KUWAIT CITY, Oct 16: Hong Kong is strengthening its economic, diplomatic, and cultural engagement with Kuwait, building on a rapidly expanding partnership that has gained momentum over the past four years. Since the establishment of the Hong Kong Economic and Trade Office (HKETO) in Dubai, bilateral exchanges between Hong Kong and Kuwait have grown significantly, encompassing trade, investment, education, innovation, and tourism.

Chief Executive John Lee’s Landmark Visit to Kuwait

A major milestone in Hong Kong–Kuwait relations was marked in May 2025, when Hong Kong’s Chief Executive, Mr. John Lee, led a high-level delegation to Kuwait to deepen cooperation across multiple sectors. The visit — Mr. Lee’s first overseas mission leading both Hong Kong and Mainland Chinese enterprises — underscored Hong Kong’s strategic role under the “One Country, Two Systems” principle, serving as a bridge between Mainland China and the world.

During his visit, Mr. Lee received state-level hospitality and held meetings with His Highness the Amir, the Crown Prince, and the Acting Prime Minister of Kuwait, as well as senior government ministers and leading business figures. The mission resulted in the signing of 24 memoranda of understanding (MoUs) and cooperation agreements between government bodies, enterprises, and organisations from Hong Kong, Mainland China, and Kuwait.

These agreements covered a wide range of fields, including trade, investment, finance, technology, legal cooperation, aviation, logistics, and higher education, marking a new era of strengthened collaboration and mutual growth. Both sides reaffirmed their commitment to deepening economic and people-to-people ties and expanding cooperation under the Belt and Road Initiative framework.

Strong Economic and Trade Relations

Kuwait remains one of Hong Kong’s most valued trading partners in the Middle East. In 2024, bilateral trade in goods reached HK$1.9 billion (US$0.2 billion). Officials from the Hong Kong SAR Government have expressed optimism that this figure will continue to grow in the coming years.

The relationship is anchored by two key agreements — the Comprehensive Double Taxation Agreement (CDTA) and the Investment Promotion and Protection Agreement (IPPA) — which make Kuwait the first member of the Gulf Cooperation Council (GCC) to formalize such frameworks with Hong Kong. These agreements enhance transparency, ensure fair treatment for investors, and provide legal safeguards that encourage greater business flows.

Building on this foundation, Hong Kong is exploring opportunities to develop a Free Trade Agreement (FTA) with the GCC, which could open new avenues for investment, industrial cooperation, and market access across the Middle East.

Hong Kong as a Gateway for Kuwaiti Businesses

Positioning itself as a “super-connector” and “super value-adder,” Hong Kong plays a unique role in linking the Chinese Mainland, ASEAN, and global markets. Under the “One Country, Two Systems” framework, Hong Kong maintains an open, international business environment and world-class infrastructure, making it an ideal gateway for Kuwaiti businesses seeking access to Mainland China and the broader Asia-Pacific region.

As Kuwait pursues its Vision 2035 to diversify its economy and develop into a regional financial and innovation hub, Hong Kong offers strong partnership potential in fields such as finance, fintech, renewable energy, logistics, biotechnology, transportation, and smart city solutions.

Hong Kong also offers extensive opportunities for Kuwaiti enterprises to participate in Mainland China’s major national strategies, including the Belt and Road Initiative and the Guangdong–Hong Kong–Macao Greater Bay Area (GBA) — both of which are key drivers of China’s next stage of growth.

Hong Kong’s Innovation and Technology Ecosystem

Hong Kong continues to evolve into a global hub for innovation and technology (I&T). The city is home to five of the world’s top 100 universities, world-class research institutions, and over 4,700 startups, backed by robust policy support and access to Mainland funding.

The government’s efforts are further strengthened by new initiatives outlined in Chief Executive John Lee’s 2025 Policy Address, which includes the HK$3 billion Frontier Technology Research Support Scheme. The program aims to attract top international researchers in artificial intelligence (AI) and frontier technologies to conduct advanced research in Hong Kong.

Kuwaiti researchers, entrepreneurs, and I&T firms are encouraged to participate in these initiatives to leverage Hong Kong’s expertise, infrastructure, and global networks for technological advancement and expansion into Asian markets.

Policy Measures to Attract Global Investment

To further consolidate Hong Kong’s position as a global investment hub, the HKSAR Government has introduced comprehensive incentive packages to attract high-value industries and international investors. These include tax exemptions, financial subsidies, and land grants to encourage businesses to set up operations in Hong Kong.

Other measures include the development of a regional gold reserve hub, a central gold clearing system, and an enhanced Capital Investment Entrant Scheme, which has lowered the investment threshold for residential properties to HK$30 million (US$3.86 million). Additionally, the government plans to establish the Northern Metropolis University Town to position Hong Kong as a regional hub for education and global talent attraction.

Hong Kong’s Economic Performance and Global Rankings

Hong Kong continues to lead the world in economic freedom and competitiveness. According to the Fraser Institute’s Economic Freedom of the World Report 2025, Hong Kong retained its position as the world’s freest economy and ranked first globally in “freedom to trade internationally.” The IMD World Competitiveness Yearbook 2025 placed Hong Kong third overall, while the IMD World Talent Ranking ranked it fourth globally and first in Asia, reflecting its strength in human capital development.

In the second quarter of 2025, Hong Kong’s real GDP grew by 3.1% year-on-year, supported by robust exports, a buoyant stock market, and improving domestic demand. The city also dominated global financial markets, ranking first worldwide in IPO fundraising, with 53 new listings raising HK$127 billion in the first seven months of the year — a sixfold increase compared to 2024.

Tourism, Cultural Exchange, and Muslim-Friendly Development

Hong Kong is also emerging as a top destination for Muslim travellers, with recognition as the “Most Promising Muslim-Friendly Destination of the Year” in the Global Muslim Travel Index. The number of halal-certified restaurants has nearly doubled to 190 since 2024, while more than 60 hotels, attractions, and convention venues have earned Muslim-friendly certification. Visitor arrivals from Gulf countries surged 70% year-on-year in 2024, reflecting strong travel recovery and growing cultural exchange.

Beyond Muslim-friendly tourism, Hong Kong continues to offer a rich blend of East and West — from luxury shopping malls and bustling street markets to cultural landmarks like the M+ Museum, the Hong Kong Palace Museum, and Kai Tak Sports Park, the city’s new state-of-the-art sports complex. With attractions such as Hong Kong Disneyland, Ocean Park, and world-class horse racing, Hong Kong remains one of Asia’s most dynamic and diverse tourist destinations.

Looking Ahead

Hong Kong’s engagement with Kuwait embodies a shared vision of economic diversification, innovation, and global connectivity. As both economies advance their long-term development strategies, collaboration in trade, finance, education, and technology will remain central to their partnership.

The strong diplomatic ties, supported by a robust network of trade agreements, strategic initiatives, and people-to-people exchange, are expected to take Hong Kong–Kuwait relations to new heights in the years ahead.

US President Donald Trump shakes hands with India’s Prime Minister Narendra Modi in the Oval Office of the White House on Feb 13 in Washington. (AP)

NEW DELHI, Oct 16, (AP): India says it is looking to step up purchases of crude oil and natural gas from the U.S. as it diversifies its energy supplies and confronts criticism by US President Donald Trump over its imports of discounted Russian oil. Trump said Wednesday that Indian Prime Minister Narendra Modi had personally assured him his country would stop buying Russian oil, in a move that might add to pressure on Moscow to negotiate an end to the war in Ukraine.

“There will be no oil. He’s not buying oil,” Trump said. The change won’t take immediately, he said, but “within a short period of time.” India is the second biggest buyer of Russian oil after China. Trump cited its purchases from Moscow when he announced 50% tariffs on imports from India in August. A statement Thursday by India’s foreign ministry did not address Trump’s remarks directly.

It said the government’s consistent priority was to safeguard the interests of Indian consumers in a volatile energy environment. “Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad basing our energy sourcing and diversifying as appropriate to meet market conditions,” said Randhir Jaiswal, a ministry spokesman.

He said the Trump administration had shown interest in deepening energy cooperation and talks on that were underway. Expanding India’s energy dealings with the US could help India mitigate supply disruptions and align with Washington’s push to reduce global dependence on Russian oil. India’s Trade Secretary Rajesh Agarwal said Wednesday that India was willing to increase its purchases of American oil and natural gas if prices were competitive.

Agarwal told reporters India has been buying around $12-$13 billion worth of crude oil and gas from the US annually and there was room to nearly double that without causing disruptions for Indian refiners. A team of Indian government officials was visiting the US to discuss a bilateral trade agreement that includes energy cooperation, he said.

“In discussions we are in, we have indicated very positively that India as a country would like to diversify its portfolio as far as energy imports are concerned. That’s the best strategy for a big buyer like India,” said Agarwal. In February, Modi and Trump set a target of finalizing the first tranche of a trade agreement by autumn. Talks were suspended after five formal rounds of negotiations after Trump expressed displeasure over India’s continued purchases of Russian oil. He said that was helping to fuel Moscow’s war against Ukraine.

PAI conducts over 1,000 inspections and uncovers 222 violations in industrial and commercial plots.

KUWAIT CITY, Oct 16: The Public Authority for Industry (PAI) announced Wednesday it has carried out more than 1,000 inspection tours across industrial, service, and commercial plots under its supervision, uncovering 222 violations related to misuse of land and regulatory breaches.

In a statement to Kuwait News Agency (KUNA), the Authority detailed that the violations included using plots for unauthorized purposes, housing laborers within industrial zones, environmental and occupational safety infractions, and illegal subletting without proper licensing.

The inspections follow directives issued in September by the Minister of Commerce and Industry and Chairman of PAI’s Board of Directors, Khalifa Al-Ajeel, who ordered the formation of specialized inspection committees led by three advisors. These teams were tasked with conducting a comprehensive survey of all plots managed by the Authority, detecting infractions, and initiating appropriate actions.

The Authority affirmed that in cooperation with relevant government agencies, it had issued warnings, closed non-compliant facilities, and referred several violations to both the Public Prosecution and the Environment Public Authority for legal measures. PAI emphasized its commitment to enforcing regulations firmly and fairly, ensuring that plots allocated for industrial, service, and craft purposes are used as intended.

Quoting Minister Al-Ajeel, the statement said: “This step is part of the Authority’s broader effort to reinforce transparency and discipline in managing industrial plots, support compliant factories and businesses, and foster a fair competitive environment that boosts investor confidence and contributes to the national economy.”

He added that the coming phase will see expanded inspection efforts covering all plots under PAI’s supervision, with findings to be submitted to relevant committees. This aims to strengthen oversight and rectify violations through established legal procedures.

One of the commercial properties is being sealed