Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
Kuwait Has Huge Potential To Attract Foreign Investment
The Resident Coordinator of the United Nations in Kuwait, Tariq Al Sheikh, stated, during a virtual seminar, that the investment environment in the Gulf has gone down in 2020 due to the economic impact of the COVID-19 pandemic, Al Jarida reported.
He added, “Kuwait has enormous potential to be a major destination that attracts foreign investment.”
He added, “Kuwait has enormous potential to be a major destination that attracts foreign investment.”
ADVERTISING
Al Sheikh added Kuwait has made efforts in recent years to move away from dependence on the public sector, which is fuelled by the oil and gas industry.
He pointed out that in order to achieve a knowledge based economy, there needs to be implementation of strategies specified by the National Development Plan, but he said there was a long way before achieving the absolute goal of reducing dependency on oil revenues.
Joining the seminar was the Secretary General of the Supreme Council for Planning and Development, Dr Khaled Mahdi, who said, “In recent years, Kuwait has tried to transform its oil based economy into a knowledge and innovation economy, through developmental policies.
Kuwait’s income
Currently, 40 per cent of the state’s gross domestic product (GDP) comes from the oil and gas sector.
Foreign direct investment (FDI) in Kuwait is underdeveloped, as various laws and policies make it difficult for foreign companies to invest in Kuwait. According to the 2020 World Investment Report, around 31 million Kuwaiti dinars of FDI came into Kuwait, a decrease from the previous year when there was 62 million Kuwaiti dinars of FDI entering the country.
SOURCE: GULFNEWS
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment