23- December – 2012, Kuwait Foreign Investment Bureau (KFIB) Chief, Dr. Meshaal Jaber Al Ahmad AlSabah presented a lecture on “Foreign Direct Investment in Kuwait”, as part of a specialized two-week training program delivered to a number of recently appointed diplomats in the Ministry of Foreign Affairs held in “Sheikh Soud Naser Al Sabah Diplomatic Institute”.
The lecture provided background on KFIB mandate and services, the incentives and guarantees granted to foreign investors under the current FDI Law No. 8/2001; elaborating further on investment strategic directions and conditions in Kuwait, the criteria followed by the Foreign Capital Investment Committee (FCIC) for approving submitted project proposals; and touched upon the main obstacles facing foreign investors.
A vivid discussion was carried on with the trainees who inquired on what prevented Kuwait from achieving H.H. the Amir’s strategic Vision to transform the country into a leading financial and commercial hub, comparing other GCC countries experiences in this regard; more questions were asked on KFIB promotional plans, and about the possibility of opening Economic Missions at Kuwaiti embassies abroad.
KFIB Chief concluded his lecture with a brief overview of the main provisions of the new draft FDI Law “Encouraging Investment in the State of Kuwait”, explaining the incentives it will offer, and in what ways it will contribute to the improvement of Kuwait investment climate, and in attracting a higher share of FDI flows that will benefit the economic development of Kuwait.