KUWAIT CITY, Oct 9, (Agencies): Asia’s economic powers, including major oil producers and consumers, are to meet in Kuwait on Monday to discuss how to protect their nations against global crises. Foreign ministers of the 31-member Asia Cooperation Dialogue (ACD), set up in 2002, will attend the two-day meeting focused on ways to activate the forum, Kuwait’s foreign ministry undersecretary Khaled al-Jarallah said on Sunday. “Fortunately, Asian countries have so far avoided the impacts of the world’s ongoing sovereign debt crises. We will discuss how to protect our nations against these crises,” Jarallah told reporters after a preparatory meeting. Ministers from economic powers such as China, Japan, India and South Korea will meet with their counterparts in the world’s leading oil producers, Saudi Arabia, Kuwait, United Arab Emirates, Qatar, in addition to Iran and Russia.

They will review the “financial crises and their impact on Asia and ways to face them” and “investment opportunities” including technology and transport, according to a programme distributed by organisers.
Jarallah said the meeting, to be opened by the Kuwaiti emir, will discuss the issue of energy supplies in addition to proposals to turn the forum into an organisation capable of implementing projects. Meanwhile, visiting Kuwaiti Finance Minister Mustafa Al-Shimali and his Chinese counterpart Xie Xuren on Sunday pledged to further boost economic and trade ties between the two countries as well as cross-investment.

During their meeting in the Chinese capital, Al-Shimali and Xie exchanged views on bilateral, regional and global financial and economic issues, including the two countries’ fiscal policies. The two ministers also shed light on the smooth growth of Sino-Kuwaiti relations ever since they first forged diplomatic ties 40 years ago, saying the two countries have witnessed a sustainable and growing cooperation in various areas, and showed confidence in the prospect of all-round cooperation in the future. Kuwait was the first Gulf Cooperation Council (GCC) nation to forge diplomatic ties with China in 1971.

Speaking to Kuwait News Agency (KUNA), Al-Shimali said he told Xie that, as an official invitation, Kuwait welcomes Chinese entities and businessmen to take part in its five-year development plan running through 2014, which Xie welcomed. Kuwait’s ambitious development plan would pave the way for the country to become a regional trade and financial hub through sustaining economic development, economic diversification and GDP growth. Mega projects involve renewing energy and oil facilities, the establishment of the new business hub, a major container harbor, a 25-km causeway, railway and metro system, infrastructure, hospitals, institutes, and universities.

Al-Shimali also thanked Xie for the support by Chinese authorities that enabled Kuwait Investment Authority (KIA), an investment arm of the Kuwaiti government, to establish its office in Beijing, noting that it is KIA’s first ever representative office..

Xie expressed appreciation for the long-term financial assistance granted by Kuwait to various projects in China, which greatly contributed to the improvement and development of infrastructure in the country. Since 1982, the KFAED has offered loans for 34 major projects, all channeled to developmental and infrastructural projects especially in poor areas, with a total value of $880 million.
On the other hand, more than 20 Chinese companies are currently operating in Kuwait and contributing to its development through such projects as crude gathering systems, pipelines, Boubyan Island.
The two-way trade volume reached $8.54 billion in 2010, up 68 percent year-on-year, or 40 times more compared to the beginning of official diplomatic relations.

Kuwait is also China’s major crude oil suppliers, with its shipment to the world’s biggest energy user exceeding a record of 10 million tons (201,000 barrel a day) last year. The two countries also plan to build a $9 billion refinery and petrochemical complex in China’s south.
Kuwaiti Ambassador to China Mohammad Al-Thuwaikh and KIA Managing Director Bader Al-Saad also attended the meeting. Al-Shimali is here for a four-day visit to China. He is also scheduled to meet other Chinese officials, including Yi Gang, Deputy Governor of the People’s Bank of China and administrator of the State Administration of Foreign Exchange.