Minister Al-Ajeel: Gov't to implement economic policies to restructure nat'l economy

KUWAIT, May 21 (KUNA) -- Minister of Commerce and Industry Khalifa Al-Ajeel affirmed on Wednesday that the government is working to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification and facilitating the business environment.
This came in a speech delivered by Minister Al-Ajeel during the opening of the "Kuwait New Economic Strategy 2025" conference, organized by the Kuwait Direct Investment Promotion Authority in cooperation with The Business Year Group. The one-day conference brings together a select group of economic leaders and decision-makers from various sectors.
In light of these policies, a set of laws and legislation recently implemented by the government were issued, such as the Public Debt Law, which aims to rationalize financing tools and support the country's financial sustainability, as well as the Real Estate Developer Law, which will propel the real estate, banking, and investment sectors to new levels of growth and development, he added.
He pointed to qualitative initiatives and projects that were recently launched, such as the "Smart License" project, the "Office Licenses Merger" system, and amendments to the Companies Law, as these policies are directly reflected in developing and improving the business environment in Kuwait.
The minister emphasized, "These government reforms have had an impact on all of the country's economic indicators." Prior to any of these reforms, the GDP had witnessed a notable 4 percent growth in non-oil sectors, indicating a real beginning in diversifying sources of income and reducing reliance on traditional resources.
He pointed out that the country has witnessed a significant influx of international investments into sectors such as technology, renewable energy, and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub.
Minister Al-Ajeel stressed that the government looks to the future with confidence, treats challenges as opportunities, and is confidently moving toward building a new Kuwaiti economic model, one that believes in partnership, champions modernity, and invests in people above all else.
Speakers at the conference addressed a number of economic and strategic topics, including national efforts to revive stalled projects and accelerate the implementation of major development projects such as the Al-Zour Refinery, the National Railway, and Mubarak Al-Kabeer Port, thus strengthening infrastructure and consolidating the foundations of sustainable development. (end) aam.aa