Kuwait, an aspiring financial and commercial centre for the northern Gulf region.
Kuwait is a geographically small but relatively wealthy and open economy with a population of 4.2 million, a significant number of which are expatriates. Real GDP grew by 2.5 per cent in 2016.
Kuwait possesses extensive oil reserves and is highly dependent on these for revenue. The Kuwaiti Government has developed a strategic plan to transform Kuwait into a financial and commercial centre for the northern Gulf region. The plan also aims to encourage social development through spending on energy and infrastructure projects and strengthening the role of the private sector.
Key South Australian merchandise exports to Kuwait include confidential items of trade, live animals, fresh meat, and fruit and nuts. Over 1000 Australians reside in Kuwait and work within the education, banking, resources and security industries.
Kuwait’s long-term development strategy to upskill its citizens and invest in major infrastructure projects creates significant opportunities for South Australia. Key sectors of opportunity include agribusiness and premium food, health, resources and water management.