KDIPA at­tracts $1.2 bn worth for­eign in­vest­ment: Sheikh Me­shal

Kuwait Times - - LOCAL -

KUWAIT: Chair­man of Kuwait Di­rect In­vest­ment Pro­mo­tion Au­thor­ity (KDIPA) Sheikh Dr Me­shal Jaber Al-Ah­mad AlSabah said Tues­day the au­thor­ity suc­ceeded in at­tract­ing $1.2 bil­lion worth of for­eign in­vest­ment, es­pe­cially in tech­nol­ogy.

Kuwait’s huge oil wealth, high per capita in­come, low risks and low com­pa­nies’ tax are at­tract­ing the for­eign in­vest­ment to the coun­try, Sheikh Me­shal said in a speech be­fore a con­fer­ence, themed “Kuwait projects and de­vel­op­ment mo­ti­va­tion,” or­ga­nized by Meed for eco­nomic stud­ies. He said Kuwait has huge 30 in­vest­ment op­por­tu­ni­ties in sec­tors of oil and gas, health, tourism and ed­u­ca­tion.

The in­vest­ment en­vi­ron­ment in Kuwait are lu­cra­tive, said Sheikh Mishal, who pointed out to tax ex­emp­tion on for­eign com­pa­nies which could ex­tend to 10 years, cou­pled with waiver on cus­tom du­ties. Sheikh Me­shal said at­tract­ing huge in­vest­ment in a short time showed that “Kuwait is in the right di­rec­tion.” Sheikh Me­shal, who said pri­vate and pub­lic sec­tors’ co­op­er­a­tion was es­sen­tial for the na­tional econ­omy, Kuwait re­ally needed to at­tract tech­nol­ogy to cre­ate jobs.

Adel Al-Roumi, head of the Part­ner­ship Tech­ni­cal Bu­reau (PTB), over­see­ing pri­vate-pub­lic sec­tors part­ner­ship (PPP) pro­grams, said the govern­ment would be ex­e­cut­ing the metro project and the GCC rail­way through PPP.

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