KUWAIT CITY: Trade volume with Kuwait grew by 188 percent within five years (2009-2014), surpassing $15 billion last year, US Ambassador Douglas Silliman said. “Kuwait is the 37th major foreign investor in the United States with $1.3 billion,” said Silliman in an interview with KUNA on the sideline of a reception held at the embassy last night for the Kuwaiti trade delegation accompanying the Ambassador to Offshore Technology Conference and Exhibition (OTC 2015) to be held in Houston, Texas on May 4-7.
“The Kuwaiti 30-member delegation representing government and private energy companies is the largest among the 27 taking part in the conference,” he noted.
Ambassador Silliman also pointed out that the US is the biggest market for Kuwaiti imports, while Kuwait is the fifth market for American goods among Arab countries. “Also, Kuwait is the fastest in growth of US exports among GCC states with 41 percent in 2014.” On Kuwait’s potential of turning into an international energy hub, the US envoy said that Kuwait, in its capacity as a major player in the global energy market, is already pioneering in this field.
On the US economy, Silliman said it was growing better than any advanced economy in the world, pointing out that two major stops to the delegation while in the United States will be New York and Washington, where Director Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr Mishaal Jaber Al-Ahmad Al-Sabah will hold meetings with parties concerned with Kuwaiti legislations regarding foreign investments.
The OTC is the offshore oil and gas industry’s foremost event for the development of hydrocarbon resources in the areas of drilling, environmental protection, exploration, production development, innovation and technology.
Founded in 1969, OTC now attracts over 100,000 visitors and 2,700 exhibitors from around the world each year.
“The United States is a reliable source of products and services for Kuwait’s oil and gas sector”, said Silliman in a press release. “During their visit, these Kuwaiti companies will meet a range of American businesses, creating linkages that will ultimately expand the amount of trade between our two countries”, he added.
Meanwhile, Silliman received the trade delegation at his residence to brief members on the business opportunities available in the US market, in what is to be the largest trade mission ever organized by the US Embassy.
For those companies that are already conducting business in the United States, this Trade Mission will offer opportunities to build on their relationships, as well as cultivate new ones.
Since 2009, commercial ties between the US and Kuwait have expanded by more than 188 percent, with trade volumes growing from $5.2 billion in 2009 to $15 billion in 2014.
Over the same period, US exports to Kuwait have grown by 87 percent, making Kuwait the US’s fifth largest export market in the Arab World. America holds its leadership position as one of Kuwait’s top import partners.
On the investment front, the United States continues to be among Kuwait’s largest investors and private employers, particularly in the petrochemical industry.
