Around 400 businesses partly and fully owned by Kuwaiti firms currently operate in Qatar amassing a total KD 214 million (USD 706 million) in capital, an industry insider said on Tuesday.
Kuwait’s Public Authority for Industry Director General Abdul karim Taqi commended bilateral economic relations, he described as “closely linked,” during a brief visit to Doha accompanied by a host of Kuwaiti industry representatives.
During his stay, the PAI chief met Qatari Minister of Commerce and Industry Ali Al-Kuwari. A total 140 businesses wholly owned by Kuwaiti investors were registered in Qatar by the end of 2017, according to Taqi, amassing capital worth QAR 480 million (USD 131.9 million) the rest all jointly owned with Qatari investors.
The two day visit, made in accordance with the directions of both nations’ leaderships, comes amid plans to boost business relationships and Kuwaiti nonoil exports to Qatar and seek the feasibility of delving into further joint investment and industrial opportunities, he said.
Other goals include identifying consumer needs in Qatar and the ability of Kuwaiti goods on Qatari shelves to compete with rivals through assessing public reactions and the need of whether to alter production in order to meet consumer needs. There are numerous motivations behind the decision to opt for the regional destination, Taqi went on to explain.
These are namely a 107 percent year on year increase of Kuwaiti exports to Qatar in 2017, a rise in the trade balance from KD 24 million to KD 92 million in that year and contributing to future projects, such as Qatar’s 2030 Vision and the Qatarhosted FIFA 2022 World Cup.