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Expatriate workers may contribute to local economy
With the global financial crisis taking its toll in the Gulf regional markets, regional migration of expert workers can be expected to a certain extent, within the region.
For instance, with the leading Dubai-based master developer Nakheel, announcing lay-offs of about 15% of its workforce in Dubai, one expects that global financial crisis will bring about new changes within the region, like internal-influx of expert workers from the neighbouring Gulf states.
Kuwait has several opportunities to absorb such workers in its local economy. Several expatriate workers have already gained good exposure in the fields of construction, finance, etc., and have proven to contribute to the development of regional markets. Hence, absorbing such workers would be vital and would prove an asset for local economy of the State.
However, to absorb the expert workers from the neighbouring Gulf States, Kuwait will have to be more flexible in its current immigration structures, and will have to reduce fees and charges. Most of all, Kuwait will have to reduce its bureaucratic procedures relating to business.
The current system of immigration regulations, property laws and regulations are unsuitable for foreign investments. Modifications to such regulations and changing the business mindset could lead to development and progress in this regard.
For instance, the recent announcement by the Ministry of Interior that visit visas will no longer be free in Kuwait, would leave a harsh impact on several expatriate workers living and working in Kuwait. This also signals that Kuwait is not open to foreign investment.
Kuwait has several opportunities to provide a good business environment to experienced expatriate workers from the region. Even these expatriate workers, who have worked with giant developers in the Gulf, would be glad to enter Kuwait for job purposes. But with such a mindset, the local economy in Kuwait would continue to remain the same.
The global economy requires innovation and flexibility in businesses and investment regulations. The global economy is currently suffering from credit squeeze and the local economies around the world are required to adapt themselves to such changes.
Kuwait therefore, should focus on what best they could do to encourage more foreign investments into Kuwait. For economic adaptation, every state needs to look within first. Kuwait should look into what prevents foreign investments from flowing into the State, and utilize every opportunity to permit those willing to work in Kuwait, for its own benefit.
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