‘Silk City’ project most crucial to diversify revenues

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KUWAIT CITY, March 21: The Harir (Silk City) project is one of the most important sources that will contribute to diversifying the country’s revenues and creating many job opportunities that Kuwait needs to handle the unemployment issue over the years,” said Muhammad Al-Qattan, member of the KAFO program of the Amiri Diwan, reports Al-Rai daily.

Speaking on the sidelines of a symposium on ‘Kuwait Vision 2035’, at the House of Al-Qattan in Al-Shaab he disclosed there are teams working to achieve the vision, which is on the right track although not fast enough but needs time for achievement. Al-Qattan went on to say many countries are now looking for clean energy instead of focusing on oil.

He pointed out that there is a clear danger of the possibility of oil losing its strategic value as was the case with pearls, which was the main source of income for Kuwait in the past and stressed on the importance of achieving the required transformation and reduce dependence on oil by making Kuwait a financial and commercial center with a possible greater role for the private sector.

Al-Qattan also stressed on the need to encourage young people to engage in the private sector and prepare them well by providing what he called ‘real advanced education’ so that they can work in the technical professions needed by the labor market. He also pointed out the importance of encouraging young people to do business without fear.

Al-Qattan pointed out that the important issues covered by Kuwait’s vision include the need to address budget imbalances at the level of revenues and expenditures through increased revenues and rationalization of expenditures and stressed on the importance of rationalizing government administration, especially since there are many uncalled for expenses in addition to the lack of proper exploitation of financial resources. He added, there is the need to create a diversified and sustainable economy in a sustainable, clean and workable living environment, which would positively impact the health of citizens and residents.

Of shale oil, he said it is a real threat to ordinary oil, especially with the development of technology, which contributes to facilitate the extraction process. This development is due to the importance of adopting the knowledge economy and attention to human capital.

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