Kuwait Working To Improve Business Environment -- Finance Min
Date
10/26/2024 7:09:44 PM
(MENAFN- Kuwait News Agency (KUNA))
WASHINGTON, Oct 26 (KUNA) -- Minister of Finance, Minister of State for Economic Affairs and investment and Acting Minister of Oil Noura Al-Fassam said the State of Kuwait capitalizes on its human resources while working to improve business environment and diversify its economy.
Kuwait is also working to expand the scope of financing, encourage long-term partnerships and build a regulatory framework suitable for investors as part of economic diversification, she said at the 2024 Annual Meetings Plenary of the World bank Group and governors of the Arab central banks on Saturday.
Kuwait's strategy for economic diversification focuses on expanding the priority sectors, seizing the market opportunities, strengthening the infrastructure and building a resilient and sustainable economy prosperous enough to address future challenges, she stated.
The State of Kuwait and other members of the Gulf Cooperation Council witness a big economic transformation that required gradual diversification of the sources of income and less reliance of oil revenues.
The process necessitated turning to strategic long-term investments based on innovations, hi-tech and sustainability, the minister explained.
Al-Fassam reaffirmed Kuwait's commitment to building strategic partnerships on regional and international levels in order to advance sustainable development across the Arab world.
The Plenary, part of the two-day 2024 IMF-WBG annual meetings which came to a close today, was attended by WBG President Ajay Banga and heads of monetary institutions of the Arab countries. (pickup previous)
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