Social responsibility performance of CMA highlighted
KUWAIT CITY, Dec 25: The Direct Investment Promotion Authority has an excellent relationship with all sectors in the government agencies as well as the Ministry of Commerce and Industry and the National Fund for the Care and Development of Small and Medium Enterprises (SMEs), reports Al-Jarida daily.
The Director General of the Board of Direct Investment Promotion Authority Sheikh Dr Mesha’al Al-Jaber said the Authority is always motivating large foreign companies operating in Kuwait to work and cooperate with the Kuwaiti companies, while there is a link between foreign and local companies operating in SMEs. Al-Jaber told the daily the authority is interested in attracting foreign investments with added economic value, achieving the objectives of the state, attracting technology, creativity and innovation, in addition to creating quality employment opportunities for Kuwaitis.
“In order to attract these companies, there is a wide range of advantages and guarantees granted by the authority to investors, including tax and customs and other incentives to encourage more companies to participate in investment opportunities and cooperation with SMEs, which will help them to get those benefit,” he said.
He added these advantages are linked to several factors, including employment and training of Kuwaitis and communication with various economic sectors, in addition to supporting SMEs sector in Kuwait. Sheikh Al-Jaber added that “there is high coordination between the Authority and all economic entities, including the National Fund to achieve these objectives.” He pointed out that all government agencies operate according to the national vision ‘New Kuwait 2035’.
Therefore, we are working within one strategy and vision under the government umbrella. The Authority is responsible for encouraging and attracting direct valueadded investments, promoting Kuwait as a home for promising investment, receiving licensing applications, granting benefits and serving investors, as well as improving the business environment and enhancing Kuwait’s competitiveness in the global economy.
In other news, the Capital Markets Authority (CMA), since inception, has been largely committed to playing its role toward the development of society through social responsibilities. This information was released by the management recently in a statement. With regard to legislation, law no.7/2010 stipulates the establishment of an authority to regulate stock activities by creating public awareness in that concern, and this is the major goal of the authority. It observed the target audience is not limited to the market players and concerned officials, but goes beyond that limit. In terms of implementation, the authority is committed to presenting a model by becoming the first to abide by implementation of its various directives.
This is done through strive and initiatives for implementing governance regulations that include supporting the social role played by companies and their responsibility as the backbone for regulations. It has made the development of financial, investment and legal culture as regards the capital markets a signifi- cant tool for sustainable development and an aspect of the current and future strategic goals in relation to all segments of the society. To accomplish the goals, it specified several initiatives such as enlightening segments of the society about the rudiments of investment and consolidating the financial culture on the part of the youth through a variety of programs in collaboration with various ministries, institutions and public and private agencies.