American firms can work on Iraq's reconstruction from Kuwait: US Chamber

WASHINGTON: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah speaks while meeting with executives of big US companies in Washington, DC. — KUNA

WASHINGTON: His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah invited on Tuesday more US companies to participate in execution of development and infrastructure projects, which were part of his country's development plan. His Highness the Amir, accompanied by deputy head of the National Guard Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, said American companies have been contributing to boosting economic and trade relations with Kuwait. His Highness the Amir was addressing a meeting with the executives of big US companies at his residence in Washington, DC. He said Kuwait was keen on developing the strategic relationship with the American companies to a permanent partnership. This partnership, he added, would provide more expertise and state-of-art technology to the oil sector, as well as expanding relevant investment. His Highness the Amir noted that Kuwait adopted a series of economic legislations aimed at developing the business environment and attract foreign direct investment. He said the Foreign Direct Promotion Law allowed foreign investors to have full ownership of their businesses in Kuwait. Leading American companies working through Kuwait Direct Investment Promotion Authority (KDIPA) contributed to success of sectors of information technology, communications, renewable energy and industries. "We hope this will pave way for more direct investment and long-term partnerships," he said.

Iraq's reconstruction

US companies have ambitious plans to enhance bilateral relationship with Kuwait, through which the firms could also work on reconstruction of Iraq, the US Chamber of Commerce said. The Chamber is working in close conjunction with Kuwait Embassy in Washington and Kuwait Chamber of Commerce and Industry, and "we have an ambitious plan for enhancing the US-Kuwait bilateral relationship," Khush Choksy, US Chamber's Senior Vice President for Middle East and Turkey Affairs, said.

He said they were looking forward to send a delegation to Kuwait in November for the US-Kuwait Strategic Dialogue so businesses could learn more about the many steps that have been taken to open Kuwait's economy. "We understand and appreciate that Kuwait is open for business, and this is the message we have been communicating to all our members," said Choksy, noting that Kuwait made investments in the US even before 1961, when the Gulf State gained independence. He appreciated Kuwait for facilitating role of American business in the region. He said a business delegation from the US was in Kuwait earlier this year to participate in an international conference for the reconstruction of Iraq. Donors pledged up to $30 billion.

Kuwait, said Choksy, was also a place through which American companies could work on Iraq reconstruction and "in the future, hopefully with Syria and Iran. We are also aware the Silk Road from China to Europe can be accessed from Kuwait." He recognized His Highness the Amir's "very important" role in facilitating reconciliation within the GCC. The US Chamber, which represented three million US companies, look forward to normalization of commercial activity within the region.

Choksy thanked His Highness the Amir for placing huge importance on bilateral commercial relationship, and said they have productive discussions with Deputy Premier and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, Deputy Premier and Interior Minister Sheikh Khaled Al-Jarrah Al-Sabah, Minister of Finance Nayef Al-Hajraf, Director General of Kuwait Investment Authority and Director General Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr Mishal Jaber Al-Ahmad Al-Sabah. He said the US Chamber was looking forward to become home to US-Kuwait Business Council. Commercial history between the two countries goes back to 1933, when the Gulf Oil Company formed a joint venture with the Kuwait Oil Company. The American hospital in Kuwait was established in 1911.

Business community honored

The American business community voiced their honor to be meeting with His Highness the Amir, praising Kuwait's 2035 vision and Kuwait's openness for business. "We are very pleased to be able to put together a very high level of CEOs to meet His Highness the Amir," Choksy said. He affirmed that American businesses "truly trust doing business with Kuwait," a point that was resonated throughout the meeting. He added that the CEOs were also "very impressed by the high level of engagement," and the forthrightness and openness that was demonstrated during the meeting. He shed light on the upcoming strategic dialogue in November in Kuwait, saying "we look forward to taking a very strong group of American business leaders to Kuwait because we believe that the commercial relationship is as equally important as the political and security relationship."

Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce said that the US Chamber "is very honored to be participating in this meeting with His Highness the Amir," and that this is "a key stone meeting that would highlight not only the importance of the economic relationship but also highlight the new sectors that we can be active in." "We know there are long standing and important ties in strategic sectors but we look forward to establishing new partnerships in areas such as e-commerce, health and cyber-security," he added. He affirmed that there is "a very active and robust trade and investment relationship between the two countries but we think that the relationship has incredible potential and that the future between the two countries is very promising when it comes to the economic relationship."

"We know that Kuwait is positioned very well not only as a market itself but as a hub for the greater region and as you look at opportunities like in Iraq and the reconstruction and rebuilding that is needed there, Kuwait is an important gateway to all of that," he remarked.

Dr Thomas Kennedy, Chairman of the Board and Chief Executive Officer of Raytheon Company, praised the meeting, describing it as "excellent." He affirmed that His Highness the Amir "was very clear" on making Kuwait an even better country to make business through further boosting the relationship with the American companies. "Kuwait is already a great country to do business with but some programs were outlined to make it even more attractive for investments by American companies," he added.

Co-Founder and Managing Director of Carlyle Group, David Rubenstein said "we had a very good meeting with the His Highness Amir," noting that "everybody was very enthusiastic about the progress being made in Kuwait and the opportunities to do business there." David Seaton, Chairman and CEO of the Fluor Corporation noted that His Highness the Amir "is such a gracious leader and his vision for Kuwait is very clear and we are glad to be a participant in that." Furthermore, Dr Rajeev Guatam, President and CEO of Honeywell Performance Materials and Technologies (PMT) affirmed that it was a "very important" meeting and that His Highness the Amir "has made Kuwait a really great place to do business in."

"We have been in Kuwait for the past 50 years and it continues to be a great place do to business for us and is very important for us," he remarked. Group Chief Executive of BP, Bob Dudley said that during the meeting, the Kuwait 2035 vision was described "very well." He indicated that Kuwait is the second largest shareholder of BP which reflects the trust shown and described the relationship as "great." He added that the meeting was also an opportunity to hearing all about the other companies doing their activities in Kuwait, which was "an opportunity for me to learn a lot." Also, Keith Alexander, Founder and CEO IronNet Cybersecurity affirmed that "it is an incredible opportunity to work with Kuwait."

"Hearing His Highness the Amir talk about Kuwait and welcoming us to Kuwait was the highlight of the meeting from my perspective," he remarked. The US Chamber of Commerce said, addressing the meeting hosted by His Highness the Amir, that US companies have ambitious plans to enhance bilateral relationship with Kuwait, and the "ambitious plan" the Chamber has for "enhancing" the bilateral relationship.

Economic ties

Minister Hajraf meanwhile stressed the importance of the meeting during which the heads of major American companies working in Kuwait met with His Highness the Amir. Hajraf said that Kuwait Direct Investment Promotion Authority and Kuwait Investment Authority have invited 16 major US companies working in various fields, adding that His Highness the Amir's speech, during the meeting, stressed Kuwait's keenness on developing ties with these companies. He pointed out that the most prominent legislative developments and economic laws issued in Kuwait were explained during the meeting.

Hajraf praised Kuwait Direct Promotion Authority for its efforts in organizing such a meetings, stressing the importance of this opportunity "to assure the American side that Kuwait always welcomes constructive investment and economic relations." He encouraged the Kuwaiti private sector to participate in these investments to achieve the desired transformation through the development projects.

In the meantime, Sheikh Dr Mishal Jaber Al-Ahmad praised the meeting that brought together His Highness the Amir with heads of US giant companies working in various sectors in Kuwait, noting that the meeting was aimed at briefing heads of the US firms about the latest economic developments in Kuwait. He added that the companies' directors reviewed during the meeting their expertise in trading in Kuwait and their deep-rooted ties with governmental bodies and private companies in the country. The meeting also conveyed to them the country's strategy in decreasing the reliance on oil sector by finding alternative sources for the national income, he added.

The strategy also works on attracting unique investments of added economic value as well as promoting creativity and innovation as well as offering new job opportunities to Kuwaiti nationals through such companies, he affirmed ."The meeting with His Highness the Amir was fruitful, and we will follow up with the developments and results of this meeting," he said. "His Highness the Amir invited the US companies' heads to visit Kuwait in the near future in order to take a closer look at the economic environment to cope with the latest regulations and laws issued by the government in Kuwait," he concluded. - KUNA