Kuwait has trade agreements with more than 30 countries, while many are yet to come into effect, we will be discussing some of the ones that have been ratified already
AUSTRIA – KUWAIT
Kuwait and Austria have had commercial and trade links since the 1960s when an Austrian construction company was involved in the development of Shuaiba Port. Austrian enterprises have been involved in the Kuwaiti market ever since. Their activities include anything from the development of new industrial plants to environmental programs.
The Austrian export surplus dominates the international trade between Austria and Kuwait, but fluctuations in the oil price and the dollar exchange rate are well reflected in the mutual trade balance.
The yearly trade volume was around 45-48 million euros in the first half of the 1980s, before dropping to roughly 22-23 million euros in the years following the Iraqi invasion. In 1996, a total of over 40 million euros was attained once more. The volume of commodities exchanged reached slightly about 70 million euros per year in the mid-2000s. For the first time, the 100 million euro record was broken in 2008. The transaction volume peaked in 2013, when it reached 520 million euros, thanks in part to Kuwaiti oil exports to Austria. A total of 120 million euros worth of commodities were traded in 2016.
Tourism also plays an essential part in the two countries relations. Hundreds of thousands of Kuwaitis visit Austria regularly, most of them during the summer. The regions of Salzburg, Vienna, and Tyrol are among the most popular tourist sites in Kuwait.
Greece- Kuwait
The two countries’ bilateral relationships are excellent. Kuwait and Greece established diplomatic relations in 1964. Greece was one of the 34 member countries of the Alliance Force that helped liberate Kuwait from Iraq in 1991. A Memorandum of Understanding for Bilateral Consultations was signed by the two ministries of foreign affairs in 1998. The Greek Embassy has been in Khaldiya since 2005.
Based on the 2007 Archeological Cooperation Agreement, Greek archeologists worked on excavations and collaborated with Kuwaiti authorities in the Hellenic fortress of Failaka island (December 2007 – January 2008, January 2009 – February 2009). The Failaka was colonized by Greeks during Alexander the Great’s reign, who christened it “Ikaria” because of its topographical resemblance to the Greek island of Ikaria in the Aegean Sea. The island is today known as Failaka, a Greek name that means “Fylakion (Fortification).”
The Greek community in Kuwait is steadily growing. Greeks labor in a variety of industries in the private sector (i.e. Construction, Finance, I.T.). Furthermore, commerce, economic collaboration, and trade between Greek and Kuwaiti partners have increased dramatically.
Canada- Kuwait
Canada and Kuwait have enjoyed strong bilateral ties since 1965 when they became diplomatic partners. Both Canada and Kuwait have embassies in Ottawa. The strong basis of the Canada-Kuwait relationship can be seen in the two nations’ shared perspectives and interests in a variety of areas, including peace and security, humanitarian issues, commerce and investment, and people-to-people contacts.
The friendship between Canada and Kuwait was evident during the Gulf War and its aftermath in 1991 when Canadian troops fought alongside Kuwaiti troops. and coalition allies.
Extinguishing enormous oil well fires and blowouts required the help of Canadian firemen and well control specialists, who worked diligently alongside Kuwaitis.
In 2020, Canada exported $96.4 million worth of goods to Kuwait, while Kuwait imported little over $277,000 worth. Consumer items, agri-food products, machinery, and motor vehicles and parts were among Canada’s major merchandise exports to Kuwait.
Kuwaiti Foreign Direct Investment (FDI) in Canada was worth over $2.3 billion in 2020, while Canadian Direct Investment in Kuwait was worth $118 million.
Approximately 7,000 Canadians live in Kuwait and work in industries such as the oil industry, academic institutions, government, health, financial services, and engineering.
