Kuwait Times, Sunday, Mar 28, 2021 | Shaaban 14, 1442
Luxembourg, Kuwait sign agreements to strengthen, expand bilateral relations
Kuwait:
Luxembourg and Kuwait signed two agreements recently, one in the aviation
area and the other in the financial sector, that aim to further strengthen
bilateral relations between the two countries. The first agreement on air
service was signed by Luxembourg’s foreign minister Jean Asselborn and on behalf
of the State of Kuwait by its ambassador to Belgium, Luxembourg, the European
Union and NATO, Jasem Al-Budaiwi. The second agreement on the additional
protocol to the bilateral tax treaty was signed by Luxembourg’s finance minister
Pierre Gramegna and Budaiwi. “I am very pleased that we sign this bilateral air
service agreement today enhancing the already excellent bilateral relations,”
said Asselborn in statements to KUNA and Kuwait TV after signing the agreement
at Luxembourg’s foreign ministry. The agreement will provide a very strong legal
framework to our national freight carrier CargoLux which is already flying to
Kuwait once a week, he noted.
The additional protocol agreement provides untapped opportunities that exist in
the area of financial services including Islamic finance, said Asselborn. He
noted that in 2014 Luxembourg set up the first Sukuk listed in the euro
currency. “I have good hope that these two agreements will substantially
increase trade opportunities between our two countries in future,” he said.
Asselborn also expressed praise and appreciation for Kuwait’s important role in
the Gulf region and the Middle East. “Luxembourg appreciates the constructive
role Kuwait is playing in the Gulf region and also in the Middle East. We are
grateful for Kuwait’s leadership in the reconstruction efforts for Iraq and to
its humanitarian assistance to UNRWA and for the Syrian people, “ he said.
“Kuwait was always a very, very important mediator and also a very, very
important country in the region.”
“Bilateral relations between Kuwait and Luxembourg have been excellent and they
remain excellent,” he said noting that in recent years the two countries have
exchanged high level visits and he hoped that the visit will continue once the
pandemic crisis is over. Noting the passing away last year of His Highness the
late Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Asselborn said he
had met him several times. “He was a tireless advocate for peace, for dialogue
and for humanitarian action,” he stressed. “He will be missed by all of us and I
am convinced that his legacy lives on thanks to his successor His Highness
Sheikh Nawaf Al-Ahmad Al-Jaber Al- Sabah,” he added.
Meanwhile, Budaiwi said that these two agreements are a milestone in the
relationship between Kuwait and Luxembourg. “We truly believe that both sides
will benefit from these two agreements,” he said. The additional protocol
agreement, Kuwait as one of the major countries in the world that has a
Sovereign Fund and depends on foreign investments, he said, provides safety and
assurance to its investments outside Kuwait. He noted that Luxembourg is
considered to be one of the major and important financial centers in the world.
“Also this agreement covers aspects that Luxembourg provides in the sector of
Islamic sukuk and in this regard we are very happy and honored to cover this
aspect,” said Budaiwi. “We look forwarding to boosting our financial
relationship with Luxembourg in many aspects,” he said.
On the aviation agreement, the Kuwait ambassador said “it is a very important
agreement that provides two important goals for Kuwait.” The first one is to
boost aviation cooperation between Kuwait and Luxembourg and that it is now
regulated and that all sides are benefiting from this aviation relationship. The
other goal that Kuwait achieved with this agreement is that it is signed in
compliance with EU regulations, he said. Therefore this agreement will provide
the basis for Kuwait’s future aviation relations with the other 26 EU member
states, he clarified. Another important aspect is that Kuwait is now in the
process of building it’s state-of-the- art airport which will finish in the next
few years and will serve many airlines and millions of passengers. So today’s
agreement with Luxembourg and with hopefully with other EU countries in the
future will provide with the aspects for Kuwait’s airport according to
international standards, added Budaiwi.
Pierre Gramegna in statements to KUNA and Kuwait TV, expressed his happiness to
have signed this “important agreement” with Kuwait noting that financial
services are very important in Luxembourg. “We are in terms of investments funds
in the second largest place in the world,” he said. “We have more than 120 banks
in Luxembourg and we are an important investment partner for Kuwait and the
other way round you have huge reserves not only for oil but sovereign fund that
is very powerful and could use the expertise of our financial sector,” said the
Luxembourg finance minister. “Thanks to the agreement that we made today our
cooperation is going to be very fruitful,” he added.