Kuwait’s Vision 2035 is opportunity for Korea-Kuwait cooperation: Kuwait’s top envoy

Kuwait’s Vision 2035 aims to transform the country into financial and trade hub presents opportunities for Korean participation, Kuwait’s top envoy to Korea Bader M. al-Awadi said last week.

Speaking at the Eurasian Economic and Cultural Forum 2021 hosted Wednesday by The Korea Herald, Al-Awadi highlighted the pillars of Vision 2035 and introduced underlying projects and opportunities for Korean companies at the forum.

A key part of Vision 2035 is the Silk City project, to be built on Kuwaiti islands and connected to the mainland by the 48-kilometer Sheikh Jaber causeway, one of the world’s longest bridges.

“The Silk City project would provide around 450,000 new job opportunities with capability of housing for 700,000 citizens,” Al-Awadi said.

The first part of the project, the causeway, was recently completed by South Korea’s Hyundai E&C.

“In August 2021, Kuwaiti ministries and institutions that collaborated with Korean companies in many projects held the first coordination meeting chaired by Kuwait Ministry of Foreign Affairs to discuss upcoming important opportunities and projects that Korean companies can participate with regards to Vision 2035,” Al-Awadi stressed.

Kuwait is South Korea’s third-largest market for construction.

Other projects with Korean involvement include the Al Zour Refinery, which he said would processes 515,000 barrels per day (bpd) of light Kuwait export crude, and produce Euro-V specification fuel along with aromatics and propylene. Overall investment for the refinery project is estimated to reach $25 billion.

Al-Awadi said tenders were open to international companies to help develop a tourism and entertainment city featuring museums theme parks and a waterpark.

The Kuwait Ports Authority also plans to establish a city to manufacture electric cars in Kuwait.

According to the Kuwaiti ambassador, Kuwait-Korea partnership of 44 years is witnessing most prosperous stage of international relations due to tremendous leadership.

“Apart from the existing traditional oil, construction and infrastructure, Kuwait is to expand cooperation in health, cyber security, food security, artificial intelligence technology, medication, trade, education and training in post COVID,” the ambassador said.

Al-Awadi said Kuwait would create a Kuwait-Korea committee for vision 2035 recognizing the potential and role of more than 40 years of Kuwait-Korea bilateral cooperation.

By Sanjay Kumar (sanjaykumar@heraldcorp.com)