Event held under the patronage of US ambassador

KUWAIT CITY, Feb 16: The American Business Council of Kuwait (ABCK) marked its 27th Anniversary with a celebratory dinner in the Arraya ballroom at the Courtyard Marriott Hotel, Wednesday evening.

The event was held under the patronage of the US Ambassador to Kuwait, Matthew H. Tueller and graced with his presence. Other attendees included foreign and GCC ambassadors to Kuwait, US and Kuwaiti business owners, managers and officials. ABCK Chairman Gregory Stevens expressed his gratitude and appreciation to the US Embassy and guest attendees.

Ambassador Tueller spoke of the immense value the institution brings to the Kuwaiti-American relationship and encouraged the guests to use the ABCK to interact with Kuwaiti officials to create friendly business environments and expand commercial relations between the two countries.

He also pointed out that the economic relationship between the two countries predated the important security relationship. "Kuwaiti markets offer tremendous opportunity for our companies across many industry sectors particularly in the fields of health care, alternative energy, infrastructure development, safety and security, environmental remediation programmes and education, US technology and expertise in services are world class", he stated. Ambassador Tueller mentioned that as a member of the Gulf Cooperation Council (GCC), Kuwait had put efforts to move forward on the GCC -US trade agreement. Last month, the GCC secretariat had very positive discussions on the agreement and he hopes that the signing will take place in the coming weeks.

He also brought to attention the challenges that the Kuwaiti market faced, "Despite the advantages that Kuwait enjoys of natural resources, a talented population and a long established history of commercial engagement, Kuwait does not attract much direct foreign investment input. In 2010, Kuwait attracted only $ 81 million in foreign investment, the lowest in the region. According to the World Bank's 2012 ease of doing business report, Kuwait ranked 67 out of 183 countries which put it in the last place ranking in the Gulf countries." He stated that with some carefully targeted economic reforms, Kuwait could leap to the forefront and attract significant foreign investment.

Copyright
He stressed the importance for copyright protection and the need to implement a strong copyright law that complies with international standards. "One area in which we will continue government to government exchange is in the field of intellectual property rights (IPR). IPR is not only important to software and creative content industries but also to a full range of manufacturing, medical, business services, natural resources and other sectors that in today's world rely on innovation in order to maintain a global competitive edge", he said.

He stated that the embassy recognized the improving enforcement efforts by Kuwaiti authorities and will work to support Kuwait as it endeavors to amend outdated legislation. 

Muna Al Fuzai, Executive Director of the ABCK remarked, "Trade between our nations will ensure that this meaningful and important relationship will survive and grow. That is why the work we do at the ABCK is so vital. At the council, we encourage and where possible, facilitate trade between our countries. It is an accepted belief that trade I see the wisdom in those words because through trade, many barriers between nations can be overcome such as cultural, religious and political."

She also pointed that the event was also relevant as it brought together people from various sectors, government, private sector and non-profits.

An exhibition display of US companies in Kuwait showcased the business relations that had been developed between the two countries over the years. Ambassadors and VIP guests were accompanied by ABCK Chairman and ABCK Executive Director in a tour greeting the exhibitors and thanking them for their participation and support to the council.

The evening's entertainment included dance presentations by LOYAC from the Argentinian Tango to Indian Bollywood numbers and dances from Azerbaijan to traditional dances from Kuwait. Live music from Switchback also engaged the audience.

The ABCK operates under the auspices of the Commercial Section of the US Embassy of Kuwait and is a member of the Middle East Council of American Chambers of Commerce (MECACC) and also the member of the US Chamber of Commerce. It advocates for American business interests and American companies in Kuwait to further American and Kuwaiti business interactions.

© Arab Times 2012