Increasing Private Sector’s Contribution To Gdp Is A Priority: Al-shariaan

Minister of Commerce and Industry, Fahd Mutlaq Al-Shariaan, has said raising the private sector’s contribution to the gross domestic product will be one of the high priorities for his ministry, saying it is no less important.

During an interview Al-Shariaan told Al Arabiya.net, “We have many economic files that will take time to arrange with the various authorities in the country, including the industrially independent regions, and there will be support for this file until the desired development in this sector is achieved, and the obstacles are resolved,” noting that “the industry file will receive great attention, and there will be a government gesture for the independent industrial zones,” reports Al-Rai daily

He pointed to the “importance of seriously considering any obstacles faced by industrial establishments, in various aspects, especially in terms of granting land to some advanced industrial sectors.”

At the level of the financial sector, Al-Shariaan pointed out that “the Ministry of Commerce is responsible for 13 institutions, including the Capital Markets Authority, and therefore work will be to strengthen corporate governance, raising the level of transparency as well as supporting everything that can enhance the work of the private sector in a positive economic and financial environment which will affect the performance of the money market.”

He added Kuwait has always worked to enhance the role of the private sector, which operates in a self-regulating system with high standards, saying it will be easy to raise its contribution to economic activity, by promoting the transformation from the public sector to the private sector in general.

Regarding dealing with the challenges of the Corona pandemic, Al-Shariaan said “the pandemic has affected several developments and transformations, and the world is still at a turning point, but the reassuring thing in Kuwait is the stability of the situation, and we feel there is a need to remain committed to some precautionary measures, and we rule out a return to restrictions on commercial or industrial activities.”

He stated since the beginning of the pandemic, the state has been interested in focusing on supporting small and medium businesses and enterprises, to help them cope with the effects and repercussions arising from the pandemic, stressing that “the situation in Kuwait is reassuring in terms of economic repercussions of the pandemic at various levels.”

Regarding the impact on supply chains, Al-Shariaan said that “the state’s strategic stockpile is reassuring, and the state budget is reassuring as well.”

 

SOURCE : TIMESKUWAIT

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