KDIPA issues its 2016-2017 achievements report

KUWAIT: On the occasion of publishing its Second Annual Report 2016, KDIPA issued an overview highlighting the main accomplishments achieved during the report period extending from April 1, 2016 to March 31, 2017 in accordance with the tasks stated in its establishing law No. 116 of 2013, and the designated tasks thereon by the Council of Ministers.

This contributed to enhancing KDIPA’s developmental, regulatory, promotional and advocacy roles in line with Kuwait’s economic policy stemming from the National Vision 2035 and its pillars, a KDIPA statement said yesterday. The period covered by the annual report witnessed the attraction of direct investments reaching around KD 363.8 million, thus raising total cumulative direct investments approved and licensed since KDIPA started its operations early 2015 till end of March 2017 to a total of KD 707.8 million, through establishing 22 legal entities from 14 different nationalities, centered in the services sector with activities including ICT, maintenance, healthcare, and renewable energy services.

KDIPA clarified that attracting such value added direct investments is expected to favorably impact crucial aspects of the national economy mainly contributing to economic diversification, enhancing the productive capacity, and fostering sustainable growth supporting the developmental pillars of the National Vision 2035.

Furthermore, attracting such investments will enhance cooperation and linkages between local companies and the licensed international companies, it said. KDIPA clarified that these licensed investments will avail more than 1000 jobs for Kuwaiti nationals, besides multiples of this number in indirect jobs across the economy, as well as providing specialized training programs to qualify the national talents and raise their capabilities, in addition to supporting local research and development efforts.

This is attained from initiatives undertaken by these companies of which establishing Huawei Centre for Innovation and Training and GE Kuwait Technology Centre to support innovation in product development, raising efficiency, and enhancing productivity, it added.

KDIPA will be following up activities of these licensed companies to assess its actual impact in the economy when a time series of data collected is attained on the ground measuring the scope and size of economic and social outcome, and determining the attained benefits on economic diversification. —KUNA