Kuwait

Kuwait Country information

Kuwait is aiming to fundamentally rebuild its economic structure in order to minimize the country's dependence on oil. The Gulf Emirate has ambitious objectives from which Swiss companies can benefit.

Kuwait Country information

Kuwait is one of the richest countries in the world in terms of gross domestic product per capita. Thanks to its oil reserves, the financially strong Gulf Emirate profited from the high and stable oil price for 16 years, but like the other Gulf states, Kuwait's main source of income has been hit hard since the oil price began to fall in 2014.

Since 2010, the government has been devoting itself to the “Vision 2035” or the “New Kuwait Strategy Plan” (since 2017), in an effort to make the country less dependent on dwindling oil revenues. These are ambitious five-year plans designed to fundamentally diversify Kuwait's economy by 2035. Kuwait is aiming to make significant investments in this area, particularly in the fields of energy, transport, health, technology and infrastructure modernization. The country also wants to become a global trading and financial center by 2035.

The economic restructuring process in Kuwait offers Swiss exporters from numerous sectors exciting future prospects, helped by the fact that Switzerland and Kuwait are already economically networked via investment protection and double taxation treaties.

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