LONDON, Nov 4 (NNN-KUNA) — Kuwait is encouraging the flow of more foreign direct investment (FDI) into the country to make utmost benefit of advanced technology and to provide job opportunities for Kuwaiti youth, a senior official said on Tuesday.

Chairman of the Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah made the statement to KUNA on the sidelines of a major conference on investment in the country that kicked off in London earlier on Tuesday.

Kuwait offers investors a congenial business environment, and is as keen as ever to abolish any obstacles facing investors, out of a strong belief that the private sector has to lead development, Sheikh Meshaal added.

Organizing the event in London aims to give a push to foreign investments in Kuwait, thus giving national economy an added value and boosting the business environment, he said.

Kuwait will benefit from knowledge and technology which foreign investors bring in, which is likely to make the country a take-off point for them to enter other regional markets.

The KDIPA chief pointed that earlier obstacles that impeded investors have been conquered through adopting new economic bills or upgrading existing ones.

Over the past nine months, the KDIPA has managed to streamline the entry of giant companies into the Kuwaiti market with capital worth USD 1.2 billion, he noted.

For his part, Chairman of the National Fund for Small and Medium Enterprise (SME) Development, Dr. Mohammad Al-Zuhair invited leading world firms to invest in Kuwait, pointing to the substantial legal and legislative environment that preserves their rights.

The investment environment used to suffer from obstacles that faced foreign investors, but they have been mostly abolished thanks to efforts by the KDIPA, he told KUNA.