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Experts tout tender law for roping in foreign investors

KUWAIT, The New Tender Law is of paramount significance as it obviously guarantees transparency and accountability, and provides openings to foreign investors, according to officials and specialists.

The law in question was imperative to cope with the developments in Kuwait, given that the previous act was adopted in 1964, they said during a workshop organized on Monday to discuss the law.

Law No 49 of 2016 bears a slew of positive aspects that are chiefly meant to promote transparency and competitiveness among tenderers from inside and outside Kuwait, without having to use the help of a sponsor, they opined.

Putting this act for discussion at the workshop reflects its vital importance to the process of regulating public tenders and bids, Kuwait Anti-Corruption Authority (Nazaha) Chairman Abdulrahman Al-Nemash said.

Public purchasing laws are markedly connected with national development blueprints, he said, adding that the recent piece of legislation unequivocally ensures transparency and accountability.

On his part, Secretary-General of the Central Agency for Public Tenders Fawaz Al-Adwani said the law, which has been in effect for over a year, mainly aimed at protecting public funds and giving foreign contractors access to public tenders.

As per the previous law, only Kuwaiti contractors were allowed to join public tenders, Al-Adwani reminded.

But, he lamented that government agencies are not yet well aware of all the provisions of Law No 49 of 2016.

Secretary-General of the Kuwait Transparency Society Manal Al-Kandari spoke highly of the law as a quantum leap due to its articles that guarantee transparency and accountability.

It offers investment opportunities to foreign investors and provides support to national products, especially those produced by small and medium-sized enterprises, she said.

Source: Kuwait News Agency