KCCI: TRADE EXCHANGE WITH SWITZERLAND HIT $700 MILLION FARWANIYA GOVERNOR LAUDS TIES
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.
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