Kuwait’s economic vision stresses key role of private sector: Al-Shuraian

Kuwait’s economic vision stresses key role of private sector: Al-Shuraian

KUWAIT: The Union of Investment Companies (UIC) held the fifth Kuwait Investment Forum titled ‘Investing in Kuwait, missed and available opportunities’ at the Chamber of Commerce yesterday. The private sector’s participation is essential for sustainable economic development. “This is part of Kuwait’s economic vision. We aim to make Kuwait a financial center to attract investment. The ministry of commerce and its sub-institutions work hard to reach these goals through clear plans,” Minister of Commerce and Industry Fahad Al-Shuraian said during the opening session.

“The ministry is systematically developing commercial laws and regulations to keep up with global changes such as electronic trading, restructuring, digitalizing and developing the corporate licensing system and automatic linkage with relevant third parties in issuing commercial licenses,” he added.

Building industrial cities is important. “This will open the door for investing in Kuwait. This consists of different projects including industrial Shadadiya infrastructure, waste recycling in Shagaya and establishing the building of information and decision support centers for protection from disasters,” Shuraian said.

The Capital Markets Authority (CMA) should update its laws. “CMA is currently working on completing the second part of the third phase of the development program of the capital markets system to provide new products and services.