LOC15:06
12:06 GMT
By Pankaj Yadav
NEW DELHI, Jan 14 (KUNA) -- A senior Kuwaiti official on Thursday wooed big
Indian companies to make investments in Kuwait, and promised them various
benefits like no tax for ten years and no need to enter into partnerships with
Kuwaiti firms.
"Indian investors are welcomed to make tax-free investments in Kuwait,"
said Abdul Aziz Mishaan Al-Khaldi, the Under Secretary of Kuwaiti Ministry of
Commerce and Industry, who attended an annual business Summit organised in
Hyderabad, the capital of India's southern state of Andhra Pradesh.
The Indian companies making investments in Kuwait would be free to enjoy
100 percent ownership, without entering into partnership with any Kuwaiti
firm, said the visiting Under Secretary.
Al-Khalidi is leading a three-member Kuwaiti delegation at the Summit,
including Nasir Nayif Al-Mutairi, the Director in the Under Secretary Office
and Khalid Muhammad Al-Azmi, the Controller of International Relations, to
attend "The Partnership Summit 2012".
Speaking to KUNA from Hyderabad, Al-Khalidi said: "The Indian companies
investing in Kuwait would be at an advantage to reap hefty profits considering
the strategic location of the Gulf country. For the first ten years no tax
would be charged on such Indian companies. Later, a 15 percent tax would be
imposed."
The Kuwaiti ambassador to India Sami Al-Sulaiman was also present for the
occasion.
On the sidelines of the Summit, the Kuwaiti delegation also met Andhra
Pradesh Chief Minister Kiran Kumar Reddy. The two sides discussed ways to
increase the volume of bilateral trade. The Kuwaiti officials expressed their
country's desire to expand its investment in India. The Chief Minister offered
his state's readiness to facilitate the Kuwaiti investments in the major
projects that have been announced by the state. (end)
py.ajs
KUNA 141506 Jan 12NNNN