BERLIN: His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah and Kuwait's Minister of Commerce and Industry Khaled Al-Roudhan pose with participants in the 21st Arab-German Business Forum in Berlin. - KUNA

BERLIN: The total number of Kuwaiti investments in Germany have surged to 30 billion Euros in a key indicator reflecting the vigorous ties that both nations share on the economic front, the Gulf state's Prime Minister said yesterday. Kuwait was among the first nations in the wider Arab region to have invested in Germany, as their economic partnership is still thriving despite the passing of more than half a century, His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah told the 21st Arab-German Business Forum in the German capital. Germany's Minister of Economic Affairs and Energy Peter Altmaier, Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Ali Thunayan Al-Ghanem, in addition to key officials from Arab, German and other nations are taking part in the forum.

Sheikh Jaber Al-Mubarak explained that Kuwaiti investments in the world's fourth largest economy run the gamut from the industrial and real estate sectors to the banking market, pointing out that "German-made goods are usually synonymous with sublime quality." Meanwhile, German exports to Kuwait were worth more than a billion and 300 million Euros last year, where Kuwait's oil exports to Berlin are just as staggering, the Kuwaiti prime minister revealed.

Citing an "acute trade deficit" with Germany, he said that ratcheting up oil exports to Berlin could be the only remedy to this problem, while the increasingly business-friendly environment in Kuwait can help lure foreign investors. Addressing a packed audience, His Highness Sheikh Jaber Al-Mubarak emphasized the core tenets of the Arab and German economic partnership, which include peace, justice and freedom.

On that note, he expressed his admiration for Germany's "hands-on and conscientious approach" to the most pressing issues facing the region, at a time where much of the international community has been largely apathetic. In its 21st edition, the German-Arab Business Forum examines the breadth of the Arab region's economic cooperation with Germany, in addition to how one of the world's leading economies can contribute to development in the Middle East.

Closer ties

Meanwhile, Kuwait's Minister of Commerce and Industry Khaled Al-Roudhan and German Minister Altmaier examined strategies to establish a better relationship in the wider economic arena. During the meeting, the Kuwaiti minister spoke of the increasingly business-friendly environment in his country, a key factor that could help transform Kuwait into a magnet for foreign investors, the statement said. He pointed out that Kuwait stands to gain from the success that Germany has attained in the realm of investment, in addition to matters such as the use of alternative energy, which Kuwait plans to fully embrace within the next decade. Roudhan went on to extend an invitation to Altmaier to visit Kuwait in order to be acquainted with the ample investment opportunities in the country, which the German minister accepted.

Total Kuwaiti exports to the world's fourth largest economy were worth KD 500 million in 2016, while the Gulf nation's investments in Germany have surged to $30 billion. In addition to the Kuwaiti prime minister, the country's delegation to one of the world's most prominent business gatherings includes Roudhan and Health Minister Sheikh Dr Basel Al-Sabah, amongst other top officials.

Robust relations

Separately, Secretary General of the German-Arab Chamber of Industry and Commerce (GACIC) Abdulaziz Al-Mekhlafi underscored distinctive political and economic ties between Germany and Kuwait. Addressing the forum, Mekhlafi indicated that the gathering would pave way for robust economic relations between Kuwait and Germany, renowned for the largest European economy. Kuwait's economic status and its government's balanced policy render establishment of distinctive bonds with Germany possible and necessary, Mekhlafi added.

Meanwhile, Ghanem said that the forum, in its current edition, "is of special significance because Kuwait is serving as its umbrella and because Highness the Prime Minister responded to attendance invitation." The forum is attended by more than 100 Kuwaiti economic personalities and 400 German counterparts.

Dr Volker Treier, Manager of the Association of German Chambers of Industry and Commerce (DIHK), said in a statement that establishing a German economic representation office in Kuwait, this year, substantiates the desire to elevate level of the economic relations with the country. At a time global trade is affected with protectionism trends, Kuwait is seeking to build bridges for economic relations with Germany and other countries, Treier said.

Business environment

In the meantime, Minister Altmaier lauded Kuwait's investment environment which among other factors motivate Germany to develop economic cooperation with the country. Minister Altmaier, in a speech at the forum, said that the distinguished environment conditions in the State of Kuwait, its stability, geographical location and balanced policy stimulate Germany to seek to upgrade its economic relations with it. The event hosting of His Highness the Prime Minister of the State of Kuwait signaled sustainability of the German-Kuwait economies ties, minister Altmaier added.

Moreover, German and Kuwaiti companies are attracted by the two countries' long-term economic-commercial relationship, minister Altmaier said. The minister said the economic and commercial partnership with Kuwait is sustainable, significant and based on solid foundations. Therefore, German and Kuwaiti companies are motivated to enhance their investment potentials.  Elaborating, he has noted the very distinctive bonds between Kuwait and Arab states.

Owing to the facts that Kuwait enjoys a special geographical location between Asia and Europe, "we in Germany are interested in in developing the political and economic relations with it," minister Altmaier stated. "We want to encourage German companies to launch more investments in Kuwait because we view it as the cornerstone for the regional stability."

Affirming the approach to solidify further the Kuwaiti-German relations, the minister expressed enthusiasm for elevating the bonds to higher level "for Kuwait has always been part of solutions and has never been part of problems." He was apparently alluding to the State of Kuwait sagacious and balanced foreign policy, largely peaceful and humanitarian at the regional and international levels. - KUNA