Global Arab Network | Kuwait: 90 % of foreign investment seeks industry opportunities

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Kuwait: 90 % of foreign investment seeks industry opportunities

Global Arab Network - - Gamal Ragay

Monday, 26 July 2010 11:53

Of all permit requests for foreign investment projects in Kuwait, 90.8 percent is in the industrial sector, Kuwait News Agency reports according to the official statistics.

Figures by the Ministry of Commerce and Industry's Foreign Investment Office showed services as second most attractive sector, with some 9.1 percent, followed by commerce with some 0.1 percent.

The office said, on its website, that 92 percent of industry related requests were approved, while the figure in services came to some 8 percent, according to the latest statistics.

The office also said investment requests came from 13 countries; the US, Switzerland, Holland, France, Britain, Japan, Iran, Sweden, Mauritius Islands, Finland, Jordan, Italy, and Malaysia.

Investment for the projects approved came from five countries; Holland at 75 percent of all approvals, the US at 14 percent, France with 6 percent, Britain at 4 percent, and Switzerland at 1 percent.

The Foreign Investment Office was established in 2001 with the aim of helping along the state's effort to promote foreign investment in all sectors to push economic and social development ahead at faster pace.

The role of the office was given extra boost in October 2003 when resolutions related to specific economic activities open for foreign investment were put into effect. (KUNA)

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