Kuwait MP urges Arabs to 'modify' investment laws to lure bu...| MENAFN.COM

Monday, 27 June 2022 07:54 GMT

Kuwait MP urges Arabs to 'modify' investment laws to lure businesses

(MENAFN- Arab Times) Iraq PM hails Kuwaiti decision to host donor conference

MP Khalid Al-Otaibi

CAIRO, Dec 27, (KUNA): A Kuwaiti lawmaker on Tuesday urged Arab states to modify investment laws to lure businesses and called for action to prevent terrorists from attaining financial resources. Khaled Al-Otaibi, a member of the National Assembly and the Arab Parliament, said some Arab states adopt discouraging laws for investors.

It is necessary that such difficulties facing the businesspersons be tackled; along with creating a lucrative environment for attracting Arab capitals, he urged. MP Al-Otaibi was speaking to KUNA on sidelines of a session by the Arab Parliament financial and economic affairs committee. Noting that the Europeans have accomplished progress after establishing joint economic entities, Al-Otaibi called for securing all requirements for setting up the Arab Joint Custom Union. He also called for monitoring movement of Arab capitals for some of them 'have been ending up in some cases' in the hands of terrorists. The Kuwaiti parliamentarian said participants in the meeting discussed plans, memos and some members' failure to pay their financial dues to the Arab Parliament.

Meanwhile, Askar Al-Enezi, also a member of the Kuwaiti Parliament and the Arab Parliament, noted in a statement to KUNA on margins of a meeting by the commission for social and cultural affairs Kuwait's keenness on bolstering Arab solidarity. The commission deliberations addressed a document for higher education in the Arab world and plans for tackling plight of the refugees and the displaced, he said.

Meanwhile, Iraqi Prime Minister Haidar Al-Abadi has praised Kuwait's willingness to host a conference of global donors for the reconstruction of Iraq after the defeat of the so-called Islamic State group. In a news conference, Al-Abadi said on Tuesday he was grateful to His Highness the Amir Sheikh Sabah Al-Ahmad Al- Jaber Al-Sabah for welcoming Kuwait's hosting of the event early in 2018. Al-Abadi blamed an 'incorrect image in the minds of some on the security situation in Iraq' for Baghdad's decision not to host the conference itself.

The destruction inflicted by the group is worse in some areas than it is in others, he said, hoping that the global assistance would extend to investments from businesses as well as state financial grants. In another report, Arab ministers of higher education and scientific research began their 16th summit in Cairo Wednesday.

The summit aims at discussing issues related to educational, technical, and scientific development. 'Improving scientific research and developing technical abilities are a must to achieve economic development in every Arab country,' Arab League Secretary General Ahmed Abul Gheit said at the opening ceremony. Ahmed Abul Gheit stressed the need to intensify cooperation with private sector institutions and to involve them in developing university curriculums to balance between the outputs of education and the need for the labor markets.

He touched on the Arab Strategy for scientific and technical research and innovation, adopted by the Arab League Educational, Cultural and Scientific Organization (ALECSO), which aims at reducing the gap between the Arab and international research institutes and bring down the number of Arab scientists migrating to other countries.


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