KUWAIT CITY, March 20: According to the Global Financial Centers Index (GFCI) report for 2023, Kuwait has surged 26 places to secure the 82nd spot globally among the top financial centers, reports Al-Qabas daily. The report, obtained by Al-Qabas, highlights Kuwait City as the most improved city in terms of performance on the index. The 34th edition of the GFCI report evaluates financial centers worldwide, assessing their infrastructure for investment and savings, promotion of entrepreneurial activities, and contribution to economic growth. Covering 132 major financial centers, the GFCI measures competitiveness, with an average ranking increase of 3.63% compared to the previous year. Despite challenges such as supply chain disruptions and instability due to the conflict in Ukraine, confidence in financial centers and the global economy is growing. One notable aspect of the report is the emphasis on talent development strategies. A special survey revealed the significance of continuous professional development in nurturing future talent in the financial sector.

This comprehensive evaluation serves as a valuable reference for shaping national financial and economic policies, aiding decision-making processes. It evaluates financial centers across five key areas: business environment, human capital, infrastructure, financial sector development, and reputation. The report issued several recommendations to enhance the development of the financial position in the State of Kuwait, which are as follows:

■ Taking reform measures that support governance and the business environment to enhance competition and encourage investment, including easing restrictions imposed on foreign ownership of companies and improving mechanisms for allocating public lands for longer lease periods for commercial development purposes.
■ Reducing licensing procedures to ensure improving the business environment and increasing opportunities to attract various investments to the state.
■ Providing advisory support in all different areas of digital transformation to serve the achievement of the desired strategic goals and improve performance.
■ Push towards the importance of the digital economy and improve the quality of data, to save citizens time and increase their productivity.
■ Building national capabilities and competencies and developing skills to provide the best services at the highest levels, and developing relevant performance indicators to ensure the quality and efficiency of government services.
■ Establishing an advanced and sustainable infrastructure that keeps pace with global ambitions and developments and consolidates the country’s position globally by enhancing cooperation with leading countries and international organizations in this field.
■ Providing an integrated electronic portal to serve the financial and investment sector in the country, which contributes to supporting the wheel of economic growth and facilitating the operations of the import and export system in the country.
■ Achieving economic sustainability by developing the country’s investment sectors and diversifying the production base and sources of income.
■ Building an automated system to link local financial centers to all global financial centers and creating an integrated communication network between them.