WASHINGTON: Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Minister of State for Economic Affairs and Investment Dr Sabeeh Al-Mukhaizeem affirmed Tuesday that economic diversification has become a strategic imperative for Kuwait’s sustainable development. Speaking at the opening of “Kuwait’s Economic Transformation – Foundations for a New Era,” organized by the Kuwait Banking Association in cooperation with Capital at George Washington University, Al-Mukhaizeem said diversification is no longer a policy choice but a national necessity.

The event was attended by Kuwaiti Ambassador to the United States Sheikha Al-Zain Al-Sabah, chairpersons and CEOs of Kuwaiti banks, and prominent financial leaders. Al-Mukhaizeem highlighted Kuwait’s longstanding leadership in financial stewardship, citing the establishment of one of the world’s first sovereign wealth funds in 1953 and the growth of an internationally trusted banking system. He said Kuwait’s credibility in the region is built on strong institutions, sound regulation and a culture of investment.

Looking ahead, he emphasized the need for finance, banking and investment to drive diversification, innovation and sustainable growth through partnerships with the private sector and international allies. “Kuwait is entering a critical phase in its economic journey. Diversification is no longer a political choice, but a strategic necessity,” he said. He stressed that sustainable growth cannot be led by the state alone, but must involve innovators, investors and the private sector. He described Kuwaiti-American cooperation as a “fundamental pillar” of this vision, extending beyond finance to technology, renewable energy, food security and advanced industries.

Al-Mukhaizeem said cooperation in financial regulation, cross-border investment and innovation — particularly in digital banking and sustainable finance — has become central to economic collaboration between Kuwait and the US. He added that the forum serves as a platform to test ideas, align strategies and build new investment channels, with the participation of financial leaders, academics and private sector partners.

He expressed confidence in the strength, stability and maturity of Kuwait’s financial system, describing it as a solid foundation for global investors. For her part, Ambassador Sheikha Al-Zain Al-Sabah underscored the importance of the event in bolstering Kuwaiti-US economic ties in line with Kuwait Vision 2035 and the national roadmap for diversification, private sector empowerment and positioning Kuwait as a regional hub for finance, logistics, renewable energy and innovation.

She highlighted forward-looking initiatives such as the Border Communities Resilience Initiative, which channels Gulf investments into underserved areas of the United States to enhance infrastructure, economic stability and shared prosperity. She described it as a powerful example of economic cooperation serving both development and humanitarian goals. “The Kuwaiti private sector embodies this spirit of entrepreneurship and responsibility — from Islamic finance to environmental sustainability, and from family offices to fintech,” she said. “Every success story affirms a simple truth: Kuwait is open for business, open to innovation, open to partnership and open to building communities.”

The event aims to showcase the role of the financial and private sectors in supporting Kuwait’s transformation and explore opportunities for engagement with the international investment community. It also seeks to highlight the country’s institutional foundations, evolving regulatory environment, openness to global companies, advanced financial structure and balanced economic vision rooted in public-private cooperation. The forum is part of Kuwait’s participation in the annual meetings of international financial institutions, including the Board of Governors of the World Bank Group and the International Monetary Fund, taking place in Washington from October 13 to 18. — KUNA

KUWAIT: Total trade exchange among Gulf Cooperation Council (GCC) countries reached $1.5 trillion in 2024, ranking sixth worldwide and representing 3.2 percent of total global trade, Assistant Secretary General for Economic and Development Affairs at the GCC Secretariat Khaled Al-Sunaidi said Wednesday. Speaking during the 61st preparatory meeting of GCC Undersecretaries of Ministries of Commerce, Al-Sunaidi noted that the GCC collectively ranked third globally in trade surplus, with a value of $110 billion, highlighting the region’s trade openness and the robustness of its economic structure.

He emphasized that intra-GCC trade is a key driver of economic diversification, competitiveness, and the expansion of investment and innovation opportunities. The volume of commodity trade between GCC countries is estimated at $146 billion in 2024, marking an annual growth rate of 9.8 percent compared to 2023, while non-oil goods recorded an average annual growth rate of 5.3 percent over the past decade.

Al-Sunaidi stressed that the future of GCC trade relies on deepening institutional and legislative integration through unified trade policies, modernized legal and regulatory frameworks, and streamlined movement of goods and services. He also highlighted the importance of digital transformation in the trade system, which aims to shift intra-GCC trade from a simple commodity exchange to a platform for productive and economic integration.

He explained that expanding intra-trade supports the utilization of comparative advantages and the creation of joint production and supply networks, consolidating Gulf economic integration as a key pathway to comprehensive and sustainable regional development. The General Secretariat also prioritizes negotiations for free trade agreements as strategic opportunities to enhance global market access, diversify trading partners, and attract high-quality investments, strengthening the GCC’s role as an active hub in international trade.

Al-Sunaidi expressed gratitude to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Chairman of the current session of the GCC Supreme Council, for Kuwait’s continued support in advancing joint Gulf initiatives. The 61st preparatory meeting addressed topics of common interest, including updates on free trade agreement negotiations with countries and international blocs, developments in GCC commercial laws, review of the Investment Agents Committee’s work, and matters related to the General Secretariat’s Patent Office. — KUNA

KUWAIT: Kuwait’s Commissioner General at 2025 Osaka Expo, Salem Al-Watyan, expressed pride on Wednesday in the Kuwait pavilion’s achievement of four international awards announced by Exhibitor, a leading US magazine specializing in global exhibitions and conferences, in recognition of the pavilion’s excellence in design, interaction, and technological innovation.

Al-Watyan told Kuwait News Agency (KUNA) that the pavilion won first place for Best Storytelling Presentation, highlighting its creative narrative that presented Kuwait’s past, present, and future in an engaging and cohesive manner. It also received the honorary award for Best Interactive Activity, for the innovative experiences offered to visitors, the honorary award for Best Working Team, recognizing the Kuwaiti team’s outstanding communication and visitor engagement, and the honorary award for Best Use of Technology, for employing advanced technologies and artificial intelligence in presenting the pavilion’s content.

“These awards represent international recognition of Kuwait’s creativity at this global event and reflect the country’s Vision 2035 in development, technology, and culture, made possible by the continuous support of the political leadership and the guidance of Minister of Information and Culture and Minister of State for Youth Affairs Abdulrahman Al-Mutairi,” Al-Watyan said.

Kuwait Pavilion at Expo Osaka 2025

Ambassador of Kuwait to Japan Sami Al-Zamanan

He noted that Exhibitor magazine, with over four decades of experience in evaluating exhibitions and conferences, is considered one of the most prestigious international references in the field, with its awards ranking second only to those of the Bureau International des Expositions (BIE). The awards are based on strict criteria including design, innovation, interactive experience, and technological advancement.

Al-Watyan praised all teams involved for their contributions, saying the achievement reflects the bright image of Kuwait in international forums and its leadership in delivering an integrated cultural, knowledge, and human experience at 2025 Osaka Expo. As 2025 Osaka Expo concludes, the Kuwait pavilion has emerged as one of the most talked-about national pavilions, leaving a lasting impression on millions of visitors since its opening on April 13, 2025. Located in the Empowering Lives district, the pavilion offered a dynamic and immersive experience showcasing Kuwait’s heritage, environment, people, and future aspirations.

Inspired by Kuwait’s sea and desert landscapes, the pavilion’s architectural design, crowned by a central dome, featured multi-sensory storytelling and digital exhibits, reflecting the nation’s evolving identity under Vision 2035. Interactive features ensured inclusivity for visitors of all ages, while the on-site restaurant gained acclaim for presenting traditional Kuwaiti cuisine, becoming one of the Expo’s most visited culinary destinations. Al-Watyan described the pavilion as “Kuwait’s message to the world,” emphasizing its role in sharing the nation’s values and ambitions and fostering cross-cultural dialogue. “The connections established and exchanges made will remain among the most powerful outcomes of our participation,” he said.

Kuwait’s Ambassador to Japan, Sami Al-Zamanan, echoed the sentiment, noting that the pavilion consistently attracted long queues and received highly positive feedback. Presented under the theme “Beacon of the Future,” the pavilion highlighted Kuwait’s history, cultural heritage, trade legacy, and human achievements, linking the nation’s past and present to its future sustainability goals through interactive exhibits. 2025 Osaka Expo, held under the theme “Designing a Future Society for Our Lives,” ran from April 13 to October 13, with participation from 158 countries and regions. Kuwait’s pavilion distinguished itself as one of the most visited and admired, reinforcing the country’s cultural diplomacy and global presence. — Agencies