WHY KUWAIT
Kuwait Food Imports are very high as the desert country does not produce much. Kuwait currently imports over 90% of its food needs including grains, meat, seafood, poultry and dairy. Source: FAO
Kuwait does not Kuwait does not implement any customs duties on food, agricultural items, or essential consumer goods, or on imports of some machinery, most spare parts, and all raw materials. Source: BO GRACE
The Kuwait Institute of Scientific Research (KISR) emphasis is on promoting Healthy Diets and Lifestyle: Aims to provide evidence- based information to the Ministry of Health to revise policies and programs to reduce the prevalence of obesity and noncommunicable nutrition - related diseases. Assessment and Reduction of Food Contaminants: Aims to identify and assess levels and risks of microbiological and chemical hazards, allergens, and foreign materials including authentication and assurance of halal control. Food Products Processing and Packaging Innovations: Aims to develop improved food products and processes to enhance the health and wellness of the Kuwaiti population. SOURCE: KISR
Kuwaiti families spend an average of 3,723 dinars (Dh47,903, $13,000) a month, a survey on family spending in the northern Arabian Gulf nation has revealed.Around 14 per cent is spent on food, drinks SOURCE: GULF NEWS
“The Kuwait Development Plan (KDP) 2015-20 puts into motion the government’s broad goal of transforming the country into a regional trade and financial hub by 2035. The plan is a two-pronged strategy to push through major economic reforms to empower the private sector and to implement a significant pipeline of ambitious projects over a five-year period. The KDP was initially drafted with a $155bn budget for key developments and will focus on more than 500 projects to build core infrastructure, utilities and housing across Kuwait, and to expand the country’s vital oil and gas sector. The government has acknowledged that the National Development Plan (NDP) 2010-14 was not successfully implemented, hence a large number of projects from the previous plan have been included under the new strategy. According to the new plan pulls 421 projects from the previous plan and identifies 92 new projects that will be implemented within the next five years. “
Source: The Oxford Business Group
An oil-rich country in the Middle East, Kuwait is sending its students abroad in growing numbers following several years of economic growth and expanded government scholarships for overseas study. Immigrant’s account for roughly 69% of the country’s total population of four million, and the number of young people aged 15-19 is expected to surpass 250,000 by 2016.
The economy is dominated by oil, which makes up around 85-90% of export revenues. Overall GDP growth in Kuwait has slowed in the last few years, decreasing to 1.5% in 2013 due to a reduction in oil output following a period of high growth in 2011 and 2012. Growth is expected to lag behind that of other oil producers in the Middle East in 2015, including Qatar, United Arab Emirates, and Saudi Arabia.
Nevertheless, the purchasing power of individual Kuwaiti families has continued to expand over the last several years. World Bank statistics indicate that Kuwait has had impressive growth in GDP per capita for the last five years, increasing from around US$39,000 in 2010 to US$52,000 in 2013.
Did You Know?
- Kuwait is the 2nd most free economy among the Middle East
- Kuwait is the 4th richest country in the world in terms of Per Capita Income
- Kuwait has the world’s 5th largest proven oil reserves.
- Source: PIE NEWS