Kuwait to develop its industrial sector as per global standards

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Minister touts amended corporate law

VIENNA, July 1, (KUNA): Kuwait is eager to develop its industrial sector as per global standards in efforts to push its 2035 sustained development plan, said an official on Monday. It is imperative to cooperate with the United Nations Industrial Development Organization (UNIDO) to achieve the aforementioned goal, the director general of Kuwait’s Public Authority for Industry Abdulkarim Taqi told KUNA on the sidelines of UNIDO talks.

The talks revolve around international efforts to fight poverty and corruption, amongst other matters, the Kuwaiti official said. He highlighted such gatherings as crucial in allowing Kuwait the opportunity to pick up some insight into economic development plans, added the official. As a specialized UN body, UNIDO aims to promote and accelerate global industrial development.

Meanwhile, approved changes to a corporate issuance law proves that Kuwait’s Parliament and government share a common desire to see the country morph into a commercial and financial hub, said a minister on Monday. No effort would be spared to introduce proper and effective legislation, Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan said amid a session of Parliament. These efforts include plans to attain sustained economic development, the minister explained, saying chief among the amendments is a ban on non-profit companies.

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