Recently-approved bill intends to lure foreign capital

Kuwait is seeking to check capital flight, lure foreign capital and improve the domestic investment environment, affirmed a senior official. In remarks published by the Kuwaiti daily newspaper, Al-Jarida, on Saturday, Minister of Commerce and Industry Anas Al-Saleh said his ministry is seeking to maintain the local capitals, lure foreign ones and improve the business and investment conditions in the country. Citing a recent major tangible step in this respect, Minister Al-Saleh alluded to the direct investment bill, approved on May 29, by the National Assembly (Parliament). The bill, which was submitted to the government, genuinely stipulated establishment of the "state authority for encouragement of direct investment" under authority of the Minister of Commerce, provided guarantees for the entrepreneurs, safeguarding their funds' moving and confidentiality in some aspects of their businesses. Minister Al-Saleh added in his remarks to the Arabic-language Kuwaiti newspaper that the authority for encouraging investments followed "experience of the Law No. 9 of 2001 regarding the regulation of direct investments of the foreign capital in the State of Kuwait. "Our main target is nationalizing the local capital and attracting the foreign capital." He affirmed that authorities "have taken into consideration all obstacles and flaws that existed in the former law for organizing investments," adding that the executive regulations for boosting the direct investments would be issued as soon as possible. The Parliament has recently blessed the relevant draft law, serving the broad national strategy of transforming Kuwait into a regional lucrative hub for business, as HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah desires.