Kuwait mulls investment hike in agriculture sector

First is attracting and nationalizing major international partnerships, and second is empowering and supporting national talent and expertise. According to the source, the government exerted tremendous efforts to expand the base of local and foreign direct investments in the agricultural sector through catalyst mechanisms. The source disclosed that the plan includes securing supplies, laying down flexible schemes to mitigate geopolitical risks and disruptions to global supply chains, updating legislation to attract capital, and transferring knowledge and modern agricultural technologies, such as hydroponics and vertical farming. The source clarified that the new government vision will not only attract foreign investors, as it will include a comprehensive empowerment plan for Kuwaiti farmers to provide unprecedented facilities and incentives to raise the efficiency of local production and enhance the competitiveness of Kuwaiti products.

The source added that the government focused on the agricultural landholders by offering incentives that ease access to low-interest loans through the Industrial Bank of Kuwait (Agricultural Portfolio), allocating plots by expanding the distribution of agricultural land as per the criteria that guarantee actual productivity, providing fertilizers and seeds at subsidized prices, and protecting local products at retail outlets to enhance their competitiveness. The source affirmed the importance of transitioning to smart agriculture by using hydroponic and vertical farming technologies and smart greenhouses that mitigate climatic factors and save 90 percent of water consumption.

The source underscored the need to activate partnerships between the public and private sectors by launching major government projects for the production and storage of commodities, and opening the door for local and international companies to manage and develop them. The source added that maintaining food security necessitates a comprehensive economic vision, which restructures the procedures in order to attract investments to the agricultural sector. The source indicated that the decline in agricultural investment to only KD17 million is a warning bell, hence, the need for immediate action to transform Kuwait from an importer to an exporter of food products.