Hope the Kuwait Fund for Arab Economic Development will support Vietnam to develop rapidly and sustainably

During his official visit to Kuwait, on the afternoon of November 16 (local time), in the capital city of Kuwait, Prime Minister Pham Minh Chinh visited the Arab Cultural Heritage Building and worked with General Director Waleed Al-Bahar and associates of the Kuwait Fund for Arab Economic Development (KFAED).

Prime Minister Pham Minh Chinh met with Director General Waleed Al-Bahar of the Kuwait Fund for Arab Economic Development. (Photo: Nhat Bac/VGP)

Pleased to visit Kuwait, Prime Minister Pham Minh Chinh expressed his impression of Kuwait's achievements in economic diversification and institutional reform towards the strategic goals of Kuwait Vision 2035, in which KFAED has been making practical contributions to this journey.

The Prime Minister highly appreciated KFAED's effective support in Vietnam, with the provision of preferential and non-refundable loans to 15 projects in localities with a total value of over 183 million USD, contributing to the completion of essential infrastructure, social security, climate change response, and improving people's lives, especially in remote and isolated areas.

Prime Minister Pham Minh Chinh suggested that with its potential, KFAED invest directly and indirectly in projects and fields that Vietnam is prioritizing. (Photo: Nhat Bac/VGP)

During his visit to Kuwait, the leaders of Vietnam and Kuwait agreed to upgrade the relationship to a Strategic Partnership, opening a solid foundation for deeper and more substantial cooperation between the two countries in the coming period. The Prime Minister asked KFAED to continue supporting Vietnam in the fields of social security, rural development, water supply, sanitation, healthcare, education, infrastructure to adapt to climate change and overcome the consequences of natural disasters.

Sharing about Vietnam's two 100-year strategic goals, Prime Minister Pham Minh Chinh emphasized that Vietnam is determined to develop rapidly but sustainably; based on science, technology, innovation, digital transformation; developing green economy, circular economy, sharing economy, knowledge economy, including emerging industries such as artificial intelligence (AI), semiconductor chips, internet of things, big data, cloud computing, biotechnology, marine economy...

Prime Minister Pham Minh Chinh and his wife visit the Arab Cultural Heritage Building. (Photo: Nhat Bac/VGP)

To facilitate development, Vietnam is implementing three strategic breakthroughs in institutions, infrastructure, and human resources in the direction of open institutions, transparent infrastructure, and smart human resources and governance.

In particular, many projects are being implemented to change the situation and status such as: expressways; high-speed railways, urban railways, international standard gauge railways; large-scale seaports and airports; energy projects, including nuclear energy, wind and solar energy; construction of an international financial center in Vietnam...

Prime Minister Pham Minh Chinh and his wife visit the Arab Cultural Heritage Building. (Photo: Nhat Bac/VGP)

Believing that there is still a lot of room for cooperation between Vietnam and Kuwait, the Prime Minister suggested that with its potential, KFAED invest directly and indirectly in projects and fields that Vietnam is prioritizing as mentioned above; at the same time, connect and introduce Kuwaiti enterprises to study investment opportunities in Vietnam in potential fields such as industry - logistics, renewable energy, green economy and Halal ecosystem, and support Vietnamese enterprises to access information and cooperation opportunities in Kuwait and the Middle East region.

Proposing that KFAED support Vietnam in finance, technology, human resource training, and management science, the Prime Minister suggested that the two sides establish a Joint Working Group to introduce potentials, needs, processes, and procedures in the direction of harmonizing processes, simplifying procedures, and establishing cooperation and investment projects; at the same time, jointly implement each step from small to large, from simple to complex; affirming that Vietnam is ready to act as a bridge for Kuwait and Middle Eastern countries to access the Chinese and ASEAN markets...

Prime Minister Pham Minh Chinh, his wife and delegates pose for a souvenir photo. (Photo: Nhat Bac/VGP)

Director General of the Kuwait Fund for Arab Economic Development Waleed Al-Bahar and the Fund's associates highly appreciated the socio-economic development process in recent times, as well as the investment and business environment and strategies and steps of Vietnam in national development in the coming time.

Highly agreeing with the Prime Minister's opinion on establishing a Joint Working Group to promote cooperation and investment, KFAED leaders also proposed promoting public-private cooperation and new cooperation mechanisms and models. KFAED expressed interest in programs and projects in priority areas of Vietnam, and requested the Government and Prime Minister to continue to pay attention and create favorable conditions to promote cooperation between the parties through specific projects.

THANH GIANG

Source: https://nhandan.vn/mong-quy-kuwait-vi-su-phat-trien-kinh-te-a-rap-ho-tro-viet-nam-phat-trien-nhanh-va-ben-vung-post923829.html