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Kuwaitis buy French luxury goods for $200 million annually

Kuwaitis

The economic advisor at the French Embassy in Kuwait, Bruno Zanglini, said that Kuwaitis’ purchases of French luxury goods are estimated at $200 million annually.

On the sidelines of the opening of a branch of a French restaurant in Kuwait, Zanglini explained that Kuwait is a very important export market for his country.

“Our exports range from high-end fashion, handbags, suitcases and jewelry to cosmetics, perfumes, and of course gourmet foods, with sales to Kuwaitis exceeding $200 million,” he added.

Kuwaitis’ purchases

He continued, “Kuwaitis are among the most educated and discerning consumers, enjoying the finer things in life, and they and the French share a passion for food, and there is a great demand for French products in the Kuwaiti market.”

Kuwaitis love to travel, know about French gastronomy and love sweets. French chocolate, pasta and pastries are also very popular in the country, he said.

It is noteworthy that the French Business Council in Kuwait (FBCK) has been working, since 2006, to promote and develop French commercial interests in Kuwait, and to encourage investments through close cooperation with the French Embassy in Kuwait on the one hand, and the Chamber of Commerce and Industry in France, on the other.

The council aims to create a framework for trade exchange between French companies and Kuwaiti investors in order to enhance trade relations, economic development and knowledge between the two countries, as France remained the first destination for foreign direct investment in Europe in 2020, despite the Corona crisis.

In a separate context, the CEO of KIC Financial Brokerage Company, Fahd Al-Shariaan, said that the Kuwait Stock Exchange is witnessing a week of losses in interaction with what is happening in the world of declining oil prices and the effects of the new mutation (Omicron).

Al-Shariaan added, that the Kuwait Stock Exchange had begun to recover from the Coronavirus pandemic, but the impact of the new mutation appeared.

He pointed out that the impact so far is psychological and there is no clear impact on the performance of companies, except for expectations on the aviation, oil and transportation sectors.

The impact was reflected on the financial markets, at the same time there was a need for correction after the huge rise in the markets during the last period, he said.

He stressed that to achieve balance in the market, we need such a stage so that we can prepare for the coming period.

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