IBK supports Industrialists Conference as ‘strategic partner’

The Gulf Organisation for Industrial Consulting (Goic) has announced that the Industrial Bank of Kuwait (IBK) will be the strategic partner of the 15th Industrialists Conference slated on November 25 and 26 in Kuwait.IBK chairman Abdul Mohsen Yousef al-Haneef said the bank’s participation as strategic partner aims to activate the industrial development process in Kuwait. He said IBK has been keen on providing new funding for industrial projects or the expansion of existing projects since its inception in 1973. It also offers integrated financial and banking services and technical consultation for industrialists. “It effectively contributes to encourage the private sector to invest in the industrial sector through the study and promotion of industrial investment opportunities and the initiative to establish the most promising projects,” al-Haneef said. Goic secretary general Abdul Aziz bin Hamad al-Ageel said IBK’s support creates a “positive impact” on the conference. “The bank’s support is an important factor in the provision and introduction of financial services to investors to allow them to take important investment decisions,” al-Ageel said. Held under the patronage of the Emir of Kuwait, Sheikh Sabah al-Ahmad al-Jaber al-Sabah, the conference carries the theme “Foreign Direct Investments in GCC and its Impact on the Industry.”The conference is organised by Kuwait’s Ministry of Commerce and Industry, the Public Authority for Industry (PAI), and Goic, in collaboration with the Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Chamber of Commerce and Industry (KCCI), IBK, and the Kuwaiti Industries Union, and in coordination with the General Secretariat of the Co-operation Council for the Arab States of the Gulf, and the Federation of Chambers of Commerce of the Gulf Co-operation Council.The conference aims to identify clear policies to stimulate development plans in GCC (Gulf Cooperation Council) countries based on a comprehensive set of elements drawing foreign investors. It also seeks to create an ambitious strategy to develop and promote the industrial sector in order to attract more foreign investments. Furthermore, it aims at enacting legislations and laws and offering facilitations and incentives to foreign investors in order to create a promising investment environment. The conference will develop recommendations and suggestions to improve the investment environment and overcome obstacles hindering foreign investments and directing foreign investments in accordance with GCC strategic plans to achieve their development goals and maximise the benefit from these investments. In addition to that, they will work on determining key pillars of GCC investment plans in the industrial sector.In its 14th version entitled “Industrial Exports: Opportunities and Challenges,” the recommendations were to actively work on adopting policies and procedures aiming at facilitating the flow of Gulf exports to strengthen trade activities between Gulf countries and to benefit from GCC and Yemen seaports, in addition to the existing land border points in support of Gulf industrial exports.