As mentioned by the Kuwaiti premier before the trip that the country had not undertaken a high-level international trip like this in recent past is primarily aimed at leveraging the KD 37bn ($125bn) which the government has set aside for the five-year development plan of Kuwait. Furthermore, Kuwait desires to showcase the region and the world as well its “resilience” to the Iraqi invasion and occupation in 1990.

In an interview with The Kuwait News Agency (KUNA), Ali Al Sammak, who serves as the Kuwait’s Ambassador to Chile, Argentina, Uruguay, Paraguay, Canada and Ambassador Designate to Mexico said the Premier was “very keen” on opening embassies in more South American countries. According to a KUNA report, Kuwait is looking to open new embassies in Cuba, Mexico and Chile to strengthen economic and diplomatic ties with most nations in South America.

Al Sammak further added that though Kuwaiti relations with South America was good yet in the fields of education, economy, healthcare, investment, and industry required a lot of effort to exact right results. The high level Kuwaiti team includes the ministers of Foreign Affairs, Finance, Commerce and Industry as well as officials from the Kuwait Chamber of Commerce and Industry (KCCI).

The out-stretched tour is expected to see the signing of a series of co-operation agreements covering trade partnerships and other areas of interests between Kuwait and the touring nations.

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Chavez during a political rally on Saturday apprised that the leaders would meet on Monday in Caracas to further shape an extraordinary project” on a currency that will “break the dependency on the dollar, its economic and financial colonialism.

The currency called Sucre was named after Jose Antonio de Sucre who fought for independence from Spain alongside the Venezuelan hero Simon Bolivar in the early 19th century. The currency is expected to initially function as an electronic instrument before it is made to a paper format.

The Sucre is likely to be in circulation as the ECU, which was a forerunner to the euro. Then, the ECU was operational as an account unit managing the stable exchange rates between member states before the national currencies were assimilated to the euro.

Since the signing of MOU on the Latin American currency last year, Chavez has repeatedly urged his member states to cut down foreign reserves in the form of the US dollars. Most South American countries stored their reserves in the US dollars, and for the past several years the socialist states of the region wanted to detach them from the US domination in regional trade. The growing influence of China in the region has also compels the left countries seeking new ways to store cash.

The ALBA comprises of Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent and the Grenadines, and Antigua and Barbuda. The ALBA was founded in 2004 by Venezuela and Cuba as a counterweight to the Free Trade Area of the Americas that the US and some Latin American nations were proposing at the time.

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