Government delivers on commitment to create the right conditions for Canadian businesses to compete globally
26 September 2011
Prime Minister Stephen Harper and the Prime Minister of Kuwait, Sheik Nasser Al-Mohammed Al-Ahmed Al-Jaber Al-Sabah, today witnessed the signing of the Canada-Kuwait Foreign Investment Promotion and Protection Agreement (FIPA). The Agreement was signed in Ottawa by Canada’s Minister of International Trade and Minister for the Asia-Pacific Gateway, Ed Fast, and Kuwait’s Minister of Foreign Affairs, Muhammad Al-Sabah al-Salim Al-Sabah, during an official visit to Canada by Prime Minister Nasser.
“Our Government is committed to promoting free trade and investment which create jobs, opportunities, and economic growth,” said Prime Minister Harper. “This Agreement will encourage two-way trade and investment by providing greater predictability and certainty for investors in both countries.”
Kuwait offers significant investment potential for Canadians, particularly in manufacturing and infrastructure. In 2010, bilateral trade between Canada and Kuwait reached $129 million, with exports totalling $97 million.
In addition to Kuwait, Canada currently has FIPAs in force with 24 other countries and is in discussions with 15 others.