Vice President of Kuwait Chamber of Commerce and Industry (KCCI) Khaled Al-Saqer discussed with Governor of Basra Dr. Majed Al-Nasrawi and his accompanying delegation ways to promote economic cooperation.
During the meeting at KCCI premises on Monday, Al-Aaqer said the State of Kuwait has a long history of commercial, social and cultural bonds with Basra Governorate, south Iraq.
"KCCI is keen on promoting the economic ties particularly through the planed free economic area on the Kuwaiti-Iraqi borders. This area will serve as a gate for joint investments and commercial echanges," he said.
An Iraqi economic delegation is scheduled to visit KCCI next week to arrange for a range of joint activities, Al-Saqer pointed out.
He voiced hope for reaching an early solution to the problems relating to Safwan and Al-Abdaly border crossings with a view to coping with the future developments and meeting the aspirations of investors from both sides.
"KCCI is ready to put its potentials at the disposal of the Iraqi side in order to tap into the potentials of the economic cooperation," Al-Saqer affirmed.
On his part, Al-Nasrawi applauded "the special Iraqi-Kuwaiti diplomatic ties," and highlighted the need to take the economic ties to a new height equivalent to the diplomatic ones.
Commending the role of the private sector as the engine of economic growth, he urged the Kuwaiti companies to tap into the abundant investment opportunities in Basra city which serves as "Iraq's business capital and only seaport.
"Basra City offers many advantages to Kuwaiti investors in such areas as industry, housing and services, given the fact that it is Iraq's closest city to Kuwait and the country's most stable city," Al-Nasrawi pointed out.
He noted that his administration adopted new procedures and mechanisms for attracting foreign investment, notably from Kuwait such as facilitating the issuance of entry visa.
He expressed hope for early reopening of Kuwait consulate in Basra.
Al-Nasrawi invited KCCI leaders to visit Basra city in order to get acquainted with the available investment opportunities and meet business leaders there.
KCCI signed a protocol on cooperation with the Iraqi Federation of Industries in 2003 and a similar protocol with the Federation of Iraqi Chambers of Commerce (FICC) in 2006