Business
Kuwait committed to advancing economic and industrial integration in GCC: Minister
Group photo taken during the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
KUWAIT CITY, April 30: Minister of Commerce and Industry Khalifa Al-Ajeel emphasized Kuwait’s commitment to enhancing economic and industrial integration among Gulf Cooperation Council (GCC) member states during his address at the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
Al-Ajeel highlighted the importance of coordinating trade and industrial policies, standardizing regulations, and unifying Gulf positions to navigate the rapid global economic changes. He commended the efforts of the GCC Secretariat General in monitoring the implementation of committee decisions and facilitating joint action among member states to promote progress and prosperity in trade, industry, and standardization sectors.
The Minister noted that the GCC region has become a significant economic force globally. He emphasized that the historical ties, strategic interests, and substantial market size shared by member states present a unique opportunity to transform challenges into opportunities, enhance trade exchange, and open new avenues for Gulf capital, products, and services.
Al-Ajeel underscored the critical role of supporting entrepreneurs and small and medium-sized enterprises (SMEs), stating that these businesses are pivotal in driving change, investing in innovation, creating job opportunities, and contributing to building a prosperous future. He called for the continued support of SMEs through joint initiatives and practical plans that would enable these companies to stabilize and grow, transforming them into key players in national economies and influential forces at regional and international levels.
Reflecting on the vision of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Al-Ajeel reiterated the need to accelerate efforts toward achieving Gulf economic integration. This includes unifying policies, diversifying non-traditional income sources, facilitating trade and investment, supporting local industries, and expanding innovation and entrepreneurship, particularly in emerging fields such as artificial intelligence, to enhance the competitiveness of GCC economies on regional and international platforms.
In his address at the 54th meeting of the Industrial Cooperation Committee, Al-Ajeel emphasized the necessity of enhancing Gulf industrial integration to keep pace with rapid international changes, in line with the directives of GCC leaders. He called for unified efforts to confront challenges and achieve sustainable development and prosperity in an environment of security and stability, while strengthening the Gulf industrial system.
At the 9th meeting of the Ministerial Committee for Standardization Affairs, Al-Ajeel highlighted the importance of developing a unified vision to nurture Gulf inventors and support national industries and logistics services to enhance regional economic competitiveness. He reaffirmed Kuwait’s commitment to supporting initiatives aimed at enhancing Gulf industrial cooperation to achieve the supreme interests of GCC countries.
The meetings, attended by ministers of commerce and industry and heads of standardization bodies from GCC countries, along with representatives from the General Secretariat of the Cooperation Council for the Arab States of the Gulf, serve as a platform for making significant decisions to support the advancement of joint Gulf economic and industrial cooperation. These sessions build upon preparatory meetings of undersecretaries, which discussed priority topics to be presented to ministers for appropriate decisions.
A person stands near an electronic stock board, left top, showing Japan’s Nikkei index at a securities firm on July 22, in Tokyo. The traffic signs read: No Crossing. (AP)
BANGKOK, July 22, (AP): World shares were mixed on Tuesday after U.S. stock indexes inched to more records at the start of a week of profit updates from big U.S. companies. Germany’s DAX lost 0.5% to 24,186.14 and the CAC 40 in Paris gave up 0.4% to 7,768.46. Britain’s FTSE 100 edged 0.1% lower, to 9,009.34. The futures for the S&P 500 and the Dow Jones Industrial Average were virtually unchanged.
In Asian trading, Japan’s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election. The Nikkei 225 shed 0.1% to 39,774.92. Analysts said the market initially climbed as investors were relieved that Prime Minister Shigeru Ishiba vowed to stay in office despite the setback
. But the election’s outcome has added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the US might win Ishiba a reprieve, but so far there’s been scant sign of progress in negotiating away the threat of higher tariffs on Japan’s exports to the US beginning Aug 1.
“Relief may be fleeting. Ishiba’s claim to leadership now rests on political duct tape, and history isn’t on his side. The last three LDP leaders who lost the upper house didn’t last two months,” Stephen Innes of SPI Asset Management said in a commentary. Elsewhere, Hong Kong’s Hang Seng rose 0.4% to 25,082.78, while the Shanghai Composite index advanced 0.6% to 3,581.86.
South Korea’s Kospi sank 1.3% to 3,169.94, with investors concerned over the Aug. 1 deadline for making a deal with U.S. President Donald Trump or facing 25% tariffs on all the country’s exports to the US. Australia’s S&P/ASX 200 added 0.1% to 8,677.20.
India’s Sensex gained 0.1%, while In Thailand, the SET sank 1.1% after the government named Vitai Ratanakorn as the new future governor of the central bank. He is viewed as likely to be less independent than the current governor, raising concerns about the bank’s independence, analysts said. Vitai will replace Sethaput Suthiwartnarueput, when his term as governor ends in September.
Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Sabah receives the Japanese Ambassador to Kuwait Kenichiro Mukai
KUWAIT CITY, July 21: Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Jaber Al- Sabah said Sunday that the DGCA looks forward to promoting cooperation with Japan in civil aviation. Sheikh Humoud made the remarks while welcoming Japanese Ambassador to Kuwait Kenichiro Mukai to discuss bilateral cooperation in the field of civil aviation, the DGCA said in a press release. He underlined the importance of deepening the distinguished ties between both friendly countries, praising Japan’s advanced experience in technology and aviation industry, it said. For his part, the Japanese Ambassador expressed his appreciation to the Kuwaiti official for his hospitality, saying that his country is interested in furthering cooperation with the State of Kuwait in aviation, in a way that contributes to exchanging expertise and achieving integration in the fields that concern both sides. (KUNA)
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