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Minister sees private sector crucial to national development

Despite Cabinet reshuffles progress unaffected: Al-Hajraf

Minister of Finance Dr Nayef Al Hajraf speaking at the conference

KUWAIT CITY, Feb 17, (KUNA): The Kuwait government believes the private sector plays an integral role in the success of the country’s development plans and broad privatization efforts, Finance Minister Dr Nayef Al-Hajraf said on Sunday. The privatization of Kuwait’s stock exchange, known as Boursa Kuwait, represented a “historic milestone”, the minister told a press conference, hoping that similar watershed events would set in motion major economic reforms.

The privatization process hit some snags along the way but was ultimately completed in an efficient manner, he explained, attributing the success to the private sector’s determination and diligence. The Kuwaiti finance minister went on to say that despite repeated Cabinet reshuffles during the course of the project, progress was unaffected and remained steady.

Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan said the privatization of the stock exchange comes against the backdrop of major economic growth, by virtue of a number of financial reforms. Al-Roudhan, who also serves as state services minister, pinpointed an insurance law as among a myriad of “important legislations” in the works, all of which put the country on course to achieving its development goals.

On Kuwait stock exchange’s privatization process, he said it was “means to an end,” with the primary goal being the growth of the local financial market, which largely hinges on the contributions of the private sector.

Describing the aforementioned process as an “unprecedented event that transcended expectations,” the CEO of Kuwait’s Capital Market Authority Ahmad Al-Melhem said it was a launchpad for privatization projects in Kuwait. The event represented both a “legal and economic accomplishment,” the official said, besides being a quantum leap towards large-scale financial and administrative reforms. It also highlighted just how pivotal the private sector is to propel the national economy to new heights, he added.

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