Oil revenues constitute the main source of income and amount to approximately 94% of the state’s revenues. During 2020, Kuwait’s total exports were KD 19.57 billion (approximately US$ 62.6 billion) of which exports of oil and its by-products amounted to KD 10.96 billion (approximately US$ 36 billion) while non-oil exports were KD 1.3 billion (approximately US$ 4.3 billion). Kuwait’s total imports in 2020 were KD 8.4 billion (approximately US$ 28 billion).
According to IMF, Kuwait’s real GDP contracted by 8.1 percent, with an inflation rate of 2.1 percent in 2020. Kuwait has a Sovereign Wealth Fund (SWF) of over US$ 592 billion, which is managed by the Kuwait Investment Authority (KIA). Kuwait offers an open, competitive, and affluent market for consumer goods and project exports.
Kuwait is the 4th largest amongst the GCC countries after the UAE, Saudi Arabia, and Qatar. Kuwait embarked on its Development Plan (2015- 2020) under which it has awarded contracts worth over KD 1.1 billion (US$ 3.52 billion) in various sectors in 2019. Plans for project awards for 2020 were affected by the pandemic and falling oil prices, and Kuwait adopted a conservative approach to government spending during the year, with several projects put on hold. Project awards are expected to gather pace, with an estimated KD 4 billion worth of projects in the pipeline for 2021.
This story is from the July 2021 edition of Extraordinary and Plenipotentiary Diplomatist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2021 edition of Extraordinary and Plenipotentiary Diplomatist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Key Issues Shaping The India-US Relationship In 2024
Today Indian armed forces are operating some of the high-end US weapons systems like Apache helicopters, C-130J Super Hercules, C-17 Globe-master, MQ9B Predator Drones, P-81 Poseidons, Chinooks, MH-60R Seahawks, and M777 ultra-light howitzers.
PRESIDENT DROUPADI MURMU'S HISTORIC VISIT TO MAURITIUS
President Droupadi Murmu took centre stage amidst a whirlwind of diplomatic and social activities throughout her three-day visit to Mauritius from March 11 to March 13, 2024.
ICWA CELEBRATES IORA DAY
The Indian Council of World Affairs (ICWA) commemorated the Indian Ocean Rim Association (IORA) Day on March 7, 2024, with a panel discussion themed “Securing the Indian Ocean Region: Towards a Cooperative, Prosperous, Sustainable, and Peaceful Region.” The event, held at Sapru House, brought together diplomats, policymakers, and experts to deliberate on the multifaceted dynamics of the Indian Ocean region.
MIICCIA'S BUSINESS DELEGATION EXPLORES OPPORTUNITIES IN ADDIS ABABA
All the delegates were happy and satisfied with their meetings and thanked AACCSA for their arrangements for B2B and good interaction with the local business community.
SWEDEN JOINS NATO
A HISTORIC MILESTONE IN COLLECTIVE SECURITY
'We are committed to advancing peace, security, and stability on the global stage'
Kanchi Batra, Managing Editor, conducted an interview with H.E. Mateja Vodeb Ghosh, Ambassador of Slovenia to India. In this dialogue, we explore Slovenia's recent election as a non-permanent member of the UN Security Council for the 2024-2025 term. We delve into Slovenia's strategic priorities and objectives during its tenure on the Security Council, particularly in addressing global security challenges. Additionally, we discussed Slovenia's vision for strengthening relations with India and potential areas of collaboration.
INDIA-FRANCE Relations
HISTORICALLY SIGNIFICANT AND STRONG SINCE DECADES
INDIA-EUROPEAN FREE TRADE ASSOCIATION (EFTA) SIGNS TRADE AND ECONOMIC PARTNERSHIP AGREEMENT (TEPA)
The Union Cabinet chaired by the Hon’ble Prime Minister has approved signing of the TEPA with EFTA States. EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.
UNDERSTANDING CHINA'S G.D.P
The annual plenary sessions of the National People's Congress (NPC) and the National Committee of the Chinese People's Political Consultative Conference (CPPCC), known as the two sessions, have caught great attention across the world. I would like to share my interpretation of it through G.D.P.
INDIA AND UNITED STATES
\"We were strangers in defence cooperation at the turn of the century. Now, the United States has become one of our most important defence partners,\" Prime Minister Narendra Modi said in his address to the joint session of the US Congress during his state visit in June 2023. \"Today India and the US are working together, in space and in the seas, in science and in semiconductors, in start-ups and sustainability, in tech and in trade, in farming and finance, in art and artificial intelligence, in energy and education, in healthcare and humanitarian efforts.\"