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Kuwait Government backs partnerships between private, public sectors - Premier
March 8, 2016, 3:16 pm

The Kuwait Government backs all initiatives aimed at boosting partnerships between the private and public sectors, in line with his Highness the Amir's outlook to shore up the economy and turn the country into a lucrative hub for enterprise, His Highness the Prime Minister affirmed on Tuesday.

Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, who doubles as the Representative of His Highness the Amir at the Kuwait Investment Forum that got underway with an address by His Highness the Premier, said the forum is of great significance at the current critical phase of time, where economic cooperation among brotherly and friendly countries has become an indispensable and a necessity, exchange of ideas and expertise a pressing matter.

He expressed gratitude to the Kuwait Direct Investment Promotion Authority (KDIPA) for organizing this forum, aimed at promoting Kuwait as a lucrative and adequate investment hope for service of the aspired development objectives; namely economic diversification and backing the private sector in line with the outlook of His Highness the Amir for transforming Kuwait into an international-regional financial and commercial center.

The State of Kuwait, since its founding, has advocated a policy of openness and interaction, opening its "gates for partnerships and friendships at the public and private levels, as well as with partners from brotherly and friendly countries," he said.

"Based on our commitment to realize development objectives, the Government is seeking through plenty of measures and legislations to bolster partnerships with local and foreign parties, back up initiatives intended to boost partnerships with the private and public sectors, in shadow of adequate economic and legislative policies, in harmony with the private sector's leadership of the development process and the economy," he said.

Kuwait has endorsed a package of economic legislations, issued recently, thus affirming its approach for encouraging localization of domestic and foreign enterprise and offering incentives and privileges for the investors and contributing to the efforts for shoring up the economy as well as boosting development at diverse levels, His Highness the Premier added.

This conference is being held amid critical conditions prevailing in the Middle East with aim of shedding light on Kuwait as a state of law and institutions that also enjoys an adequate socio-economic-legal environment.

The Government is robustly tending toward doubling efforts to safeguard the economy, said the Premier who urged all concerned authorities and personnel to shoulder responsibilities in this respect. He noted also that instructions had been given to state departments to complete restructuring programs, take necessary steps that serve income resources' diversification, improve work environment, bolster feasible investment opportunities in sectors of priority for the development, in shadow of a pivotal role by the Kuwaiti banking sector.

The two-day conference comprises ministers, prominent personalities, renowned international experts, high ranking government officials, leading local and international investors, bankers, financial and investment executives, as well as professional unions and societies.

The forum intends to advance KDIPA's promotional role in positioning Kuwait as a lucrative investment hub, presenting a whole host of investment opportunities in the various priority sectors, as well as introducing the distinctiveness of Kuwait's investment climate. 

Source: KUNA

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