LOC23:05
20:05 GMT
ISTANBUL, Nov 3 (KUNA) -- Kuwait's Minister of Commerce and Industry Khalifa Al-Ajil hailed Monday the election of Kuwait for a three-year term to represent the Arab Group in the Bureau of the Follow-up Committee of the OIC's Standing Committee for Economic and Commercial Cooperation (COMCEC).
He also thanked the State of Qatar for its leadership during the previous term and for its commendable efforts.
During his address at the 41st ministerial meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC), the Minister expressed his appreciation for COMCEC's adoption of the theme "Improving Export Strategies in OIC Member States," given the current global circumstances and the regional and international political and economic turmoil.
"Experience has proven that a country's success in boosting its exports is linked to its ability to diversify its production base and expand the range of exportable goods and services," argued.
"Exporting is no longer a secondary option or a limited commercial activity; rather, it has become the cornerstone of growth and a vital engine for diversifying income sources, as well as for establishing a presence in global markets."
He pointed out that the member states of the Organization of Islamic Cooperation (OIC) possess the potential and capabilities to become a formidable economic force if they effectively utilize them.
"From this perspective, the State of Kuwait is confidently progressing within its ambitious 'Vision 2035', which focuses on diversifying the economy and reducing dependence on oil by developing sectors such as industry, technology, and financial services to increase non-oil exports and diversify national income sources," he indicated.
"The vision also seeks to transform the State of Kuwait into a regional and international financial and commercial hub that attracts investment, strengthens the role of the private sector, develops human capital, and enhances infrastructure."
He affirmed that Kuwait places economic diversification and export promotion at the heart of its strategic plans.
The State of Kuwait has adopted a number of policies aimed at enhancing its competitiveness in global markets by boosting non-oil exports such as petrochemicals, food products, and manufactured goods, reducing export costs, and opening new markets through international agreements. (end)
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