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Press Dossier   News Category    Legal    UIC, Vietnamese delegation discuss means to promote commercial ties

Kuwait Times, Sunday, Mar 19, 2023 | Sha'ban 27, 1444

UIC, Vietnamese delegation discuss means to promote commercial ties

Kuwait: The Union of Investment Companies (UIC) held a meeting with a visiting investment delegation from Vietnam on March 14. The meeting comes within the framework of UIC’s efforts to promote local and international investments and encourage investment opportunities in Vietnam. The meeting was attended by Chairman of the administrative council of the Investment Capital Authority Nguyen Chi, head of the Vietnamese delegation, Vietnamese Ambassador to Kuwait Ngu Twang Thang and a number of executive directors.

Welcoming the ambassador and the Vietnamese delegation, Chairman of the UIC administrative board Saleh Al-Selmi stressed the importance of boosting cooperation and commercial ties between the two countries. During the meeting, the delegation indicated the promising economic development of Vietnam, with an increase in GDP growth of 8.02 percent in 2022. This growth is the highest achieved by any country in Southeast Asia and the eighth highest worldwide. The committee also stated that there was an increase in exports and imports, reaching $732.5 billion, an increase of 9.5 percent, and a $11.2 billion budget surplus.

In a presentation, the delegation displayed a number of projects and investment plans that are being prepared for implementation. The projects, considered ideal investment opportunities for investors, are primarily in sectors of construction and development of ports and large industrial centers, in addition to building airports and infrastructure. Moreover, investment opportunities in sectors such as minerals and pharmaceutical industry among others were also discussed.

Selmi praised the Vietnamese initiative and the importance of the economic relationship between the two countries, as Kuwaiti companies can use their expertise and ability with regards to industry and transportation investments, among others. In conclusion of the meeting, the two sides agreed that this is an important step towards preparing more visits of economic delegations between the two countries, which will strengthen bilateral cooperation and investment opportunities.

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