Kuwait has always enjoyed an open economy with a thriving merchant class and extensive trade relations even before the oil discovery era
Kuwait has always enjoyed an open economy with a thriving merchant class and extensive trade relations even before the oil discovery era. It continues to practice a relatively liberal trade with open markets for foreign trade and flexible policies. It has no quantitative restrictions on its imports, but there are a few restrictions on importing goods relating to health, religious and security considerations.
Kuwait is committed to trade facilitation with the aims to continuously improve efficiency while safeguarding legitimate regulatory objectives. Furthermore, Kuwait enjoys a free convertibility and total transferability in its currency exchange market; there are also no restrictions on capital or remittances transfers.
⬩Kuwait is a Financial and Commercial Hub⬩
In the “Kuwait vision 2035” articulates H.H Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah aspirations and states that it aims to “Transform Kuwait into a world class financial and commercial centre, with the private sector leading economic activities, fostering competitiveness, increasing productivity, supported by viable public institutions, while maintaining the deep rooted values and national identity, towards achieving balanced economic and human development, supported by adequate infrastructure, legal framework, and enabling business environment.”