Australia's exports to Kuwait have grown almost 16% year-on-year

Kuwait City, Kuwait, 16 April 2015

The Australian Trade Commission (Austrade) has launched the third edition of its annual campaign in the Middle East North Africa (MENA) region to promote the bilateral trade, investment and cultural ties that exists between Australia and the GCC. The program's activities will extend to Kuwait, UAE and Saudi Arabia. Australia already boasts AUD 12bn trade with the GCC, which is comparable to India, and the Gulf Cooperation Council states are its 13th largest trading partner.

The Australian Minister for Trade and Investment, The Hon. Andrew Robb AO MP, is visiting the region to participate in the Australia Unlimited MENA (AU MENA) program and meet senior Ministers in Saudi Arabia, Qatar, Kuwait and the UAE to seek resumption of negotiations for a free trade agreement with the Gulf Cooperation Council.

AU MENA has adopted an overarching theme of innovation for the 2015 event, because Australia's innovative approach and expertise meets the region's future needs in areas of sustainability, economic diversification, and human capital.  There are three core strands to AU MENA 2015, including the ministerial mission, which has bilateral trade, sovereign wealth funds and furthering the FTA discussions on the agenda; the CEO mission, which will include 16 senior executives from Australia's leading business organisations and universities accompanying the minister and the trade missions, which are focusing on sustainable urban development, education and vocational training, and healthcare.

The trade relationship between Kuwait and Australia is substantial with exports to Kuwait growing 15.9%* growth year-on-year to mid-2014, with strong potential for further expansion in the energy sector, information technology, education, agribusiness, advanced manufacturing and tourism.  Kuwait is also a major market for Australian dairy and food products and passenger motor vehicles.  There is also significant Kuwaiti investment in Australia; the total of all Kuwait investments are estimated to be around AUD 12 bn, including real estate, hotels, banking and a liquid natural gas project.  There is considerable scope for Australia to develop further the bilateral commercial relationship and support Kuwait in its long-term development plans to develop around USD116 bn worth of infrastructure and development projects.

Australia Unlimited MENA 2015 is supported by strategic partner - Dubai Land Department, platinum sponsors - Qantas and Government of Victoria, and gold sponsors - Navitas, Dubai Airport Freezone, and One & Only Resorts.

-Ends-

AU MENA Dates
UAE (Dubai & Abu Dhabi): 12-13 April (taken place)
KSA (Riyadh): 14 - 15 April (taken place)
Kuwait: 16 - 19 April

*Total trade (exports and imports): AUD 568 m

For Media Enquiries:
Samar Saliba
Linda Dabbagh
TOH Public Relations
04 3828 900
samar@tohpr.com
linda@tohpr.com
www.tohpr.com

For further information:
www.austrade.gov.au/MENA  
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© Press Release 2015