Singapore Minister: Try expanding to Kuwait

Development projects abound as the country opens up even more, said Minister Teo Ser Luck.

Liberalization is in full swing in the Arab state, and Singapore businesses would do well to get ahead of the pack in cementing tie-ups and investments.

“Kuwait is entering an exciting new phase where there will be greater participation by the private sector. Singaporean companies should explore these new, untapped opportunities and consider moving into the nascent market," said Teo, who just attended the 13th International Energy Forum in Kuwait.

In 2010, the Kuwaiti government unveiled a U$125 billion economic development plan to liberalise the Kuwaiti economy. The plan included privatising public firms and the construction of mega-projects through public-private partnerships.

Kuwait was Singapore’s 4th largest trading partner in the GCC in 2011. Growth in bilateral trade exceeded 20 per cent year-on-year to reach S$4.7 billion in 2011. Kuwait has more than US$115 billion worth of projects in the pipeline as of early 2012, making it one of the most promising project markets in the region.