UN: Kuwait has a long way to go to reduce its heavy dependency on oil revenue, but still, Kuwait has a huge potential to attract foreign investment.
Event Location
Kuwait , Kuwait
Start Time
30 November 2020, 12:00 AM
End Time
31 December 2020, 12:00 AM
Tariq Al Sheikh - Resident Coordinator of the United Nations in Kuwait 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.
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 added, “Kuwait has enormous potential to be a major destination that attracts foreign investment.”
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.
Meanwhile, the Secretary General of the Supreme Council for Planning and Development, Dr Khaled Mahdi said, “In recent years, Kuwait has tried to transform its oil based economy into a knowledge and innovation economy, through developmental policies”.
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