Fluctuating Oil Prices Require Measures To Enhance The Kuwaiti Economy: Al-shuraian

Fahad Al-Shuraian, the Minister of Commerce and Industry, said on Wednesday that the world's political and economic changes, combined with the sharp fluctuations in oil prices, necessitated serious measures to boost the economy through economic restoration programs and initiatives to privatize a number of public sectors.

This was said at an economic symposium hosted by the Arab Planning Institute with the tagline (towards further privatization in the GCC) and attended by a number of economic professionals and authorities.

Economic restoration plans, according to Al-Shuraian, aim to increase competitiveness, which benefits the country and relieves government burdens while also creating new employment prospects.

"In order to realize Kuwait's objective, new measures are required," he said. "These are the fundamental qualities for the transition into a financial hub," he said.

Former Minister of Commerce and Industry and leader of the forum's organizing committee, Amani Bouresly, claimed that privatization is one of the answers to the public sector's institutions' constant inflation and rising prices and expenses.

"Privatization has several economic benefits, the most notable of which is increased production and improved the quality and effectiveness of public services," she continued, "but this issue still faces numerous organizational, legal, and societal impediments."She stated that one of the primary foundations of Kuwait Vision 2035 is the process of reconstructing the economy and decreasing the public sector, which employs over 400,000 people because the private sector can provide more employment possibilities for newcomers to the market.

Meanwhile, Arab Planning Institute consultant Dr Fahad Al-Fadhala stated that the major purpose of this event is to shed light on the GCC's privatisation initiatives and their role in economic recovery.

Furthermore, Sheikh Fahad Salim Al-Sabah, the head of Kuwait's technical agency for privatisation, stated that the main hurdle to privatisation in Kuwait is the enormous growth of national labour in government sectors, which leads to higher costs for the country. Legislators give employees the option of staying at the privatised institute or leaving.

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