KUWAIT CITY, April 4 (KUNA): Minister of Finance Mustafa Al-Shimali said Monday that, “there will be a new government that will continue the implementation of current and future development projects with many projects being now in the pipeline.” Al-Shimali added, in a statement made to the press on the sidelines of opening Kuwait’s first conference on joint ventures between public and private sectors, that the government’s resignation will not delay or obstruct the implementation of projects included within the state development plan.

Al-Shimali went on to say that rate of achievement of development projects is ratcheting up in spite of the slowened rate of execution in the first year of development plan, deeming such rate fair compared to the obstacles hindering the implementation of projects.

He also made clear that private sector firms, besides the banking sector, are able to carry out the projects of state development plan, adding that foreign investors are only needed for the transfer of technology and expertise, while hoping that Kuwait will become a foreign investment attracting country.
Al-Shimali said at his opening address before the conference that highlighting downsides that may affect the joint venture bill, and propounding suitable solutions that will be taken into account when reviewing and evaluating the bill are the most important goals behind holding the conference.

As for the upsides of joint venture bill, Al-Shimali said that they include boosting the activities of the private sector, and giving it more room to participate in the development process in what includes increasing productivity, relieving financial burdens from government, cutting expenditure, and achieving a profit margin.
The minister pointed out that the bill’s upsides also include transfer of technology, luring the overseas Kuwaiti funds, attracting foreign capitals, besides training national cadres and recruiting a national labor force, noting that national labor is the main goal of every governmental program and every national development plan.
In this respect, he also mentioned that the governmental efforts to create a favorable milieu that motivates private sector, and attracts it to take part in development process on the basis of transparency, justice and equal opportunities.

Though the government’s efforts were not confined to this as it set up Technical Body to Study Development Projects and Initiatives in order to follow up the execution of projects and initiatives launched by various state bodies, Al-Shimali said.

Al-Shimali also said that the government believes in the significance of the joint venture bill in attracting the investments of private sector, but this does not mean a retreat in the government’s developmental role or lowering the rate of state expenditure on development projects, making clear that this view comes out of belief in the role of private sector as a complementary to the state role, and not as an alternative to it.

Meanwhile, Chief of the Technical Body to Study Development Projects and Initiatives Adel Al-Roumi asserted during the conference that the success of state development projects comes following the adoption of an economic feasibility study for them based on sound rudiments.