Kuwait is looking to promote foreign investment and boost the national economy by taking steps to revamp the investment environment.
Under the directives of the Amir Sheikh Meshal Al Ahmad Al Jaber Al Sabah, Kuwait is eyeing partnership with major global companies, marking investments that would drive the wheels for economic growth forward.
The volume of incoming direct investment from January 2015 until late March 2024 reached KD1.7bn ($5.55bn), including KD206.9m ($675m) in inward direct investments during the FY 2023-2024.
Kuwait woos foreign investment
Meetings of representatives of the Amir, Crown Prince Sheikh Sabah Khaled Al Hamad Al Sabah on the sidelines of the 79th UNGAs aim to bring in foreign investors who would contribute to the overall economic development of the state and benefit partners.
An instance of moving matters forward could be seen in the last few weeks when Kuwait and China activated the previously signed seven deals inked during the Amir’s visit to China in September of 2023.
Kuwait had received several Chinese delegations who met with a number of Kuwaiti officials to explore venues of cooperation and also initialize previously signed agreements.
On the part of the Chinese, the Asian country expressed trust in the future of Sino-Kuwaiti relations. This was seen in the visit of the CCC Chinese company to Kuwait recently.
The Kuwaiti cabinet, in return, tasked ministers and state entities to implement a signed agreement with the Chinese side and also called for more measures to enhance investments transformation to a hub of commerce, trade, and climate in Kuwait to support the Kuwait investments.
The cabinet also has a vision to include the private sector in some of its projects including for example developing the framework to the Gulf of Sulaibikhat project and the Jahra waterfront corniche.
The Minister of Finance, Minister of State for Economic and Investment Affairs, and Acting Minister of Oil Nora Al Fassam stressed the importance of maintaining the monetary and financial stability of the state via bolstering the national economy, diversifying non-oil income, attracting foreign investments and supporting national cadres.
Al Fassam reiterated such points during her meeting with the mission chief of the International Monetary Fund (IMF) Francisco Parodi.
In August, Kuwait set the new foundation to encourage more foreign investments in Kuwait established Kuwait Direct Investment, and this came in a decision made by the 2013 Promotion Authority (KDIPA), which allowed entities with less than a year of operation to papers allowing for privileges and exemptions.
Moreover, Kuwait’s 2024-25 development plan called for the establishment of a specialised economic development zone of unique laws aimed at attracting global investors of high value and also encourages transparency in managing financial resources.
Last August, Kuwait agreed via a decree on the MoU signed with Oman within the framework of direct investments.
Kuwait also signed this year a MoU with South Korea to bolster economic cooperation, and mutual investment, and encourage direct investment visits between the two sides.
Meanwhile, Google Cloud opened its new office in Kuwait last July to boost digital transformation in the country and bring in more income for the state.
It is worth noting that the volume of incoming direct investment from January 2015 until late March 2024 reached KD1.7bn ($5.55bn), including KD206.9m ($675m) in inward direct investments during the FY 2023-2024.
The investments came from 95 entities belonging to 34 countries, according to Kuwait Direct Investment Promotion Authority (KDIPA).
European heads direct investments in Kuwait with 59.98 per cent, followed by Asia with 28.5 per cent, North America with 9.52 per cent and Africa with 1.9 per cent.
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