Kuwaiti finance minister arrives in Beijing to discuss bilateral cooperation

Kuwaiti Finance Minister Mustafa Al-Shimali arrived here on Saturday for an official visit to exchange views with Chinese financial leaders on issues of common concerns and enhance bilateral cooperation. Al-Shimali''s visit comes at a time when the two countries celebrate the 40th anniversary of diplomatic ties this year. According to Kuwait News Agency, the two-way trade volume reached USD 8.54 billion in 2010, up 68 percent year-on-year, or 40 times more compared to the beginning of official diplomatic relations in 1971. More than 20 Chinese companies are currently operating in Kuwait and contributing to its development through such projects as crude gathering systems, pipelines, Boubyan Island, it said. Meanwhile, Kuwait is China''s major crude oil suppliers, with its shipment to the world''s biggest energy user exceeding a record of 10 million tons (201,000 barrel a day) last year. The two countries also plan to build a USD 9 billion refinery and petrochemical complex in China''s south.