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KUWAIT CITY, May 19: Minister of Commerce and Industry, Fahd Al-Shrai’an, said everything in Kuwait is available for privatization, and the role of the government should be limited to regulation only, and all matters should be left in the hands of the private sector, reports Al-Rai daily. In a speech, he delivered during the second economic forum, said “privatization is the main goal that helps us diversify the state’s income and not depend on fluctuations in oil prices, and we hope that there will be a contribution from the private sector, as it is the ideal solution to increase income and diversify its sources in the state.” He stated the economic reform programs are not without initiatives to allocate a number of sectors and public services to the state in line with the laws in force.
Therefore, these programs are extremely important to enhance competition and provide the best for the country and citizens, thus reducing the burden on the state treasury and at the same time create new job opportunities. He pointed out achieving the state’s vision of encouraging investment and transforming Kuwait into a regional commercial financial center requires a number of steps and legislation that are in line with international requirements, based on the roles required in the future by public and private sector institutions in order to achieve the sustainability of the economy and the application of standards of transparency and good governance that establish the principles of justice and equality.
Al-Shrai’an praised the role and efforts of the concerned government institution in the area of economic reform, which constitute the cornerstone of sustainable development. He stated that the second economic forum touches on an important issue and a strategic objective in the face of challenges of implementing privatization programs according to the best mechanism and methodology and finding ways to overcome any obstacles facing their realization.