Enhancing Kuwait's Financial Position: Key Recommendations From The 2023 Global Financial Centers Index

The 2023 Global Financial Centers Index, released by the National Observatory for Sustainable Development and Future Foresight of the General Secretariat of the Supreme Council for Planning and Development, underscores the imperative of easing restrictions on foreign company ownership to fortify Kuwait's financial standing.

Outlined within the report are ten pivotal recommendations aimed at augmenting and cultivating Kuwait's financial landscape. These recommendations encompass measures such as simplifying licensing protocols to enrich the business climate and establishing a comprehensive electronic platform to bolster the nation's financial sector and attract investment. The key recommendations are as follows:

1. Implementing governance reforms to stimulate competition and investment by easing foreign ownership constraints and refining land allocation mechanisms for extended commercial leases.

2. Simplifying licensing procedures to foster a conducive business environment and attract diverse investments.

3. Offering advisory support across various domains of digital transformation to realize strategic objectives and enhance operational efficacy.

4. Emphasizing the importance of the digital economy and enhancing data quality to enhance citizen convenience and bolster productivity.

5. Developing national competencies to deliver exceptional services, establishing performance metrics to ensure service quality and efficiency.

6. Building an advanced and sustainable infrastructure aligned with global standards, fostering collaboration with leading nations and international organizations.

7. Launching an integrated electronic portal to serve the financial and investment sectors, facilitating economic growth and expediting import-export processes.

8. Pursuing economic sustainability through sectoral diversification and income source expansion.

9. Implementing an automated system to link local and global financial centers, fostering seamless communication and collaboration.

10. Elevating training and professional development methodologies to enhance workforce performance across financial and banking sectors.

In 2023, Kuwait experienced a remarkable ascent of 26 places in the Global Financial Centers Index compared to 2022, with its index value soaring by 72 points. Despite this advancement, Kuwait's classification and level stability remained intact, reflecting its financial progress over the past two years.

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