October 10, 2022 finance & economy

Specialized economic report sees KD 11bn industry spend


KUWAIT CITY, Oct 9: A specialized economic report said the government has taken major steps to boost the industrial sector in Kuwait through the implementation of 164 programs and projects to increase the capital invested in the industrial sector to reach about 11 billion dinars during the coming period, reports Al- Qabas daily. According to a recent report issued by MEED, the implementation of the industrial strategy would achieve the following:

■ Increased added value of the manufacturing sector from 1.8 billion dinars to about 2.4 billion dinars.

■ Increase in Industrial sector exports from 1.67 billion dinars to about 3 billion dinars.

■ Increase in the number of specialized jobs for citizens in the industrial sector from 11,000 at the moment to 25,000.

The Public Authority for Industry seeks to develop the sector through the following the establishment of an independent body for standards and metrology in cooperation with the National Assembly; prepare a national industrial strategy Vision 2035; establish the Industrial Exports Fund and reassess the usufruct fees and fees for services provided by the Public Authority for Industry to others.

This is in addition to assessing the current and future status of all sites that the private sector is rehabilitating and operating to benefit from upon the expiry of the contracts; rationalizing the incentives system and linking it to achieving national priorities; expanding research and development in the industrial sector; enhancing the participation of the private sector in the projects of the Public Authority for Development Industry and encouraging attracting global investments in the industrial sector.

The daily quoting sources added, amending Law No. 116 of 2014 regarding partnership between the public and private sectors is a governmental priority, in order to pave the way for the implementation of government projects, especially since the last period witnessed the faltering implementation of some projects according to the current law, as the concerned authorities rely a lot on the private sector to change the economic and development scene during the coming period by enabling it to participate effectively in major development projects in order to avoid the funding and bureaucratic problems that faced government agencies in implementing most development projects.

While the economic circles are awaiting the creation of a legislative and regulatory environment for the involvement of the private sector in the implementation of projects through the introduction of amendments to the laws of privatization, industry, and partnership, it was found through numerous government correspondences that most of the projects to be proposed during the coming period will rely on the implementation of the private sector in partnership with the government.

arabtimesonline



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