With Kuwait promoting itself as a go-to destination for foreign investment through streamlining procedures for licensing and granting incentives and guarantees to help boost foreign investments across the sectors, Chinese companies are increasingly eyeing attractive investment opportunities in the country.
Deloitte recently hosted an executive forum for a select group of key Chinese officials and enterprise executives to share expert insights into the latest updates on the Kuwaiti taxation system and the newly launched initiative to attract foreign investment to the country. The event, which took place during the third week of November in Kuwait, was led by Ihab Abbas, Tax Partner, and Bassem Abulkhair, Tax Director at Kuwait, and supported by Madeleine Todd, Chinese Services Group Manager at Deloitte Middle East.
“We are seeing a growing number of Chinese companies coming to do business in Kuwait,” explains Ihab Abbas. “With the latest changes in the Kuwaiti taxation system, as well as the Kuwait Foreign Investment and Public-Private Partnership (PPP) Laws, it is essential for companies to understand the implications of such changes on their business operations and to make informed decisions about their strategies with regards to this particular market. Deloitte, with its extensive network and deep experience in Kuwait, is helping clients navigate this changing landscape by adjusting and implementing tailored solutions that could bring sustainable and effective business results to them.”
In line with Kuwait’s effort to diversify its economy, preferences in Foreign Direct Investment (FDI) are given to high tech companies that have the potential to generate employment opportunities for Kuwaitis and improve to the national economy. Chinese companies that are currently doing or looking to expand business in Kuwait are ideal candidates in this regard.
“Deloitte is a leading professional services firm with a dedicated global China servicing desk that specifically focuses on Chinese cross-border investments,” explains Madeleine Todd. “Through these types of forums and discussions, we hope to better understand the concerns and needs of the Chinese business community in Kuwait in order to ensure excellent service for Chinese businesses seeking growth in this market, as well as help them build lasting business relationships in the country that are mutually beneficial and rewarding for them and their local partners.”