Japan welcomes Kuwait's improving business environment

By Miyoko Ishigami TOKYO, March 25 (KUNA) -- A Japanese senior official said Wednesday Japanese companies are very interested in the ongoing mega projects in Kuwait amid improving business environment there.
State Minister of Land, Infrastructure, Transport and Tourism Issei Kitagawa made remarks when visiting Director-General of the Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah urged Japanese companies to take part in the mega projects.
Sheikh Dr. Meshaal told Kitagawa that one of main reasons of his current visit to Japan is to explain how the Kuwaiti government is keen on encouraging Japanese investors to return to the Kuwait market after many of them left following the Gulf War by facilitating them expand business there and use Kuwait as a regional hub. He asked Kitagawa to convey his message to Japanese investors, which the Japanese official appreciated. Kitagawa affirmed that Japanese enterprises and businessmen can be very good partners for their Kuwaiti counterparts.
"We had excellent talks, as we discussed all the latest economic development in Kuwait and works what the government and parliament are doing together in order to make business environment in Kuwait more attractive and more appealing to both foreign investors and local investors. The minister said he was very happy to hear all the development and update of Kuwait," Sheikh Dr. Meshaal told Kuwait News Agency (KUNA) after the meeting.
KDIPA chief briefed Kitagawa on update about suspension of the offset program, new Foreign Direct Investment (FDI) Law, new Public Private Partnership Law and amendments to the Commercial Companies Law among other measures favor for investors taken by the Kuwaiti government and parliament.
Kitagawa welcomed the decision by the Kuwaiti Cabinet last year to suspend the offset program, as well as new and amended laws, offering optimistic view of more Japanese private sector's investment in Kuwait. The new Foreign Direct Investment (FDI) Law handled by KDIPA allows 100 percent foreign ownership without local partners or agents in a number of sectors, and grants incentives such as a 10-year tax holiday and customs duty exemption.
KDIPA is tasked with creating an attractive environment for FDI into Kuwait streamlining business environment, facilitating procedures and resolving obstacles, in order to achieve the aspired economic and social goals.
Kuwaiti Ambassador in Japan Abdulrahman Al-Otaibi, Minister at the Japanese Embassy in Kuwait Kazuhiro Nakai and KDIPA officials also attended the meeting. Sheikh Dr. Meshaal is here for a series of talks with Japanese government officials and business leaders. (end) mk.rk