KUWAIT CITY, Oct 30: Under the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Kuwait is adopting an ambitious approach to promote foreign investment and transform it into a key driver of economic growth by taking steps to revamp the investment environment. The State of Kuwait is seeking partnerships with major global companies, marking investments that will propel economic growth forward.

Meetings held between representatives of His Highness the Amir and His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah during the 79th United Nations General Assembly highlighted the country's desire to attract foreign investors who can contribute to the overall economic development of the state and benefit its partners.

Recent developments included the activation of seven agreements previously signed during His Highness the Amir's visit to China in September 2023. Kuwait welcomed several Chinese delegations that met with Kuwaiti officials to explore avenues of cooperation and initiate these signed agreements. The Chinese side expressed confidence in the future of Sino-Kuwaiti relations, as evidenced by the recent visit of a delegation from the China Civil Engineering Construction Corporation (CCC) to Kuwait.

In response, the Kuwaiti cabinet tasked various ministers and state entities with implementing the agreements with China while also calling for additional measures to enhance the investment climate in Kuwait. These efforts aim to support Kuwait’s transformation into a hub for commerce, trade, and investments. The cabinet also envisions involving the private sector in several projects, including developing the Gulf of Sulaibikhat project and the Jahra waterfront corniche.

On the monetary front, Minister of Finance, Minister of State for Economic and Investment Affairs, and Acting Minister of Oil Nourah Al-Fassam emphasized the importance of maintaining the state’s monetary and financial stability by bolstering the national economy, diversifying non-oil income, attracting foreign investments, and supporting national talent. Al-Fassam reiterated these points during a meeting with the mission chief of the International Monetary Fund (IMF), Francisco Parodi.

In August, Kuwait laid the groundwork for encouraging more foreign investments through a decision by the Kuwait Direct Investment Promotion Authority (KDIPA), established in 2013. This decision allows entities with less than one year of operation to submit documents for privileges and exemptions.

Moreover, Kuwait’s 2024-2025 development plan includes the establishment of a specialized economic development zone with unique laws aimed at attracting high-value global investors while encouraging transparency in the management of financial resources.

In August, Kuwait ratified a memorandum of understanding (MoU) with Oman concerning direct investments. This year, Kuwait also signed an MoU with South Korea to enhance economic cooperation, mutual investment, and encourage direct investment visits between the two countries.

On the subject of foreign companies interested in the Kuwaiti market, the London-based construction giant Joseph Gallagher joined the list of companies looking to invest in Kuwait last September. The British company established a single-person-licensed entity in Kuwait called Joseph Gallagher Project Management Company.

Additionally, Google Cloud opened its new office in Kuwait last July to boost digital transformation in the country and enhance the state's income.

It is noteworthy that the volume of incoming direct investment from January 2015 until late March 2024 reached KD 1.7 billion (approximately USD 5.55 billion), including KD 206.9 million (around USD 675 million) in inward direct investments during the 2023-2024 fiscal year. These investments originated from 95 entities across 34 countries, according to the Kuwait Direct Investment Promotion Authority (KDIPA). European countries lead direct investments in Kuwait at 59.98%, followed by Asia at 28.50%, North America at 9.52%, and Africa at 1.90%. (KUNA)