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Sat 12 Jul 2008 05:21 PM

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Kuwait eyes India, China investment

Gulf state turning its attentions to Asia, looking to open investment offices, finance minister says.

Kuwait, a major OPEC producer benefiting from record oil prices, is considering boosting investments in Asia, particularly China and India, its finance minister said in remarks published on Saturday.

"The government is turning to enter new investment markets in Asia, China and India," the daily Al-Watan quoted Mustapha Al-Shamali as saying.

He added Kuwait would open investment offices based on studies by its sovereign wealth fund Kuwait Investment Authority (KIA), which is managing the Gulf Arab state's assets.

KIA had 70.21 billion dinars ($264.6 billion) under management at the end of March, local media and parliamentary sources said last month.

Kuwait posted a budget surplus of 11.44 billion dinars last fiscal year on higher-than-expected oil revenues, preliminary government data showed. (Reuters)