KUWAIT CITY, Oct 7: The Kuwait Chamber of Commerce and Industry (KCCI) on Tuesday reaffirmed its commitment to deepening economic cooperation with Russia, expressing enthusiasm for building a commercial future rich with new opportunities and mutual prosperity.

Speaking at a reception for a visiting Russian trade delegation from the Moscow Chamber of Commerce and Industry, Assistant Director General of KCCI Firas Al-Odah emphasized that the meeting marks a significant step forward in solidifying long-standing ties between the two nations.

“This meeting reflects the depth and strength of the historical bilateral relations between the two countries and holds more opportunities for growth and trade cooperation between them,” Al-Odah said.

He linked the timing of the visit to broader diplomatic momentum, noting it follows the anticipated visit of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah to Russia for the first Russian-Arab summit—a gesture that underscores the enduring relationship and shared values between Kuwait and Russia.

Al-Odah highlighted the significance of the meeting, which brought together representatives from some of Russia’s most diverse and innovative companies, spanning fields such as medical diagnostics, laboratory technologies, luxury interior design, advanced equipment, and industrial safety systems.

“The presence of these companies is not limited to providing technical expertise,” he said. “It embodies the spirit of cooperation and investment that aligns with the ambitious vision to achieve sustainability.”

Providing a snapshot of trade trends, Al-Odah noted that bilateral trade between Kuwait and Russia demonstrated steady dynamism from 2014 to 2023, peaking in 2020 at approximately $239 million. A particularly notable year was 2016, which saw crude oil exports reach $265 million. While trade volumes have fluctuated, 2023 recorded a slight increase, indicating renewed activity and promising potential for further diversification of trade ties.

For their part, the Russian delegation voiced optimism that the gathering would serve as a catalyst for deeper economic collaboration.

A representative of the delegation emphasized the strength of Russian private sector companies across various commercial and industrial domains. He noted that many of these firms hold major contracts with Russian ministries and government agencies, delivering essential services and demonstrating technical excellence.

“We hope for a strong entry into the Kuwaiti market and look forward to strengthening our commercial and investment presence here,” he said.

The Russian trade delegation featured a wide array of companies specializing in technology, engineering, medical services, energy, and more. The meeting also included the participation of several Kuwaiti companies, signaling mutual interest in expanding cooperation across strategic sectors.

Meeting of the Kuwait Chamber of Commerce and Industry with the Russian trade delegation representing the Moscow Chamber of Commerce and Industry