Kuwait, Spain deepen economic cooperation amid growing ties

KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed Tuesday the strength of Kuwait-Spain relations, highlighting their foundation in mutual economic interests, shared visions, and a joint commitment to prosperity and sustainable development. Speaking to KUNA on the sidelines of the Kuwaiti-Spanish Joint Committee for Economic Cooperation meeting, Al-Munifi said the gathering underscored various pillars of collaboration between the two countries. These include key sectors such as finance, investment, trade, industrial development, and agricultural and food security, all aimed at further enhancing economic exchange and mutual growth.

Al-Munifi emphasized Kuwait’s keenness to benefit from Spain’s expertise in innovation, technology and sustainability. She also reaffirmed Kuwait’s strategic objective to diversify its economy and expand the private sector’s role through a competitive investment environment and a geographically advantageous location that can serve as a regional hub for Spanish enterprises.

She added that the outcomes of the joint committee meeting reflect the “genuine will” of both nations to strengthen their economic and commercial cooperation, with a clear focus on advancing shared priorities in the next phase of engagement. For her part, Spain’s Secretary of State for Trade at the Ministry of Economy, Trade and Business, Amparo Lopez Sinovila, described the joint committee as a vital platform for addressing key economic issues, removing barriers to trade and investment, and fostering meaningful dialogue on areas of mutual interest.

Kuwaiti-Spanish Joint Committee for Economic Cooperation holds talks to discuss finance, investment, trade, industrial development, agricultural and food security. – KUNA photos

Lopez Sinovila called on business chambers in both countries to intensify efforts by organizing forums and specialized exhibitions to explore new trade and investment opportunities. She also encouraged continued exchange of trade delegations and the promotion of Spanish products in the Kuwaiti market. In a related development, the Kuwait Chamber of Commerce and Industry hosted a Spanish trade delegation led by Minister of State for Trade Amparo Lopez Sinovila, with the participation of Spanish Ambassador to Kuwait Manuel Anandiz Gamayo and representatives of leading Spanish companies.

During the meeting, Al-Munifi urged Kuwaiti and Spanish business leaders to pursue joint ventures in key fields such as transportation, construction, healthcare and technology. She reiterated the Ministry’s commitment to supporting Spanish companies and helping address any challenges they may face in Kuwait’s market. The Chamber, in a statement following the meeting, welcomed the Spanish delegation and praised the visit as part of ongoing efforts to bolster Kuwaiti-Spanish economic relations. It affirmed that bilateral trade ties are robust, noting that Spain is among Kuwait’s most significant trading partners in the European Union.

Trade between the two countries has surpassed $1 billion, while Kuwaiti investments in Spain have grown across vital sectors such as finance, tourism and energy. Spanish exports to Kuwait, including machinery, ceramics, chemicals, and global fashion brands, continue to find a strong market. The sports sector has also witnessed notable collaboration, with the Rafael Nadal Tennis Academy choosing Kuwait for its first expansion outside Spain.

The Chamber highlighted the key contributions of Spanish engineering firms to major infrastructure projects in Kuwait, including the Gamal Abdel Nasser Highway and the airport expansion, underscoring the deepening trust and potential for future cooperation. With Kuwait striving for economic diversification and Spain seeking broader global engagement, the Chamber stressed that the current momentum presents an ideal opportunity to expand cooperation in areas such as renewable energy, innovation, tourism, and logistics. It concluded by affirming its readiness to act as a strategic partner in facilitating dialogue, resolving challenges, and fostering sustainable partnerships that benefit both economies. — KUNA