Kuwait is a country embarking on the road to a prosperous future, wrote the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC) in its latest magazine.
It noted that in February 2010, as per the directions of His Highness the Amir of Kuwait, Sheikh Sabah Al Ahmad Al Sabah, the National Assembly approved a five-year development plan in order to further develop the country. The strategy comprises a long-term plan, the State Vision Kuwait 2035.
ABLCC said that by eliminating the difficulties for local and international investors, reducing bureaucratic restrictions, as well as enacting new laws to protect and encourage investments, among others, the State of Kuwait intends to attract new investments and become a financial and economic hub in the region and the world.
Kuwait, which is bordering three major markets, Iran, Iraq, Saudi Arabia, enjoys a strategic geographical location, noted the publication.
Kuwait is home to one of the largest oil reserves in the world and a major player in the global energy market. The authorities are looking to increase oil production to four million barrels per day by 2020, it stated.
The Kuwaiti financial system is well developed which makes it an attractive destination for foreign institutions to offer specialized services, it said.
Kuwait has the 3rd largest total healthcare expenditures in the six-member Gulf Cooperation Council. Since efforts are made to open the sector to private and foreign investments, private sector investments are expected to reach US 1.8 billion by 2016, it noted.
Through the years, Kuwait National Petroleum Company has made important investments in Belgium and Luxembourg. Indeed, Kuwait Petroleum, which made the strategic decision to invest in Belgium, is nowadays one of the biggest players on the Belgian fuel market, it said.
Established in 1978, the Brussels-based ABLCC plays role of a bridge between Belgium, Luxembourg and the Arab countries.