Saturday Nov 16, 2024
Saturday Nov 16, 2024
Saturday, 9 June 2012 02:36 - - {{hitsCtrl.values.hits}}
Minister of Justice and SLMC Leader Rauff Hakeem met the President of the Kuwait Chamber of Commerce and Industry Ali M. Thunaian Al-Ghanim at the Kuwait Chamber headquarters recently during his visit.
Hakeem briefed Al-Ghanim on the advantageous of investing in Sri Lanka in the post conflict situation and urged the Kuwait business leaders to consider investment in the fields of agriculture, tourism, fisheries, real estate, petrochemicals, etc.
The Minister also explained in detail the various infrastructure development activities that are taking place at a rapid pace, especially in the tourism, ports, aviation, roads and telecom sectors.
Al-Ghanim in response stated that both countries have shared a close relationship for more than 100 years and currently both countries also enjoy an excellent political relationship. He however regretted that there was very little activity or cooperation between the two countries in the fields of business and investment. According to him, this is partly due to lack of information on business and investment climate in Sri Lanka and the slow response from the Government and private sector.
He urged Sri Lanka to urgently attract Kuwait investors as they are currently cash rich and added that the Kuwait private sector was very strong in terms of capital and entrepreneurship. He invited Sri Lanka to carry out an aggressive marketing campaign in Kuwait. Minister Hakeem in response said that an exhibition entitled ‘Invest in Sri Lanka’ would be held in Kuwait early next year.
Al-Ghanim informed the Minister that Kuwait nationals are very keen to invest in Sri Lanka, but they would like to be informed of investment protection regime that is in existence. He also called for the early signing of taxation and investment protection agreements between the two countries.
Minister Hakeem undertook to bring to the notice of relevant Ministries and agencies with regard to concerns expressed by the chamber. He also further said that he would suggest to authorities to consider official level consultations and also the need to arrange a visit to Kuwait by a joint delegation consisting of government and private sector representatives.
Minister Hakeem explained that steps are being taken by his Ministry to set up an International Arbitration Centre in Colombo. He said that Kuwaiti business and Industry could benefit from this centre.
Al Ghanim explained that in terms of existing legal requirements all agreements should have a clause stating all disputes would be resolved according to Kuwait law. He also said that the chamber also runs an arbitration centre and in addition Gulf Cooperation Councils also has a centre in Bahrain.
He requested the Minister to send a formal letter explaining the facilities offered by the proposed Chamber in Colombo to brief the members.
Sri Lankan Envoy to Kuwait C.A.H.D. Wijeratne, Minister Hakeem’s Coordinating Secretary M.H.M. Salman and Private Secretary M. Naeemullah also participated at the discussion.
