Kuwait eyes new plans to localize funds and boost non-oil revenue
Government agencies are exploring strategies to retain funds within the local market, redirecting them towards economic growth and offering investment incentives to support this initiative.
• Government research projects public treasury returns, examining not only revenue from transfer fees but also strategies to localize funds, aiming to boost state revenue and fund attraction.
Several government entities are exploring ways to localize funds within Kuwait’s market, foster a stimulating investment environment, and boost non-oil revenues, including potential fees on overseas financial transfers, Al Rai newspaper reports.
The newspaper has learned that government research on this matter includes projected returns for the public treasury. The studies extend beyond estimating the general revenue from financial transfer fees; they also include developing recommendations and strategies to help localize these funds. This approach aims to achieve dual benefits for the state by increasing revenues and enhancing its ability to attract funds.
Sources indicated that multiple stakeholders are discussing ways and procedures to encourage the localization of these funds within the local market and redirect them towards local economic activities, while also providing necessary investment incentives to strengthen this approach.
