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18 Aug 2008

Brunei, Philippines included in Kuwait’s $27bn Asian deals

Brunei and the Philippines are among Asian countries Kuwait have signed more than $27 billion of investment agreements with during an Asian tour this month, reported Reuters on Sunday.

Reuters quoted a report in daily Awan citing Mustapha al-Shamali as saying that the agreements were in the economic, oil, health and foreign affairs sectors. “The value of the accords and economic and commercial protocols are more than $27 billion, with $3 billion to $4 billion of investments and possible commercial partnerships with each country,” Shamali said.

Shamali and Kuwaiti Prime Minister Sheikh Nasser al-Mohammad al-Sabah went on a tour of eight Asian countries this month to boost trade ties.

Kuwait would also “cooperate with South Korea, Thailand and the Philippines, in the health sector”, Shamali said, without giving details.

Kuwait is talking with Asian countries, including Cambodia, about securing food supplies and investing in agriculture as the Gulf state looks to diversify its sources of food, the country’s news agency Kuna reported on Saturday.

A delegation including the Kuwait Investment Authority, a sovereign wealth fund, will visit Cambodia, Laos and Myanmar this month to look at investments in agriculture and industry, Kuna cited Shamali as saying on Saturday.

Kuwait wants to boost investments across asset classes in Asia with a focus on Japan, China and India, Shamali said last month.





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