KDIPA Chief, Japan Min. Agree Cooperation in InvestmentSource: www.export-egypt.com 3/24/2015, Location: Middle East |
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Visiting Director General of Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah and a senior Japanese official Tuesday discussed ways to increase flow of Japanese investments into the Kuwaiti market.
In his talks with Parliamentary Vice Minister of Economy, Trade and Industry Yoshihiro Seki, the KDIPA chief encouraged Japanese companies to take part in Kuwait's ambitious USD multi-billion development plan, and Seki expressed Japan's interest in Kuwait's Five-Year Development Plan, and said he will convey the message to Japanese investors. The Kuwaiti side also explained new Foreign Direct Investment (FDI) Law, which KDIPA handles. The new FDI Law introduced in 2013 reflects direction of the Kuwaiti government and enhancement of the business environment of Kuwait. "We discussed with the Japanese side the incentives and guarantees which this law provides, also how it can help the Japanese private companies to benefit from bringing their innovation and technology to Kuwait," Sheikh Dr. Meshaal told Kuwait News Agency (KUNA) after the meeting. The law allows 100 percent foreign ownership without local partners or agents in a number of sectors, and grants incentives such as a 10-year tax holiday and customs duty exemption. It also provides for the establishment of a "one-stop shop" within KDIPA in coordination with the relevant government authorities, to complete procedural steps within the timeframe mandated by the new FDI Law. KDIPA is tasked with creating an attractive environment for FDI into Kuwait streamlining business environment, facilitating procedures and resolving obstacles, in order to achieve the aspired economic and social goals. The official also briefed Seki on the latest development of Kuwait's economy. "We explained how the Kuwaiti government makes the business environment much easier by updating existing laws and creating new laws, and how the government is shifting to the private sector to lead the Kuwaiti economy." He expressed hope that his current visit is beneficial with explaining changes in the Kuwaiti economy. "Hopefully, the Japanese private sector will bring technology, innovation and expertise toward full attainment of goals of the Kuwaiti government. The meeting was also attended by Kuwaiti Ambassador to Japan Abdulrahman Al-Otaibi and KDIPA officials. |
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