China ready to help Kuwait develop diversified economy: Official

KUWAIT CITY - China is ready to help Kuwait develop a diversified economy, Jiang Zengwei, chairman of China Council for the Promotion of International Trade (CCPIT), said Wednesday.

Jiang made the remarks at the Kuwait Investment Forum 2018, being held in the Jaber Al-Ahmad Cultural Center (JACC) in Kuwait City, capital of Kuwait.

The development concepts of China and Kuwait are highly compatible and their industrial structures are complementary, he noted.

China is pursuing an open strategy of mutual benefit and win-win result to promote the construction of the Belt and Road Initiative, Jiang said.

The initiative, proposed by China in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

In the next 15 years, China is expected to import $24 trillion of goods, absorb $2 trillion of foreign direct investment, and make overseas investment worth of $2 trillion, which will create more "Chinese opportunities" for the world, Jiang said.

He said that the Sino-Kuwait economic and trade relations are witnessing a strong momentum of development, as China is one of Kuwait's most important trading partners and Kuwait is an important source of crude oil for China.

In order to better help Kuwait build a diversified economy, Jiang put forward four proposals for boosting the economic and trade cooperation between China and Kuwait.

He suggested that two countries boost bilateral cooperation on key projects within the framework of the Belt and Road Initiative, such as the Five Island Development Project in Kuwait, while deepening the bilateral energy cooperation to support Kuwait's upgrade of its energy industry.

The Chinese official also proposed enhanced cooperation in the field of infrastructure construction, where Kuwait's efforts to shake up its economic structure create massive opportunities with new building projects, as well as in the modern service sector.

The CCPIT, China's largest trade and investment promotion agency, is willing to conduct more exchanges with relevant Kuwaiti agencies with an aim to build a platform for companies from the two sides to enhance their cooperation, Jiang said.

The two-day Kuwait Investment Forum is focused on the prospect of investment in the country, its commercial facilities, business opportunities, funding and sustainable development.

The first forum was held in March 2017, shedding light on Kuwait's approach toward sustainable development and innovation.