'Encouraging Investment' Knocks on Europe's Capitals... Starting with Italy
Marketing incentives and benefits offered in Kuwait through direct meetings with global companies
Najah Bilal
As the Kuwaiti government moves toward approving a comprehensive package of urgent corrective economic laws aimed at attracting foreign direct investment and expanding the presence of global companies in the local market as a cornerstone for addressing chronic structural imbalances in the state budget and ensuring financial sustainability for future generations, sources told "Al-Siyasa" that the Direct Investment Promotion Authority (DIPA) has activated a prominent strategic aspect of its development plans. This move aims to accelerate the flow of high-quality foreign capital into the country by adopting a proactive approach of directly engaging major global companies rather than waiting for them. Consequently, the authority has begun organizing intensive promotional tours, visiting European capitals and global financial centers to establish direct communication channels with international business leaders and encourage them to open new markets and inject high-quality investments into innovative projects within Kuwait.
The information summarized the objectives of these intensive promotional visits into four key strategic pillars that form the core of the authority's new economic momentum. The first pillar focuses on attracting foreign capital capable of transferring advanced technology and modernizing knowledge in the Kuwaiti market.
The second pillar relies on effectively marketing the incentives and benefits granted by Kuwaiti law to foreigners, highlighting tax and customs exemptions and guaranteeing 100% ownership of projects.
The third pillar is concerned with opening new markets and building robust, sustainable strategic partnerships with international business communities and official institutions in Europe.
The fourth pillar directly supports Kuwait Vision 2035, which aims to diversify national income sources away from oil and transform Kuwait into an attractive regional financial and commercial hub for business.
It was clarified that this proactive move reflects Kuwait’s desire to enhance its competitive position on the regional economic map. The expected impact of this strategy extends beyond merely attracting liquidity; it also includes creating high-quality job opportunities for national labor and developing infrastructure through the transfer and localization of global expertise.
The information cited the recent intensive promotional tour conducted by a DIPA delegation in major Italian industrial cities, including the capital Rome and the financial center Milan, as evidence. It emphasized that these moves underscore Kuwait’s desire to expand European investments in the country.
On the same level, a source familiar with the matter told "Al-Siyasa" that DIPA’s visit to Italy is driven by the necessity to enhance and develop Italian investments in Kuwait, which currently represent a small percentage of the local market. According to the latest statistics from the authority, these investments amount to approximately 2.83%, valued at 55.8 million dinars, out of the total volume of foreign direct investment in the country.
The source noted that DIPA’s initiatives translate the government’s steps toward creating an integrated and attractive investment environment that ensures equal opportunities and removes bureaucratic obstacles for global companies. This is in addition to building long-term strategic partnerships, particularly given that Kuwaiti oil investments in Italy through Kuwait Petroleum International (Q8) have enjoyed a stable historical presence in the Italian market for over 30 years, managing a wide network of fuel stations and warehouses. This is alongside private Kuwaiti investments in the real estate sector, which are notably concentrated in the economic capital, Milan.
The source concluded that engaging in the global economic arena and approaching financial hubs grants Kuwait a significant competitive advantage, enabling it to select international partners whose projects align with the state’s development visions aimed at reducing reliance on oil revenues and establishing a knowledge-based economy.
