|

Kuwait : A major challenge to attract foreign investors

kuwait-investKuwaitis are debating about the best modalities necessary to attract foreign investment in the country especially in the banking sector. The parliament is also engaged in tense sessions after a reform for indemnity sidelines the private sector. Bureaucracy and the regulations for foreign banks have contributed also to limiting the activities of banks in Kuwait.
Dr. Nasser Al-Misree, an expert from the International Organization for the Development of Law, lamented that some of the laws to which local banks are subjected to are not favorable to international banks present in Kuwait. Those laws have reduced foreign operations to deposits and money transfers while they often face difficulties in participating in the development process; thereby, preventing them from contributing to local economic growth.
Foreign banks are being urged to discuss their difficulties with the authorities in order to find appropriate solutions to their obstacles. An assessment of the banks is needed to make the right laws but they should be accompanied by less bureaucratic procedures with flexibility, Al-Misree concluded.
His remarks also coincided with Saleh Ashour, a member of the parliament, who criticized the draft law which offers Kuwaitis in the public sector the right to service indemnity upon their retirement. The personnel of the private sector will not be entitled to it. The government supports the draft and it has already been approved by the Parliament’s manpower development committee.
However, Ashour has vowed that the draft, now a bill, should be revised because it included the private sector when it was first proposed to the parliament. Ashour was among those drafted the proposal. He fears that the promulgation of the bill will lead to an exodus of the private sector that the country yearns to further develop.

Short URL: http://me-confidential.com/?p=8287

Posted by on Jun 24 2014. Filed under Gulf News, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Recently Commented

  • Badia Ouadi: What about the 20/20 vision for tourism which HRH has endorsed Himself? There are hundreds of western...
  • Achraf: Wise words from a wise king. And dont forget to work hand in hand. Stability Will be à important factor
  • Mehmet: Erdogan and the Turkish government become more pathetic and miserable and unrealistic day by day.
  • Telh: Israel should take a leaf out of their book.
  • Gemma: Well on this task Jordan gets a big fat F! We need to find a more competent custodian before Al Aqsa is lost...