Kuwaiti bankers want suitable investment atmosphere

Kuwaiti bankers called Sunday on importance of creating suitable atmosphere to issue a bundle of legislations to transform Kuwait into a regional financial and commercial hub. Board Chairman of the Gulf Bank Mahmoud Al-Nouri, in remarks during the 2nd Kuwait Investment Forum, called for the adoption of a clear vision to reach the objective of seeing Kuwait a regional hub. He asserted importance of the leading role of private sector as well as the development of human resources. Between 90-93 percent of Kuwait work in government sector, said Al-Nouri, "which is an imbalance in the economic reform process." Board Chairman of Kuwait Commercial Bank Ali Al-Moussa said it was difficult to attract foreign investors as long as the local investor was facing outstanding obstacles. Economic cooperation is urgently needed, said Al-Moussa who warned against interim solutions. Kuwait Finance House's (KFH) CEO Mohammad Al-Omar voiced optimism at the GDP growth by five percent in 2012 coupled with around KD nine billion surplus as well as increase of personal credit facilities by eight percent. He commended the government's measures to address the financial crisis, like the financial stability act, guaranteeing deposits, lowering interest rates and good governance law. Chairman of Burgan Bank Majed Al-Ajeel said Kuwaiti banks were solid and efficient. Meanwhile, CEO of EQUATE Mohammad Hussein said petrochemical industries was promising. Speaking to KUNA after the conclusion of the Investment Forum, Hussein EQUATE sought to boost competitiveness and investment. He said expanding on petrochemical investment was profitable and create more jobs. However, he noted, this expansion needed foreign partners. EQUATE, said Hussein, was producing more than five million tons of high-quality petrochemical materials every year. Earlier in the day, Minister of Commerce and Industry Anas Al-Saleh said the Kuwaiti government issued laws that would support small and medium-sized enterprises (SMEs). The government established a company dedicated to developing small-size enterprises with a capital of KD 100 million, he said. Kuwait Industrial Bank, added Al-Saleh, also established a portfolio to finance new projects.