Parliamentary development reveals that more than 1,000 projects have stopped
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The Investment and Development Committee in the House of Representatives acknowledged the existence of 1,150 investment projects that are stalled and languishing in all governorates, while an economist confirmed that the number is many times that.
The head of the committee, Hassan Al-Khafaji, told Al-Sabah that his committee, immediately after the election of the president and members, began holding meetings with the executive authorities, the National Investment Commission and the investment commissions in the governorates, to find appropriate solutions to the problems that impede the implementation and completion of investment projects, indicating that a meeting will be held tomorrow, Wednesday, in the Council Representatives, in the presence of the head of the National Investment Commission and heads of investment commissions in the governorates, as well as the Director General of the State Real Estate Department and the Director General of the Land Department in the Ministry of Agriculture, to find out the problems and obstacles to investment in the country. And he stated that there are investors who have had investment licenses for three years and have not completed more than 10 percent of their projects only, stressing that the committee directed to withdraw the license from them and refer the projects to solid companies and investors who have competence and ability to implement, explaining that more than one thousand and 150 investment projects are lagging and stalled in All provinces.
For his part, the academic and economic researcher, Dr. Ali Dadush, told Al-Sabah that there was a study that concluded that the cumulative number of investment projects amounted to about 10,450 projects during the period between 2014-2022, noting that 20 percent of those projects were completed (70-100 percent). %), while the remaining 80 percent is either idle or lagging behind, which burdens the state with costs amounting to about $250 billion, with a cumulative effect as well.
He pointed out that the most prominent problems facing investment projects are the administrative bureaucracy that prevents them from reaching real investors, and instead referring them to businessmen or companies that are fronts for political parties, which has increased the amount of corruption in the country, adding that the most prominent solutions available to save These investment projects of the authoritarian and corrupt are represented by conducting public bids according to a mechanism approved by the competent authorities with high transparency and clear to all, in terms of cost and return, and only specialized investment companies with expertise in their fields are allowed to enter this bidding.
Dadoush stressed that such a procedure will lead to a consensus between the government agencies that put the project up for auction, and those who wish to enter or engage in this project and develop it, which will lead to achieving public benefit for all.
Edited by: Najm Sheikh Dagher
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