Kuwaiti-Iraqi Economic Ties Need Further Development – Experts
|April 28, 2011||Filled under Iraq Daily News|
Kuwait, A host of economists stressed here on Wednesday the necessity to develop economic ties between Iraq and Kuwait and search for investment ventures that are of mutual benefit.
In a seminar sponsored by Kuwait Energy Company earlier today and titled “Kuwait and Iraq together towards a bright future”, the experts also stressed the need for investment windows to be opened between the two neighboring countries, especially in the domains of energy and tourism, through the “smooth” transition of capital and expertise.
The seminar was organized by the Gulf Studies Center of the American University of Kuwait (AUK).
Discussing the role and benefits of growing economic relations between Kuwait and Iraq, namely the private sector’s role, and the prospects for logistics, cultural and social relations between both countries, Kuwait Energy Chairman Mansour Bu-Khamsin said Kuwait and Iraq have always had historic commercial and economic relations, even before the discovery of oil.
“In light of political stability returning to Iraq, a promising economic future will follow suit in the medium and long range, due to Iraq being second in the world in terms of oil reserve, in addition to its water resources.” He added that Kuwait would be of the top beneficiaries of Iraq’s gas-production plan, due to the country’s need of such power resource, voicing trust of Kuwaiti businessmen to take advantage of Kuwait’s strategic geographical location to be “logistically” utilized in this regard.
On his part, Director of the Gulf Studies Center at AUK Dr. Mohammad Ashkanani said “Kuwait and Iraq have started a new chapter in political and economic relations. Capitalizing on the development of these relations will bring many benefits to both countries, as well as the other GCC and Arab countries.”
Meanwhile, former Iraqi oil minister Ibrahim Bahr Al-Oloom said Kuwait, due to geographical proximity and historic depth, as well as capital, is entitled more than any other country to partner with Iraq in its future developmental projects.
He pointed out “Turkey is now considered Iraq’s top economic partner, followed by Iran, the UAE and Russia. Everyone is anticipating a significant Kuwaiti partnership with Iraq, with ‘real and promising’ investment opportunities on the line.
“The latest visit of His Highness the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah to Iraq is best to witnesses intentions of both sides to establish distinguished relations at all levels, chiefly economic ones,” Bahr Al-Oloom concluded.
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