29 April 2015: Kuwait Direct Investment Promotion Authority (KDIPA) received in its headquarters on April 19, 2015 a Singaporean delegation, organized by the Singaporean Business Federation (SBF), composed of officials from the Ministries of Foreign Affairs and Trade & Industry as well as executives from the Singaporean business community in sectors pertaining to investment, shipping, export/import, petrochemicals, manufacturing, as well as training, organizing events, and real estate services. KDIPA’s Assistant Director General Mr. Mohammed Yaquob, accompanied by KDIPA team, welcomed the delegation. During the meeting, highlights of Law No. 116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait were presented, as well as the incentives, exemptions, and guarantees offered to investors, including allowing foreign investors to own an equity share of up to 100% without the need of a local partner. KDIPA team pointed to the sectors and strategic projects identified in the Second Economic Development Plan, and highlighted the latest developments related to investment climate and the recently issued economic laws. At the conclusion of the meeting, questions and inquiries of the Singaporean delegation were duly responded to.
It is worth mentioning that this visit coincided with the two countries celebrating 30 years of diplomatic relations, and came as part of a joint business mission that included Southern Iraq. Furthermore, Kuwait entered, as part of GCC, in a free trade agreement with Singapore, which entered into force on September 1, 2013. Total bilateral trade between two countries reached currently around $3.36 billion.