IFEZ and Kuwait Direct Investment
Promotion Authority Conclude an MOU
for Cooperation and Mutual Exchange
In May, IFEZ concluded an MOU for cooperation on the construction and management of a free economic zone with Kuwait Direct Investment Promotion Authority at Bayan Palace in Kuwait City. The signing of this MOU took place upon a request by Kuwait Direct Investment Promotion Authority, which sought to learn from IFEZ’s expertise and solidify bilateral cooperation during Prime Minister Lee Nak-yeon’s visit to Kuwait in celebration of the 40th anniversary of the establishment of diplomatic ties between South Korea and Kuwait.
Kuwait Direct Investment Promotion Authority, affiliated with the Ministry of Commerce and Industry of Kuwait, serves to attract foreign investment to the nation. The organization is currently managing Shuwaikh FTZ, a free economic zone in Kuwait, and plans to establish more free economic zones in the future.
Through this MOU, IFEZ aims to work hard to highlight its expertise in urban development and foreign investment attraction, thereby further elevating its international standing as a free economic zone.