China continues to be Kuwait's top trade partnerSource: www.export-egypt.com 9/4/2017, Location: Middle East |
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Kuwait continues to enjoy a solid mutual relationship with China, notably in trade, economy, and investment fields, as Beijing is highly regarded as one of Kuwait's key partners in foreign trade.
The Kuwaiti-Chinese economic relationship has significantly flourished since His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's visit to China in 2009, which aimed at boosting the two countries' ties in various fields. Since then, China has become a vital partner in achieving His Highness the Amir's vision to transform Kuwait into a global commercial hub by 2035, also known as the "New Kuwait 2035" strategy. The two nations' booming trade ties reflect their grand strategic and economic vision, whether in China's New Silk Road vision and Belt and Road Initiative, or in Kuwait's New 2035 strategy. Their visions and initiatives fall in line with the ongoing global economic changes that the world has been witnessing since the 2008 global financial crisis. Kuwait and China seek to enhance their economic and trade relations through exchanging expertise to address obstacles and difficulties facing their commercial cooperation. According to latest statistics issued by the Central Statistical Bureau (CSB), China's volume of exports to Kuwait was estimated at USD 1.09 billion during Q1 2017, while Kuwait's non-oil exports to China stood at USD 152.52 million in same period. In 2016, the bilateral trade exchange hit USD 9.5 billion, according to figures of the Kuwaiti Ministry of Commerce and Industry. The ministry's data also estimated Kuwaiti petrochemical exports to China at USD 298 million in 2016, while Chinese electric appliances and equipment exports to Kuwait at USD 1.3 billion in same year. Moreover, Chinese companies are currently taking part in several vital projects in Kuwait, implementing around 84 projects worth some USD 18.12 billion in oil, housing, and infrastructure sectors. |
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