Kuwait trade mission seeks to open new horizons in Canada
TORONTO: Canada-Kuwait Business Summit was held in Toronto on Oct 4, 2023 in the presence of Ontario’s Minister of Economic Development, Job Creation and Trade Vic Fedeli, Kuwait Chamber of Commerce and Industry Board Member Dherar Al-Ghanem, Kuwaiti Ambassador to Canada Reem Al-Khaled, Canadian Ambassador to Kuwait Aliya Mawani and Deputy Chairperson of Arab Canadian Business Council Ruba Al-Sayegh, in addition to nearly 100 individuals from the Canadian business sector.
TORONTO: Vic Fedeli, Dherar Al-Ghanem, Reem Al-Khaled, Aliya Mawani, Ruba Al-Sayegh and other officials during the Kuwait-Canad Business Summit in Toronto on Oct 4, 2023.
Ghanem was pleased with the meeting to discuss means of strengthening and developing investment and commercial relations between Kuwait and Canada through the participation of entities within the Kuwaiti trade mission that includes representatives of specialized companies in insurance, banking, investment, industry, oil, gas and renewable energy, in addition to representatives from the health ministry, Kuwait Direct Investment Promotion Authority (KDIPA), social security and National Fund for Supporting and Developing Small and Medium Projects.
Ghanem mentioned the Kuwaiti private sector’s awareness of the important role Toronto plays, particularly in the economic aspect, as Toronto bourse is one of the best markets in the world. It also has a diversified economy and attractive investment environment, adding the Kuwait business sector is keen on discovering new opportunities in Toronto as it is the commercial gateway between North America and the rest of the world, especially since it is advanced in the field of e-commerce and the knowledge economy, which attract capital and encourage innovators to enter the world of business in Toronto.
Ghanem said the program aims at opening new horizons to deepen relations in vital sectors and attract experiences and the vast Canadian knowledge in the fields of industry, services, financing and industrial technology, especially since Kuwait is considered a major investor and business partner of Canadian economy, as total direct foreign investment in Canada reached US$1.7 billion in 2022 and was on the top of the list of the top 10 in Asia.
In addition, trade reached US$600 million in 2022 with the possibility of it growing. Fedeli welcomed the Kuwait trade mission and expressed pleasure for having the meeting in the distinguished presence of both Kuwaiti and Canadian sides, which reflects mutual interest and gives indications on the possibility of opening new horizons for commercial and investment cooperation. He said this is a suitable opportunity due to the legislative developments that were made recently with regards to reducing taxes to attract more business.
