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Kuwait has taken tangible steps to diversify income -- official

Minister of Commerce Khaled Al-Rawdhan during the signing ceremony
Minister of Commerce Khaled Al-Rawdhan during the signing ceremony

KUWAIT, Oct 11 (KUNA) -- Kuwaiti authorities have taken significant and tangible steps for diversifying income resources, through a comprehensive scheme based on increasing participation of the private sector in the domestic economy, the Minister of Commerce has announced.

 Khaled Al-Roudhan, also Minister of Commerce, made the announcement during the inking minutes of the second meeting by the Kuwaiti-Sri Lankan Commission for Commercial and Technical Cooperation.
Minister Al-Roudhan lauded His Highness the Amir's guidelines to focus on economic development and find alternatives to income resources, as well as create jobs for the youth, according to New Kuwait Vision 2035.
He affirmed keenness on part of Kuwait Direct Investment Promotion Authority to develop private-public projects, support small and medium enterprise and improve business environment to lure foreign entrepreneurs.
As to the joint commission works, he expressed aspiration to broaden cooperation with Sri Lanka, noting that trade exchanges between the two countries reached USD 65 million in 2017.
He indicated that the talks during the committee meeting addressed obstacles facing efforts to expand the cooperation between the two countries.
For his part, Sri Lankan Minister of Commerce and Industry, Abdu Rishad Bathiudeen, said it was the first commission meeting since 21 years ago, however he noted that his country and Kuwait had maintained trade cooperation at other levels.
The joint commission, founded in 1997, has contributed to enhancing mutual cooperation and commercial ties between the two sides.
The Sri Lankan Minister lauded Kuwait's aid to his country, namely contributions to build 25 bridges.
Meanwhile, Mesaab Al-Nisf, board member of the Kuwaiti Chamber of Commerce and Industry, affirmed Kuwaiti entrepreneurs' desire to join hands with Sri Lankan counterparts. (end) md.rk