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Iraq Kuwait Bilateral Economic Ties Are Unfolding.

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Iraq and Kuwait towards economic integration and the establishment of a free trade zone   April 13, 2017

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BAGHDAD - The balance of News
Iraq and Kuwait engaged in in-depth discussions to meet the requirements for achieving economic integration between the two countries, and the establishment of joint industrial zones and other free trade, as well as the signing of the commercial, technical and economic cooperation agreements.
Those discussions waged a high economic delegation headed by the Minister of Planning and Minister of Trade Agency d. Salman Jumaili with his Kuwaiti counterpart, Minister of Commerce and Industry Khalid Nasser Al-Roudhan, who noted that Iraq is still a promising and important market, but has the technical, human and economic capacity, making it eligible for export.
He called for the need to lift all obstacles that prevent the export of materials and products originating in Iraq and Kuwait to the market in order to balance the trade relationship between the two countries and achieve common interest.
• meetings at the highest level
Minister of Planning and Minister of Trade Agency Dr. Salman al-Jumaili this morning met with Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah and discussed the development of fraternal relations between the two brotherly neighbors, meeting confirms the success of his talks with his counterpart Jumaili Rodan.
He also met with Sheikh Sabah al-Jumaili Khalid Al-Hamad Al-Sabah, First Deputy Prime Minister and Foreign Minister of Kuwait Thursday in the presence of the Minister of Trade and Industry and Minister of State for Youth Affairs Acting Khaled Nasser Al-Roudhan
The meeting was attended by Deputy Foreign Minister Ambassador Khalid Sulaiman Al-Jarallah and Assistant Foreign Minister for First Deputy Prime Minister and Minister of Foreign Affairs Ambassador Sheikh Office Dr. Ahmad Nasser Al-Mohammad Al-Sabah, Kuwait's Ambassador to the brotherly Republic of Iraq, Ambassador Salem Ghassab Zamanan Assistant Foreign Minister for Arab World Ambassador Aziz Rahim Daihani and Assistant Foreign Minister for development Affairs and international cooperation Minister Plenipotentiary Nasser Al-Sabeeh Sabih and a number of senior officials at the State Department.

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raise the barriers to entry of Iraqi businessmen to Kuwait
He stressed Jumaili the need to work in order to market to improve the business environment between the two countries, ensuring that attract investment and economic opportunities and to encourage Iraqi businessmen to work with Kuwait, noting that the most important point in this area is to raise barriers to businessmen, traders and industrialists Iraqis enter into Kuwaiti territory.
He said the issue of entry to Kuwait visa constitutes an important barrier to the development of economic and trade relations between the two neighboring countries and deprive Kuwait of important opportunities economically, where these obstacles cause of the failure of the Kuwaiti economic activity in Iraq, while other countries invested this vacuum and managed to achieve major gains.


• activate the transit trade
The Jumaili and the political will of his country's government and the institutions of the decision of Iraq to develop a relationship with Kuwait, pointing out that the relationship with Kuwait as much as much as imposed by the imperatives of geopolitical, they are at the same time in response to the feelings of loving affections of the Iraqi people of the Kuwaiti people.
Jumaili said that the Iraqi government administration is moving to remove the technical and legislative obstacles to the development of trade and mutual investment between the two countries and promote transit trade through the development of the road link between Iraq and the geographical proximity insurance, including Kuwait, Jordan, Syria, Turkey and Iran.


• international will to secure Iraq
Jumaili He noted that the current year will turn the page on the organization of Daesh and terrorism in Iraq forever, stressing that this would "contribute to a promising investment and economic environment, so it is appropriate that the Kuwaitis move from now before it is too late to be for them to attend appropriate in the future of Iraq economic and booming. "
He also noted in a press statement received / scales News / copy of it that "there is a comprehensive international will in Iraq to be an environment for regional security and international being one of the security and stability of the pillars of the region and the world. He praised Kuwait's efforts in the development of plans for the development of infrastructure land road link between Iraq and Kuwait ".
He said that an important gesture in activating the trade route between the two countries, wishing to reach an approach to stimulate trade and encourage mutual investment and seek to establish successful projects that would promote the economic reality of both countries. "


• Kuwait: the location of the gateway to Iraq for wider investment
For his part, Minister of Commerce and Industry of Kuwait Khalid Nasser Rawdhan his country seeks every effort to invest the geographical location of Iraq in order to open the doors of trade through it to Iran, Turkey, Syria and Jordan, and then through these countries to world markets in Asia and Europe.
He said that his country was open to Iraq in full and seek to sign commercial and technical and economic cooperation agreements with him.
He said he greatly appreciated what Iraq possessed elements of the human, economic and technical qualify it to be one of the leading countries economically.
He pointed out that the opportunity is available to achieve economic integration and building a fruitful and strategic between Iraq and Kuwait.


• Religious tourism as an investment
The Kuwaiti minister admitted humbly two-way trade volume between Iraq and Kuwait, compared with the volume of trade with other neighboring countries of both countries, indicating the importance of mutual striving for the development of trade between them and the investment of economic, human and geographical features of the two countries to serve the economic boom and the development of economic cooperation at the regional level.
The Kuwaiti minister said he had received instructions from the Emir of Kuwait to confirm the pursuit of economic development and investment and strategic relations with Iraq, as well as his interest in the various Iraqi market opportunities such as investment in the oil and gas industry and religious tourism.
He stressed the necessity of opening the way for Kuwait to become a conduit for visitors to the citizens of the Arab Gulf states and pan-Asian to holy sites in Iraq, as is the case in the past when the delegates and visitors to the holy shrines in Iraq, Kuwait pass to come and return trip.


• Free Trade Area
The Kuwaiti side expressed its desire to study the economic, investment and industrial projects in Iraq, at the beginning of an integrated strategy weave between the two countries in the fields of industry as well as the possibility of setting up joint industrial zones, as well as common areas of free trade between the two countries. At the end of the meeting, the two sides noted that the changes in the global oil market, reflected negatively on the economic situation throughout the region and on Iraq and Kuwait considerably, stressing that it calls for quick action to prepare and implement plans and procedures that will diversify the sources of income and diversification of economic activity in order to avoid the imbalance that has arisen for lower oil prices.
Together and stressed that the joint work of cooperative and complementary between the two countries has become one of the necessities of stage .

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This was an awesome article wow!!...I didn't know but the 15th and 16th is a holiday recognized as a part of the Easter and it's called "FIRST FRUITS". Just saying. March 21 something happen.

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Minister: Iraq offers comparative advantage to Kuwaiti investments

Minister: Iraq offers comparative advantage to Kuwaiti investments
Iraq's LNG production rises to 6,000 tons per day - Reuters
 
 14 April 2017 02:23 PM

KUWAIT: Kuwait is keen to give Kuwait a comparative advantage in investment concessions in its markets, according to Kuwait News Agency (KUNA).

Salman Al Jumaili told KUNA on Friday that during his meeting with Minister of Trade and Industry and Minister of State for Youth Affairs Khalid Al-Roudhan, he reached an integrated plan to deal with obstacles in the next phase by facilitating the obtaining of visas between the two countries and the possibility of entering goods between the border Wild as well as facilitating the payment of goods.

He explained that his government began to take a package of economic reforms through the amendment of laws and legislation in order to create an attractive environment for foreign investment in order to ensure the expansion of the country's productive base.

He said his country's economic reform program focused on privatization, attracting investment, encouraging the private sector to compete and diversifying exports to help reduce dependence on oil revenues as a single source of national income.

He said that Iraq relies on Kuwaiti investors to contribute to the economic development of his country and to achieve the government program as required, calling on Kuwaiti companies to invest in the reconstruction process.

The Iraqi oil minister said in early April that his country will supply Kuwait with 200 million cubic feet of liquefied natural gas (LNG) per day, likely to finish soon the project of supplying Kuwait with gas, quoting Kuwait News Agency (KUNA). 

Jabbar al-Allaibi pointed to the investment of Iraq to 1.4 billion cubic feet of gas per day during the current year, compared to 650 million cubic feet in 2016, according to "KUNA". 

He said Allaibi: Iraq's production of liquefied natural gas rose to 6 thousand tons per day, while the rate of export thousand tons per day, according to the agency.

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Back in the $5.26 days , many of us reasoned that the dinar would come in at least par with Kuwait

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2 hours ago, dinarham said:

Back in the $5.26 days , many of us reasoned that the dinar would come in at least par with Kuwait

If this comes within $5 of what you have there I am done and checking out of my job within 90 days.  

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2 hours ago, dinarham said:

Back in the $5.26 days , many of us reasoned that the dinar would come in at least par with Kuwait

The Kuwaiti Dinar is based on the GBP so many have stated that it would never happen BUT...

currently the GBP is 1.25 to 1.00 USD and the Kuwaiti Dinar is 3.28 to 1.00 USD so I say that it is entirely possible!  Perhaps not right out of the gate but over the course of a year or two.

Dr J

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3 minutes ago, drj said:

The Kuwaiti Dinar is based on the GBP so many have stated that it would never happen BUT...

currently the GBP is 1.25 to 1.00 USD and the Kuwaiti Dinar is 3.28 to 1.00 USD so I say that it is entirely possible!  Perhaps not right out of the gate but over the course of a year or two.

Dr J

Exactly why I'll hold on to 1/2.

101

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Very nice report.If a country like Kuwait can get on board after iraq invaded raped and burned

their country.you would think money has trumped emotion. Now if we can get Iran and turkey

to leave the country maybe the three religious groups could work something out. Should be about

another five years at their pace of doing things.

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Luigi found this news article of interest.
Iraq is positioning itself to an open trade economy in the region.
More pieces of the RV puzzle coming together.
Long read but worth it.
 
 
16 April 2017  Iraq Business News...
Iraq and Kuwait are engaged in in-depth discussions to meet the requirements of achieving economic integration between the two countries, establishing joint industrial zones and free trade exchanges, as well as signing agreements for trade, technical and economic cooperation.
These discussions are conducted by a high economic delegation headed by Minister of Planning and Minister of Commerce and Agency d. Salman Al-Jumaili with his Kuwaiti counterpart, Minister of Trade and Industry Khaled Nasser Al-Roudhan, who pointed out that Iraq remains a promising and important market, but possesses technical, human and economic capabilities, making it eligible for export.
He called for the lifting of all obstacles that prevent the export of materials and products of Iraqi origin to the Kuwaiti market in order to achieve balance in the commercial relationship between the two countries and achieve common interest.
Minister of Planning and Trade Minister Salman Al-Jumaili met with Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah and discussed the development of fraternal relations between the two neighboring countries, a meeting that confirms the success of the talks held by Al-Jumaili with Al-Roudhan.
Al-Jumaili also met with Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Hamad Al-Sabah on Thursday in the presence of Acting Minister of Commerce and Industry Khalid Nasser Al-Roudhan.
The meeting was attended by Deputy Foreign Minister Khalid Sulaiman Al-Jarallah and Assistant Foreign Minister for the Office of First Deputy Prime Minister and Minister of Foreign Affairs, Ambassador Sheikh Ahmed Nasser Al-Mohammad Al-Sabah, Kuwaiti Ambassador to Iraq Salem Ghassab Al-Zamanan, Assistant Foreign Minister for Arab Affairs Aziz Aziz Rahim Al-Dehani and Assistant Foreign Minister for Foreign Affairs. Development and International Cooperation Minister Plenipotentiary Nasser Subaih Subeih and a number of senior officials of the Ministry of Foreign Affairs.
Jumaili stressed the need to work to promote the improvement of the commercial environment between the two countries, so as to attract investment opportunities and economic and encourage Iraqi businessmen to work with Kuwait, noting that the most important point in this area is to lift barriers to the entry of Iraqi businessmen and traders and industrialists to Kuwaiti territory.
He pointed out that the issue of visa to Kuwait is an important obstacle to the development of economic and trade relations between the two neighboring countries and deprives Kuwait of economically important opportunities, as these obstacles caused the failure of Kuwaiti economic activity in Iraq, while other countries invested this vacuum and was able to achieve great gains.
Al-Jumaili stressed the political will of the Iraqi government and the Iraqi decision-making institutions to develop relations with Kuwait, pointing out that the relationship with Kuwait is as much as the necessities of geopolitics are at the same time in response to the feelings of love that the Iraqi people have for the Kuwaiti people.
Al-Jumaili added that the government’s administration is moving to remove the technical and legislative obstacles that prevent the development of trade and mutual investment between the two countries and activate the transit trade by securing and developing the roads linking Iraq with the neighboring countries, including Kuwait, Jordan, Syria, Turkey and Iran.
Al-Jumaili pointed out that this year will witness a long page of organization calling and terrorism in Iraq forever, stressing that «this will contribute to the creation of a promising investment and economic environment so it is appropriate to move Kuwaitis from now and before it is too late to have a proper presence in the future of Iraq Economic and prosperous».
He also noted in a press statement that “there is a comprehensive international will in Iraq as an environment for regional and international security as one of the pillars of security and stability for the region and the world. And praised the efforts of Kuwait in the development of plans for the development of infrastructure road road link between Iraq and Kuwait».
He said that this is an important step in activating and activating the trade line between the two countries, hoping to reach an approach to activate trade exchange and encourage mutual investment and seek to establish successful projects that will promote the economic reality of both countries.
Kuwait’s Minister of Trade and Industry Khalid Nasser Al-Roudhan said that his country is exerting every effort to invest in Iraq’s geographical location in order to open the doors of trade exchange to Iran, Turkey, Syria and Jordan and then through these countries to world markets in Asia and Europe.
He said that his country is fully open to Iraq and seeks to sign agreements for trade, technical and economic cooperation with him.
He added that he highly appreciates Iraq’s human, economic and technical resources, which qualify it to be one of the leading economies.
He pointed out that the opportunity is available to achieve economic integration fruitful and constructive and strategic between Iraq and Kuwait.
The Kuwaiti minister acknowledged the modest volume of trade between Iraq and Kuwait compared to the volume of trade with other countries neighboring the two countries, noting the importance of mutual endeavor to develop this trade between them and invest the economic, human and geographical advantages of the two countries to serve the economic renaissance and the development of economic cooperation at the regional level.
The Kuwaiti minister said that he received instructions from the Emir of Kuwait confirming Kuwait’s efforts to develop its economic, investment and strategic relations with Iraq, as well as its interest in the various opportunities in the Iraqi market such as investment in oil, gas, industry and religious tourism.
He stressed the need to open the way for Kuwait to become a corridor for visitors to the citizens of the Gulf States and the whole of Asia to the holy shrines in Iraq, as in the past when the delegations and visitors to the holy shrines in Iraq, going through Kuwait on the journey of arrival and return.
The Kuwaiti side expressed its desire to study economic, investment and industrial projects in Iraq at the beginning of weaving an integrated strategy between the two countries in the industrial fields as well as the possibility of establishing joint industrial zones as well as common areas for free trade exchange between the two countries. At the end of the meeting, the two sides noted that the changes in the international oil market reflected negatively on the economic situation throughout the region and on Iraq and Kuwait in a big way, stressing that this calls for the rapid action to prepare and implement plans and procedures that will diversify sources of income and diversify economic activity to avoid the imbalance that arose On lower oil prices.
And stressed together that the joint work of cooperation and integration between the two countries has become one of the necessities of the stage.
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I am going to assume that they mean tonnes and not tons. 1 tonne of liquid is equal to 14.67 cubic feet. 1.4 billion cubic feet equates to approximately 95.4 million tonnes. About 16% of their total supply.

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