five-island developments are a key project in the One Belt One Road initiative, and will strengthen Kuwait-China relations, according to Jiang Zengwei – Chairman of the China Council for the  Promotion  of International Trade (CCPIT) and the China Chamber of International Commerce (CCOIC).


In a keynote address at the Kuwait Investment Forum (KIF 2018), Zengwei said Kuwait was one of the first GCC nations to have diplomatic ties with China and relations between the two countries have strengthened over the years. He said the One Belt One Road initiative complements Kuwait's Vision 2035 in fostering development in several core sectors.


Kuwait and China have signed several cooperation agreements, which have further laid the foundations for promoting mutually beneficial growth. “China is today one of the Kuwait's most important trading partners and an important source of crude oil from Kuwait. Bilateral trade was US$12 billion in 2017, recording a year-on-year growth of 28 percent,” added Zengwei.


He added that by 2035, China will achieve “socialist modernisation” and drive development that will benefit all people. He made key suggestions to strengthen cooperation including a focus on infrastructure development in which Chinese companies can play a central role.


More than 50 delegates from China attended KIF 2018, representing industries and sectors that can actively contribute to achieving the goals of Kuwait Vision 2035, and that closer cooperation between the two nations will be mutually beneficial. He added that through innovative investment and financing models, better opportunities for both nations can be created.


Held under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber, KIF 2018 is co-organised by the Kuwait Direct Investment Promotion Authority (KDIPA), and the Kuwait Chamber of Commerce and Industry (KCCI) at the Bayan Palace and the Jaber Al-Ahmad Cultural Centre (JACC).


Source: ZAWYA