21 November, 2009Secretary General of Kuwait Banking Association (KBA) Nabil Al-Saq'abi said on Friday the State of Kuwait is one of the most investment-attractive countries.
Speaking to KUNA on the sidelines of the Annual Arab Banking Conference - 2009 which kicked off here on Thursday, Al-Saq'abi said the volume of foreign direct investment (FDI) in the various economic sectors in Kuwait was increase steadily.
"The country doubled its efforts to reform its economic legislations with a view to creating the conditions conducive to FDI and luring the foreign investors," he pointed out.
"Kuwait, under the visionary leadership of His Highness the Amir, is mobilizing its resources to transform into a regional financial and commercial hub," Al-Saq'abi affirmed.
The country, as a state of institutions and an emerging economy, serves as safe haven for FDI and offers incentives for foreign investors to tap the numerous promising investment opportunities, he added.
Dealing the impacts of the global financial crisis, Al-Saq'abi said the crisis prompted Kuwait to reform the banking sector in order to guard against the future risks to the economy.
KBA, as member of the Union of Arab Banks (UAB), is playing a growing role in strengthening the banking systems of the Arab countries and keeping close coordination with other UAB members in the face of regional and international financial changes, he went on to say.
The current Annual Arab Banking Conference - 2009, being organized by UAB at Phoenicia Intercontinental Hotel here aims to renew confidence in, and solidarity with Lebanon.
The two-day event, sponsored by Lebanese Prime Minister Saad Al-Hariri, is themed "PAN-Arab Investment in Light of a New Global Economic Order."
The main topics on its agenda include "towards a new world economic, financial and banking order;" "the general framework of the new world financial order in light of the G-20 committees' suggestions;" "lessons learnt from the crisis and tackling its significant causes in light of the G20 committees' suggestions;" and "assessing the new Basel Committee Suggestions (July 2009)."
Kuwait News Agency - http://www.einnews.com/ viewsea
