23 November, 2015: Kuwait Direct Investment Promotion Authority (KDIPA) participated in the Sixth Economic Dialogue between the Gulf Cooperation Council (GCC) countries and the European Union (EU), which took place at the European Commission headquarters in Luxemburg on November 18, 2015. A coordination meeting amongst GCC countries was held a day before. Qatar presided over the joint GCC delegation this round The Kuwaiti delegation was headed by the Assistant Undersecretary for Economic Affairs at the Ministry of Finance; while the EU delegation was headed by the Director of Policy Strategy & Coordination at the Directorate General for Economic & Financial Affairs, at the European Commission. The Dialogue covered three topics: current economic situation; near term economic outlook; and the impact of the decline in oil prices on GCC economies. Ms Reem Al Shaya, Head of International Agreements represented KDIPA at this dialogue. She lectured on the topic “Impact of the Emerging Economic Legislative Developments on Direct Investment in the State of Kuwait”, and responded duly to a host of questions covering the role of KDIPA, and the highlights of Law No. 116 of 2013 regarding the promotion of direct investment in the State of Kuwait. It is worth mentioning that the Economic Dialogue between two blocks in its present form started since 2003 to enhance joint economic cooperation and facilitate the singing of a Free Trade Agreement (FTA), especially that the Framework Cooperation Agreement was signed in December 1988 and entered into force in 1990. The EU is the GCC biggest trade partner, and the GCC is the fifth largest export market to the EU, with total trade flows €153 billion in 2013.
