Business & Money | Sunday 14 June, 2015 3:37 pm |

The Gulf Organization for Industrial Consulting (GOIC) announced that the Industrial Bank of Kuwait will be the strategic partner of the the 15th Industrialists’ Conference which will be held Under the patronage of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, under the slogan: "Foreign Direct Investments in GCC and its impact on industry”. The conference will be held at the Sheraton Hotel Kuwait on the 25th and 26th of November, 2015.

The conference is organized by the Ministry of Commerce and Industry in the State of Kuwait, the Public Authority for Industry (PAI) in the State of Kuwait and the Gulf Organization for Industrial Consulting, in collaboration with Kuwait Direct Investment Promotion Authority (KDIPA) and Kuwait Chamber of Commerce and Industry (KCCI) the Industrial Bank of Kuwait (IBK), and the Kuwaiti Industries Union, and in coordination with the General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC), and the Federation of Chambers of Commerce of the Gulf Cooperation Council.

In a statement by Mr. Abdul Mohsen Yousef Al-Haneef, Chairman of “Industrial Bank of Kuwait", he said that the Bank's participation in the conference as a strategic partner comes in the context of its contributions to activate the industrial development process in the State of Kuwait. 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. For the industrial investor, the Bank provides the option of industrial financing in accordance with the provisions of Islamic law. It manages the industrial portfolio for small enterprises to support citizens in the areas of crafts and small businesses in various sectors, in addition to managing a portfolio of agricultural finance.

For his part, Mr. Abdul Aziz Bin Hamad Al-Ageel Secretary General of the Gulf Organization for Industrial Consulting, considered the contribution of the Industrial Bank of Kuwait as a strategic partner in the 15th Industrialists’ Conference as a positive impact on the conference, and as an important factor in the provision and introduction of financial services to investors to allow them to take important investment decisions. He further welcomed the participation of more investing stakeholders to ensure the success of the conference.

It is noteworthy that the15th Industrialists’ Conference to identify clear policies to stimulate development plans in GCC 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 seek to strengthen the level of competitiveness of GCC countries by attracting foreign investments to promote Gulf economies.

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.

The Gulf Industrialists’ Conference hosted by GOIC member states in rotation every other year is one of GOIC’s most important achievements since its foundation in 1976. Since the first conference held in Doha in 1985, they have been contributing in developing private and public industrial sectors in GCC countries. Each conference tackles a specific topic influencing the development of industries in the region through a series of papers delivered by international experts and specialists. In fact, previous conferences resulted in recommendations that helped in developing industrial plans in GCC countries, notably in the area of the industrial development strategy.

Decision makers, officials, businessmen and industrialists are all interested in this conference. In its 14th version “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.