Five MPs submit proposal to prioritize state security and the national economy

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KUWAIT CITY, Sept 23: Five Members of Parliament have presented a proposal for urgent legislation to establish the Kuwait Advanced Manufacturing Industries Holding Company. The proposal aligns with Article 21 of the Constitution, asserting state ownership of natural wealth and resources. The aim is to prioritize state security and the national economy, reports Al-Jarida daily.

The explanatory memo, submitted by Dr. Hassan Johar, Abdullah Al-Mudhaf, Dr. Abdulaziz Al-Saqabi, Osama Al-Zaid, and Muhannad Al-Sayer, underscores Kuwait’s potential for a comprehensive and sustainable development renaissance, leveraging its substantial oil reserves. It advocates for Kuwait to occupy an international position in advanced manufacturing industries, utilizing its advantageous geographical location.

The memo emphasizes the necessity to shift from reliance on traditional oil revenues to a diversified, sustainable economy. This transition requires a focus on expanding and localizing advanced manufacturing industries, turning the metaphorical “barrel of oil” into a source of sustainable security and economic growth.

To achieve these goals, the proposed law envisions the creation of a Kuwaiti holding company, fully state-owned, specializing in advanced manufacturing industries. This company would establish strategic partnerships and utilize advanced technologies to transform raw materials into market-ready goods, aiming to bolster state revenues, enhance the national economy, and generate meaningful employment opportunities for the Kuwaiti populace, reinforcing the foundations of the welfare state.

This news has been read 3365 times!

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