CCIR Delegation, Economic Mission in Kuwait
Publicat pe 26/11/2018
Kuwait City, November 26th, 2018: The President of the Chamber of Commerce and Industry of Romania (CCIR), Mr. Mihai Daraban, on November 25th-27th, leads an economic delegation to the Kuwait State.
During this working visit, high-level meetings were established aimed at facilitating access to the Kuwait outlets for the businessmen who were part of the Romanian delegation, and at the same time allowing the CCIR delegation to present the business opportunities in our country.
The Romanian delegation paid a first visit to the Kuwait Investment Authority (KIA), where members of our delegation were welcomed by Mr. Farouk A. Bastaki, Managing Director.
The President of CCIR, Mr. Mihai Daraban stressed during the meeting the state of trade relations between the two states: “The value of the Kuwaiti investments in Romania, on December 31st, 2017, was less than 100 million Euros. This is a reality from which we need to start analyzes and build more profitable bilateral economic relations. The CCIR strategy is geared towards cooperation with organizations around the world in order to open opportunities and markets for Romanian companies. I believe we have common goals to promote and support our economic interests. Romanian entrepreneurs can invest in Kuwait, but they need support that consists of information, dialogue and promotion”.
The Business Delegation in Romania, led by the CCIR President, also participated in the Kuwait-Romania Multi-Sector Business Forum, which took place at the Kuwait Chamber of Commerce and Industry. The Business Forum outlined the investment opportunities in Kuwait State, presented by the Kuwait Direct Investment Promotion Authority (KDIPA).
At the same time, the Romania-Kuwait Multi-Sectoral Economic Forum hosted the signing ceremony of the Memorandum of Cooperation between the Chamber of Commerce and Industry of Romania and the Kuwait Chamber of Commerce and Industry, which establishes a cooperation to support the development of bilateral relations. The forum ended with networking sessions and B2B meetings that offered businessmen from the Romanian delegation the opportunity to establish links with Kuwaiti partners.
Kuwait is one of the world’s richest 10 countries, which holds about 10% of world oil reserves, and is one of the fastest-growing economies in the Middle East.
The main products exported by Romania to Kuwait are: steel products (pipes and drill rods, oil transport pipelines) (62%), tobacco (12.2%), wood and wood products (10%), (12%), mechanical and electrical equipment, furniture and chemicals (less than 1%), live animals, carpets, footwear, clothing and glassware (0.5%).
Kuwait imports are occasional and extremely limited in quantity, being dictated by time opportunities and fewer commercial activities in the long run. In terms of value, the main products imported from Kuwait consisted of HDEP – high-density polyethylene and cars.