Business in Kuwait

The objectives of the subject “Foreign Trade and Business in the State of Kuwait” are the following:

1. To analyse the Kuwaiti Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in the State of Kuwait
3. To explore the Kuwaiti trade relations with the country of the student
4. To know the Kuwaiti Free Trade Agreements
5. To examine the profile of Kuwaiti Businesspeople
6. To know the importance of the Kuwaiti funds for development
7. To develop a business plan for the Kuwaiti market

Kuwaiti Preferential Access and Free Trade Agreements

1. Kuwait and the Arab Economic Area
2. Gulf Cooperation Council (GCC)
   1. European Union-Gulf Cooperation Council (GCC)
   2. India-Gulf Cooperation Council (GCC)
   3. Australia-Gulf Cooperation Council FTA
   4. Free Trade Agreements (as a member of the Gulf Cooperation Council (GCC) with China, Singapore, South Korea, the European Free Trade Association (EFTA), New Zealand, Thailand, and the MERCOSUR.
3. Islamic Trade Preferential System (TPS-OIC)
4. Greater Arab Free-Trade Area (GAFTA)

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)
3. International Bureau of Containers and Intermodal Transport (BIC)
4. International Civil Aviation Organisation (ICAO, Chicago Convention)
5. International Maritime Organisation (IMO)
   1. Convention Relating to Temporary Admission (Istanbul Convention)
6. International Chamber of Shipping (ICS)
7. International Road Transport Union (IRU)
   1. TIR Convention
   2. Guidelines on Safe Load Securing for Road Transport
8. Customs Convention on Containers (CCC, UN) - not a member

Islamic Organisations (Kuwait).

1. Arab League (LAS)
2. Summit of South American-Arab Countries (ASPA)
3. Asia-Middle East Dialogue (AMED)
4. Islamic Development Bank (IsDB)
5. Economic and Social Commission for Western Asia (ESCWA)
6. Organisation of Islamic Cooperation (OIC)
   1. Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC)
   2. Islamic Chamber of Commerce and Industry (ICCI)
   3. Islamic Centre for Development of Trade (ICDT)
   4. Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC)
7. Arab Gulf Programme for United Nations Development Organisations (AGFUND)
8. OPEC Fund for International Development (OFID)
9. Afro-Arab Cooperation
10. Arab Bank for Economic Development in Africa (BADEA)

Global Organisations

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. Commission on International Trade Law (UNCITRAL)
   4. World Intellectual Property Organisation (WIPO)
2. Asia Cooperation Dialogue (ACD)
3. World Bank (WB)
4. World Trade Organisation (WTO)
5. African Development Bank (AfDB)
6. International Monetary Fund (IMF)

The State of Kuwait:

1. The most populated Kuwaiti region is the capital, Kuwait City
   1. Besides being the economic and commercial centre of Kuwait, Kuwait City is a major oil and petroleum products production port
2. Borders of Kuwait: Iraq and Saudi Arabia
3. Population of Kuwait: 4 million people
4. Area of Kuwait: 17,820 square kilometres
5. Kuwaiti official language: Arabic
6. Abolition of Slavery in Kuwait: 1949
7. Independence from the United Kingdom: 1961

Religion in Kuwait.

1. Islam Sunni is the main religion of Kuwait
2. The main school of Islamic Jurisprudence is Maliki

Kuwait belongs to the Arab Economic Area (Islamic Civilisation).

Economy of Kuwait.

1. Kuwaiti economy is as small, wealthy, and open (GDP was 149,000 dollars)
2. The vast petroleum reserves are the pillar of the Kuwaiti economy (petroleum and its derivatives generate 95% of the exports of the State of Kuwait)
3. The State of Kuwait produces an average of 2.6 million barrels a day
4. Proven natural gas reserves of the State of Kuwait: 1% of the world reserves
5. In the non-petrol sector, the main activities are desalination, food processing, building materials, plastics, cement, and metal products
6. The Kuwaiti services sector represents 34% of the GDP.
7. The Kuwait Stock Exchange is the third largest in the Middle East (behind Egypt and Saudi Arabia)
8. Commercial distribution sector has grown significantly in the recent years (malls)
9. Currency of Kuwait: Kuwaiti Dinar (KWD)

Foreign Trade of Kuwait

1. The main products of the Kuwaiti exports are petroleum, oil products and fertilizers
2. The main Kuwaiti export destination are Japan 19.9%, South Korea 17%, Taiwan 11.2%, Singapore 9.9%, U.S. 8.4%, the Netherlands 4.8%, and China 4.4%
3. The main products imported from the State of Kuwait products are food, building materials, cars and parts, and clothes
4. The main origins of the Kuwaiti imports are the U.S. (12.7%), Japan (8.5%), Germany (7.3%), China (6.8%), South Korea, Saudi Arabia, Italy, and the United Kingdom

Kuwait has Free Trade Agreements (FTA) as a member of the Gulf Cooperation Council (GCC) with China, South Korea, Australia, the European Free Trade Association (EFTA), New Zealand, Thailand, and the MERCOSUR.