National Investment Commission (NIC) has revealed on Saturday, investment law will change from central economy to free market economy. This will discuss in state council.
Chairman Sami al-Araji said, “Investment Authority and when Law was amended investment and the application of amendments on the ground diagnosed some problems that need to be modified”.
Araji added that the national investment has made modification on investment laws to the state council at meeting of ministers of council by discussion and approval. He also pointed out the time 45 days needed to grant investment law to get investors for invest and 15 days needed to answer the entire question the board on the quality of investment.
He said, “Changes from central economy to free market economy still faces some problems which affects the final outcome in license investment granting”. Also said that it was not possible to put paragraph in the investment laws like other countries have, this concept does not work well.
Source [Al Sabah]