December 3, 2022

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CAN LESS RELIANCE ON OIL LEAD TO A MORE PRODUCTIVE TOMORROW?

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AHMAD ALSADHAN WRITES — For a very long time, Kuwait’s economic system has been depending on its considerable oil reserves. As soon as a poor nation by the Arabian Gulf, oil has performed an integral position in its improvement. Though this technique labored through the earlier century, is it sustainable?

Perhaps not. Kuwait’s dependence on oil has value the nation billions as a consequence of unstable international oil costs.

That’s why the Kuwaiti authorities has been engaged on a brand new imaginative and prescient launched by the late His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: Kuwait Imaginative and prescient 2035, which is geared toward diversifying the Kuwait economic system. It’s believed that independence from oil will improve the position of the non-public sector and reduce the position of the federal government.

So, simply what is that this plan?

The seven pillars of Kuwait Imaginative and prescient 2035: Efficient public administration; a diversified sustainable economic system; a developed infrastructure; a sustainable residing surroundings; top quality healthcare; artistic human capital; and international positioning.

The youthful era in Kuwait would be the most impacted by this imaginative and prescient, as they’re both finding out or working to construct the brand new non-public sector that can maintain their future. Non-oil sectors won’t solely create extra jobs however will make Kuwait a monetary and commerce heart, which in flip will appeal to overseas investments.

Transitioning the economic system will certainly be a problem, however by 2035 Kuwait goals to compete with international markets. This implies having an open market that accepts overseas direct funding and a powerful non-public sector that takes care of improvement. It’s believed, and most actually hoped,  that the creativity and power of the nation’s youth will assist construct a brand new Kuwait.

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