Chamber of Commerce: Strengthening Economic Ties with Slovakia and Exploring New Trade and Investment Opportunities

Kuwait City, Oct 7 (KUNA) – The Assistant General Manager of the Kuwait Chamber of Commerce and Industry, Firas Al-Adwan, stressed today the importance of strengthening economic and trade relations between Kuwait and the friendly Slovak Republic, and exploring new opportunities to increase the volume of trade and joint investments between the two countries.

This came in a speech delivered by Al-Adwan during the Kuwait-Slovak Business Meeting organized by the Chamber, attended by Slovak Minister of Foreign and European Affairs Juraj Blanar and his accompanying delegation.

Al-Adwan noted that bilateral trade between Kuwait and Slovakia has seen significant growth, rising from approximately $97 million in 2015 to nearly $279 million in 2024, an increase of about 188 percent over that period. He emphasized that this growth represents a strong foundation upon which to expand bilateral trade into new sectors, encourage greater participation by Kuwaiti and Slovak companies, and leverage the investment and business opportunities available in both countries.

He clarified that economic relations between Kuwait and Slovakia are based on a number of important bilateral agreements, including those on the protection and promotion of investments, the avoidance of double taxation, and economic and technical cooperation, which provide a supportive framework for developing trade and investment ties between the two sides.

Al-Adwan added that Slovakia has expressed its readiness to contribute to developing infrastructure in Kuwait and supporting the targets of the "New Kuwait 2035" vision, including the energy sector. He pointed out that existing agreements between the two countries help reduce barriers to investment and provide greater certainty for companies wishing to develop commercially viable projects in both markets.

He highlighted that participating Slovak companies possess expertise and capabilities in fields such as manufacturing, cybersecurity, advanced healthcare, medical education, steel production, environment, and water management, noting that these areas align with several of Kuwait’s developmental priorities and growing domestic market demand.

Al-Adwan also stressed the importance of the tourism and medical tourism sectors within bilateral relations, noting that approximately 8,000 Kuwaiti citizens visit Slovakia annually, opening additional avenues for cooperation in tourism promotion, travel, and hospitality services.

He expressed hope that the Slovak delegation’s visit and its meetings with the Kuwaiti business sector would mark the beginning of a more active and diversified phase in economic relations between the two countries, translating available opportunities into practical projects and partnerships that serve mutual interests.

For his part, Slovak Minister of Foreign and European Affairs Juraj Blanar, in a similar speech, stated that his current visit to Kuwait holds special significance as it is the first official visit by a Slovak foreign minister to Kuwait in 15 years. He affirmed that it reflects his country’s determination to open a new chapter in bilateral relations and elevate the level of joint cooperation.

Blanar emphasized that Kuwait is an important political and economic partner for Slovakia in the Gulf region, noting the shared interest of both countries in strengthening bilateral ties and expanding cooperation in areas that yield tangible benefits for both sides.

He added that the re-opening of the Slovak Embassy in Kuwait is an important step and an investment in the future of bilateral relations, extending beyond merely restoring diplomatic presence. He explained that enhancing Slovakia’s presence in Kuwait would help support companies, deepen communication between institutions in both countries, and facilitate the discovery of new economic opportunities.

Blanar confirmed his country’s welcome of increased Kuwaiti investment in Slovakia, stating that Slovakia seeks to create conditions that allow Kuwaiti investors to identify attractive opportunities and invest with confidence in the Slovak market.

He pointed to a wide scope for mutual investment cooperation in sectors including energy, data centers, industrial zones, logistics, strategic infrastructure, and technology-based projects, expressing his country’s anticipation that economic relations between the two sides would expand beyond trade to include long-term investment partnerships.

Blanar clarified that the accompanying delegation includes companies and institutions representing sectors with significant potential for cooperation with Kuwait. He noted that Slovakia possesses advanced industrial capabilities, a highly skilled workforce, innovative technologies, and access to the unified European market as an EU member.

He outlined that his country sees significant opportunities for cooperation with Kuwait in healthcare, innovation, infrastructure, water management, advanced technologies, artificial intelligence, tourism, spa and wellness services, telemedicine, as well as selected areas in defense industries.

He stated that economic cooperation is one of the fundamental pillars of relations between the two countries, emphasizing the importance of translating friendly relations and shared political will into commercial partnerships, investment projects, and actual economic growth.

He highlighted the reputation enjoyed by Slovak companies in healthcare, rehabilitation, spa and wellness services, and medical tourism, noting that service providers in these fields have gained the trust of many Kuwaiti visitors in recent years.

Blanar expressed confidence that the meeting represents an important milestone in developing Kuwait-Slovak economic relations and an opportunity to build new partnerships, enhance existing cooperation, and translate the political relations between the two countries into tangible economic achievements that benefit both sides. (End)