Kuwait Announces Program To Diversity Economy Away From Oil Revenues - IANS

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Bangalore, Jan 18 (IANS) Kuwait has begun implementing ambitious programmes to diversify its sources of income and minimize dependency on oil revenues, a top official said here Thursday. Addressing a session on the "Gulf & Middle East" at the CII Partnership Summit, Kuwaiti Minister Of Trade & Industry Falah Fahad Mohammad Al-Hajri said the private sector had been invited to invest in areas like manufacturing, petrochemicals, food processing, and construction materials to increase their contribution to the country's GDP.

"We are diversifying in a big way towards non-petroleum sectors to generate multiple sources of income instead of depending solely on oil revenues for economic development," Al-Hajri told about 500 delegates who attended the session.

The Kuwaiti industry is poised for rapid growth owing to new legislation on guaranteeing intellectual property (IP) rights, implementing quality production standards and for being a member of the WTO. "Our development projects are aimed at generating more industrial jobs, raising production levels and encouraging the utilization of natural resources for economic growth.

"The private sector is set to play a key role in the development by showcasing Kuwait as a regional financial and service centre through facilitating procedures, modernizing laws and creating an investor-friendly climate to attract overseas investment," Al-Hajri noted.

EDIT

http://www.indianmuslims.info/news/2007/january/18/economy/kuwait_to_cut_dependency_on_oil_revenues_for_growth.html