Iraqi economic breakthrough - Kuwaiti

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Iraqi economic breakthrough - Kuwaiti

Kuwait - Reuters

Friday, December 21, 2012

Kuwaiti economists saw yesterday, that the agreement signed the day before ending claims «Kuwait Airways to their Iraqi counterparts, that would open broad economic prospects between the two countries after more than two decades of estrangement that followed the Iraqi invasion of Kuwait in 1990. Under the agreement signed in London will pay «Iraqi Airways $ 500 million to the Kuwaiti counterpart in mid-January (January) next, to waive the Kuwaiti company from lawsuits filed against Iraq, which date back to the period of the Iraqi invasion of Kuwait.

And fought «Kuwait Airways» «Iraqi Airways, both of which are owned by the state, a long dispute to the billions of dollars in damages from Iraq include about $ 1.2 billion related to aircraft and components were seized during the Iraqi invasion of Kuwait.

Kuwait was tried last year confiscated an Iraqi tanker planes in London after obtaining a High Court order against 'Iraqi Airways' included freezing assets around the world. The Iraqi company stopped flights to Britain and Sweden fear that book Kuwait on its planes.

Ali Thunayan Alghanim, Chairman of the Chamber of Commerce and Industry, told Reuters, that the agreement «a hundred percent positive because it will end the disputes between the two sides, which took a long time to the point that investors have lost confidence in the possibility of signing. Said Jassim al-Saadoun, head of the Center for Shall Consulting »The signing of the agreement indicates that« things are going in the right direction is unlikely to end this tension between the two countries step in a complete form.

Ghanim stressed that trade and investment relations between the two countries have a long history before the Iraqi invasion of Kuwait, but it is now «is not at the required level with the exception of northern Iraq's semi-autonomous. Hussein Al-Kharafi said, president of the Kuwaiti Industries Union, said the move comes in a series of steps undertaken by countries in the recent period to improve political and economic relations between them.

The Iraqi Prime Minister Nuri al-Maliki has in March last visit to Kuwait During the visit an agreement on the settlement of disputes concerning the rights «Kuwait Airways» on their Iraqi counterparts, as the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah visited Iraq to attend the Arab Summit in Baghdad end of the same month. Following these visits, the company started Jazeera Airways Kuwait direct flights to Iraq in the past is the first of its kind since the Iraqi occupation of Kuwait 22 years ago.

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