KUWAIT CITY, May 21: Kuwait Chamber of Commerce and Industry (KCCI) on Tuesday welcomed a highlevel trade delegation from Spain, led by Spanish Secretary for Trade Amparo López Senovilla. Spanish Ambassador to Kuwait Manuel Hernández Gamayo, Undersecretary of the Kuwaiti Ministry of Finance Aseel Al-Munifi and several business leaders in Kuwait and Spain also attended the meeting. At the beginning of the meeting, KCCI expressed appreciation for the visiting delegation; stressing the importance of the visit as part of the Kuwaiti-Spanish Joint Economic Committee meetings. The event marks a continuation of the collaborative efforts to deepen economic ties and explore new avenues of partnership between the two friendly nations.

KCCI affirmed the strong and longstanding economic relationship between Kuwait and Spain, indicating that Spain is among Kuwait’s major trading partners in the European Union (EU). It added that bilateral trade recently surpassed $1 billion, a testament to the growing commercial exchange between the two countries. Spanish exports to Kuwait include machinery, industrial equipment, ceramics, chemical products, and internationally renowned fashion brands. Recently, the sports sector emerged as a new area of exchange, particularly with the expansion of the Rafael Nadal Tennis Academy to Kuwait — its first branch outside of Spain. On the investment front, Kuwait’s ventures in Spain demonstrate high confidence in Spanish sectors; such as finance, tourism and energy. Spanish engineering firms have also played a critical role in major infrastructure projects in Kuwait, including the Gamal Abdel Nasser Highway and Kuwait International Airport expansion. KCCI emphasized that these achievements reflect mutual trust and serve as a foundation for even greater cooperation.

With Kuwait actively pursuing economic diversification and Spain expanding its global reach, the visit offers a strategic opportunity to enhance collaboration in sectors like energy transition, innovation, tourism and logistics. It reiterated its readiness to serve as the main facilitator for these efforts by promoting dialogue, eliminating barriers, and supporting partnerships that generate long-term economic value. Meanwhile, Al-Munifi urged investors from both countries to build joint ventures in a wide range of sectors; including transportation, construction, healthcare and technology. She pointed out the active presence of Spanish companies in Kuwait and confirmed the commitment of the Finance Ministry to support them and address any challenges they might face. Senovilla commended the excellent bilateral relations, emphasizing Spain’s strategic geographic position as a gateway to European markets. She called for further trade cooperation; particularly in the fields of healthcare, building materials, transportation and education. Gamayo echoed these sentiments, praising the historical friendship between the two countries and reaffirming Spain’s commitment to advancing bilateral relations. Jaime Montalvo, Director of International Affairs at the Spanish Chamber of Commerce, affirmed the role of the Joint Economic Committee in fostering deeper collaboration. He said Spain is focusing on the development of small and medium enterprises (SMEs) as a vital area for joint growth.

Minister of Commerce and Industry Khalifa Al-Ajeel

KUWAIT CITY, May 21: Minister of Commerce and Industry Khalifa Al-Ajeel said the government is working hard to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification, facilitating the business environment, expanding participation, and raising the efficiency of the State’s financial management. Al-Ajeel made the statement at the opening of the New Kuwait Economic Strategy 2025 Conference the Kuwait Direct Investment Promotion Authority (KDIPA) organized Wednesday in cooperation with The Business Year Group. KDIPA Director General Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah attended the event, with the participation of a group of economic leaders in and outside Kuwait. According to Al-Ajeel, the government recently implemented a set of laws in light of these economic policies, such as the Public Debt Law, which aims to rationalize financing tools and support the financial sustainability of the State; as well as the Real Estate Developer Law, which will propel the real estate, banking and investment sectors to new stages of growth and development.

He cited the initiatives and projects that were launched recently, like the Smart License Project, Office Licenses Merger System, and amendment of the Companies Law, which reflect policies to develop and improve the business environment in the country. He emphasized that “these government reforms are manifested in the economic indicators of the country.” He explained that before the adoption of these reforms, the gross domestic product (GDP) witnessed a remarkable four percent growth in non-oil sectors, indicating a real beginning in terms of diversifying sources of income and reducing dependence on traditional resources. He stated that “the government is looking forward to improving these rates in 2025 and the coming years. We have a historic opportunity to move Kuwait to a new phase of growth, productivity and partnership.”

Regarding foreign investment, he revealed that Kuwait has adopted measures to improve the investment environment, raise the level of transparency and strengthen legal frameworks, which contributed to a 20 percent increase in foreign direct investment inflows last year. He pointed out that the country has witnessed many international investments in different sectors such as technology, renewable energy, and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. He added that mega strategic projects like Zour Refinery, Mubarak Al-Kabeer Port and Kuwait National Railway, along with the development of smart cities and infrastructure, not only strengthen the economic structure of the country, but also establish a sustainable economy based on innovation, diversity and partnerships between the private sector and the government.

He said “The noble directives of His Highness the Amir Sheikh Meshal Al- Ahmad Al-Jaber Al-Sabah are considered the compass that guides all of us in formulating the economic policies of the State. His Highness has repeatedly emphasized that Kuwait is now facing a historic responsibility that requires serious action to build a resilient and globally open economy based on knowledge and innovation, led by the private sector, supported by the State, and confidently keeping pace with rapid regional and global developments.” He believes that the challenge today does not lie in formulating visions; but in transforming them into reality through cooperation between the public and private sectors, developing national competencies, and strengthening Kuwait’s position as an influential economic and investment hub in the region. “The government looks forward to the future with confidence and treats challenges as opportunities to move assertively toward building a new Kuwaiti economic model — one that believes in partnership, embraces modernity, and invests in people above all else,” he concluded.

By Marwa Al-Bahrawi

Al-Seyassah/Arab Times Staff

Ukraine Minister of Finance, Sergii Marchenko, (right), and Canada’s Finance Minister Francois-Philippe Champagne speak to the media prior to the G7 Finance Ministers meeting in Banff, Alberta on May 20. (AP)

BANFF, Canada, May 21, (AP): Leading financial officials from the world’s richest countries are gathering in a Canadian mountain resort this week for what may prove a contentious meeting in the wake of President Donald Trump’s sweeping tariffs. The annual meetings of the Group of 7 finance ministers, known as the G7, are typically congenial and in previous years have produced joint commitments to combat inflation and counter the COVID pandemic.

There may be less agreement this year as Trump’s tariffs threaten to slow growth in many of the gathered nations, including host Canada, which Trump has also suggested become a potential 51st state. “I expect it will be somewhat of a testy conversation among the G7 officials,” said Eswar Prasad, an economist at Cornell University and former top official at the International Monetary Fund.

“This is a very difficult period for the relationships among the G7 countries.” The Trump administration has reached an initial trade deal with one G7 member, the United Kingdom, and is engaged in talks with Japan and the European Union. But Canada still faces 25% duties on many of its exports to the United States, including autos, and the other three G7 members – France, Germany, and Italy – all face a baseline tariff of 10% on all their exports as part of the European Union.

It will be the first formal meeting of the G7 attended by US Treasury Secretary Scott Bessent, who participated in a brief G7 gathering last month on the sidelines of the International Monetary Fund and World Bank meetings in Washington, D.C. Federal Reserve Chair Jerome Powell will also attend along with central bank governors from the other G7 nations. “The message from colleagues is pretty clear is that a free and fair and a rules-based multilateral trading system, is a system in which we all win,” Francois-Philippe Champagne, Canada’s minister of finance, said Tuesday.

While many finance ministers gathered in Banff this week will likely seek one-on-one meetings with Bessent, it’s unlikely any trade deals will be reached, according to a person briefed on preparations for the meeting who spoke on condition of anonymity because they did not have authorization to speak about it publicly.