Gulf States visit a success says, Antigua-Barbuda PM
Posted by editor on April 25 2008 00:00:00
ST JOHN'S, Antigua: Fresh from his three-country visit to the Gulf states of Qatar, Bahrain and Kuwait, Antigua and Barbuda Prime Minister Baldwin Spencer pronounced his first trip to that region a resounding success. The Prime Minister's first stop was Qatar, where he was a featured speaker at the 8th Doha Forum.
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ST JOHN'S, Antigua: Fresh from his three-country visit to the Gulf states of Qatar, Bahrain and Kuwait, Antigua and Barbuda Prime Minister Baldwin Spencer pronounced his first trip to that region a resounding success.

Prime Minister Spencer with the Prime Minister of Kuwait, Shiekh Nasser Al-Mohammaed Al-Ahmad Al-Sabah. Photo by Maurice F. Merchant
"The gulf region is a remarkable one and the countries that I visited are currently enjoying an unprecedented economic boom due to the sky high oil and gas prices , and I was particularly struck by the warm hospitality with which my delegation and I were received in each of the three countries we visited," said the Prime Minister.

He also said that he was able to discuss the various development needs of his twin-island State with each head of State and/or government of the three countries he visited, noting that he chose to highlight his country's needs in the fields of tourism, education, culture, sports, ICT, health, sanitation and bilateral economic investment.

"Clearly then, each of my counterparts and I see this as a vital first step on the road to an enhanced partnership at the bilateral level and a broader vehicle for future South-South cooperation," he said.

"Our Ambassador to the Middle East Sir Ramez Hadeed and Ambassador to the United Nations, Dr John Ashe, will be following up through their counterparts on many of the areas that were discussed on this trip," said the Prime Minister

The Prime Minister's first stop was Qatar, where he was a featured speaker at the 8th Doha Forum on Development, Democracy and Free Trade, in his capacity as Chairman of the Group of 77 and China. He also held bilateral discussions with Sheikh Hamad bin Khalifa Al-Thani, Emir of the State of Qatar,

Qatar, a former pearl-fishing centre and was once one of the poorest Gulf states, is now one of the richest countries in the region, thanks to the exploitation of large oil and gas fields since the 1940s. Although it possesses more than 15% of the world's proven gas reserves, oil constitutes more than 30% of its Gross Domestic Product (GDP), approximately 80% of export earnings, and 66% of government revenues.

From Qatar, the Prime Minister and his delegation traveled to Bahrain, where he held bilateral discussions with Sheikh Khalifah ibn Sulman al-Khalifah, Prime Minister of the Kingdom of Bahrain.

Minister Edmond Mansoor and Ambassador to the Middle East Sir Ramez Hadeed during a visit to the Grand Mosque in Bahrain.
Photo by Maurice F. Merchant
In a region experiencing an oil boom, Bahrain has the fastest growing economy in the Arab world; it also has the freest economy in the Middle East and one of the freest overall in the world. In 2008, Bahrain was named the world's fastest growing financial centre.In Bahrain, petroleum production and processing account for about 60% of export receipts, 60% of government revenues, and 30% of GDP. With its highly developed communication and transport facilities, Bahrain is home to many multinational firms.

The Prime Minister concluded his mid East trip with a visit to Kuwait, where he held bilateral discussions with a number of senior officials of the Kuwaiti government, including the Amir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Saber; the Prime Minister, Shiekh Nasser Al-Mohammaed Al-Ahmad Al-Sabah, the Director of the Kuwait Fund, the Director of Kuwait Investment Authority, and the Chairman of Kuwait Petroleum Company.

Kuwait is a highly industrialized country with a GDP of US$138.6 billion and a per capita income of US$55,300, making it the fourth richest country in the world. With a GDP growth rate of 5.7%, Kuwait has one of the fastest growing economies in the region, and the second-most free economy in the Middle East. In 2008, Kuwait's foreign exchange reserves stood at US$213 billion.

Kuwait has a proven crude oil reserves of 104 billion barrels, estimated to be 10% of the world's reserves. Petroleum and petrochemicals accounts for nearly half of GDP and 95% of export revenues. Increases in oil price since 2003 has caused a surge in Kuwait's economy. Kuwait's current oil production of 2.8 million bpd is expected to increase to 4 million bpd by 2020.

To realize this production target, Kuwait Petroleum Corporation plans to spend US$51 billion between 2007 to 2012 to upgrade and expand the country's existing refineries. Other major industries include shipping, construction, cement, water desalination, construction materials and financial services.