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ABCC hosts Export Club on Opportunities in Kuwait
The Arab-British Chamber of Commerce’s latest Export Club took place on 21 April attracting a capacity audience.
The Export Club, held on the Chamber’s premises, was attended by senior business executives and diplomats.
Chairing the event, Dr Afnan Al Shuaiby, Secretary General & CEO of the ABCC, opened the proceedings by welcoming the distinguished guest speakers, who were headed by H E Khaled Al Duwaisan, the Kuwait Ambassador.
She paid tribute to the ambassador for the important role that he has played in strengthening Anglo-Kuwait relations, for his work as dean of the diplomatic corps and for his continued support for the Chamber.
In her opening remarks, Dr Afnan Al Shuaiby stated that exciting opportunities for business and investment were now emerging in Kuwait as it embarked on an ambitious development programme.
She said that the Kuwait economy had weathered the global economic downturn successfully and was now strong with real GDP expected to grow by 3.7% in 2010 and 4.9% in 2011.
H E Khaled Al Duwaisan, the Kuwait Ambassador and Dr Afnan Al Shuaiby, Secretary General & CEO of the ABCC
Kuwait was the world’s fourth largest oil exporter with estimated reserves amounting to 100 billion barrels which is equivalent to more than 100 years of production, Dr Afnan Al Shuaiby continued.
It is also one of the world’s most affluent countries with per capita GDP in excess of $50 thousand.
Opportunities for UK investors and exporters in the Kuwait market now existed in a wide range of sectors including oil and gas, construction, financial services and the environment, Dr Afnan concluded.
H E Khaled Al Duwaisan thanked the ABCC being given the opportunity to address the distinguished gathering and also brought thanks on of behalf of the Kuwait Chamber of Commerce.
He said that Kuwait’s economy was built on solid foundations and offered substantial business opportunities as a gateway to the Gulf and wider Middle East.
It was ideally located for trade in the region.
H E Khaled Al Duwaisan, the Kuwait Ambassador
The ambassador stressed the new ambitious mega-projects that Kuwait had launched with a view to the modernisation of its industry and diversification of its economy.
In this regard, he mentioned the new major business city the country plans to establish at a cost of $77 billion, as well as a new causeway, railways and metro system.
Phil Dowrick, the UK government’s business consultant focusing on the Gulf, told the audience that the Gulf region was a key market for the UK and identifying opportunities in Kuwait was now his specific focus for this year.
He urged British business to view Kuwait as part of the extended GCC market which operated as an economic bloc similar to the European Union.
Mr Dowrick referred to the extensive spending plans on infrastructure that Kuwait had embarked on under its four-year investment and development plan costed at $104 billion.
Underlining points made by previous speakers, he stressed the investment potential which would open up once work on the new mega-projects got under way.
He advised UK firms seeking a successful entry into the market to set realistic goals, offer niche products and after sales service.
Oliver Cornock, Regional Editor of Oxford Business Group, gave a detailed overview of the strength and future potential of the Kuwait economy in the aftermath of the global economic crisis.
He said that Kuwait was now directing greater attention to diversifying away from oil and was placing emphasis on productive economic activities with FDI, partnerships and the private sector all playing a much larger role.
A series of new business friendly laws including privatisation and cuts in taxes for foreign firms had been announced since 2007 making the market much more attractive to investors, Mr Cornock said.
The final speaker, Mr Mike Cooney, from education and training consultancy firm RightTrackUK, shared his company’s positive experiences of working with prestigious business clients in Kuwait.
