Kuwait and Austria signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA) to avoid instances of tax evasion. Kuwait’s Ambassador to Austria Talal Al-Fassam and on behalf of Austria the State Secretary at the Ministry of Finance Barba Ebinger-Miedl both signed the agreement.
In a statement to KUNA, Ambassador Al-Fassam said that this protocol aims to enhance financial transparency through the effective exchange of tax information, and “it represents a milestone in the path of financial and economic cooperation between the two friendly countries.”
He also emphasized that this step comes within the framework of both countries’ efforts to develop their tax systems in line with international standards.
The agreement reflects both sides’ commitment to facilitating the flow of capital, stimulating investment, and providing legal protection for investors, thus strengthening economic trade relations between both countries, added Al-Fassam.
The signing ceremony was attended by Suhail Al-Zanki, monitor of international agreements at the Ministry of Finance, and Ali Behbehani, Diplomatic Attache at the Embassy of Kuwait in Austria.
Read more: Qatar and Kuwait sign agreement to avoid double taxation, promote investment
Bilateral trade volume
The trade relationship between Kuwait and Austria is characterized by a positive growth trend and an Austrian export surplus, with both countries exploring new investment opportunities and expanding cooperation in key sectors such as renewables, healthcare, tourism, and technology.
In 2023, the total bilateral trade volume between Kuwait and Austria was approximately EUR150 million. Kuwait’s exports to Austria amounted to $227,930, primarily consisting of works of art, optical and medical apparatus, textiles, and rubbers. Austria maintained a consistent export surplus with Kuwait, exporting more than it imported, driven largely by technology, industrial goods, and services. Historical trade volumes have fluctuated over the decades, peaking in earlier years due to oil exports, but they have remained stable and positive in recent years.
In 2024, the total bilateral trade volume continued to hover around EUR150 million, indicating steady growth and ongoing investment initiatives. Key sectors for expanding cooperation included renewables, healthcare, tourism, and technology, with Austrian delegations visiting Kuwait to explore new business opportunities. The tourism sector saw over 10,000 Kuwaitis visiting Austria in 2024, further contributing to service sector trade. In the broader regional context, Austria’s total trade with the MENA region, which includes Kuwait, reached EUR6.47 billion in 2024, with exports to the region growing by 18.3 percent and imports decreasing by 18.3 percent.
