Kuwait City, 24 January 2022 (TDI): The Ambassador of Canada in Kuwait, Aliya Mawani met with the Managing Director of the Kuwait Investment Authority, Ghanem Al Ghenaiman, and discussed different areas of collaboration between Canada and Kuwait.
The relationship between Canada and the State of Kuwait is stable and cordial. Both collaborate in many areas, such as the investment sector which is the area of focus in this news.
In the investment sector, both states interact through agreements, and one agreement is the treaty for the promotion and protection of investment made in 2011 and modified in 2016.
Moreover, in 2020, the Kuwait Foreign Direct Investment Stock (FDI) was valued at more than $ 2.3 billion and $ 118 million for Canada Direct Investment in Kuwait.
Furthermore, Kuwaiti FDI in Canada ranked well. For instance, it has sixth place in the Asia/Oceania region and second place globally.
Kuwait Investment Authority (KIA): An Overview
KIA is an institution established in 1982, to execute the function of the Kuwait investment made to manage Kuwait reserved funds. The Mission of this body as stated by the Kuwait Investment Authority is to achieve a long-term investment return on the financial reserves entrusted by the State of Kuwait to the Kuwait Investment Authority, providing an alternative to oil reserves, which would enable Kuwait’s future generations to face the uncertainties ahead with greater confidence.
Canada and Kuwait Relationship
The relationship between Canada and Kuwait was formed in 1965. The Canada-Kuwait relationship is strong thanks to the similar interest both states have. For instance, they collaborate in peace, security, humanitarian affairs, trade, investment, and people-to-people interactions.
Regarding the multilateral relationship, both states interact in similar international organizations where they are members states. For instance, both are members states of the United Nations (UN), the International Monetary Fund (IMF), the World Health Organization (WHO), the World Bank, and many more.