(with photos) LONDON, May 8 (KUNA) -- A conference on investment opportunities in Kuwait kicked off here on Wednesday with a large number of government officials, economists and business leaders from Kuwait and the United Kingdom attending.
The gathering aims to debate the economic legislations, recently adopted by Kuwait with a view to promoting investment and attract foreign capital particularly from friendly Britain.
Addressing the opening session, Kuwaiti Minister of State for Cabinet Affairs and Minister of State for Municipal Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah said his country is working to create investment-friendly legal atmospheres and facilitate the procedures for foreign direct investment.
"Kuwait witnesses a qualitative transformation in the field of investment in terms in volume and value of mega projects listed on the country's development plan," he said.
"The recently adopted laws provide a modern legal framework for the convenience of investors particularly from friendly countries such as Britain, " Sheikh Mohammad pointed out.
"The Kuwaiti market is more attractive to British companies than other markets in the region thanks to relevant instructions of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
"The investment opportunities, available in Kuwait, amount in value to 700 billion pound sterling (GBP) (a Kuwaiti dinar equals GBP 2.25) in addition to mega projects to be developed in the coming three decades which amount to GBP 200 billion - 250 billion," he revealed.
Kuwait enjoys transparent and democratic legal system and stability in all fields in additional to skilled workforce which provide together the conditions conducive to investment, he said, noting that the Kuwaiti economy enjoys an advanced rating by the world's credit rating agencies.
Sheikh Mohammad voiced Kuwait's desire to push up its ties with Britain based on the special historical ties between the two countries and in keeping with the shared aspirations of both nations.
On his part, UK Parliamentary Undersecretary of State for Foreign and Commonwealth Affairs, in charge of for the Middle East and North Africa affairs, Alistair Burt said the two countries enjoy dynamic relationship in the political and economic domains.
This dynamism is reflected in the strong presence of British investors in Kuwait and the major Kuwaiti investments in Britain, Burt said, noting that there are ample opportunities for British companies in Kuwait.
The UK government, led by Prime Minister David Cameron decided to double the volume of trade with Kuwait from the present USD two billion to USD four billion by 2015, he revealed.
Burt added that the visit of HH the Amir to Britain in last November gave a strong momentum to the bilateral ties in the political, economic, commercial and investment domains. (end) kt.gb KUNA 082140 May 13NNNN