KUWAIT, June 21 (KUNA) -- Kuwait Industries Union said on Monday that the cost of buying industrial land in the Kuwaiti market has increased about 50 percent of the total capital value of the investment industry.
The Union said in a press statement that the scarcity of industrial land, the high cost of available land and the complication length of the red tape required to complete the licensing of industrial activities force local industrialists to come out of the country to seek better opportunities.
It warned of migration of Kuwaiti factories should obstacles faced by industrialists continue, a matter which will hiner the future of the domestic industry.
It pointed out that accusation of local investors as being profiteers and polluters and not partners in the development process, as well as opening up of the domestic market to imports without emphasis in the application of standards and the emergence of the phenomenon of flooding the market with imported products have all led to the complication of the work environment, thus, becoming so repulsive rather than attractive.
It called on all parties concerned to address issues affecting the national economy, especially as the country is about to implement the medium-term development plan and heading towards industries with a real added value. - Kuna