KUWAIT TO LURE FOREIGN CAPITAL, KEEP MONEY AT HOME

Laws to Assembly likely in October

KUWAIT CITY, June 25: Kuwait, which is the fifth largest oil exporter within OPEC, is preparing to issue new laws for lessening the restriction on foreign investments and expediting procedures for projects, reports Al-Nahar daily.

This move is aimed at stimulating the economy of the country, which depends mainly on oil for state revenues, and increasing direct foreign investments in the country.

As per governmental data, foreign capital in Kuwait accounted for only around one percent of the total investment in the country in 2017, while the foreign direct investment flow to Kuwait was only around $301 million.

The concerned authorities will present the new laws to the National Assembly for approval during the first parliamentary session in October after the summer break, and will work on amending the existing regulations as a way of paving way for increased foreign investment.

According to official sources, these laws are intended to attract “more foreign capital, encourage Kuwaitis to invest at home, stop capital flight and ease procedures to set up projects and businesses in Kuwait”.

They are necessary when considering the current economic situation in Kuwait for expanding the scope of business for foreign investors and increasing the ratio of foreign capital to overall investments in the country.