International trade between Kuwait and the World Essay

International trade between Kuwait and the World - Essay Example Petroleum production accounts for almost 95% of export revenues and provides 80% of government’s income (Moore 179). The rising oil prices around the world have significantly influenced Kuwait’s economic growth. Its government has been keen on reducing the overreliance of oil through the transformation into a regional trading and enhancing Kuwait as a tourism hub (Dianne, Peter, and Nasser 1-15) Kuwait is very active on food imports, vehicles and also construction materials and services. Despite Kuwait’s relatively small population, itis firmly placing itself among the world’s most popular and attractive markets for many leading international franchises. The major motivating factor to these franchises lies on the young, strong shopping and consumer culture and the affluent population that has a great affinity for international brands. It is a suitable destination for retailers around the world seeking to extend their footprint. Kuwait’s law restricts foreign firms from opening branches solely in the country, but retailers can enter in the market through joint ventures and partnership with the locally incorporated companies (Moore 128). Before venturing into any market, it is always advisable to explore several factors such as the culture of the people, economic overview, geographical factors, religion, living standards, and the people’s responsiveness to international businesses. Habitants of the Gulf region are not anyhow strangers to conflicts and contradictions. Many are the idiosyncrasies that have shaped the region in both the ancient and the modern times. In the country, there have been contacts with the western countries and most their corporations and these have resulted to a commendable improvement to the region (Dianne 6). It has been through encouragement for better education, increased communication, greater mobility and an improved healthcare. Though cultural conflicts are now minimal, in the past