Investment environment unattractive: Al-Mutawa

KUWAIT CITY, April 25: Board Chairman of Bayan Investment Company Faisal Ali Al-Mutawa says, “With the absence of an executive administration to follow up the developmental plan and the schedule of programs as well as the authority in charge of accountability through all stages, the rate of execution will not be proportionate with the laid down plans”, reports Al-Rai daily.

Al-Mutawa declared that the government is not imbibing the spirit of “work and eat” in the minds of citizens, which is the reason for a generation of lazy people who are not motivated to improve their capabilities.

He stated that the government laid down several plans in collaboration with the former British Prime Minister Tony Blair, the World Bank and specialized companies without executing the contents in reality.

Al-Mutawa lamented that the role of investment companies is diminishing while some companies are getting lucky with the government.

He affirmed that Bayan Company has paid most of its loans and is currently in a strong stead.

Al-Mutawa indicated that increasing interest similar to the United States of America is wrong, considering the differences between economies of both countries, stressing that recession still prevails because nobody is concerned about solving the problems of Kuwait, while countries across the world spent $20 trillion to bail out their economies from the effects of the recession.

He revealed that the National Assembly discusses everything except the economy, adding that the investment environment is unattractive because of lack of opportunities.

Al-Mutawa accused the government of having total control of all sectors, which leads to creation of complicated bureaucracy and opens doors for corruption at all levels.