VN, Kuwait target strategic food and energy partnership

Minister of Industry and Trade Vu Huy Hoang and Kuwaiti Minister of Oil and Information Sheikh Ahmad Al-Abdulla Al-Sabah have discussed measures to boost bilateral ties, especially in trade, investment, energy and infrastructure construction.

During their talks in Hanoi on September 29, the two sides agreed to strengthen bilateral cooperation in other sectors including electricity, mechanical engineering, shipbuilding and food processing.

According to Minister Hoang, the economic-trade relations between Vietnam and Kuwait have seen positive developments since the two countries established diplomatic ties in 1976 with two-way trade exceeding US$100 million per year.

He expressed his belief that with their existing potentials, the two countries will have a close and long-term cooperation on the principle that Kuwait helps Vietnam ensure energy security and Vietnam helps Kuwait ensure food security.

Regarding financial and investment cooperation, through the Kuwait Fund for Arab Economic Development, Vietnam has inked seven agreements borrowing US$110 million from Kuwait for infrastructure construction.

Vietnam exported dairy products, seafood, tea, garment, coffee and ceramics to Kuwait while importing petrol, chemicals and fertiliser from the Middle East country. – VOV

Tags: Vietnam Kuwait cooperation