Our Featured Country
Kuwait is a small country of 2.7 millions inhabitants on the northeast of the Arabian Peninsula on the northwestern coast of the Persian/Arabian Gulf. Kuwait City is its capital city.
Kuwait is a resource-rich nation that has lagged behind other countries in the Middle East in attracting foreign direct investment. Since Saddam Hussein invaded nearly two decades ago the aftermaths of the war still affect every Kuwaiti family and the war’s consequences still limit economic expansion. On the other hand, Kuwait has many ingredients necessary to expand rapidly: a strategic location, a strong regulatory system, abundant oil reserves, and, perhaps most important of all, a new generation of entrepreneurs, as reported in the January 2009 edition of the US-Arab Tradeline (published by the National US-Arab Chamber of Commerce).
Kuwaitis are beginning to invest at home in infrastructure development, tourism, banking and finance, information and communications technology, and commercial activity of all kinds. This will help to diversify the economy and to create new import needs. In Kuwait, the import penetration rate is already the highest in the world: 90% of the goods that are consumed are imported.
To follow the latest developments in the country, visit the Kuwait News Agency. You will find a summary of business laws and regulations on Kuwaitiah.net. And if you need the texts of those laws and regulations, you can find them on the website of the Public Authority for Industry.
Also don't forget the website of the U.S. Commercial Service in Kuwait. The site gives extensive information about the markets and business culture there.
If that's not enough, you'll also find plenty of good research at the Kuwait Mini Portal, a feature of the FITA Web site. The Kuwait Mini Portal has an overview of Kuwait, with facts about the language, currency, climate, etc., plus more specific information about the economy, markets, taxes, labor market indicators, and tips on doing business in Kuwait.
The Kuwait Mini Portal is one of many research gateways at the FITA site. To find Mini Portals for other regions or countries, just click on "Country Profiles" from within a Mini Portal, or at the FITA home page.
A Source of Economic Intelligence
FocusEconomics is a leading provider of economic intelligence for Asia, Eastern Europe and Latin America. It has economic news and forecasts. Their in-depth reports can be purchased from their online store. But they also offer free Country Newsletters and “Economic Indicator,” “Economic Data" and "Factsheet" for each continent and the same reports for each major country on the continent. For these reports look at:
FocusEconomics is based in Barcelona, Spain, and is supported by an extensive global network of analysts.
WORLD TOURISM ORGANIZATION
A Gateway to National Tourism Agencies
Do you sometimes find it difficult finding good tourism information? There are many websites with flight and hotel reservations and a few, such as TripAdvisor, that offer user-generated travel reviews. But it is often hard to find the official national tourism organization websites that market a country’s tourist attractions without selling some kind of service. So take a look at the directory provided by the World Tourism Organization (UNWTO), a specialized agency of the United Nations and the leading international organization in the field of tourism. The UNWTO website provides direct access to 161 national tourism offices by region. Just click on the name of the continent on the left side of each page.
INTERNATIONAL TRADE INVOICES
Increase Profits with Proforma Invoices
Trade documentation is complicated. And invoices are documents required for every transaction. Indeed different types and phases of a transaction require different types of invoices. An article in Alibaba.com’s Trade Guide, written by a Chinese freight forwarder (so you may have to mind the English) explains different types of international trade invoices.
A proforma invoice is a price quotation prepared in the form of an invoice. It can serve as a negotiating instrument and is used by the buyer when applying for an import license, opening a letter of credit or arranging for funds. You can learn more about proforma invoices at ExportHelp and the Unz & Company website. And definitely take a look at the article “Proforma Invoice will help to improve your profits,” by Tekle Sabhatu of STC International, where you will learn how crucial a proforma invoice can be for your success in international trade.
Several proforma invoice templates are available online. Take a look, for example, at the template at Emotrans-canada.com. And the FITA TradeDoX 360 suite of FREE documentary credit documents includes templates of most documents, including proforma invoices,that you can use in your trade activities.
FITA Career Headquarters
Import/Export Compliance Manager
In the FITA Career Headquarters job seekers can now apply for jobs online and post their resume--free of charge--in an exclusive database that will be searched by hundreds of industry employers seeking employees with international degrees and/or related work experience. Featured this week is a listing for an Import/Export Compliance Manager for SPX Cooling Technologies in Overland Park, KS. Click here to browse more than 700 other positions!
Employers - Click here to advertise your job openings on FITA's Career HQ.
Let the jobs come to you! Employers are looking for people with international skills. Post your resume TODAY and reap the rewards of the FITA Career HQ! And with a FITA Career HQ job agent, you can decide what kind of job you are looking for and let the system do the searching for you. Simply set up specific search parameters in a Job Agent, and whenever a job is posted that matches your criteria, you'll be notified automatically via email. It's that easy!
U.S. Commercial Service Events and Webinars
Resources for Going Global
The U.S. Commercial Service, a division of the International Trade Administration of the U.S. Department of Commerce, sponsors and participates in many events and webinars that help U.S. exporters sell overseas and help overseas buyers learn about U.S. exports. The Commercial Service has a searchable database of these events worldwide at http://www.export.gov/each/trade_events.asp. Below are some upcoming events:
- Webinar Series: "Exporting Made Easier," a six-part series of webinars from January 10 to March 31 covering some basic and advanced elements of exporting .... Identify markets, understand documentation, learn methods of payment, classify products, and make the most of international trade shows.
- Webinar Series: Trade Winds 2010: “The Americas,” a series of webinars through March 2010 about doing business in the Americas. Identify the strongest markets for export for your products in North, Central and South America.
- Complying with U.S. Export Controls. January 26-27, 2010, Scottsdale, AZ. An in-depth examination of the Export Administration Regulations (EAR).
- Medical Trade Mission to India, March 8-13, 2010. A special trade mission for manufacturers of medical products/equipment, laboratory and diagnostics products and health care and related service providers.