ISLAMABAD: Pakistan and Kuwait will work to enhance economic cooperation in several areas of interest, including trade, investment and energy, state-owned Radio Pakistan reported on Wednesday.
Pakistan and Kuwait have close bilateral relations and the latter has been a long-time supplier of white oil products to Pakistan on favorable payment terms. The Kuwait Foreign Petroleum Exploration Company (KUFPEC) has also been investing in Pakistan for many decades.
Last year, Kuwait-backed firms said they were planning projects in Pakistan to the tune of $750 million, marking one of the largest proposed investments in the South Asian country in recent years. Pakistani and Kuwaiti companies are also working on a water pipeline valued at $200 million.
“Pakistan and Kuwait have agreed to boost economic cooperation in diverse fields,” Radio Pakistan reported, adding that the agreement was reached during a meeting between Minister for Planning Ahsan Iqbal and Minister for Finance of Kuwait Abdul Wahab Al-Rasheed on the sidelines of the World Government Summit in Dubai.
“During the meeting, Ahsan Iqbal said both countries have agreed to enhance economic cooperation in areas of interest which include trade, investment, and energy,” the report added.
The two sides also discussed enhancing access to the Kuwaiti market for Pakistani products and labor force and the opportunities offered to Kuwait by the China-Pakistan Economic Corridor.
Aside from economic and trade relations between the two states, Kuwait hosts over 100,000 Pakistani expats.