Italian Industries' Chief Praises Kuwait's Economic Diversification

Date

1/20/2023 3:03:57 AM

(MENAFN- Kuwait News Agency (KUNA))

Interview by Mahdi Al-Nimr

ROME, Jan 20 (KUNA) -- Carlo Bonomi, President of the General Confederation of Italian industry (Confidustria), has lauded Kuwait's efforts to diverse the economy and attain objectives of its development strategy, Kuwait Vision 2035.
In an interview with KUNA, Bonomi praised the approach 'to create an effective government administration, develop a diversified economy, an integrated infrastructure, increase contribution of the private sector and lure international entrepreneurs.' The Confidustria chief said top Italian companies desire to contribute to Kuwait's development, establish partnership with private Kuwaiti companies and offer expertise for renovating businesses in the country.
There are already Italian business agents and distributors for Italian brands particularly clothes and entertainment, said Bonomi, indicating that the Italian entrepreneurs would execute ventures they had won through tenders.
The Italian companies, in 2019, won contracts worth USD 672 million but in 2020, they won a single one valued USD 87.5 million, he said, indicating that the investments shrank due to the coronavirus outbreak.
At the commercial level, Bonomi said the Italian exports to Kuwait, in 2022, rose to USD 1.52 billion, by double as compared to 2021.
The Italian exports to Kuwait include aircraft, aerial devices, computer and electronic chips, medical equipment, watches and food products. (end) mn.rk

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