Experts underlines importance of laws, legislations reforms

Kuwaiti and Western experts underlined important step taken by Kuwait government in reforming laws and legislations in order to attract foreign investments, amidst rising regional competition. Sir Edward Lister, Deputy Mayor of London for Policy and Planning, said preparing the legal ground to convince Western businessmen to invest their capitals in Kuwait and share their know-how with the Kuwaitis.

Speaking at a session about importance of future coalitions for development, part of investment in Kuwait 2015 conference, Sir Edward said the city of London was housing around 40,000 small and medium-size technology companies, urging Kuwait to open its doors for capable investors. Sir Edward said Kuwait could benefit from the British expertise and technology.

Muhannad Al-Sane, CEO of Al-Riyada Finance and Investment Company in Kuwait, said the Arab Gulf country has carried out big changes to its laws and legislations in order to confront global economic challenges. He said the Kuwaiti market was capable of receiving foreign investment, and the Kuwaiti banks could finance investment projects.

Khaled Talaat, head of IBM-Kuwait, welcomed the improvement of laws in Kuwait which allowed foreign companies to have complete onwership of their ventures. He said IBM was the first foreign company to have complete ownership licenses in Kuwait, reflecting the Kuwaiti leadership's commitment to create proper investment environment

Source: KUNA