Kuwait confident in business opportunities in China

Kuwaiti Finance Minister Mustafa Al-Shimali on Monday underscored potential for significant rise in the investment opportunities in China, including various companies and projects which are expected to be privatized. "The establishment of Kuwait Investment Authority (KIA) representative office in Beijing is a reflection of Kuwait''s confidence in business opportunities in China, whose economy is the world''s second-biggest after the US and on track to continue high growth," Al-Shimali said here in an interview with Kuwait News Agency (KUNA). KIA, which manages Kuwait''s oil generated-assets, expects its first representative office to mainly serve China including Hong Kong, Al-Shimali said, adding that it will also oversee the neighboring countries. In addition to conveying investment opportunities in China to the Kuwait head office, as part of the country''s efforts to spur cross-investment, KIA''s Beijing office is also tasked with providing a gateway to Chinese businesses and entities to invest in Kuwait. Al-Shimali also touched on KIA''s investment strategy, saying, "As a global and long-term investor, KIA seeks investments in high growth economies in all continents of the world, including value investments in developed economies." Asked about a potential purchase of government bonds in the troubled eurozone, such as Italian bonds, Al-Shimali said, "We are open to any investment opportunities in all parts of Europe as long as these investments meet our risk parameters and if they fit within our investment criteria."