Over 15,000 Kuwaiti students sent to US in 2016
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KUWAIT: The US Embassy in Kuwait has organized 10 days of activities to mark the fifth annual Discover America event. Commercial Councilor Jeff Hamilton and Press Attache Heather Ward announced that the activities will commence on October 21 and run through October 30, 2017. Discover America is organized by the US Foreign Commercial Service Office in collaboration with the Public Affairs section of the US Embassy in Kuwait.
The highlight of this year's event includes US fashion brands, food, film, music, education, business know-how and tourism. The ten-day event will take place at venues throughout Kuwait City, including shopping centers (the Avenues, Boulevard Mall, Sharq Mall, Marina Mall) in addition to the Sultan Center, Kuwait Chamber of Commerce and Industry, Amricani Cultural Center, Jumeirah Messilah Beach Hotel and Spa, The Scientific Center, and other locations.
"Kuwait is a significant investor in the United States, and we continue to work with the Kuwait Investment Authority (KIA) and private Kuwaiti investment firms to promote the United States as a trusted and profitable destination for further investment," Hamilton noted. Just last month, the US Chamber of Commerce hosted a very successful US-Kuwait Economic Forum, featuring leaders in industry and investment. Dozens of US companies attended the event.
Mutual investment
The message of mutual investment and prosperity was underscored by the signing of a Memorandum of Understanding between the Department of Commerce's SelectUSA and Kuwait Direct Investment Promotion Authority (KDIPA). The focus of the event was to highlight Kuwait as a destination for US companies. "Our investments and trade reflect the deep ties between our two countries. Our bilateral trade of goods totaled over $6 billion in 2016, about $3 billion in each direction. 95 percent of Kuwait's exports to the United States are petroleum based products and over 40 percent of US exports were in the transportation sector. The recent completion of ten Boeing 777s for Kuwait Airways brings US exports to Kuwait in 2017 to an all-time high," he added.
Out of all the significant events that took place this year, Hamilton highlighted the US Embassy's prime objective to create awareness. "I want people to discover the uniqueness of America. This year we have organized many value added activities including fun run, adventure travel to the US and education. As the programs will be held at different venues, many companies participating in Discover America have expressed their support through special promotions and discounts at several American restaurants and retails stores," he added.
15,000 students
In 2016, Kuwait sent more than 15,000 students to the US for further studies, Kuwaitis entered the United States more than 80, 000 times for tourism, and thousands of Kuwaitis traveled to the United States for medical treatment. These are considered as service exports, and in total were valued at over $2 billion in 2016. "There are approximately 200 US companies in Kuwait. They are present in most sectors, including oil and gas, defense, architecture, healthcare, and automotive, among others. Many Kuwaiti companies own US franchises here as well," he said.
Most of the challenges while doing business in Kuwait relate to the slow tendering process and the numerous approvals required for most business activities. The pace of government procurement moves very slowly compared to other markets. Delayed and incomplete payments have been on the rise over the past year. Drop in oil prices in recent years has resulted in a budget deficit. Improvements in intellectual property rights are also needed.
Kuwaiti investment in the commercial real estate sector has increased by 45 percent in the past year. The KIA's investments in the United States has increased by 20-fold in the last two decades. The Authority has several billion dollars in technology start-up and enterprise investment, nurturing US technology and small, but rapidly growing, companies. Kuwait has investments in the Hudson Yards Project, the largest privately funded real estate development project in North America. These diverse investments provide for the current and future financial security of Kuwait. Kuwait's Sovereign Wealth Fund investments in the United States are roughly estimated at over $300 billion, and are diversified among stocks, bonds (primarily US treasuries), real estate and technology.
By Ben Garcia