Austrian business delegation visits Kuwait to intensify commercial ties
Stauber-led team to engage in B2B meetings
KUWAIT CITY, April 23: An Austrian business and trade delegation, led by Mr. Andreas Stauber, the Austrian Commercial Counselor and Trade Commissioner for Kuwait and Qatar, will visit Kuwait on April 24 and 25 with the aim of enhancing commercial and business relations between Kuwait and Austria, says a press release issued by the Austrian Embassy.
During their visit, the delegation will engage in Businessto-Business (B2B) meetings between Austrian firms and Kuwaiti companies. They will also hold discussions with Mr. Rabah A. AlRabah, the Director General of the Kuwait Chamber of Commerce & Industry, along with the Austrian Ambassador Marian Wrba.
The program also includes visits to key Kuwaiti institutions such as the Kuwait Investment Authority (KIA), where they will meet with Mr. Sulaiman Al-Ghunaiman, the Managing Director, and the Kuwait Direct Investment Promotion Authority (KDIPA), where they will be hosted by Sheikh Abdulla Sabah Hamoud Al-Sabah, Assistant General Manager for Investment Operations.
Sheikh Mubarak Abdulla AlMubarak Al-Sabah, the Chairman of Kuwait-Austria Business and Friendship Association (KABFA), will receive the delegation in the White Palace.
Austrian businesses view Kuwaiti companies as potential partners for regional sales strategies in the GCC region or as a gateway to Iraq. The Foreign Trade Center for Kuwait and Qatar arranges economic missions, market research trips, and trade fair participation annually. This goes under the umbrella of the RefocusAustria Initiative, launched by the Austrian government to strengthen the country’s economy postCOVID-19. It involves collaboration among the Austrian Foreign Ministry, the Austrian Chamber of Commerce’s global offices, and other government departments. RefocusAustria promotes Austrian companies worldwide, enabling them to enter new markets and attract investments. It seeks to showcase Austria’s reputation for quality products, engineering, and innovation, particularly in areas such as renewable energy, digital transformation, and sustainability practices.
Background:
Trade:
The KW statistics show annual imports from Austria in the range of KD 56 million.
The primary imports from Austria to Kuwait consist of motor vehicles, machinery, and technical equipment. Additionally, significant export categories include pharmaceutical products, electronic goods, furniture (including office furniture and advertising signs), photographic and measuring devices, surgical and dental instruments, orthopedic devices, and specialized plastics and goods.
Tourism:
Kuwaiti visitors contribute significantly to Austria’s economy as tourists. They favor Austria as a family-friendly holiday spot, especially during the summer months, with Zell am See, Salzburg and Vienna being the most sought-after destinations. Kuwait Airways operates direct flights between Kuwait and Vienna during peak summer travel periods. The recent introduction of the FiveYear Schengen Visa for Kuwaiti Citizens will greatly ease yearround travel to Austria.
Austria’s appeal to Kuwaiti tourists lies in its blend of natural beauty, cultural wealth, summer and winter sports, culinary experiences, and historical importance. This unique combination makes Austria an attractive destination for Kuwaiti travelers seeking diverse European experiences.
Investments:
Austria offers a generally welcoming environment for Kuwaiti investors, thanks to a bilateral agreement between the two countries for the encouragement and reciprocal protection of investments. This agreement outlines the legal framework for Kuwaiti investments in Austria and ensures fair treatment.
Austria offers various investment facilities to Kuwaiti investors, including:
1. Real Estate Investment: Kuwaiti investors can invest in Austrian real estate, including residential and commercial properties. Austria has relatively stable property markets, especially in major cities like Vienna and Salzburg.
2. Business Investment: Austrian
companies welcome foreign investment. Kuwaiti investors can consider investing in Austrian businesses across sectors such as technology, manufacturing, tourism, and services.
3. Banking and Finance: Austrian financial institutions offer investment opportunities, including banking products, investment funds, and private wealth management services. Kuwaiti investors can explore options for wealth preservation and growth through Austrian banks.
4. Infrastructure Projects: Austria is involved in various infrastructure projects, including transportation and renewable energy. Kuwaiti investors can participate
in public-private partnerships (PPPs) or infrastructure development projects.
The Austrian Energy Supply Company EVN, in partnership with Kuwait, is currently constructing one of the world’s most technologically advanced wastewater treatment facilities in Umm Al Hayman. This facility treats and manages wastewater from southern Kuwait, providing process water to agriculture and industry. This project, featuring a complex financing structure, ranks among the largest public-private partnership (PPP) projects in the Middle East.
5. Tourism and Hospitality: Austria’s tourism sector is
vibrant, with opportunities in hotels, resorts, and leisure businesses. Kuwaiti investors can consider hospitality investments in popular Austrian tourist destinations.
6. Startups and Innovation: Austria has a growing startup ecosystem, particularly in areas like technology, biotech, and green energy. Kuwaiti investors can explore investment opportunities in Austrian startups and innovative ventures.
7. Tax Incentives and Treaties: Austria has double taxation agreements with Kuwait, which can be beneficial for Kuwaiti investors looking to minimize tax liabilities on cross-border investments.