The Sultanate of Oman and the State of Kuwait recently signed four memorandums of understanding (MoUs) in multiple fields including direct investment, metrology activities and diplomatic studies and training. The Oman Investment Authority (OIA) and the Kuwait Investment Authority signed the agreements at the Kuwait Chamber of Commerce and Industry during the visit of Sultan Haitham bin Tarik, the Sultan of Oman, to Kuwait.
Promoting direct investment
In the areas of direct investment and standardization, Oman’s Ministry of Commerce, Industry and Investment Promotion signed two agreements. The ministry signed the first agreement with the Kuwait Direct Investment Promotion Authority to establish a framework for cooperation for direct investment. Moreover, the agreement aims to facilitate the exchange of knowledge and experience between the two entities.
The ministry signed a second agreement with the Kuwait Public Authority for Industry in the field of standardization. This agreement aims to boost cooperation between Oman and Kuwait in standardization, quality, laboratories and conformity assessment initiatives. Moreover, it seeks to raise the quality of non-food industrial products and services between both countries.
Bolstering joint investments
In addition, the OIA and the Kuwait Investment Authority forged an agreement to establish a framework for cooperation and coordination in the countries’ joint investments. The agreement paves the way for discussions about existing and future investment opportunities in both Oman and Kuwait in fields including energy, utilities, infrastructure, communications, transportation and logistics services. Both parties also looked into the possibility of establishing a joint investment fund.
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Modernizing diplomatic studies
During the meeting, Oman’s foreign ministry and Kuwait’s ministry of foreign affairs inked an agreement to develop and modernize the field of diplomatic studies and training. The agreement seeks to improve the methods of training specialists in the fields of foreign policy, international relations, political science and other related fields. Moreover, it facilitates the exchange of documents, studies and experiences on topics of mutual interest.
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