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Major privatization for boosting economy
The economic system in Kuwait badly needs introduction of private sector as a partner in the development process, said an economic expert in Kuwait.
The economic studies have emphasized the need for Kuwait to diversify its revenue and not depend on oil as its only source of income, with large numbers of Kuwaitis likely to enter the labour market in next few years, said Jassem Al-Saadoun, Chairman of Al-Shal Economic Consultants.
Speaking during a seminar organized by Kuwaiti Accountants and Auditors Society on Privatization Law and the projects under the Development Plan, Al-Saadoun called for more privatization, and said Kuwait needs to privatize 62 listed and unlisted companies and 12 government entities.
Privatization can play a major role in the development process, provided, the country has sound legislative structure and regulatory framework, he emphasized.
Al-Jassem also mentioned that the vital geographical location that Kuwait enjoys, strengthens its potential to become an international and financial hub, and this could be achieved by establishing good strategic and economic relations with neighbouring countries, and by improving trade with Europe and Asia.
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