Kuwait Times headline read today: “New investment law aims to attract more FDI to Kuwait” it also states that the 2013 law that regulates investments is in full effect. Wikipedia states, that A Foreign direct investment (FDI) is a controlling ownership in a business enterprise in one country by an entity based in another country ( FDI).
In my opinion this is a necessary evil. It is necessary because we need to upgrade the level of workmanship, and work efficiency and ethics. Evil due to the fact, that the training and positions they provide is not “real” but a matter of fulfilling a quota. In that regards, a Kuwait engineer may have a job, may end up traveling for training, or may be a field agent. But will he ever be a regional director working within the GCC or MENA region? Are they specific on what it would take to be that person?
Local companies have the funds to build and operate, and invent if need be. So the question that comes to mind is, why don’t they? Another question is, what is available for FDI except oil related businesses? We know they will not be able to set up manufacturing plants, because we have no industrial lands available.
I would like to link this subject to yesterdays post. The middle east is rich with manpower, land and funds. Where it lacks in caliber they can import the brains, efficiency and ethics from Germany, France, Japan, China, and USA in the form of professors, educators, and businessmen. Start inventing and building within the local market for today and tomorrows problems. You knew since the 1920’s about the potential of oil and gas, after 100 years, why would you still need a foreign company to build the process for you? Invest today, to release yourself from foreign leash tomorrow!