Sustainable development program, which is being prepared by a number of government bodies, aims at enhancing non-oil revenues to almost KD 3 billion in the year 2019/2020 through a plan being executed by all state institutions.
They explained that the program aims at increasing the share of private sector in the total income of Kuwait by up to 20 percent, increasing the number of Kuwaiti employees in the private sector from 70,000 to 100,000, as well as minimizing the budget deficit.A schedule will be set in place for implementing the program, which will have four main objectives to be achieved by the year 2021.
The first objective is to record a place among the top countries worldwide in the index issued by World Bank concerning facilities for business environment. The developmental plan will involve enforcement of a number of amendments, and reconstructive financial and administrative changes covering all state institutions. The government has prepared a developmental plan that was approved by the secretary general for Planning.
However, this plan is facing a number of obstacles in terms of its execution, as it requires preparation of the local environment to meet the demands of the coming stage. The plan is in line with what the government affirmed about Kuwait providing a number of competitive advantages in order to accomplish its economic vision.
The sources highlighted a number of factors that will contribute to the success of the developmental plan including online licenses, governance of institutions, minimization of documentation cycles, and provision of a suitable environment for small and medium enterprises. They stressed the importance of transit commerce, which can serve as an alternative source of income besides oil.
Via: Arab Times Online
No.of Reads (21)