CONTRARY to the myth of the “Bermuda Triangle” and its negative image, the current Cabinet has a positive “triangle” if it is truly committed to revitalizing the country and fulfilling the political leadership’s vision of returning Kuwait to its pioneering status.
This triangle is composed of the Ministers of Finance, Commerce, and Justice, and each of these three ministers in this triangle brings extensive expertise to their respective fields.
In the Ministry of Finance, the minister and her team have the authority to propose laws that can encourage both domestic and foreign investments.
The Minister of Commerce and Industry holds significant authority to stimulate and support the two key sectors that are the backbone of Kuwait’s economy.
The judicial staff at the Ministry of Justice plays an important role in identifying and correcting any errors in the proposed laws or those that require amendments.
Kuwait must have the courage and determination to realize the dreams of its people, who have been impacted by the political and economic instability that the deep state has cultivated to such an extent that the country is no longer viewed as a desirable destination for foreign investment.
However, with determination, this ministerial triangle and other members of the Cabinet have the power to overhaul the existing laws and open the country to new opportunities, much like other Gulf nations that have achieved high levels of economic success. These nations have elites that follow orrders from their leaders, and Kuwait is no different.
The Minister of Commerce and Industry has many issues to deal with, but the industry that demands the most attention is the one that needs to be handled through a modern mechanism rather than one that is founded on acquisition, jealousy, and malice.
Kuwait cannot continue to import 95 percent of its needs when it has the capability to manufacture and export. It must strive for greater self-sufficiency, particularly in transformation industries, much like what the UAE and Saudi Arabia have done.
One of the tasks of the Ministry of Commerce and Industry is to activate local food industries, which would significantly reduce the financial burden of importing fruits, vegetables, and other agricultural products that could be grown locally.
This ministerial triangle also has the potential to amend the B.O.T. (Build-Operate-Transfer) law. In the past, this law stipulated an investment period of 50 years, with the possibility of a 50-year renewal, subject to certain conditions. However, due to envy and narrow self-interests, the law was amended by the National Assembly to shorten the investment period to just 20 years.
How can investors be expected to invest large sums of money and build projects, only to be forced to leave before reaping the returns on their investments, especially when they have more favorable opportunities in neighboring countries like Saudi Arabia, the UAE, Qatar, Bahrain, and Oman?
I recall an Egyptian investor who was approached by the Saudi government to build a city similar to one he had built in his home country. The Saudi authorities granted him land, provided all necessary facilities, and offered a sufficient grace period to support the project.
Meanwhile, in the UAE, there are more than 50 multi-specialty free trade zones, each equipped with comprehensive infrastructure and services that save time and effort for investors. Non-citizens are allowed full 100 percent ownership of their projects.
In contrast, Kuwait has only one free trade zone, but it is burdened with numerous conditions that hinder investment, such that no one now enters it.
When it comes to the industrial sector, there are many obstacles, starting with restrictions on the facility owner’s ability to sell or develop their facility. There are also challenges involving the overbearing judicial system, particularly if a plot owner disapproves of the tenant, such as prohibiting him from building housing for his workers near the factory.
It is also odd that the owner of a facility cannot request the inclusion of other similar industries in the same area due to pervasive envy within the Public Authority for Industry.
However, the three ministries - Ministry of Finance, Ministry of Commerce and Industry, and Ministry of Justice - have the power to change these laws and regulations, and make the commercial, industrial, and craft sectors more prosperous and productive.
In many countries, particularly in some Gulf countries, there are dedicated official marketing and public relations teams from the Ministry of Commerce and Industry, the Ministry of Finance, and the Ministry of Foreign Affairs working globally to attract investment to their countries.
On the other hand, in Kuwait, we only hear remarks like “We don’t want anyone to come to us” or “This person will only come for treatment”, driven by spite. Such attitudes are counterproductive and do not serve the country’s interests or the well-being of its people.
