By Samie Al-Dulaimi
WASHINGTON, June 21 (KUNA) -- Inviting Kuwaiti companies to SelectUSA came to buttress ties with the US government and American firms, said an official late Tuesday.
"SelectUSA aims at gathering all parties in one spot to seal deals," Senior Commercial Officer at the US embassy in Kuwait Jeff Hamilton told KUNA.
His remarks came at the conclusion of the two-day summit set to lure foreign direct investment (FDI) to the US upon an initiative from President Barack Obama. This is the third time in five years that the summit takes place.
The embassy have invited three Kuwait-based medium enterprises to the event; Granada Petroleum Equipment and Supply Company, Marafie Kuwaitia Commercial Company and Canadian MMI-Kuwait, said Hamilton said, noting that last year saw the invitation of seven Kuwaiti firms, including the National Bank of Kuwait and Kuwait Investment Authority.
Innovation was this year's theme, where international companies like Apple and IKEA showcased their ground-breaking experiences, Hamilton pointed out.
Terming commercial ties with Kuwait as "old and sturdy", Hamilton said that Kuwait was the host of the first overseas Sheraton in 1966, as well as being among the few first countries in the world to take in and promote Chevrolet products.
He further noted that USD-2.7-billion worth of products; mostly car sales, were exported to Kuwait in 2015, as opposed to USD 4.7 billion in oil products were imported by the US from Kuwait.
Kuwait also has a USD 1.4 billion share in US real estate investment, while American investments in Kuwait amounted to USD 315 million, he said, noting that Kuwait ranked third among Arab countries in investment volume in the US according to figures by the Department of Commerce.
Meanwhile, Granada Petroleum Equipment and Supply Managing Director Riadh Al-Shubaili told KUNA that the summit is of great benefit in clarifying market volumes.
Granada is one of the business organizations operating primarily in industrial supply to the oil and Gas, Petrochemical and power generation sectors in the State of Kuwait.
Founded more than three decades ago, Granada aspires to become one of the leading regional quality and efficient suppliers for oil, gas and energy industry by providing effecting and economic solutions. (pickup previous) sd.hb