Marcopolis Interview with Mr. Mazen Madooh, NOC General Manager
Kuwait on Track to Attract Investors to Invest in Kuwait
Wednesday , 24 March 2010
National Offset Company is looking for serious investors that will be forthcoming with ideas or concept papers to establish successful offset ventures benefiting the contracted government body (like Ministry of Defence or Ministry or Electricity & Water), which we classify as direct offset, or partner with Kuwait Investment Partner be it Kuwait private sector partner or civil entities in an indirect offset project. Both must ultimately achieve the Kuwait offset Program Goals, stated earlier (transfer of technology, job creation, and training opportunities for Kuwaitis).
Kuwait has the worlds fourth largest reserves of oil behind only Saudi Arabia, Iran, and Iraq. How do you foresee the role of oil in Kuwait’s economy and how do you assess Kuwait’s diversification strategy?
Investment Partner, National Offset Company, General Manager of National Offset Company, Mazen Madooh: I believe oil will remain a strategic commodity for the economy of Kuwait in the foreseeable future, as a source of energy and feedstock for petrochemical industries and pharmaceuticals. More than three decades ago Kuwait has launched a national strategy of diversification of its productive economic base. Kuwait has built on the increased cross border flow of goods and services, and FDI, to overcome limited domestic absorptive capacity versus the abundance of capital. Kuwait is moving in the right direction and taking the right steps. Hopefully we at the National Offset Company can assist the foreign contractors once in Kuwait to develop stronger commercial relationships with their local counterpart to contribute in the diversification efforts through the establishment of viable sustainable offset projects serving its national objective of technology transfer, creation of jobs, and training opportunities for Kuwaitis. We would also like to encourage direct offset through the National Offset Company program.
Your mandate is to promote the transfer of technology to Kuwait and create jobs and training opportunities for Kuwaitis. To what degree have you been able to accomplish this mission and can you give some examples of your efforts?
Investment Partner, National Offset Company, General Manager of National Offset Company, Mazen Madooh: The National Offset Company is considered a unique experience worldwide and incomparable to any other program or state owned enterprise in Kuwait. NOC, since September 2006, has been entrusted with the management of Kuwait Offset Program, previously run by the Ministry of Finance since 1992. For this purpose new flexible, transparent and comprehensive Offset Guidelines were introduced, and the strategic First Business Plan was developed.
How do you assess your communication strategy?
Investment Partner, National Offset Company, General Manager of National Offset Company, Mazen Madooh: NOC marketing strategy is based on consolidating its current market position and service offering. In doing so it is pursuing four elements of its policy mix namely: branding, networking & PR, matchmaking, and fast track. In this regard, NOC has launched four consecutive communications campaigns, one to introduce Kuwait Offset Program new Guidelines No. 9- 2007, followed by networking campaign, building relations campaign, and currently enhancing building relations. Over the last three years NOC has been gradually positioning itself in the local and international arena, through participation in various industry specific conferences and exhibitions, advertising in prominent media, conducting interviews, and contributing to renowned promotional publications.
The communications strategy focused on strengthening direct interaction with various stakeholders being government, private sector, civil society, foreign business councils among others, to ensure the program is successful. We try to be very proactive and attend meetings with government agencies to spread awareness about the offset program. In the future we aspire to become more recognized amongst other offset programs and make our program very clear to all contractors internationally. So far, we have received positive feedback from specialized non-profit bodies like Global Offset & Countertrade Association (GOCA), among others, that commends our efforts with offset obligors, and clarity of our presentations in international forum.
For the full Interview, Click Here
This Interview also avalilable on BBC News
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May-20,2010