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Tuesday , September 17 2019

Northern Kuwait contains $450-650 bln worth of investment

Elimination of painful bureaucracy key, says Sheikh Nasser

File: Sheikh Nasser Sabah Al-Ahmad Al-Sabah delivers a speech at ‘Kuwait’s Northern Gulf Gateway Project: Silk City’ workshop organized by WB’s Kuwait Office.

KUWAIT CITY, March 27, (KUNA): Kuwait’s northern area can contain $450-650 billion worth of investment but conditional to laws that attract foreign capitals like tax reduction and elimination of “painful bureaucracy,” a senior government official said Tuesday. First Deputy Premier and Defense Minister Sheikh Nasser Sabah Al-Ahmad Al-Sabah said the northern area would house the Silk City project and other ventures which “will enable us to reach out to far places like the Red Sea and the Mediterranean, Turkey and East Europe.”

Sheikh Nasser, in an interview with Kuwait TV, said Mubarak Al-Kabeer Port “will connect us with those places”. “The selection of the northern area aims at transforming Kuwait into an international hub for huge foreign investments … and these investments will be protected by everybody which will reduce the arms purchase made by the state, because of existence of a human and economic regime that is connected with the world,” he said. Sheikh Nasser said New Kuwait 2035 Vision has been aspiration of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah “who lived when the human being, not oil, was the most important element in the State.” His Highness the Amir has been keen on transforming Kuwait into an international financial and commercial hub, said Sheikh Nasser, and the human being is at its core, nothing else. Sheikh Nasser said the world recognized the Kuwaiti people and respects them due to their accomplishment. He added that late Amir Sheikh Ahmad Jaber Al- Sabah was knighted (bestowed with the Sir title) for his role in helping the Allies against the Nazis. The Allies also honored the Master ship builder with the Sir title. The strength of Kuwait 2035 vision, said Sheikh Nasser, is in its geographical location.

The country is located between ancient civilizations: the Civilization of Elam (now modern-day Iran) and civilizations that emerged between rivers Tigris and Euphrates. “This has granted Kuwait a point of strength upon which it can proceed with its vision and future,” he said. Sheikh Nasser said Kuwait selected China because of its capabilities in equipping Mubarak Al-Kabeer Port. China, he added, also rented Pakistan’s Gwadar Port in the Arabian Sea for 40 years because of its proximity to Chinese cities. He said goods shipped towards the north of the Arabian Gulf sea can either go through Kuwait or Iraq, a complementary to the commercial and financial hub. Sheikh Nasser said the Parliament and government should join hands to address any shortcomings facing the execution of the vision. He thanked Parliament Speaker Marzouq Al-Ghanim for proposing workshops between executive and legislative authorities to overcome obstacles and speed up implementation of the vision. His Highness the Amir instructed allocation of a budget aimed at improving state management system, he said, and the government was keen on keeping citizens informed about different aspects of vision, its importance and phases of implementation.

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