The Kuwait Direct Investment Promotion Authority (KDIPA) revealed that it attracted new approved inward direct investments worth, KWD 206.9 million, during the period from April 1, 2023 to March 31, 2024.
In a statement to the Kuwait News Agency on the occasion of issuing its ninth annual report for the fiscal year 2023-2024, today, Monday, the Authority explained that these investments came from 95 investment entities belonging to 34 different countries.
These investments primarily were concentrated in the services sector, led by information technology services, oil and gas services, construction and infrastructure services, and diversified into other vital fields including; insurance, aviation, agriculture and health services.
Besides this, the Authority explained that the economic impact achieved by the licensed investment entities, which started their operations, witnessed a 16 percent increase. This raised the total cumulative spending in the local economy to about, 924.1 million dinars (about US$ 3 billion).
In addition, the Authority analyzed that the spending was distributed among the local component (goods and services), advanced technological devices and equipment, government taxes and fees, salaries of national workers, social responsibility activities, and training programs for national workers.
Moreover, the Authority pointed out that it has achieved several qualitative milestones in terms of digital transformation, promotional activities, developing national skills of workers, and sustainability.
Furthermore, KDIPA notified that the pace of digital transformation has accelerated in the Authority, completing the digital infrastructure and developing electronic applications.
As it obtained the ‘International Standard Certificate’ (ISO 27001:2022) for Information Security Management, which is in addition to launching the joint cooperation memorandum project regarding, digital linking for the exchange of information and data related to the investor, with the relevant government agencies.
In terms of promotional activities, the Authority stated that it has expanded its presence in the international arena, as it won for the first time, the position of ‘Vice President of the Steering Committee’ of the ‘World Association of Investment Promotion Agencies (WAIPA)’ for the next two years, in addition to enhancing its participation in external promotional events to showcase the latest economic developments in Kuwait.
Regarding the development of national skills, the Authority said that it organized a comprehensive training program that included 80 programs from which, 318 of its employees benefited, while the percentage of benefit from specialized courses available via video communication technology increased to, 30.4 percent.
Adding more significance, the Authority pointed out that it provides opportunities for its employees to obtain accredited professional certificates in required specialized fields, and it continued to support for the postgraduate scholarship program, specifically meant for its employees who meet the conditions.
Whereas, in terms of sustainability, the Authority revealed the commitment of licensed investment entities, in achieving the ‘United Nations Sustainable Development Goals 2030’ by launching about 40 initiatives in the State of Kuwait, which are within the framework of achieving these goals.
To sum it up, The Kuwait Direct Investment Promotion Authority, stressed that it had taken successive steps to enhance corporate governance, including activating the adoption of the Code of Professional Conduct within the framework of the (Adaa Project) of the General Authority for Combating Corruption (Nazaha).
