x Abu Dhabi, UAEFriday 19 January 2018

Argentina courts Kuwait trade and investment

Visit by South American country's president sees Kuwait Investment Authority presented with proposals for projects worth $3.3bn.

KUWAIT CITY // The president of Argentina, Cristina Kirchner, yesterday concluded a two-day visit to Kuwait after overseeing seven agreements to boost cooperation between the two countries.

"The aim of this trip is to intensify the commercial relations with the new buyers of Argentine products," the president posted on her Twitter account on Sunday, the Buenos Aires Herald reported.

The agreements were aimed at boosting trade and investment, and cooperation in fields such as agriculture, sport and health care.

Ms Kirchner said in a speech at a dinner on Sunday that the Kuwaiti government and private sector has great opportunities to invest in Argentinian agriculture, mining and tourism, the state news agency, Kuna, reported.

The delegation met representatives of the Kuwait Investment Authority (KIA) yesterday and signed a memorandum of understanding designating Argentina a "strategic destination" for investment, the official Argentinian news agency, Telam, reported. The agreement enabled businessmen to present KIA with projects worth US$3.3 billion (Dh12.1 billion).

The Argentinian delegation, which included about 80 businessmen, is the latest foreign mission to court investment from Kuwait and seek opportunities after Kuwait launched a multi-billion dollar investment drive last year.

A president-led Turkish trade mission visited the country last week. Ms Kirchner was scheduled to fly to Qatar yesterday and will also visit Turkey during her six-day trip.