KUWAIT CITY, April 27, (KUNA): Deputy Prime Minister for Economic Affairs, Minister of State for Development, Minister of State for Housing Affairs Sheikh Ahmad Fahad Al-Ahmad Al-Sabah said Wednesday that privatization tools and Build, Operate and Transfer (B-O-T) and Public-Private Partnership (PPP) systems would help liberalize Kuwaiti economy in the future.
In his opening speech at the 11th International Conference for Islamic Financial Institutions, held under his aegis, Sheikh Ahmad said according to the medium-term Kuwaiti development plan, the private sector would have an important role in restructuring the national economy.
“The Kuwaiti economy was greatly harmed due to the overdependence on government spending and the oil revenues, so we believe that time is has come to give the private sector the chance to revive and rebuild the national economy,” Sheikh Ahmad said.
He pointed out that Kuwaiti government tries to benefit from the ideas put up in such specialized economic and financial conferences to ameliorate the economy.
Meanwhile, the Kuwaiti minister honored the participating companies, institutions and even media outlets.
The conference kicked off recently with the participation of a considerable number of Islamic banking institutions and experts as well as several senior Kuwaiti officials represent more than one ministry and government body.
The two-day gathering tackles an array of economic, financial and development issues including Kuwait’s development plan, governance and society’s role in development.