Kuwait- Business Opportunities
The Consul General of the Embassy of Kuwait Mansour Saad Alolaimi and First Secretary Khaled Mohammed Al Mutairat accepted the Honorary Membership of Global India Business Forum, in the presence of Global President Dr. Jitendra Joshi and Global Coordinator Ms. Deepali Gadkari. Realizing Strengths of Global India Business Forum and Consulate the Embassy of Kuwait and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Kuwait, officially known as the State of Kuwait, is a country situated in Western Asia. Its actual location is in the Northern edge of Eastern Arabia at the tip of the Persian Gulf. Kuwait also shares its borders with Iraq and Saudi Arabia. It shares its sea borders with Iran. The current population of Kuwait is around 42,70,571 and the expatriates (people leaving their native country for employment or other purposes) account for almost 70% of the total population of Kuwait. In fact, expatriates dominate the population in Kuwait. Kuwait is known for its large oil reserves as these were discovered in large and commercial quantities way back in 1938. It was the first time in the year 1946 that crude oil was exported for the first time. Kuwait is a non-NATO ally of the USA and is also a major ally of the ASEAN and also maintains a strong relationship with China. Kuwait is a constitutional sovereign state and has a semi-democratic political system. Also, the country is a high-income economy according to the World Bank. Moreover, the Kuwaiti Dinar (the country’s currency) is the strongest currency in the world. Kuwait also has the largest opera house in the Middle East. The official language of Kuwait is Arabic.
Business Opportunities in Kuwait
The most famous natural resource that Kuwait has at its disposal and is quite famous for is crude oil. Almost the entire country is dependent on this resource for its survival. Hence, the countries which are interested in investing in crude oil and the mining sector of the country have tonnes of business opportunities to explore. Also, the art and music scene in Kuwait is regarded as among the most developed in the world. So much so, that Kuwait is often called the ‘Hollywood of the Gulf’ because of the advancements made in the theatre and arts scene. So this is another area of interest in terms of business and investment opportunities for other countries.
Exports and Imports in Kuwait
Exports in Kuwait decreased from KWD 4010 million in the first quarter of 2020 to KWD 1978.70 million in the second quarter of the same year. On the other hand, imports of the country also decreased, from KWD 2250 million in the first quarter of 2020 to KWD 1888.60 million in the second quarter of the same year.
Top Exports of Kuwait
The top exports of Kuwait are Crude Oil, Refined Petroleum, Petroleum Gas, Acyclic Alcohols, etc. The top export partners of Kuwait are South Korea, China, Japan, India, Singapore and the USA.
Top Imports of Kuwait
The top imports of Kuwait are Cars, Broadcasting Equipment, Gold, Packaged Medicaments, Jewellery, Iron and Steel articles and Precious stones and metals. The top import partners of Kuwait are China, the UAE, the USA, Saudi Arabia and Japan.