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11/7/2009
The Visit of Kuwait’s Minister of Commerce and Industry to Canada
Ottawa, Canada

His Excellency Ahmad Rashed Al Haroun, Kuwait’s Minister of Commerce and Industry led a trade mission to Canada on November 3-7, 2009 and signed an agreement on economic cooperation with Canada’s Minister of International Trade, the Honourable Stockwell Day.

Minister Al-Haroun’s delegation comprised of members of Kuwait Chamber of Commerce and Industry, the Kuwait Banking Association and the Investment Companies Association.

This new agreement is opening doors for both countries to increase trade and investment. Two-way merchandise trade between Kuwait and Canada in 2008 was valued at $195 million, almost a 70-percent increase over the previous year.

The signed agreement’s objectives are:

• To enhance economic relations in the fields of trade and investment;
• To strengthen cooperation with a view to liberalizing trade and investment in accordance with national laws and international obligations;
• To facilitate the increased involvement of the private sector in trade and investment cooperation; and
• To promote a favourable environment and complementary activities to encourage private-sector investment.

In Ottawa, the minister’s program included meetings with many Canadian officials, businessmen, investors and representative from the industrial and manufacturing sector. He attended a presentation on Foreign Direct Investment in Canada. He met with Mr. Lee Richardson, Chair of the Standing Committee on International Trade. At the Canadian Chamber of Commerce, he met with the Honourable Perrin Beatty, President and Chief Executive Officer of the Chamber. Then, he me with the Honourable Stockwell Day, Canada’s Minister of International Trade and signed together on a Memorandum of Understanding on Economic Cooperation.

In Toronto, Minister Al-Haroun met with representatives from the Canadian Arab Business Council, Borden Ladner Gervails LLP, Royal Bank of Canada, Ogilvy Renault LLP, Canadian Venture Capitalist Association and Bayt al Mal Investment.