Chargé d’Affairs at the US Embassy in Kuwait, James Holtsnider, praised Kuwait after the Office of the United States Trade Representative removed its name from the watch list this year, due to its continuous and prominent progress in terms of protection of intellectual property rights, law enforcement and transparency, stressing that Kuwait has become a safe market haven for potential foreign investors, considering it “an essential step to attract investments from thriving companies from thriving companies for example, in the technology sector.
In an exclusive interview with a local Arabic daily on the sidelines of a concert sponsored by the Italian Embassy that was held yesterday evening at the Sheikh Jaber Al-Ahmad Cultural Center, Holtsnider, said that “the removal of Kuwait from (Special Report 301) means that the United States recognizes the progress it has made in the field of protection and enforcement of intellectual property rights.
He added this report identifies a wide range of concerns related to the protection of intellectual property rights, including challenges related to enforcement measures against counterfeiting, electronic piracy, and misuse of trade secrets. He pointed out that removing Kuwait from this list proves that the country has made significant progress in the field of protecting and enforcing intellectual property rights.
At the same time, he considered that “infringement of intellectual property, in its worst possible form, threatens public opinion in a variety of ways, including exposure to health risks and threats to personal safety due to counterfeit products such as consumer electronics, auto parts, building materials, cosmetics, clothing, toys and medicines.
On the impact of this change on foreign direct investments in Kuwait, the Chargé d’Affairs at the US Embassy said: “Companies are looking for safety when deciding the destination of their investments, and any incubator environment for high-quality intellectual property allows to enhance market stability for inventors, artists, designers, and brand owners and companies involved in intensive intellectual property sectors.
He went on to say, “These companies can protect their investments, receive the return that they expect from their work, and reinvest the proceeds in new functions, innovations and future contents. Also, companies may be convinced to make their intellectual property available to others and share with them the knowledge that enables them to invent modern and advanced solutions and other creative works.”
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