Kuwait, 17 October, 2024 : Kuwait must streamline procedures and reduce bureaucracy to become a more attractive destination for foreign investors, according to Abdullah Al-Terkait, Chairman of the Union of Investment Companies. Speaking to KUNA, he emphasized the need for improved transparency and corporate governance to build investor trust and ensure a stable investment environment.
Terkait highlighted the union’s efforts to enhance the legislative and regulatory framework, aiming to create a flexible and sustainable investment sector. He stressed the importance of developing infrastructure, including modern facilities and digital connectivity, while advocating for incentives like tax exemptions to encourage long-term foreign investments.
He also underscored the role of the private sector in decision-making, calling for stronger collaboration between the government and private companies to achieve national development goals. Terkait identified innovation and entrepreneurship as key drivers for a sustainable economy, pushing for legislation that supports SMEs, which he described as vital for job creation and income diversification.
Terkait also addressed challenges in attracting Kuwaitis to the private sector, pointing to the lack of suitable job opportunities and a skills gap. Many Kuwaitis are drawn to public sector jobs due to better salaries and benefits, further complicating private sector recruitment.
On the investment sector, he noted difficulties due to global market fluctuations and stiff competition from foreign firms. He also raised concerns about the potential impact of proposed corporate taxes, urging careful consideration to maintain Kuwait's investment appeal.
Additionally, the union has proposed reforms to the National Fund for SMEs, including the creation of venture capital funds to support startups. These efforts aim to bolster SMEs and contribute to national economic growth.
Source : www.kuwaittimes.com
