LOC11:59
08:59 GMT
KUALA LUMPUR, Feb 26 (KUNA) -- Malaysia is urged to leverage business and investment opportunities outlined within Kuwait's 2035 Development Vision, which is currently progressing towards turning Kuwait into a trade and financial hub, Kuwaiti Ambassador to Malaysia, Saad Al-Asousi said late Monday.
Ambassador Al-Asousi told the Malaysian National News Agency (BERNAMA) that the long-term vision -- a national development strategy which is aimed at changing the country's traditional oil-reliant economic structure -- offered tremendous areas for Malaysian business players to penetrate the Kuwaiti market including information technology, communications, energy, construction, transportation and housing sectors.
"We (the Kuwait Government) realized and are aware of the consequences of the reliance on oil, therefore this national plan is established to demonstrate a 'new Kuwait' with more diverse economies," affirmed the Ambassador in the interview in conjunction with Kuwait's 58th National Day and 28th Liberation Day, observed on February 25 and 26 respectively.
"We have ongoing mega projects that are definitely promising and attractive. We already have few countries invested in Kuwait such as Qatar, Japan and Turkey, but yet to see any from Malaysia especially those big giants and corporations. This region (Kuwait) with booming potential projects is definitely an area for Malaysian business counterparts, and they are most welcome to invest."
Elaborating further, he highlighted the formation of a dedicated body named Kuwait Direct Investment Promotion Authority (KDIPA) to handle enquiries from foreign investors worldwide and promote the Gulf country.
KDIPA's in-depth knowledge and understanding of the country's investment landscape would further facilitate all potential partnerships that come from abroad.
"It is no doubt that KDIPA is capable of catering to all sorts of help and assistance enquired by investors. They should ensure all processes go smoothly and easily without unforeseen hassle," he said, noting the authority's support and input have been the vital guide to develop Kuwait's economic sectors to date.
Unveiled in 2017, Kuwait's 2035 Development Vision was mooted by His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Sabah to enable Kuwait to attract investment, develop competitiveness, and improve legislature to support the economic and social systems.
All efforts have been mobilized in order to achieve the plan's goals through seven main pillars to induce the transformation of Kuwait.
The pillars are efficient government administration, diversified and sustainable economy, qualified infrastructure, sustainable living environment, high-quality healthcare, creative human capital and distinguished international status.
When asked on how the vision has progressed so far, Al-Sousi pointed out that the annual plan of the year 2017-2018 is scheduled to continue with 164 projects that will contribute KD 50 billion (USD 164.66 billion) in revenue.
"This will certainly help to boost the country's economy and achieve faster progress of the national plan," he said.
KDIPA is a specialized public authority that is responsible for developing, promoting, advocating and regulating direct investment in Kuwait.
Malaysia and Kuwait shared warm diplomatic ties since the establishment of Malaysian embassy in Kuwait City in 1974 and the establishment of Kuwait embassy in Kuala Lumpur in 1980. (end)
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