KUWAIT, Feb 22 (KUNA) -- Director-General of the Kuwait Direct Investment Promotion Authority (KDIPA) Dr. Meshaal Jaber Al-Ahmad Al-Sabah said on Monday Kuwait is a unique and preferred investment and business destination, citing relevant reports by international organizations.
The remark was made by Dr. Meshaal Jaber in a presentation during a seminar organized by the Kuwait Diplomatic Institute in collaboration with the Kuwaiti Foreign Ministry's Economic Department on direct investment in Kuwait.
Representatives from over 20 European, Gulf, Arab and Asian embassies in Kuwait were present in the event.
Expounding on Kuwait's investment potentials and advantages, the KDIPA director-general said the State of Kuwait is rich in oil and gas, and has 10 percent of the world's proven reserves.
He added that Kuwait's five-year development plan (2015/2016-2019/2020) includes many strategic and mega projects covering different sectors, primarily oil, gas, electricity, tourism, media, health, education, urban development and housing.
These projects, which are worth more than USD 103 billion, provide a lot of opportunities for investors and businessmen to invest in Kuwait, he said.
Kuwait also enjoys security and stability, high macroeconomic performance, favorable legal framework and business environment atmosphere, he said, pointing to anti-corruption and commercial laws, public-private partnership law, Kuwait Direct Investment Promotion Authority (KDIPA), as well as the fund for small and medium-sized enterprises.
"All those and many others just work together in order to enhance the business environment in Kuwait which the investors can benefit from them," the KDIPA director-general said.
He went on to say that Kuwait is high in per capita income, enjoys a low risk business climate, low cooperate taxes, very educated and qualified Kuwaitis.
Furthermore, Kuwait is a very youthful society as 50 percent of Kuwaitis are between one to 34 years old, he boasted, pointing to Kuwait's strategic and unique geographical location and low cost of manufacturing utilities, fuel and electricity.
Lauding high human development in Kuwait, the KDIPA chief urged the private sector to play a more active role in development process in the country.
On KIDPA, he said its main task is, among others, to actively promote Kuwait as an investment hub through formulation of successful partnerships in line with the country's development goals, improving the overall investment climate, fostering competitiveness, encouraging more engagement in value added investment opportunities by both local and foreign investors, and streamlining the business environment.
Regarding the Kuwait Investment Forum (KIF) due between March 8-9, 2016, under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jber Al-Sabah, he said the KDIPA's first promotional event comes against the background of several positive developments witnessed in the Kuwaiti economy that have caught the attention of investors.
It distinctly demonstrates the Kuwaiti Government's resolve to attract quality local and foreign investments, by creating the right investment environment, simplifying procedures, enabling a favorable legislative framework for the encouragement and protection of investment, and offering a host of incentives and exemptions, including allowing for a 100% foreign ownership.
The Kuwait Investment Forum will attract ministers and high-ranking government officials, as well as local, Arab and international leading dignitaries, businesspersons and investors in sectors pertaining to banking, finance, investment, and industry; in addition to academics and experts from renowned regional and international organizations, and representatives from the local, regional, and international media.
The agenda of the forum mainly includes foundations and prospects of economic and developmental policy, modern legislations for an attractive investment environment, potential and lucrative investment opportunities, and future of investment for sustainable development. (end)