Top 5 reasons to export to kuwait

Blog1900_ReasonToExportKuwait

Kuwait occupies a strategic position in the Arabian Peninsula (surrounded by Iraq, Saudi Arabia and the Arabian Gulf), according to export.gov, “about one-third of an estimated population of 4.5 million are Kuwaiti nationals. The remainder consists of expatriate residents hailing from more than 80 countries”.

 

Some of the reasons you should consider exporting your products or service to Kuwait are:

 

IMPORTS

Export.gov states that “Kuwait imports most of its capital equipment, processed foods, manufacturing equipment, and consumer goods. Two-way trade is limited to a few international partners. Almost half of the country’s imports originate from China, the United States, the UAE, Japan, and Germany”.

 

STABILITY

Kuwait has a reputation for being one of the politically stable and efficient countries in the middle east. Furthermore, its transparent government structure makes it a better place to conduct business.

 

MARKET STRENGTHS

The Department for International Trade UK says that these are some of the strengths of Kuwait:

  • Free trade zone
  • Stable regime
  • Strategic location, close to other Gulf markets
  • The Kuwaiti dinar is highest-valued currency unit in the world
  • Friendly living environment for foreigners
  • More than half of Kuwait nationals under 25
  • Moderate business costs

LANGUAGE

While Arabic is the official language of Kuwait, English is still widely spoken. It is used during business negotiations and is the compulsory second language in schools. Therefore, foreign investors find it easier to communicating with customers, local partners and suppliers.

 

TAXES

Kuwait does not impose several taxes, including personal tax, value-added tax, and property taxes.

 

CHALLENGES

Among the most important we can name

  • The slow speed of decision making
  • Extremely hot weather in summer season slows down outdoor activity

With Infinitus help, you’ll be able to develop a unique market entry strategy to introduce your products or services to Kuwait! Contact us to let us guide you during this entire process. Some of the services we offer you are:

  • Advice on regulatory procedures to enter new markets.
  • Introduction of your products to distributors, business partners or final customers.
  • Participation in Events.

And many others that we can talk to you about! Just leave a message in our contact section and will get back to you.

 

Sources:

https://www.gov.uk/government/publications/exporting-to-kuwait/exporting-to-kuwait

https://www.nibusinessinfo.co.uk/content/taxes-duty-and-legal-considerations-when-exporting-kuwait

https://www.nibusinessinfo.co.uk/content/advantages-and-challenges-exporting-kuwait

https://en.portal.santandertrade.com/country-profile/77,kuwait

https://www.healyconsultants.com/kuwait-company-registration/benefits-problems/

https://www.export.gov/article?id=Kuwait-Market-Overview