Removing Kuwait's Name From 301 Will Help Attract Thriving Businesses

James Holtsnider, Chargé d'Affaires at the US Embassy in Kuwait, praised Kuwait after the US Trade Representative removed its name from the watch list this year, citing Kuwait's continuous and notable progress in terms of intellectual property rights protection, law enforcement, and transparency, stressing that Kuwait has become a safe market haven for potential foreign investors, calling it "an essential step to attract investments from derivable countries."

"The removal of Kuwait from (Special Report 301) means that the United States recognizes the progress it has made in the field of protection and enforcement of intellectual property rights," Holtsnider said in an exclusive interview with a local Arabic daily on the sidelines of a concert sponsored by the Italian Embassy that was held yesterday evening at the Sheikh Jaber Al-Ahmad Cultural Center.

He went on to say that the research cites a wide variety of problems with intellectual property rights protection, including challenges with enforcement measures against counterfeiting, electronic piracy, and trade secret misappropriation. He noted that Kuwait's removal from the list demonstrates that the nation has made great progress in preserving and enforcing intellectual property rights.

At the same time, he believed that "intellectual property infringement, in its worst possible form, threatens public opinion in a variety of ways, including exposure to health risks and personal safety threats due to counterfeit products such as consumer electronics, auto parts, building materials, cosmetics, clothing, toys, and medicines."

"Companies are looking for safety when deciding the destination of their investments," said the Chargé d' Affaires at the US Embassy, "and any incubator environment for high-quality intellectual property allows enhancing market stability for inventors, artists, designers, and brand owners, as well as companies involved in intensive intellectual property sectors."

"These enterprises can secure their investments, obtain the return on their labour that they expect, and reinvest the earnings in new functionalities, innovations, and future contents," he continued. Companies may also be persuaded to share their intellectual property with others and to share the information that helps them to develop cutting-edge solutions and other creative works."

 

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