Kuwait prepares framework for northern economic zone

Kuwait prepares framework for northern economic zone

KUWAIT: A ministerial committee has begun procedures to prepare a clear framework for work environment in the northern economic zone as it awaits a new government, following the National Assembly elections in few months. Official sources said the 15 government entities that are members of the committee must complete their job in the next nine months before the new 2023-2024 budget which starts by April 2023.

There should be practical mechanisms to establish an economic zone in northern Kuwait – with a legal investment structure. The sources said that the work plan targets 2025 as a date to implement the economic zone project, adding that the government will create an Authority (in 2025) which will be named the Northern Economic Zone Authority.

Meanwhile, the Gulf Cooperation Council (GCC) Secretary General Dr Nayef Al-Hajraf has welcomed the planned meeting between GCC commerce ministers and UK International Trade Secretary Anne-Marie Trevelyan in Riyadh on Wednesday. In a press statement, the GCC chief stated that the GCC states are interested in bolstering economic and trade cooperation with the United Kingdom. He admired the constructive moves taken by both sides to achieve this goal since their latest meeting in London last October. Al-Hajraf noted that they