(MENAFN- Kuwait News Agency (KUNA)) US officials stressed on Monday that business tax laws and visa regulations are two areas the Obama Administration intends to reform in a bid to lure more foreign investment into the country.
They are also the two areas that foreign investors consider obstacles to doing business in America.
Secretary of Commerce Penny Pritzker told reporters at the Select USA Summit that the Treasury Department is already looking at business tax reforms - particularly because that will also help make US companies more competitive.
She added that the president has been focused on "improving the entry experience" and facilitating the issuance of visas, which is an issue frequently brought to her attention by potential investors.
"We have a reliable system ... it's transparent (and) easy to understand," which makes the US comfortable for investors, Pritzker said.
US Ambassador to Kuwait Douglas Silliman, who is leading a delegation of six Kuwaiti businessmen to the conference, echoed those sentiments and told KUNA that ultimately, investment in America is a "low-risk" venture.
"What I would urge Kuwaitis (are) two things: Don't think of the United States only as a short-term investment destination," he said.
"We are a country that has ... very strong rule of law, very low corruption, a stable economy, a stable political system, and is a very good place to put money to make a steady profit over time. It's also a very good place to create more expanded business, because we have a very strong entrepreneurial spirit here, and a very strong place if you want to innovate or do something that is different than what you've done in the past." Silliman pointed to securities and real estate as two areas that draw in Kuwaiti investors, but said many find the legal system a challenge to navigate.
"What a lot of Kuwaitis don't understand is that our system of governance is very decentralized in the United States, and for many aspects of investment, it is not controlled by the federal government in Washington, but rather by the state governments," Silliman said.
"I hope (Select USA makes) it easier for investors to understand ... implications of US tax policy - specifically in real estate - but also where they can find advantageous tax or other policies in different American states so that they can find the highest return on their investment when they put their money into one state versus another," he affirmed.
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