Kuwaiti private sector invested up to $13 billion in the German market

BERLIN: The 22nd Arab-German Economic Forum kicked off in Berlin yesterday with participation of high-ranking delegation from Kuwait, represented by Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Ali Mohammed Thunayan Al-Ghanem. Ghanem praised the objectives of the forum and the German Arab Chamber of Industry and Commerce (GACIC), which is exerting all efforts to develop the joint economic work environment between Arab countries and Germany, which has the largest European economy.

Ghanem said that GACIC is one of the most prominent chambers of commerce between Arab countries and foreign countries. He stressed that the German side is very interested in developing economic relations with the Arab countries, which reflected in the German distinguished participation in the three-day forum. He also praised the Kuwaiti participation in the forum, saying that this participation comes in support of the huge Kuwaiti investments in Germany, as Kuwait is considered to be the first Arab country to invest in the stable German market. The Kuwaiti private sector has invested up to $13 billion in the German market, he said, stressing that the private sector and the Kuwaiti government are among the largest Arab investors in the German market.

Ali Al-Ghanem

Great mutual interest
Meanwhile, the head of the Arab-German Chamber of Commerce and Industry Peter Ramsauer said that the German and Arab participation in this year’s forum is a sign of the great mutual interest between Germany and the Arab countries. He stressed that the German economy is very interested in the promising Arab economy.
In the meantime, Secretary General of the Arab-German Chamber of Commerce and Industry Abdulaziz Al-Makhlafi praised the growth of the German-Arab economic and trade relations in the past decades, saying that these relations can be further developed and improved in the coming years. The annual trade volume between the Arab countries and Germany worth 50 billion euros, he said, adding that the volume of Arab investments in the German market is about 100 billion euros. He praised the participation of KCCI, saying that Kuwait is one of the largest Arab countries that invest in the German market, which benefits both countries.

Closer trade relations
In the meantime, Kuwait’s Ambassador to Germany Najeeb Al-Bader said that his country is eager to establish closer trade relations with Germany. KCCI aims to reinvigorate trade ties with Europe’s largest economy, the diplomat said ahead of an Arab and German economic forum, pointing out that bilateral relations are satisfactory. Kuwait has invested heavily in German markets in an effort to bring its 2035 national development plan to fruition, he explained, saying the talks allow Arab nations the opportunity to rejuvenate trade relations with Berlin.
The event is held under the patronage of the German Federal Minister for Economic Affairs and Energy Peter Altmaier, and Egyptian Prime Minister Dr Mostafa Madbouly, as the Guest of Honor to the Forum. More than 600 leading experts and decision makers from business, politics and science is attending the event. It is a well-established conference that offers an excellent networking opportunity to establish new business relationships and to enhance existing ones with German counterparts. – KUNA