Kuwait Amir invites more US firms to participate in development plan

Kuwait News Agency (KUNA) , Wed, Sep 5, 2018

His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah invited Tuesday more US companies to participate in execution of development and infrastructure projects, which were part of his country's development plan.

His Highness the Amir, accompanied by deputy head of the National Guard Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, said American companies have been contributing to boosting economic and trade relations with Kuwait.

His Highness the Amir was addressing a meeting with the executives of big US companies at his residence in Washington D.C.

He said Kuwait was keen on developing the strategic relationship with the American companies to a permanent patnership.

This partnership, he added, would provide more expertise and state-of-art technology to the oil sector, as well as expanding relevant investment.

His Highness the Amir noted that Kuwait adopted a series of economic legislations aimed at developing the business environment and attract foreign direct investment.

He said the Foreign Direct Promotion Law allowed foreign investors to have full owernship of their businesses in Kuwait.

Leading American companies working through Kuwait Direct Investement Promotion Authority (KDIPA) contributed to success of sectors of information technology, communications, renewable energy and industries.

"We hope this will pave way for more direct investment and long-term partnerships," he said. (end) bs