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Faisal Al-Bader

Kuwait forum aims to diversify economic base

KUWAIT, May 12, 2016

The Kuwait Economic Society recently held its eighth Scientific Forum with a focus on aiming to diversify the economic base in the country.

Addressing the opening ceremony of the forum entitled "Kuwait and Diversification of Economic Base", Minister of Commerce and Industry Dr Yousef Al-Ali emphasized the keenness of the Amir to support the forum.

“The Amir’s patronage of the forum is an encouragement not only for forum’s participants, but it will also assist in the activation of the recommendations within the concerned authorities,” he said.

The chairman of Kuwait Economic Society Faisal Al-Bader spoke about the importance of the role that the Eighth Scientific Forum plays. Kuwait Economic Society aims through this forum to participate in correcting the economic course in Kuwait, and diagnosing the glitches of structural imbalances in the economy.

Al-Bader stressed that the biggest challenge facing the government is to encourage Kuwaiti citizens and enthusiasts; who are willing to take a part in the process of economic change in Kuwait.

“This can be done through an encouragement towards small and medium enterprises, and the provision of an adequate physical and moral incentives. In order to embolden citizens to consider the entrepreneurial initiatives as a professional and suitable path, compared to the lucrative opportunities in the public sector, and subsequently ensure the success of small and medium enterprises,” he said.

The first panel discussion was titled "The current economic challenges," this session discussed the most significant demographic challenges in Kuwait related to the labour market and demographic dysfunctions related to population growth and its impact on the local economy.

The second panel discussion under the title of "diversification requirements," tackled the subject of working towards a strong institutional structure. The third panel discussion under the title "diversification of the economic base" addressed the most promising economic sectors and the necessities required to diversify the sources of income.  – TradeArabia News Service




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