Kuwait-China MoU On Free Zones Strengthens Economic Collaboration

Decree No. 28 of 2024 endorses a memorandum of understanding (MoU) between the Kuwait Direct Investment Promotion Authority and the Ministry of Commerce in China, aiming to enhance collaboration in free zones and economic zones.

The memorandum highlights the shared goal of strengthening friendship and economic cooperation, emphasizing the importance of facilitating trade and reciprocal investments, according to Al-Qabas daily.

Both parties have agreed on key provisions:

Article (1): Establishing a long-term bilateral relationship of cooperation in free zones, economic zones, and related open platforms through regular consultations and bilateral activities.

Article (2): Cooperating in economic fields and organizing mutual visits to encourage investment development between the two countries.

Article (3): Cooperation in free zones and economic zones, including:

- Exchanging expertise, sharing experiences, and building models to attract investments and technologies.

- Organizing training programs, conferences, and mutual visits to explore cooperation opportunities.

- Exchanging information on rules, regulations, and proposals related to the design, establishment, and management of free zones and economic zones.

- Conducting joint studies to improve work mechanisms in free zones and economic zones.

- Encouraging investors through incentives and advantages in free zones and economic zones.

The memorandum also outlines the establishment of joint working teams, jointly led by directors of free zones and economic zones in both countries.

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