Kuwait Times - - LOCAL -

Deputy Chair­man of the Kuwait Cham­ber of Com­merce and In­dus­try (KCCI) Ab­dul­wa­hab Al-Waz­zan yes­ter­day said that bi­lat­eral trade with the Swiss Con­fed­er­a­tion has reached about $700 mil­lion. 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, 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 three­day of­fi­cial visit, invited by Far­waniya Gover­nor Sheikh Faisal AlHu­moud AlMalek AlSabah.

Dur­ing the meet­ing, 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.


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.

Mean­while, 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. Yes­ter­day’s meet­ing was at­tended by rep­re­sen­ta­tives of many Kuwaiti com­pa­nies in­ter­ested in eco­nomic co­op­er­a­tion with Switzer­land.

All fields

Ear­lier yes­ter­day, Far­waniya Gover­nor Sheikh Faisal AlHu­moud Al-Malek Al-Sabah praised Kuwait’s ties with the Swiss Con­fed­er­a­tion in all fields, es­pe­cially econ­omy, trade and tourism. Sheikh Faisal re­ceived at the gov­er­norate’s head­quar­ters the vis­it­ing Geneva Mayor, who ar­rived in Kuwait on Sun­day on a three-day of­fi­cial visit.

Dur­ing the meet­ing, the Far­waniya Gover­nor stressed keen­ness on en­hanc­ing ties be­tween the two friendly coun­tries, call­ing for ex­change of ex­per­tise on the level of the lo­cal ad­min­is­tra­tions, as well as on that of gov­er­norates.

Ac­cord­ing to Sheikh Faisal, Far­waniya is seek­ing to con­clude a twin and sis­ter city agree­ment with Geneva in the fu­ture. He re­ferred to the deep-rooted bi­lat­eral ties on the of­fi­cial and the pop­u­lar lev­els, say­ing that the Kuwait-Swiss re­la­tions date back to more than 50 years. Mayor Baraz­zone ex­pressed grat­i­tude to Sheikh Faisal AlMalek for his in­vi­ta­tion to visit Kuwait say­ing that bi­lat­eral ties are de­vel­op­ing thanks to mu­tual ea­ger­ness to bet­ter them for the good of both states. — KUNA

KUWAIT: Kuwait Cham­ber of Com­merce and In­dus­try (KCCI) mem­bers, in­clud­ing Deputy Chair­man Ab­dul­wa­hab Al-Waz­zan meet with Geneva Mayor Guil­laume Baraz­zone. — KUNA

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