WASHINGTON: Kuwait’s Ambassador to the US Jasem Al-Budaiwi said that trade and investment between Kuwait and the US have continued to grow "steadily", calling on American companies to take advantage of the many incentives provided by Kuwait Direct Investment Promotion Authority (KDIPA) to establish their businesses in Kuwait. In remarks at a reception held on his behalf by the US Kuwait Business Council at the US Chamber of Commerce, Ambassador Al-Budaiwi said that US products "have long been a favorite not only in Kuwait but worldwide" and that trade between the two countries has "rebounded to its normal levels and continues to grow despite the dual challenges of the advent of the Coronavirus pandemic and the instability currently permeating the region." "This resilience is one of the focal points of the strong relations that bind the US and Kuwait closely together," he affirmed.

He added that "from a trade and investment point of view, Kuwait, despite its small size, represents a vital trade partner to the US." He continued that also, the Kuwait Investment Authority (KIA) has invested in the US "across a wide portfolio." "There is so much potential, so much room for further growth and investment," he stressed. "Kuwait has clearly demonstrated its courage and trust in the US by continuing to invest in American companies, markets, and projects." He noted that Kuwait "would like to see similar engagement from the US' private sector with its counterparts in Kuwait."

Ambassador Budaiwi affirmed that there are many investment opportunities in Kuwait to take advantage of, noting that "the government has put a lot of effort towards making direct investment more attractive, most notably through establishing the Kuwait Direct Investment Public Authority." "I believe there are many ways to facilitate entry into the Kuwaiti market for US

companies and ensure that they experience a safe and welcoming environment," he remarked. "It is time to really see American investors and businesses play a crucial element of our economic cycle." He shed light on Kuwaitآ‘s "grand plan for the future through Kuwait Vision 2035," saying "also known as New Kuwait, our vision aims to transform Kuwait into a financial, investment, and trade hub regionally and internationally."

Meanwhile, Vice President of Middle East Affairs at the US Chamber of Commerce Steve Lutes said in an interview with KUNA that the US Kuwait Business Council "is the vehicle that we use to grow, deepen, expand US-Kuwait relationship when it comes to commerce, trade and investment." He added that there are "some key areas that we really want to expand the collaboration," such as in the knowledge-based economy, in the digital economy and in healthcare and life sciences. He continued "when we think about the energy transition" as we transition to cleaner fuels and cleaner technologies, I think there's a huge opportunity there. It's an area where I think there's already a lot of US-Kuwait collaboration, but we can grow on that and utilize the technology and innovation that US companies can bring to the table."

He affirmed "we have a really solid foundation. But I think there's an incredible opportunity for growth." "We've done well, but we shouldn't rest on that and we should really think creatively about how we can work together to grow and that includes in the small and medium sized businesses and entrepreneurs." "The bottom line is that at the US Chamber, we very much look forward to working with Ambassador Budaiwi, as well as our old partners to come together in a close collaboration and think strategically about how we can grow the economic relationship," he remarked. "We've done well, but there's much more upside and much more opportunity to grow."