Trade with Hong Kong should thrive even further, given the region’s open economy policy, said Kuwait Chamber of Commerce and Industry (KCCI) on Sunday.
With USD-96.5 million in trade volume, more work is needed to achieve such perceived goal, said KCCI Vice Chair Fahad Al-Jawan, considering Hong Kong a “major” business partner. He was addressing a gathering that included Jonathan Choi, Chairman of the Hong Kong Chinese General Chamber of Commerce (CGCC), who on his part introduced the Guangdong-Hong Kong-Macao Greater Bay Area initiative.
Focusing on the Gulf area, Choi explained the initiative would link the six Arab countries with the megalopolis consisting of nine cities and two special administrative regions in South China.
The venture also aims to attract global direct investments, with Choi specifically urging the Kuwaiti economic sector to take advantage of it.
The Greater Bay is envisioned as an integrated economic area aimed at taking a leading role globally by 2035, as it is among the four largest bay areas in the world.
Meanwhile, Sheikh Abdullah Al-Sabah, Deputy Director General for Investment Operations at Kuwait Direct Investment Promotion Authority, made a presentation on investment incentives in the country, mainly the enablement of 100%-foreign ownership in businesses and the 10-year tax exemption.
A MoU was signed between KCCI and CGCC, with the visiting delegation including company representatives for foodstuff, construction, investment, real estate development, media services and film production.
Source: Kuwait News Agency