Problems concerning Kuwaiti companies are being resolved

Authorities are resolving some problems involving Kuwaiti businesses in the country, a ranking local official says.Usama Saleh, Chairman of the Investment Public Authority and Free Zones, said in an interview with KUNA that the authority has recently succeeded in reaching "imminent solutions" for problems concerning the Kuwaiti investment companies, namely the Egyptian-Kuwaiti Company and KGL. He indicated that the problems were related to some land plots and that they were being resolved in coordination with relevant local authorities.He welcomed a proposal by Ali Al-Ghanem, Chairman of the Kuwait Chamber of Industry and Commerce, to hold an Egyptian investment workshop in Kuwait, indicating that the former deputy prime minister and foreign minister, Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah, proposed, during a visit to Egypt, last September, to hold such activities.Elaborating, Saleh indicated at noticeable increasing interest by Kuwaiti investment companies to launch businesses in Egypt or expand their already existing enterprises in the country.Kuwait ranks fourth among states with investments in Egypt. These businesses have been estimated, between 1970 and 2011, at USD 2.916 billion.Saleh affirmed keenness of the Egyptian Government, following the January 25 revolution, on supporting various economic sectors. Egypt will pursue the policy of free economy, on the basis of social justice, he added.There are diverse promising opportunities for boosting the Kuwaiti enterprises, he said, noting that the special bilateral ties between the two countries would be helpful for increasing the volume of these businesses.On the domestic investment atmosphere following the revolution, Saleh asserted that Egypt remained a major investment mecca, considering skilled labor as one of the luring factors.The authority has addressed relevant authorities in Arab and foreign nations affirming the state policy of economic openness and keenness on luring external investments, as well as respecting signed contracts and accords.There are non-controversial evidences affirming external confidence in the Egyptian economy, particularly after foreign investments reached USD 49 billion over the past five years, the head of the local authority elaborated.