16 April 2011
KUWAIT: Kuwait is forging ahead with plans to introduce offset projects that will see the country's private sector play a greater role in driving sustainable economic growth, according to Anwar Abdul Rahman Al-Jawdar, the chairman of the country's National Offsets Company (NOC).
Al-Jawdar told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that NOC's criteria for choosing and supporting offset projects reflect Kuwait's Economic Developmental
Plan by encouraging local businesses to enter into solid, long-term partnerships with international companies. "We focus on choosing and supporting offset projects that will contribute to the development of Kuwait into a financial and commercial centre as per the instructions of His Highness The Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah" he said. "The aim is to identify projects that will attract foreign investments and enable the private sector to play a leading economic role, thus encouraging a competitive spirit and enhancing efficiency.
The NOC was set up by the Kuwait Investment Authority (KIA) in 2006 to manage the country's offset program. The company plays a key part in overseeing direct offset projects by working closely on developing them with government bodies, as well as playing a matchmaking role for indirect offset ventures, teaming foreign offset obligors with local entrepreneurs and institutions.
Al-Jawdar was keen to point out that while the offset program's primary aim is to boost Kuwait's economic development by transferring technology, creating jobs for Kuwaitis and providing proper training for them, international companies also have much to gain from the investment opportunities available.
The next stage may witness NOC focusing on identifying profitable investment opportunities with high economic benefits," he said. "We expect several investment opportunities to become available to foreign companies in the fields of energy, infrastructure, communication and transportation.
Al-Jadwar also voiced confidence that the country's offset projects would expand their reach across key elements of Kuwait's economy as the NOC looks to enhance the country's business-friendly environment by providing additional facilities for offset obligors. "These procedures should help to expand and diversify the scope of offset projects, covering all primary economic sectors in Kuwait," he said.
KUWAIT: Kuwait is forging ahead with plans to introduce offset projects that will see the country's private sector play a greater role in driving sustainable economic growth, according to Anwar Abdul Rahman Al-Jawdar, the chairman of the country's National Offsets Company (NOC).
Al-Jawdar told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that NOC's criteria for choosing and supporting offset projects reflect Kuwait's Economic Developmental
Plan by encouraging local businesses to enter into solid, long-term partnerships with international companies. "We focus on choosing and supporting offset projects that will contribute to the development of Kuwait into a financial and commercial centre as per the instructions of His Highness The Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah" he said. "The aim is to identify projects that will attract foreign investments and enable the private sector to play a leading economic role, thus encouraging a competitive spirit and enhancing efficiency.
The NOC was set up by the Kuwait Investment Authority (KIA) in 2006 to manage the country's offset program. The company plays a key part in overseeing direct offset projects by working closely on developing them with government bodies, as well as playing a matchmaking role for indirect offset ventures, teaming foreign offset obligors with local entrepreneurs and institutions.
Al-Jawdar was keen to point out that while the offset program's primary aim is to boost Kuwait's economic development by transferring technology, creating jobs for Kuwaitis and providing proper training for them, international companies also have much to gain from the investment opportunities available.
The next stage may witness NOC focusing on identifying profitable investment opportunities with high economic benefits," he said. "We expect several investment opportunities to become available to foreign companies in the fields of energy, infrastructure, communication and transportation.
Al-Jadwar also voiced confidence that the country's offset projects would expand their reach across key elements of Kuwait's economy as the NOC looks to enhance the country's business-friendly environment by providing additional facilities for offset obligors. "These procedures should help to expand and diversify the scope of offset projects, covering all primary economic sectors in Kuwait," he said.
© Kuwait Times 2011
