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Press Dossier    By Date   21/01/2023 Italian industry chief praises Kuwait’s changing economy

Arab News, Saturday, Jan 21, 2023 | Jamadi Al Thani 28, 1444

Italian industry chief praises Kuwait’s changing economy

Kuwait: Top Italian firms want in on Kuwait’s development, establish partnerships within its private sector and offer expertise to businesses, an industry chief from Italy says.

Carlo Bonomi, President of Italian business confederation Confidustria, lauded its efforts to diversify its economy under the Kuwait Vision 2035 development strategy, reported the state’s official news agency (KUNA) on Friday.

Bonomi praised the approach “to create an effective government administration, develop a diversified economy, an integrated infrastructure, increase contribution of the private sector and lure international entrepreneurs.”

He said there were already Italian business agents and distributors, particularly for clothes and entertainment, working in Kuwait.

Italian companies in 2019 won contracts worth $672 million but only a single one was awarded the next year valued at $87.5m, he said, indicating that investments shrank due to COVID-19.

Bonomi said the Italian exports to Kuwait rose to $1.52 billion, which was double the 2021 figure.

Italian exports include aircraft, aerial devices, computer chips, medical equipment, watches and food products.

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