KUWAIT, March 27 (KUNA) -- The Ministry of Commerce and Industry is working with other state bodies and agencies to create a better business atmosphere in Kuwait, a senior ministry official said here Tuesday.

This better business atmosphere can be provided by means of reducing bureaucracy and red-tape and introducing e-linkage among state agencies and departments, Head of the Ministry's Foreign Capital Investment Office Sheikh Meshaal Jaber Al-Sabah addressed the first session of the Euro Money Conference, which kicked off here earlier in the day.

In 2003-10, Kuwait managed to draw roughly USD 5.4 billion in foreign investments, he said.

"The Ministry of Commerce and Industry is working with the Offset Office, the technical body for studying development projects and initiatives to develop the business atmosphere in order to create an attractive foreign investment climate," he said.

Kuwait's recently revised foreign investment law treats all foreign investments on equal footing regardless of nationality, he pointed out.

For his part, CEO of Kuwait Finance House (KFH) Mohammad Al-Omar expected more regional and international integration in the global economy, thus boosting the size of regional trade and investment activities.

Capability-building, financial infrastructure development, regulative reforms and high technology could help financial Islamic institutions offer a large set of financial products and services to their clients, he said.

The global financial crisis has paved the way for the world financial sector to reconsider alternative financing and investment, of which Islamic funding is part, he added.

Kuwait has enough potential to become a financial Islamic center only should regulative and supervisory procedures be revamped, stronger corporate governance, transparency, disclosure and accountability criteria be adopted, market control, risk management and consumer protection be ensured, he remarked.

On his predictions for Kuwaiti economy, the KFH's CEO said the country's gross domestic product would remain strong, standing at 5.4 percent this year, with the oil sector continuing with static economic growth. (pickup previous) fnk.tb.mtKUNA 272047 Mar 12NNNN