Page 11 - ELITE PLUS MAGAZINE VOL 12

Kuwait’s income heavily depends on oil and gas which will eventually run out. How is the government securing revenues for generations to come?We are aware of the issue and have been working on solutions for a long time. In 1976 we founded the Future Generations Fund (FGF) to save money for our children. At the moment, 25% of all state revenues are transferred to the fund every year, all of which is invested abroad. The capital alone has reached billions. In fact, we are the Arab world’s largest foreign investor. We have investments around the world and always increase them. In 2014, we were the largest investor in China.But securing our money is one thing; concern about non-replenishable resources is another. I believe it is the [task of] teamwork of all nations, producers and consumers to find solutions whose procedures will have our support.What sectors are open to foreign investment in Kuwait?There are several sectors we have been promoting and trying to attract foreign investment in. The key ones are banking and finance as we are trying to become a hub. We would also like to draw more investment in infrastructure like water, wastewater treatment, electricityand communications. Investment in hospitals and pharmaceuticals is also favoured. Another sector is tourism. Kuwait has nine islands, five of which are being researched if they can be rehabilitated and turned into tourist destinations. Kuwaitis love shopping malls and we want more of them. We have The Avenues, the Middle East’s biggest mall at the moment. There are 15 Starbucks in it alone.Why is Kuwait attractive for foreign investors?We present several advantages. First, tax incentives and a certain level of loosened ownership restrictions. We have a flat rate for cooperate income tax with an exemption for up to 10 years and allow full foreign ownership in many key non-energy sectors. Second, we have good financial management and a solid banking system. The cost of energy is low. The infrastructure is of high quality. And the labour force, usually provided by foreign workers, is inexpensive.Talking about the workers, is it true that there are more foreigners than Kuwaitis in the country?The population of Kuwait is almost 4 million. Only 1.2 million are Kuwaitis. Kuwait is very attractive to foreign workers. One Kuwaiti dinar amounts to three USElite+ 9