Kuwait to partner Lankan fishery sector

Saturday, 23 July 2016 00:00 - - {{hitsCtrl.values.hits}}

Minister of Industry and Commerce Rishad Bathiudeen meets Kuwaiti Minister of Commerce Yousuf M. Abdullah Al-Ali on the sidelines of the 14th Session of the UN Conference on Trade and Development (#UNCTAD14) in Nairobi, Kenya on 18 July

Kuwait, the Persian Gulf economy with a longstanding aquaculture tradition, revealed its keenness for Lankan seafood and also expressed its interest to partner the Lankan fishery industry.

“We import fish from other South Asian countries but not from Sri Lanka,” revealed Kuwaiti Minister of Commerce Yousuf M. Abdullah Al-Ali.

Al-Ali was meeting Minister of Industry and Commerce Rishad Bathiudeen on 18 July in a bilateral trade meet on the sidelines of 14th Session of the UN Conference on Trade and Development (UNCTAD 14) in Nairobi, Kenya.

Joining the session with Bathiudeen was Sri Lanka’s Ambassador and Permanent Representative to the World Trade Organization (WTO) R.D.S. Kumararatne.

According to the Department of Commerce, in 2015 total trade between the two countries stood at $ 67.58 m. About 75% of Sri Lanka’s exports to Kuwait is Ceylon Tea. Kuwait has a traditional fishery industry focused on finfish and shrimps.

“Kuwait-Sri Lanka trade may be not so big but it is continuous. We believe we can develop this in future,” said Al-Ali. “We are keen to import fish such as yellow fin tuna from Sri Lanka as well. We can also partner with Sri Lanka and develop this sector. It is time we look at Sri Lanka.”

Bathiudeen stressed on the strength of Sri Lanka-Kuwait bilateral relations and said: “Kuwait and Sri Lanka have sustained a strong, friendly relationship over the years. We also thank Kuwait Fund for the support extended to build road infrastructure in Sri Lanka, especially a number of bridges. Sri Lanka’s hub position is a great opportunity for global investors. Investors to Sri Lanka can access the neighbouring markets through our FTAs which allow the investors to export almost 8,000 product lines duty free to the huge 1.4 billion South Asian market. My Ministry officials and I are ready extend our fullest assistance to Kuwaiti investors who wants to invest in our fishery sector. With regard to Kuwait partnering in our fisheries, I shall explore possibilities as to how Kuwait can invest in it. We also export about $ 190 m fish to major markets around the world. Tourism infrastructure, housing, other heavy infrastructure on BOT basis as well as fruits and vegetables are also promising investment opportunities for Kuwaiti investors and I invite Kuwaiti investors to these sectors as well.”

The Kuwaiti Minister also suggested that Bathiudeen arrange a presentation on potential investment projects in Sri Lanka, aimed at Kuwaiti funding agencies.

Kuwait currently imports a negligible volume of fish from Sri Lanka ($0.38 m in 2015 but registered a 35% surge from its 2014 imports).

Both Ministers also delved into other avenues of cooperation during their discussions.