Business Environment Improvement Committee Chairman MP Abdulwahab Al-Essa disclosed that the panel met last month to discuss the factors leading to the minimal entry of foreign investments to the country with representatives of Kuwait Investment Authority (KIA) and Kuwait Direct Investment Promotion Authority (KDIPA). He said they agreed on the need for new legislation to address the issue and encourage foreigners to invest in the country.
He added the committee discovered that the role of KDIPA is limited to license issuance, plot allocation, and assisting foreign investors in obtaining tax exemption.
He emphasized the need to take a number of steps in order to attract foreign investors; such as preparing the required infrastructure, carrying out feasibility studies, and conducting presentations for investors in different countries.
He added KDIPA must approach the foreign investors in order to present to them the available investment opportunities supported with feasibility studies, instead of sitting in the office to wait for investors.
He pointed out the foreign investors are fully aware that the Kuwaiti market is limited, so KDIPA and KIA must present feasibility studies to convince them that the investments here are profitable.
He added the neighboring countries have already taken these steps, so they have greatly contributed to the growth of the international investment market.
