LOC15:30
12:30 GMT
Kuwait's Ministry of Commerce and Industry partnered with World Bank Group (WBG) as part of a concrete plan designed to boost Kuwait's trade ties with neighboring countries and the rest of the world
KUWAIT, Jan 14 (KUNA) -- Kuwait's Ministry of Commerce and Industry has partnered with World Bank Group (WBG) as part of a concrete plan designed to boost Kuwait's trade ties with neighboring countries and the rest of the world.
The agreement would give the ministry a "better overview of the country's exports and maximize growth through economic sustainability," the ministry's undersecretary Dr. Khaled Al-Fadhel said in a statement Tuesday.
He added that a highly capricious oil market has proved detrimental to economic growth in the region, which necessitates a plan of action to revive an economy hit hard by plummeting oil prices.
Meanwhile, WBG's country manager in Kuwait Firas Raad said that the bank would provide the ministry with much needed assistance in efforts to buoy the commercial sector.
He also pointed out that increasing trade volume on regional and international levels, would in turn, diversify the nation's economy and create ample job opportunities. (end)
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