UK official hails Kuwait as Gulf investment destination

By Marwan Baltrash LONDON, May 27 (KUNA) — Kuwait is one of the best investment destinations in the Gulf region, said a British official, urging companies and businessmen of Britain to carry out projects in this Gulf country.
In a statement to KUNA following participation in an economic seminar in London, CEO of Kuwait British Business Centre (KBBC) Martin Hall lauded on Friday Kuwait’s positive changes, including legislations and legal frameworks, aiming to attract foreign investment.
He also commended the Law No. 116/2013 on direct foreign investment, and the role of the Kuwait Direct Investment Promotion Authority (KDIPA) in removing obstacles facing foreign investors and companies targeting Kuwaiti markets.
He referred to huge projects already carried out or to be launched in the future, in the fields of health, education, transport, infrastructure and others.
British firms can carry out small-sized enterprises as part of the major projects implemented by multinational corporations, Hall added.
In this context, he noted that the Kuwaiti government launched in the first three months of 2016 a number of projects worth USD 4.8 billion, expecting that the total value of all projects will hit USD 35 billion by the end of the year.
Hall said that he always confirms to British businessmen that Kuwait is the best investment destination for British firms; especially as both Kuwait and Britain are keen on upgrading and promoting their distinguished relations.
He pointed to the Memorandum of Understanding signed on Thursday between KDIPA and KBBC, stressing that it would contribute to attracting further companies to Kuwait.
He said he would do his best to stimulate British companies to transfer expertise to the Kuwaiti market and contribute to achieving the goals of development.
The seminar briefed some representatives of British firms on Kuwait’s development plans and available investment opportunities as well as legislations and laws in favor of foreign investors. (end) mrn.hm

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