Al-Barrak calls for advancing concept of comprehensive development for humanity

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KUWAIT CITY, Nov 8: Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, called for advancing the concept of comprehensive development for humanity, noting that the slogan of economic development is free enterprise.

Al-Barrak added, during the 14th session of the Turkish-Arab Economic Forum, which was held in Istanbul under the slogan “A New Era of Partnership,” that the role of countries lies in the regulating aspect of economic activity, with the necessity of working to adopt governance in business. He concluded by emphasizing that the model in which the state manages economic activity has repercussions on economic development and economic freedom, reports Al-Qabas Daily.

Al-Barrak reviewed the capabilities that Kuwait possesses and discussed the economic development plan in Kuwait, Vision 2035, which was updated under the name Vision 2040, which embraces economic openness, developing the investment climate, and modernizing laws, including the company law, stressing that this vision focuses on enhancing the growth of revenues and using them in developing the economy. Non-oil.

Al-Barrak discussed the Mubarak Al-Kabeer Port development project, which aims to increase the number of containers to about 8 billion containers by the year 2035, while developing the oil industry, both at the level of exploration and production, requires an investment of about 300 billion dollars until the year 2040.

He believes that Kuwait is looking forward to benefiting from the huge revenues in the oil sector, to build partnerships with investors and the private sector in specific sectors, as is the case with health, education, and others, in a way that supports the non-oil economy.

On the other hand, Al-Barrak revealed in statements to Al-Sharq that Kuwait is currently growing at rates ranging between 3 to 4% of the country’s economy over the next few years, hoping that there will be greater rates of diversification of the economy due to the presence of new promising markets, especially in the energy and renewable energy markets and related markets.

Al-Barrak explained that the sources of funding come from oil resources and investments, as well as the use of international partners to participate in this process, stressing that partnership is the country’s path to the future.

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