Commercial ties with world countries Kuwait’s goal: KCCI – ‘Private sector vital for growth’

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KUWAIT CITY, Feb 22, (KUNA): Promoting investment and commercial cooperation with world’s countries is a key strategic goal of Kuwait that needs exerting efforts with businesses to be in favor of mutual interests in this regard, said Osama Al-Nisf, a member of Kuwait Chamber of Commerce Industry (KCCI). Al-Nisf made the statement on Monday during a speech at the forum of businessmen hosted by the chamber on the sidelines on the first international Kuwait Trading Fair entitled: “Kuwait Heart of the Commercial World”.

He added that volume of Kuwait’s trade hit $133 billion in 2014, noting that the country has trade exchange with all countries across the globe. Meanwhile, Assistant Undersecretary for Foreign Trade and International Organizations Affairs at the Ministry of Commerce and Industry Sheikh Nimr Fahad Al-Sabah said the government pays much attention to the private sector as it is a main pillar which activates economic growth.

The forum stressed the importance of dialogue, and sharing ideas and experiences among world’s countries, he said, adding that Kuwait has all capabilities of reviving economy and main factors needed by countries across the globe to achieve a comprehensive development.

The State of Kuwait enjoys political stability, and has developed infrastructure, an active private sector, and attractive legislations which are in favor of local and foreign investors, he stated. Secretary-General of the Supreme Council for Planning and Development (SCPD) Dr Khaled Mahdi made a presentation on Kuwait’s development plan and its vision 2035 seeking to turn the country into a commercial and financial hub.

He said strategic goals of the mediumterm development plan aims to increase gross domestic product, raise standards of living of citizens, support societal and human development, and evolve housing policies. About 25 Arab and foreign countries are taking part in the fair, which was inaugurated by Minister of Commerce and Industry Yousef Al-Ali on Sunday and runs until Feb 27.

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