Executive SummaryThere is a growing realization among governments of the GCC countries that dependence on the West and hydrocarbons as the source of revenue may not prove reliable in the long run. This has led to these countries adopting the Look East Policy, through which they aim to diversify their economic links and leverage the benefit of cooperation with Asia’s rapidly growing economies, especially China. One of the primary reasons for this phenomenon is the growing strength of the Chinese economy. Since 1980, the Chinese economy averaged a growth of around 10% per year. Chinese influence on world economy has steadily increased in the past two decades. The country now accounts for almost 15% of global economic growth, and is perceived as an important global growth driver. The country’s massive industrialization process has increased its energy requirements and hence its dependence on the Gulf countries.
Table of Content
- Executive Summary
- Kuwait-China Relationship: The Background
- Kuwait-China Strategic Agreements of July 2018
- Framework of Kuwait’s Economic Diversification Goals
- Need of Foreign Investments for Diversification
- Benefits Kuwait can Draw from the Strategic Trade Concepts like the Belt and Road Initiative (BRI)
- Technology Transfers and Skill Development Potential
- Positioning Kuwait’s SMEs to Derive Advantages from the Agreement
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