KUWAIT: Deputy Chairman of the Kuwait Chamber of Commerce and Industry (KCCI) Abdulwahab Al-Wazzan on Monday said that bilateral trade with the Swiss Confederation has reached about USD 700 million.
Al-Wazzan added that the Kuwaiti-Swiss ties date back to more than five decades.
Kuwait enjoys a sound democratic approach and a modern banking system, Al-Wazzan said as he received the visiting Geneva Mayor Guillaume Barazzone at the chamber.
Barazzone and an accompanying delegation arrived in Kuwait on Sunday on a threeآ¬day official visit, invited by Farwaniya Governor Sheikh Faisal Alآ¬Humoud Alآ¬Malek Alآ¬Sabah.
During today’s meeting, Al-Wazzan referred to the government’s achievement of projects on a development plan based on privatization, free market and encouraging investments.
The senior KCCI official lauded the strong historical economic and tourist ties between the two countries, hoping the visit would have positive direct effect on them.
He called for making the utmost benefit from the Swiss expertise in financing and implementing infrastructure projects in Kuwait.
Al-Wazzan stressed the need for establishing investment partnerships between the two sides, pointing to Switzerland a leading center for economy and services, especially in the financial and banking sectors.
He said that Switzerland is a major tourist destination for many Kuwaitis.
For his part, Assistant Director General for Business Development at the Kuwait Direct Investment Authority (KDIPA) Mohammad Yusuf Yaqoub, reviewed during the meeting the investment climate in Kuwait, and KDIPA ‘s major role to attract local and foreign capital.
He referred to some of the advantages offered by the 2013 investment law, namely a foreign investor can own up to 100 percent of an enterprise, and can even enjoy a 10-year tax exemption. There are also customs exemptions, partial or full, on supplies and equipment, he said.
Today’s meeting was attended by representatives of many Kuwaiti companies interested in economic cooperation with Switzerland.
