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‘Kuwait must reduce red tape to attract foreign investment’ ‘Foreign banks must act to remove obstacles’

KUWAIT CITY, June 23: Some stipulations of local banking laws are considered obstacles to the operations of foreign banks in the country, says Dr Nasser Al-Misree — an expert from the International Organization for the Development of Law. Al-Misree pointed out the operations of foreign banks are limited 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.

He advised the foreign banks, which are facing obstacles, to discuss their problems with the concerned authorities to find appropriate solutions according to the work mechanism in the local market. He suggested the formation of a special committee to handle the affairs of employees in foreign banks.

He said the relevant authorities must assess the work mechanisms of foreign banks to create an environment conducive for investment. He also stressed the need for Kuwait to attract foreign investors by easing procedures and guarantee flexibility in the issuance of permits for foreign companies or institutions to operate in the country.

By: Rabab Al-Jawhari Al-Seyassah Staff

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