LOC19:20
16:20 GMT
KUWAIT, Oct 18 (KUNA) -- The US embassy in Kuwait launches the 5th "Discover America", on October 21-30. It said on Wednesday.
Trade exchange in goods between the US and Kuwait hit USD 6 billion in 2016, which reflects the deep-rooted bilateral ties, said Senior Commercial Officer and Commercial Counselor U.S. Department of Commerce Jeff Hamilton. He expected the figure to jump to USD 8 billion in 2017.
Up to 95 percent of Kuwait's exports to the US are petroleum-based products, and more than 40 percent of imports were in the transport sector, Hamilton told a news conference.
Kuwait is a major investor in the UIS, he said, referring to cooperation with the Kuwait Investment Authority (KIA) and the Kuwaiti private sector to further acquaint them with the US as a credible and profitable market.
The US Chamber of Commerce has recently held a US-Kuwaiti economic ties that emphasized the importance of investing in America. A MoU was also signed to boost cooperation with the Kuwait Direct Investment Promotion Authority (KDIPA).
According to Hamilton, hundreds of US companies are operating in the Kuwaiti market in various sectors, and are benefiting from the recently issued investment law.
He said that Kuwaiti investment in the America real estate sector rose by 45 percent last year. In addition, KIA's investment in the US soared by 20 times over the past two decades, he added.
Kuwait's Sovereign Wealth Fund investments in the US are about USD 300 billion, and are diversified among stocks, bonds (primarily US treasuries), real estate and technology.
The US senior commercial official referred to the last visit by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the US as positive and stressed the strong bilateral ties.
For her part, US embassy's Press Attache Heather Ward told the news that there are 15,566 Kuwaiti students enrolled for studying in the US, according to 2016 data. More than 87,000 Kuwaitis visited the country last year, she added.
"Discover America" includes a running race on Saturday within the "health and sports" program, besides an exhibition on education, and another on the American food, and others on US products. (end)
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