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Spanish king woos Kuwaiti business

Spain's King Juan Carlos on Tuesday called on businessmen in the oil-rich Gulf Arab state of Kuwait to take advantage of investing in his country as a gateway to Europe.

Spain can become a "gate for Kuwait to Europe," the king said, quoted by the official Kuna news agency, at a meeting between Spanish businessmen accompanying him on a Gulf tour and their Kuwaiti counterparts.
Juan Carlos, who arrived in Kuwait on Monday from the UAE, said his visit to Opec’s fourth largest producer was aimed at boosting economic links and exploring new fields to strengthen cooperation.

Finance Minister Mustafa al-Shamali said at the meeting that the Kuwait Investment Authority (KIA) was investing some two billion dollars in Spain and Kuwait Petroleum International also owned a number of petrol stations there.

The volume of trade exchanges between the two countries reached $200 million last year, he said.

The Spanish king held talks late Monday with Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Sabah.

A number of agreements and memoranda of understanding were later signed on tourism and preventing double taxation and tax evasion, in addition to an agreement for cultural, educational and scientific cooperation.

On Tuesday, Juan Carlos also met with Bader Al-Saad, the head of KIA, the state investment arm estimated to be managing some 250 billion dollars in foreign investments.

Juan Carlos was due to leave Kuwait later the same day for oil powerhouse Saudi Arabia, the last leg of his tour.

He is accompanied by Foreign Minister Miguel Angel Moratinos, Industry Minister Miguel Sebastian and some 40 representatives of Spanish companies, mostly in the construction and renewable energy sectors.

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