(From left) Kuwait Petroleum Corporation’s CEO Nizar Al-Adasani, Minister of Commerce and Industry Yousef Al-Ali, Minister of Social Affairs and Labor, State Minister for Planning and Development Hind Al-Subaih and MP Faisal Al-Shaya attend the conference.

KUWAIT: His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah yesterday affirmed the government's support of all initiatives that will strengthen public and private sector partnerships, pointing out that the government seeks to promote partnerships between local and foreign sides through a variety of procedures and legislation.

The premier was speaking at an investment forum organized by the Kuwait Direct Investment Promotion Authority (KDIPA) to expand investment opportunities in Kuwait and make the Kuwaiti market more attractive for foreign investments in order to revitalize the local economy and turn it into a production economy, along with creating more jobs.

Sheikh Jaber stressed that Kuwait has opened its doors to partnerships and friendships between the public and private sectors on one hand and partners in sisterly and friendly countries on the other.

Basic pillars

Director General of KDIPA Meshaal Jaber Al-Ahmad Al-Sabah assured that the authority has been committed since its launch to serve the public and private sectors and attract as much investments as possible as one of the basic pillars of the development of the national economy.

He added that the Kuwaiti economy is all about the ambition of young people in addition to the location of Kuwait as a link between the East and West. Its banking sector is also robust with a vitality that makes it able to meet all financing needs. "The Kuwait Investment Forum is a vivid domestic and international platform that will adequately shed light on these transformations. This is manifested in themes tackling economic policy priorities, improving the business environment, displaying potential investment opportunities, financing options, showing Kuwait's leading role in supporting developmental and humanitarian assistance and mapping the way forward for Kuwait to advance to an innovation-based economy underlined by sustainability, in view of its international commitments," he said.

Important achievements

Chairman of the Kuwait Chamber of Commerce and Industry (KCCI) Ali Al-Ghanem said Kuwait has a great private sector with experienced and ambitious experts. He added that the call for investment in Kuwait is based on important achievements such as a legislative environment that treats foreign investments like local investments. He added that the sharp decline in oil prices has put heavy pressure on the state's budget.

The two-day Kuwait Investment Forum is the KDIPA's first promotional event, convened against the background of several positive developments witnessed in the Kuwaiti economy that have caught the attention of investors. It demonstrates the 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 100 percent foreign ownership.

The forum invited ministers and high-ranking government officials, as well as local, Arab and international 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.

By Faten Omar