Trade & Investment
From The Report: Kuwait 2015
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In recent years Kuwait has seen steadily expanding trade activity with neighbouring countries, the broader Middle East and a variety of key partners further afield. Dependence on oil income is one of the nation’s chief challenges: while the country has continued to diversify its economy away from hydrocarbons revenues, oil and other mineral fuels remain the country’s most important export products, accounting for 88.8% of total exports in the first quarter of 2015. Meanwhile, the government’s Foreign Direct Investment (FDI) Law, introduced in June 2013, is expected to boost FDI in coming years, as are alterations to the public-private partnership framework introduced in 2014.

This chapter contains an interview with Yoon Sang-Jick, Korean Minister of Trade, Industry and Energy.

Articles from this Chapter

Overview

A worthwhile partner: Recent and upcoming reforms are expected to help boost competitiveness
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In recent years Kuwait has seen steadily expanding trade activity with neighbouring countries – including the member states of the GCC and other Middle East nations – and a variety of key partners further afield. At the same time, the government has introduced a substantial amount of new legislation in an effort to boost foreign direct investment (FDI) and, in turn, develop the nation’s non-oil economy. In August 2014, for example, Kuwait’s parliament passed a new public-private partnership…

Interview

Promising partnership: OBG talks to Yoon Sang-Jick, Korean Minister of Trade, Industry and Energy
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To what extent will relationships with GCC member states play a significant role in South Korea’s future energy security? YOON: It has been a top national priority for South Korea to secure a stable supply of energy resources, as it is the fifth-largest oil importer and eighth-largest oil consumer in the world. As key energy allies and valuable partners, GCC member states have greatly contributed to South Korea's remarkable economic development – the so-called Miracle on the Han River…