Former Yugoslavia states keen on Kuwaiti investments

KUN0056 4 GEN 0273 KUWAIT /KUNA-NPV3 ECO-KUWAIT-BOSNIA-INVESTMENTS Former Yugoslavia states keen on Kuwaiti investments SARAJEVO, Aug 18 (KUNA) -- Kuwaiti investments in Bosnia provided jobs for 3, 000 workers and helped invigorate industry and the economy as a whole, stressed Bosnia's Minister of Energy, Mining and Industry Izat Zigic to KUNA Wednesday. The minister hailed the role of His Highness the Prime Minister Sheikh Sabah Al-Ahmad in particular and added there had been contacts in recent months between senior officials in the two states to consider more ambitious joint projects. The remarks come at a time where great interest in Kuwaiti investments is seen in former Yugoslavia and the Balkans in general in a stage of shifting from a socialist to a free economy. Zigic remarked Bosnia is to float many projects in the field of energy in the near future which aim at utilizing the state's rivers and lakes to generate power. The new hydro-electric power plants can substitute nuclear plants that are growing in disfavor and could export excess power to neighboring European states. What was unique in the Kuwaiti investments, the official said, is that they did not aim at quick profit but came in a warm gesture expressing solidarity. The projects, which were based on thorough planning and consideration of the region's unique situation, are bearing luscious fruit now, he said. An example of such successful investments is the Bosnian-Kuwaiti owned steel company which owns the B-H Steel plant. This investment and position of the partnership was further supported by partnerships with the giant steel LNM Group, he noted.On the investment atmosphere in Bosnia, the official admitted the situation was not encouraging for investors till five years ago. But, he said, with improved conditions and political and overall stability now, former Yugoslavia states can serve as a profitable investment venue for Kuwaiti and other capital. The region has a lot to offer including sufficiently trained workforce, relatively low wages, a good geographical location, and plenty of raw material and resources in the region that can adequately support industries and investments, the official added. The Bosnian minister also expressed appreciation and admiration towards the experts at Kuwait Investment Authority and the Kuwaiti Company for Investment and Consultation for their performance, sound management and planning on joint projects. Kuwaiti-Bosnian joint projects, Zigic said, had become a model for the region which is trying to learn from this experience to benefit future ventures. The minister also suggested establishment of a joint Kuwaiti-Bosnian company to follow up on projects in the region and to help select the best investment opportunities. The successful joint investments in Bosnia include steel plants and an international trade center in Sarajevo, among many other things. (end) yr.wsa KUNA 181654 Aug 04NNNN