KUWAIT CITY: Malaysia and Kuwait will join forces in trade and investments to help each other weather the current economic situation.
Prime Minister Datuk Seri Abdullah Ahmad Badawi said cooperation was one way to boost the economies of the two countries.
Another way would be for companies of both nations to form joint ventures and invest in a third country.
“It will not only guarantee success but build confidence between the two countries,� he told a group of Malaysian journalists yesterday during his official visit tothe gulf state.
Abdullah had held meetings with the Amir of Kuwait, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, and Kuwait Chamber of Commerce and Industry (KCCI) chairman Ali Thunayan Al-Ghanim.
He had also met the Kuwait Fund of Arab Economic Development deputy Director-General Ghanem Al-Ghenaiman and Kuwait Investment Authority managing director Bader Al-Saad.
Abdullah suggested that Malaysia and Kuwait should invest in petrochemical and public works.
His meeting with Sheikh Sabah included discussions on two-way agreements to further encourage investments from Kuwait into Malaysia. “The potential is good. Kuwait would be given all the encouragement and incentives to make more investments in Malaysia,� he said.
“Sheikh Sabah said he had no objections to that.� Abdullah said he had also emphasised that Malaysia was increasing its efforts in agriculture so that the food sufficiency policy could be implemented as soon as possible.
“We wanted to encourage Kuwait to invest in large-scale farming,� he said.
“Coincidentally, they are also planning to invest in this area and looking at Malaysia as a possible destination.�
