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UIC chief underlines private sector’s development role

Kuwait adopts free economic policies: Minister

KUWAIT: Minister of Commerce and Industry Khaled Al-Rawdan speaks during the 4th Kuwait Investment Forum yesterday. — KUNA

KUWAIT: Chairman of the Union of Investment Companies (UIC) Bader Al-Subai stressed yesterday the significance of establishing the principle of partnership with the private sector at governmental agencies in order to achieve sustainable development and diversify income sources.

This principle can be realized by involving the private sector in the process of developing the state’s policies, Subai added in remarks made during the second and last day of the 4th Kuwait Investment Forum. He also underscored the importance of finding solutions to pay differences in both public and private sectors, regarding this as being very essential to overhauling the private sector.

A healthy business environment should be created, and the principle of linking performance to bonus needs to be established in the public sector, he added. On corporate governance, Al-Subai emphasized that it should not be restricted to the private sector due to the significant and sensitive role of the public sector in promoting transparency, efficiency and effectiveness.
Furthermore, the UIC chief urged Kuwaiti citizens and expatriates to be keen on saving money with a view to stimulating the national economy.  The 4th Kuwait Investment Forum kicked off Saturday under the partnership of Deputy Prime Minister and Minister of Finance Anas Al-Saleh under the title: “Investing in Kuwait – Available and Lost Opportunities.

Free policies
Meanwhile, Minister of Commerce and Industry Khaled Al-Rawdan said that Kuwait is adopting free and developed economic policies in spite of geopolitical reflections and changes in the Middle East region.
Speaking during the forum, the minister said that the business environment improvement committee, set up in cooperation with the National Assembly, mainly aims at drawing foreign investment and spurring Kuwaiti investors.
He added that Kuwait has the 102nd place in the World Bank’s doing business index, pointing to the Kuwaiti government’s efforts to enact fresh pieces of legislation in order to create a better business climate, especially amid the current regional events. In this context, the minister extolled existing government-parliament cooperation with a view to developing the business environment in the next 15 months.

Furthermore, MP Al-Humaidi Al-Subaei said the business climate in Kuwait requires more developed laws and legislations in order to attract more investors to economic ventures. Addressing the same event, the MP emphasized that several laws need to be amended in order to push forward the current economic situation in the country.  He emphasized that the National Assembly seeks to wipe out obstacles bugging Kuwaiti investors so as to encourage and spur them and to develop the local economy.

Investment promotion
In the meantime, Minister of Justice Faleh Al-Azab said that Kuwait has adopted a package of laws aiming at promoting investment and drawing local and foreign capital. Addressing the forum, Azab, who doubles as Minister of State for National Assembly Affairs, said the package mainly includes Law 116/2013 regarding direct investment promotion.  It also involves Law 116/2014 as for partnership between public and private sectors, which allows investors from the private sector to invest on state-owned lands in service and infrastructure projects, he elaborated. Kuwait is seeking to create rebalance between both public and private sectors in order to achieve economic development and boost production through wholly or partially operating projects, he added.

Also yesterday, Deputy Governor of the Central Bank of Kuwait (CBK) Yusuf Al-Obeid said financial stability is the basis of economic stability in the face of unpredictable jolts. Speaking at the forum, he said monetary stability ensures stable prices of commodities and services, pointing to the CBK’s role in maintaining monetary stability by targeting reasonable and static interest rates.

The 4th Kuwait Investment Forum kicked off Saturday under the partnership of Deputy Prime Minister and Minister of Finance Anas Al-Saleh under the title: ‘Investing in Kuwait – Available and Lost Opportunities.’ The forum featured a number of workshops and seminars allowing investors and officials to have fruitful and constructive dialogue on a host of major issues and matters that serve investment promotion.

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