China's ICBC to open Kuwait arm in two months 

(MENAFN - Arab Times) The Industrial and Commercial Bank of China Ltd (ICBC) is to open a branch in Kuwait in the coming two months, ICBC Chairman of Board of Directors Jiang Jianqing said Saturday.

Jiang, during a meeting with Kuwait's Minister of State for Planning and Development and Minister of State for National Assembly Affairs Dr Rola Dashti here, said ICBC obtained all necessary approvals from the Central Bank of Kuwait (CBK) last June and from Kuwait Government last November. Jiang said ICBC, the world's largest in terms of market value and net assets, began operations in the Gulf region in 2008 and has three branches in Doha, Qatar, Abu Dhabi and Dubai, the UAE. "Our branch in Kuwait is the fourth in the region," he added and said he would personally attend the opening of Kuwait's branch. He urged the Kuwaiti side for "continuous support for the bank's operations, " as he welcomed investment opportunities related to the development plan in Kuwait.

Jiang praised Kuwait's economic growth as "encouraging and leading other economies in the Middle East." He said China and Kuwait enjoy solid relations and "the economy in the two countries is integrated, citing Kuwait's state-owned Public Investment Authority's (PIA) investment in China reaching around billions of US dollars in 2005. Jiang said ICBC was ready to play the role of a liaison between Chinese companies and the Kuwaiti government and firms. Minister Dashti, meanwhile, said her government welcomed ICBC's new branch "and we are awaiting our partnership between you and our companies to implement the development projects." Dashti said there were many investment opportunities in Kuwait for the foreign investors, including from China, including the establishment of three cities, and other projects in electricity, water, telecommunication, ports, transport and infrastructure.

Meanwhile, vice-president of the China Development Bank (CDB) Yuan Li said here Saturday his bank was willing to open a branch in Kuwait. Speaking at a meeting with visiting Kuwaiti Minister of State for Planning and Development and Minister of State for National Assembly Affairs Rola Dashti, Yuan said the CDB could have an office in Kuwait in order to work with the Kuwaiti financial sector and to bankroll Chinese companies wishing to work in Kuwait. He said Chinese and Kuwaiti economies were complementary, noting that both sides had previously signed memos of understanding, especially in energy and transport. He said his bank seeks to continue working with Kuwait in energy and infrastructure projects with a view to bolstering and reinforcing bilateral relations. Yuan lauded Kuwait's development drive, which he said would surely encourage Chinese companies to join planned projects in the Gulf nation.

He said the CDB boasts long experience in the fields mentioned in the Kuwaiti development plan. He added that Chinese institutions and businesses explore fresh investment openings in other countries. One of the goals of the bank is to help these companies to work abroad, including Kuwait, the CDB vice-president pointed out. As Kuwait has investment potential, Chinese businesses will certainly seek to become key investors in the Gulf nation, he said. However, he regretted that his bank does not have enough information about planned development projects in the State of Kuwait. He vowed to support development fields in Kuwait, mainly in oil industry and infrastructure by means of working with Chinese firms and Kuwaiti financial institutions. For her part, Dashti reviewed the history of bilateral relations, agreements and bonds, which date back over 50 years.

Kuwaiti-Sino relations are being deepened and developed especially on both economic and cultural levels, she said. She hailed her country's ambitious development plan as including several development projects, where the private sector will be allowed to play a key role. She voiced hope the Kuwaiti government's partners worldwide, including its strategic partner China, would join the country's national development process. Dashti thanked the Chinese bank for its willingness to open a branch in Kuwait to fund Chinese companies wishing to work there. She believed that such a move would embolden Chinese companies to go to the Kuwaiti market and open new foreign investments openings. Chinese businesses are interested in economic sectors to be available to the private sector and world companies, she added.