Business
Determined Austria looks to up Kuwaiti investment
Austrian Ambassador to Kuwait Ulrich Frank
KUWAIT CITY, May 6 : Austrian Ambassador to Kuwait Ulrich Frank has lauded the strong and solid Kuwaiti- Austrian relations which he described as “excellent and advanced” at all levels and in various areas of cooperation, indicating these are historical relations spanning 60 years. In a statement to reporters on the sidelines of a reception he hosted at his residence on the occasion of the visit of the Austrian trade delegation, Frank revealed this is the second time he was appointed as his country’s ambassador to Kuwait — the first was in 2012.
He stated that when he was offered the appointment again to Kuwait, he did not hesitate to accept it. He affirmed that he is exerting tremendous efforts to support, strengthen and develop bilateral relations with Kuwait. He said Kuwait hosted the first round of political consultations between the two countries, which strengthened the consensus between them. He looks forward to Vienna hosting the next round of consultations. He confirmed that the Austrian trade delegation’s visit to Kuwait reflects the strength of bilateral relations between the two countries and the shared desire to enhance economic cooperation, whether in the fields of trade, investment, science, technology or innovation. He added “we believe there is great potential to expand cooperation between Austria and Kuwait.
While precise figures are not available regarding the size of Kuwaiti investments in Austria due to the confidential nature of most of them, we believe they are significant and influential investments.” He went on to affirm that the Austrian Embassy is working hard to encourage Kuwaiti investments in his country by enhancing communication between businesspersons and facilitating access to available investment opportunities. “We are working hard to build a sustainable and fruitful economic partnership that benefits both countries. We look forward to a bright future of constructive cooperation with Kuwait,” he stressed.
On the other hand, Chairman of the Kuwaiti-Austrian Business Friendship Association (KABFA) Sheikh Abdullah Al-Mubarak asserted that relations between Kuwait and Austria are characterized by mutual trust, which constitutes a solid foundation for strengthening economic and trade cooperation between the two countries. In a press statement on the sidelines of his participation as the guest of honor at the event, Sheikh Abdullah pointed out that “as chairman of the association, I am elated to participate in this important meeting organized by the Austro-Arab Chamber of Commerce (AACC), with the attendance of a select group of multidisciplinary Austrian companies.”
He said this high-level trade visit is the first in more than five years, making it a valuable opportunity to enhance trade exchange and explore new areas of cooperation. He clarified that “personal and business communication are no less important than economic figures; indeed, they are the foundation upon which sustainable success is built. Although Austria is small, it possesses high-quality and advanced technologies in sectors like construction and renewable energy. Kuwait and the region can benefit from such sectors, especially in light of the development vision of Kuwait.”
On Kuwaiti investments in Austria, Sheikh Abdullah confirmed the existing investments; indicating that “the Austrian market is smaller than traditional European markets such as Germany and France, but it is stable and safe. It has an encouraging legal environment, which enhances confidence among Kuwaiti investors.” Moreover, former Austrian Defense Minister and AACC President Dr. Werner Fasslabend emphasized that his visit to Kuwait, which was organized in cooperation with Kuwait Chamber of Commerce and Industry (KCCI), aims to strengthen bilateral relations; particularly in the area of economic cooperation between the two countries. He disclosed “we are here today accompanied by a delegation of 22 Austrian companies, in addition to prominent figures, including the President of the Austrian Industry Federation — one of the most prominent economic figures in Austria, along with representatives of leading global companies such as Rosenbauer and ANSERS.”
He said the goal of the visit is not limited to exchanging documents or signing agreements, as it rather extends to building trust through direct personal communication. He believes that personal trust is the foundation for building successful business relationships. “Through this visit, we want to learn about the country and its economy, and most importantly, to communicate directly with the individuals and stakeholders.
By Fares Al-Abdan
Al-Seyassah/Arab Times Staff
Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi
KUWAIT CITY, Sept 9: Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi, on Tuesday emphasized the need to develop the tax system and achieve financial sustainability to promote economic integration among Gulf Cooperation Council (GCC) member states.
Speaking at the 15th meeting of the Committee of Heads and Directors of Tax Administrations in GCC countries in Kuwait, Al-Munifi said the meeting is part of ongoing efforts to coordinate GCC tax authorities and develop mechanisms to unify joint tax policies that serve the interests of member states and their populations.
She expressed hope that the annex to amend the unified excise tax agreement would be signed at the upcoming financial and economic cooperation meeting scheduled in Kuwait next October, which will bring together the GCC finance ministers. Al-Munifi also commended the heads and directors of tax authorities and the Unified Tax System Working Group for their efforts in preparing studies, working papers, and recommendations.
Khalid Al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, said the meeting continues the process of cooperation among GCC countries in tax policies. He noted that the aim is to unify tax frameworks, enhance economic integration, and support competitiveness at the regional and international levels.
Al-Sunaidi added that discussions at the meeting included outcomes from the GCC Unified Tax System Working Group on redefining energy drinks to reduce the consumption of unhealthy products, and plans to establish a comprehensive electronic system for all types of indirect taxes, alongside other related topics.
During the meeting, GCC tax heads and directors reviewed recommendations and decisions from the 14th meeting and previous sessions, submitting them to the undersecretaries of finance in the GCC. It was agreed to form a technical working group to develop the electronic system for indirect taxes and to redefine energy drinks in the Unified Excise Tax Agreement according to international definitions and classifications.
The 15th GCC Tax Committee meeting held in Kuwait.
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