Kuwaiti Ambassador to Albania Nejib Al-Bader has underlined significance of the economic diplomacy noting that it has helped Kuwait cope with major challenges at this level.
The economic diplomacy has helped Kuwait shift from an oil-dependent economy to diversified economy, channeling investments into various domains, said the ambassador, speaking at "the round table," held by the society of honorary consuls and the Albanian television channel, Ora News, according to an embassy statement sent to KUNA, on Tuesday.
Kuwait has taken major steps forward for sake of transforming itself into an international financing and investment hub, he said, noting as well substantial efforts over the past 53 years for funding development schemes in many nations.
After end of the cold war, all Arab Gulf states, including Kuwait, shifted from political to economic diplomacy as part of the quest to restore the good economic status, witnessed in the 70s and 80s.
Ambassador Al-Bader noted significance of visits that had been paid by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, in his former capacity as foreign minister, to Asian nations in 2004, to examine the Asian economic experience and explore cooperation prospects.
Kuwait and the other GCC states, that possess more than 40 percent of the global oil reserves, base their ties with the Asian nations on joint interests.
Ambassador1 Al-Bader affirmed that the Kuwaiti diplomatic missions abroad are guided according to the national economic diplomatic strategy. He also underscored tangible improvement of ties with Albania.