Minister: Iraq offers comparative advantage to Kuwaiti investments

2017/04/14 15:02

KUWAIT ( Reuters ) - Iraq is keen to give Kuwait a comparative advantage in investment concessions in its markets, according to Kuwait News Agency (KUNA).

Salman Al-Jumaili told KUNA on Friday that during his meeting with Minister of Commerce and Industry and Minister of State for Youth Affairs Khalid Al-Roudhan, he reached an integrated plan to deal with obstacles in the coming stage by facilitating the obtaining of visas between the two countries and the possibility of entering goods between the border Wild as well as facilitating the payment of goods.

He explained that his government began to take a package of economic reforms through the amendment of laws and legislation in order to create an attractive environment for foreign investment in order to ensure the expansion of the country's productive base.

The country's economic reform program focuses on privatization, attracting investment, encouraging the private sector to compete and diversifying exports to help reduce dependence on oil revenues as a sole supplier of national income, he said.

He said that Iraq relies on Kuwaiti investors to contribute to the economic development of his country and to achieve the government program as required, calling on Kuwaiti companies to invest in the reconstruction process.

The Iraqi oil minister said in early April that his country will supply Kuwait with 200 million cubic feet of liquefied natural gas (LNG) per day, likely to finish soon the project to supply Kuwait with gas, quoting Kuwait News Agency (KUNA).

Jabbar al-Allaibi pointed to the investment of Iraq to 1.4 billion cubic feet of gas per day during the current year, compared to 650 million cubic feet in 2016, according to "KUNA".

He said Allaibi: Iraq's production of liquefied natural gas rose to 6 thousand tons per day, while the rate of export thousand tons per day, according to the agency.