The EU and Kuwait relationship outlook

Fouad M.T. Alghanim, Chairman and CEO of Fouad Alghanim and Sons Group talks about the importance and outlook on the relationship between Kuwait and Europe.

He says, “I was asked that question by a friend about what I would like to see. I see that the European economy is in bad shape. I don’t see it improving much in the near future. Many of the countries, Italy, Spain, Ireland, Portugal and others, are in a bad situation. If the GCC as a group agrees to invest money in European companies, on the guarantee of technology transfers, there will be a stronger relationship. What will happen to Europe? The European economy will improve.

This doesn’t just mean the money that will flow into Europe. Even oil prices will improve. Europe as a bloc is the third largest consumer of our oil after China and India. Why can’t we think like that? We should think about the future, mutually beneficial. Why should we close ourselves off? I wish the European Union would approach the GCC. If you ask me why shouldn’t the GCC approach the EU? GCC countries have already invested in Europe but independently. But if the EU comes as a bloc to the GCC, represented as one bloc too, we are ready to invest subject to technology transfer, subject to long term understanding, not for a year or two but maybe a 100 years. This is what should be done. This is my wish.

It’s politics. One of the European leaders I met said he would love to see this happen too. But there will be other, bigger countries that try to block this because they don’t want to see European-GCC economic partnership and strength. This depends on both Europe and the GCC. If the intention and the will is there, nobody can block it.