We will continue to contribute to the development of national economy: Al-Kharafi
KUWAIT: Zain, the leading telecommunications network in Kuwait supported the Kuwait Investment Forum 2018 (KIF 2018), that was held under the patronage and in the presence of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah at Bayan Palace and Jaber Al-Ahmad Cultural Center (JACC), between March 20-21.
The two-day forum, co-organized by the Kuwait Direct Investment Promotion Authority (KDIPA), and the Kuwait Chamber of Commerce and Industry (KCCI), reaffirmed the Kuwait government’s interest in promoting and facilitating value-added investments in the country’s dynamic economy.
Zain officials participated in the KIF 2018 inauguration ceremony at Bayan Palace, which provided an interactive platform to for high-ranking government officials, local and foreign investors as well as industry leaders, executives, and consultants from various global institutions. The gathering showcased the progress that is being achieved in Kuwait’s business environment, and investment opportunities, with a view on emerging trends.
Zain’s support of the Forum is in line with its strategy to contribute to the further progress of the national economy and in support of the vision Kuwait 2035 – New Kuwait. The event provided an opportunity to further highlight the role of the private sector in supporting the country’s major developmental projects and the importance of both public-private partnerships and foreign investment.
Bader Al-Kharafi, Zain Vice Chairman and Group CEO, said “The State of Kuwait is diversifying its efforts on multiple fronts to achieve HH the Amir’s desire to diversify the country’s sources of income through streamlining the business environment and improving competitiveness, as well as attracting foreign investment into the country, with the aim of transforming Kuwait into a financial and commercial center.”
Al-Kharafi noted that the message conveyed by HH the Prime Minister Sheikh Jaber Al-Mubarak to the conference audience emphasized the State of Kuwait leadership’s interest to invest directly and create the right legislative and economic atmosphere to attract local and foreign investment. This is further reconfirmed by the keen personal interest and attendance of HH Amir Sheikh Sabah Al-Ahmad at the event.
Al-Kharafi welcomed the economic vision announced at the opening session by the First Deputy Prime Minister and Defense Minister Sheikh Nasser Sabah Al-Ahmad Al-Sabah, who revealed a national plan to develop the Kuwaiti Islands in the north that will create more than 200,000 non-oil jobs and generate revenues exceeding $35 billion annually. This vision came within the ongoing feasibility study to merge the Islands project with Kuwait’s Silk City enterprise that will create an international free trade investment zone that will act as a launchpad for more cooperation with neighboring countries.
Furthermore, the Zain Group CEO added the Islands project that will be carried out by local and international investment entities, “will further stimulate the confidence of private sector institutions in the country, given their vital role in supporting the public sector in the execution of this prominent development project in north of the country. The area will become a fertile environment for investment and housing and we look forward to playing a significant role in developing the infrastructure of the islands and smart cities.”
Al-Kharafi noted the significant role that the introduction of modern technology through foreign investment will play in further bolstering economic growth. This is further supported by the country’s growing and dynamic youth population, and the determination of state institutions who have in recent years enacted favorable legislative environment to attract local and foreign investment, moving away from a narrow-minded local economic perspective to an international economic perspective.
The two-day forum saw various sessions being held on topics such as: Investing for the Future of Kuwait; Trade Facilitation: A Driver For Development; An Update on Kuwait 2035 Vision: New Kuwait; Investment Opportunities – Lucrative Options In Dynamic Sectors; Financing For Sustainable Development; Dialogue On “Kuwait Development Path: The Vision & The Determination”.
Zain considers itself a key partner of the community, especially for initiatives and projects that are in favor of supporting the national economy, as the company is keen to consolidate its commitment to sustainability programs in the economic-socio development of the country.
Al-Kharafi praises KCCI Chairman, KDIPA’s DG
Bader Al-Kharafi, Zain Vice Chairman and Group CEO, praised the efforts exerted by the Chairman of the Kuwait Chamber of Commerce and Industry (KCCI), Ali Thunayan Al-Ghanim, which enhances the role of the private sector in contributing to the achievement of the country’s development goals especially that the KCCI is very active and keen to improve the level of cooperation with the private sector and support the holding of such prominent investment forums.
Also, Al-Kharafi commended the efforts exerted by KDIPA and its Director General, Sheikh Dr Meshaal Al-Jaber, in maximizing and strengthening the country’s strategic directions aimed at restoring Kuwait to its position as a financial and commercial center in the region. “The holding of this forum and bilateral dialogues are very important to highlight the State of Kuwait as an attractive incubator for businesses, thus attracting and stimulating foreign investment. With KDIPA’s involvement, Kuwait has a long list of major and sustainable development projects, sound infrastructure, a favorable corporate tax rate, and an open business environment with a distinctive cultural appeal.” Al-Kharafi recognized and applauded KDIPA’s role in recently attracting $2.5 billion in foreign investment and creating over 1,000 direct jobs for Kuwait nationals and its prominent future role in achieving the Kuwait vision 2035 – New Kuwait.