Business
World trade chief says global free trade in ‘crisis’ while on visit to Japan
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, (left), shakes hands with Japan’s Prime Minister Shigeru Ishiba at the latter’s office in Tokyo on May 13. (AP)
TOKYO, May 13, (AP): Global free trade is in crisis, the head of the World Trade Organization chief said Tuesday while meeting Japanese Prime Minister Shigaru Ishiba on Tuesday. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, told Ishiba that she has high expectations for Japan as a champion of open markets as US President Donald Trump disrupts world commerce with his fast-changing tariffs and other policies.
“Trade is facing very challenging times right now and it is quite difficult,” she said. “We should try to use this crisis as an opportunity to solve the challenges we have and take advantage of new trends in trade.” Japan, as “a champion of the multilateral trading system” must help maintain, strengthen and reform the WTO, the Japanese Foreign Ministry cited her as saying.
They met a day after the United States and China said they had agreed to slash recent sky- high tariffs for 90 days to allow time for negotiations. Japan is among many countries yet to reach a deal with the Trump administration on hikes to US tariffs, including those on autos, steel and aluminum. The WTO played a pivotal role in past decades as the US and other major economies championed the trade liberalization that facilitated the growth of global supply chains, many of which are anchored in China.
By dismantling many protectionist barriers to trade, it has aided the ascent of Japan and China, and many other countries, as export manufacturing hubs. Since taking office for a second time, Trump has prioritized higher tariffs to try to reduce U.S. imports and compel companies to locate factories in the United States, doubling down on a trade war that he launched during his first term.
The two leaders agreed that WTO member countries should unite to restore the organization’s capacity to address challenges. Okonjo-Iwaela was visiting Japan to strengthen cooperation between Japan and the WTO to maintain and reinforce the multilateral trading system, Japanese officials said. She also was scheduled to meet with Foreign Minister Takeshi Iwaya, Finance Minister Katsunobu Kato and Economy, Trade and Industry Minister Yoji Muto.
KCCI team meets the delegation from Maldives
KUWAIT CITY, May 13: Kuwait Chamber of Commerce and Industry (KCCI) received a delegation from the Republic of Maldives, led by the Minister of Foreign Affairs Dr. Abdulla Khalil on Tuesday, May 13 in the presence of several Kuwaiti business owners. According to a press release issued by KCCI, the meeting began with KCCI expressing its appreciation for the delegation’s visit, as it underscores the growing ties between Kuwait and the Maldives, founded on friendship, mutual respect, and shared aspirations for economic and cultural cooperation. It explained that the trade relations between the two countries have significantly strengthened over the past decade, with a notable increase in Kuwaiti exports to the Maldives.
The partnership between the two countries is further strengthened by their distinct strengths, particularly the excellence of Maldivian companies in the tourism and maritime industries, which attract the interest of Kuwaiti investors. At the same time, Kuwaiti companies excel in sectors such as finance, logistics, healthcare, and energy, providing a solid foundation for productive cooperation and investment. Meanwhile, Maldives Foreign Minister Dr. Abdulla Khalil outlined the most prominent investment opportunities available in his country, mainly in sectors such as tourism, investment, alternative energy, logistics, ports, housing cities, agriculture, and fisheries.
Kuwait’s Acting Prime Minister during the signing of MoUs between Kuwait and Hong Kong.
Kuwait Acting Prime Minister Sheikh Fahad Yousef Saud Al-Sabah on Tuesday held official round table discussions with Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu at Bayan Palace. During the session, they reviewed the bilateral ties and ways to boost them, in addition to exchanging visions and opinions on regional and international issues of common interest. Following the official talks, the two sides signed a Memorandum of Understanding in direct investment promotion, inked on the Kuwaiti side by Director General of Kuwait Direct Investment Promotion Authority Sheikh Dr. Meshal Jaber Al-Ahmad Al-Sabah and on behalf of the Government of Hong Kong the Acting Assistant Director General for Investment Promotion Loretta Lee. The two sides also signed a Memorandum of Understanding in the field of direct investment promotion between Kuwait Direct Investment Promotion Authority and the Hong Kong Trade Development Council (HKTDC).
The MoU was signed on the Kuwaiti side by Director General of Kuwait Direct Investment Promotion Authority Sheikh Dr. Meshal Jaber Al-Ahmad Al-Sabah and on behalf of the Government of Hong Kong by Executive Director of the HKTDC Margaret Fong. The meeting was attended by senior Kuwaiti officials including Minister of Foreign Affairs, Minister of Public Works and Minister of Commerce and Industry. The Acting Prime Minister hosted an official luncheon in honor of the Chief Executive of the Hong Kong Special Administrative Region and his accompanying delegation. (KUNA)
Acting CEO of Kuwait Oil Tanker Company, Sheikh Khaled Ahmed Al-Malik Al-Sabah, during his speech.
KUWAIT CITY, May 13: The Kuwait Oil Tanker Company (KOTC) announced Tuesday the inauguration of solar power plants at its two liquefied natural gas (LNG) filling stations in Umm Al-Aish and Shuaiba, with a combined capacity of 4.05 megawatts.
During a ceremony marking the launch, KOTC’s Acting CEO Sheikh Khaled Ahmad Al-Malik Al-Sabah stated that the company is now the first in Kuwait’s oil sector to implement such a strategic renewable energy initiative.
Sheikh Khaled said the project is part of KOTC’s broader goal to achieve full operational capacity at the two LNG stations using renewable energy, underscoring its contribution to environmental sustainability.
He described the initiative as a strategic milestone in the company’s efforts to reach energy self-sufficiency by running key facilities entirely on solar power. This, he noted, would significantly reduce reliance on the national electricity grid and lower the company’s carbon footprint.
The KOTC chief emphasized that the solar project aligns with Kuwait’s vision for carbon neutrality and its national efforts to reduce greenhouse gas emissions. By adopting clean energy solutions, the project not only boosts environmental sustainability but also enhances operational efficiency and reduces costs in line with international standards.
Sheikh Khaled also commended the company’s technical team for their dedication and follow-up throughout the project, highlighting the role of national talent in advancing Kuwait’s shift toward environmentally and economically viable energy solutions.
Significant increase in Kuwait exports to the Maldives
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