WASHINGTON, Oct 14 (KUNA) -- Kuwait's Minister of Finance and Acting Minister of State for Economic Affairs and Investment Dr. Subaih Al-Mukhaizeem stressed on Tuesday that diversification of the national economy is no longer a policy option but a strategic imperative for achieving sustainable development across all sectors.
In remarks delivered at an event titled "Kuwait's Economic Transformation - Foundations for a New Era", held at George Washington University, Dr. Al-Mukhaizeem, also minister of electricity, water and renewable energy, underlined Kuwait's long-standing leadership in financial innovation, citing the establishment of one of the world's first sovereign wealth funds in 1953 and the development of a robust, internationally integrated banking system.
"Our focus must be on the future, not the past," he stated, emphasizing the role of finance, banking, and investment as engines of transformation, innovation, and sustainable growth, driven in close partnership with the private sector and global partners.
He affirmed that sustainable growth cannot be led by the state alone but requires the engagement of private sector leaders, innovators, and investors who view economic transformation as a real opportunity.
Highlighting the Kuwait-US partnership as a cornerstone of this vision, the Minister noted that cooperation now spans key sectors including technology, renewable energy, food security, advanced industries, and financial services.
Cross-border investment flows, regulatory cooperation, and financial innovation, particularly in digital banking and sustainable finance, have become vital channels linking Kuwaiti and US institutions, building bridges of capital and expertise to support mutual growth, he continued.
Calling the forum a practical platform for aligning strategies and generating new investment channels, Dr. Al-Mukhaizeem emphasized that economic policy and market practice must go hand in hand.
He also expressed confidence in the resilience and maturity of Kuwait's financial system, describing it as a solid foundation for global investors.
Kuwait's Ambassador to the US, Sheikha Al-Zain Al-Sabah, also addressed the forum, describing the event as a key step in advancing Kuwait-US economic ties in line with Kuwait Vision 2035, the national roadmap to diversify the economy and empower the private sector.
She pointed to initiatives such as the Border Community Resilience Initiative, which channels Gulf investments into underserved US regions to strengthen infrastructure and shared prosperity, calling it a "powerful example" of how economic cooperation can serve both prosperity and humanitarian goals.
"The Kuwaiti private sector embodies this spirit of collective leadership," she said, highlighting its contributions across Islamic finance, environmental sustainability, family businesses, and financial technology. "Each success story reinforces one message: Kuwait is open, for business, for innovation, for partnerships, and for building communities." The event, organized by the Kuwait Banking Association, aimed to showcase the vital role of the financial and private sectors in supporting Kuwait's transformation journey and attracting international investment.
It also sought to present a modern, comprehensive picture of Kuwait's economy, highlighting its institutional foundations, evolving regulatory landscape, and openness to global business, within the framework of the annual IMF-World Bank meetings being held in Washington from October 13-18. (end) amm.dm