Cooperation between Kuwait, China on free zones and economic zones ratified

Decree No. 28 of 2024 has been issued, endorsing a memorandum of understanding (MoU) between the Kuwait Direct Investment Promotion Authority and the Ministry of Commerce in China, aimed at fostering collaboration in the realm of free zones and economic zones.

The memorandum underscores a shared aspiration to bolster the bonds of friendship and economic cooperation, recognizing the pivotal role of facilitating the flow of goods and reciprocal investments, reports Al-Qabas daily.

Acknowledging the significance of cultivating a conducive investment climate for collaboration, both parties have agreed upon the following provisions:

Article (1): The goal of this memorandum is to establish a long-term bilateral relationship of cooperation in the field of free zones, economic zones and related open platforms between the two parties, through holding regular consultations and engaging in bilateral activities.

Article (2): The two parties shall cooperate in the economic fields and organize mutual visits between the two countries with the aim of encouraging investment development.

Article (3): The two parties agreed to cooperate in the field of free zones, economic zones, and related open platforms on the basis of reciprocity and common interests, which include, but are not limited to:

• Exchanging expertise for development, sharing experiences and building patterns and models to attract investments and technologies with the aim of intensifying development in free zones, economic zones and related open platforms.
• Organizing training programs, conferences, and mutual visits to companies and expert delegations to discover additional opportunities for cooperation.
• The two parties will work to exchange experiences and mechanisms and provide information on the latest rules, regulations and proposals related to or related to the design, establishment, construction, management and operation of free zones, economic zones and related open platforms.
• Conducting joint studies to improve and develop the work mechanism in free zones, economic zones and related open platforms.
• Encouraging investors to invest in projects through special incentives and advantages in free zones, economic zones and related open platforms.

The two parties agreed to establish joint working teams jointly headed by the directors of free zones, economic zones and related open platforms in both countries.