-- ------------- -------------- ------------------- -------------------
Wednesday , February 8 2023

‘Delay in execution of infrastructure projects in industrial areas jeopardizes development’

This post has been read 8113 times!

Bureaucratic procedures said most notable problems faced

KUWAIT CITY, July 14: The delay in the implementation of infrastructure projects in a number of industrial areas hinders and impedes the acceleration of the launch of industrial projects in those areas, reports Annahar daily. This delay is a stumbling block and contributes to obstructing the development of the Kuwaiti industrial sector.

The sources stressed the most notable problems facing the industrial projects are bureaucratic procedures, the failure to establish integrated industrial zones, and the absence of an increase in granting industrial land through incentives and facilities to encourage the industrialists. The sources say, Kuwait faces a major deficit in the development industrial projects as a result of the acute shortage of land allocated for industrial projects and the lack of expansion of existing factories.

The sources stated that government agencies such as the Public Authority for Industry are trying hard to disentangle the various government agencies responsible for industrial lands and their distribution to expand the base of the national product and push it in light of the challenges facing the world, most notably the rising prices, providing food commodities and guarding against food security risks.

The sources estimated the total capital investment in the industrial sector at about 3.3 billion dinars, of which the chemical industries sector accounts for about 50%, followed by about 31% for mineral and non-metallic building materials according to the report of the industrial reality of the Public Authority for Industry, noting that the total industrial exports are more than 1.7 billion dinars.

Sources said the availability of primary raw materials, especially from petroleum derivatives, represents a golden opportunity for Kuwait to be a focal point for the petrochemical industries in the world, as the industrial sector contributes 70% of the GDP of Kuwait’s non-oil industries, and the sector achieved sustainable profits of $8.6 billion in the past ten years, as well as the continuous growth it achieves in the global demand for petrochemical products. Sources demanded the need to establish an advanced system to match local and imported industrial products, make recommendations on preference factors and priority, and update relevant legislation and laws, in a manner that suits changes in the industrial market and global development in industrial fields, with the continued development of the chemical industry to go beyond the local and regional market to reserve a place in the global market, as the most suitable industries for international standards.

Check Also

Kuwait allocates 955 million dinars to implement 129 development projects

This post has been read 8114 times! KUWAIT CITY, Nov 21: The government institutions during …