$60 Billion Kuwaiti investments in Syria

Monday, 30 November 2009

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An economic report published yesterday said that the volume of Kuwait investment in Syria has exceeded six billion dollars reflecting the depth of economic relations between the two countries and the noticeable development over the last few years. The report, issued by the Syrian news agency SANA, indicated that economic cooperation between Syria and Kuwait is based on a number of agreements which encouraged mutual protection of investments, the avoidance of double taxation and the promotion of action by both sides to increase the volume of trade exchanges and Kuwaiti investments in Syria and vice versa. The report added that the joint Syrian-Kuwaiti ministerial economic committee is acting through its meetings to address the defects in economic relations and redress them, as well as solving the obstacles in the way of the required implementation of agreements as well as the laying down of plans for new agreements to be suitable for the developments in both countries. The report stressed the importance of the serial-Kuwaiti businessmen forum to be held in which they will activate relationships of commercial and economic cooperation between the two countries and develop them.
The report indicated that Kuwait is one of the earliest countries to invest in Syria establishing the United Kuwaiti investment company in Syria at capital of 200 million dollars. Following that there was an increased demand by Kuwaiti financial and investment groups and institutions on Syria. A number of commercial banks were established such as the Gulf Bank with a capital of up to $60 million and the Cham Islamic Bank with the capital of 100 million dollars. Kuwait holds third place in foreign investments in Syria after Saudi Arabia and Turkey. The value of Syrian exports to Kuwait in 2006 amounted to 36 million Kuwaiti dinars and the rates of these exports between 2005 and 2006 amounted to more than 35% of the volume of Syrian exports. In 2005 the volume of trade exchanges between the two countries exceeded the figure of 345 million dollars.