Published On: Mon, Nov 24th, 2014

Kuwait, Spain mull bilateral cooperation

 Abdulmohsen Al-Madaj, Deputy Prime Minister and Minister of Commerce and Industry and Jaime Garcia-Legaz, Spain's  Secretary of State for Trade

Abdulmohsen Al-Madaj, Deputy Prime Minister and Minister of Commerce and Industry and Jaime Garcia-Legaz, Spain’s Secretary of State for Trade

Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj and Spain’s visiting Secretary of State for Trade Jaime Garcia-Legaz here on Sunday discussed the ways of strengthening economic and trade ties.
During the meeting, Minister Al-Madaj called on Spanish companies to take advantage of big opportunities offered by Kuwait in the field of developmental projects, focusing on the country’s new economic legislations which encourage and target foreign investors.
In a statement to KUNA on the sidelines of the meeting, Garcia-Legaz said that the visit aims at enhancing trade exchange and economic ties and developing bilateral investments, adding this is the second visit to Kuwait.
He pointed out that this period experiences an increasing number of Spanish companies carrying out projects here in the domains of energy, infrastructure, transport and construction.
The Spanish official noted that such firms have a great deal of experience and a wide-scale technology which helps them participate effectively in the process of development and boom that Kuwait sees.
Asked about trade exchange between the two countries, Garcia-Legaz said that there is a wide range to increase bilateral trade exchange; especially it has experienced a growth of 50 percent last year.
“The size of Spanish exports to Kuwait reached euro 266 million, while Kuwaiti exports to Madrid hit euro 60 million,” Garcia-Legaz said.
He noted that he was briefed by Kuwaiti officials on the new legislations and the developmental plans notably in the domains of foreign investment and major schemes.
Garcia-Legaz said that he would call the Spanish companies for investing in Kuwait to the extent that contributes to strengthening bilateral ties.
He expects that Spain’s economy will experience an increase of two percent next year, the highest growth in the Eurozone, noting that his country witnesses a gradual economic recovery.

Source : KUNA Kuwait News agency

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