LOC16:46
13:46 GMT
Minister of Commerce and Industry Khaled Al-Roudhan and PAI's General Director Abdulkarim Taqi in the press conference
KUWAIT, Oct 2 (KUNA) -- Minister of Commerce and Industry Khaled Al-Roudhan announced on Tuesday distributing 700 industrial units in Al-Salmi and Al-Shadadiyah to secure jobs for 2,000 citizens.
These units are forecast to draw up to KD 850 million (USD 2.7 billion) worth of an overall investment capital, Al-Roudhan said during a news conference.
"The units' distribution is the fruit of 18 months of efforts .. it is the largest in Kuwait on record and will usher in a new industrial era in the country," he added, noting that the mega step came in implementation of His Highness the Amir vision with respect of future of Kuwait's industries, guidelines by His Highness the Prime Minister as well as board members of the Public Authority for Industry (PAI).
The move will also result in increasing number of factories, boosting imports and exports of non-oil products, overhauling the sector and creating jobs.
For his part, Abdulkarim Taqi, PAI's General Director, said in a statement during the news conference that the step would expand plots of land specialized for the industrial sector by 50 percent.
Number of current industrial units stands at 1,435 and they would be increased to 2,135, with the distribution of the new ones, he revealed
An investor applying to own a unit must possess at least KD 250,000 (USD 825,000) worth of investment capital -- among other terms. (end)
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