Dr. Saad Al-Barrak, the Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, has emphasized the importance of advancing comprehensive development for humanity and promoting economic freedom during his participation in the 14th session of the Turkish-Arab Economic Forum in Istanbul, reported Al-Qabas Daily.
The forum’s theme was “A New Era of Partnership.” Al-Barrak highlighted the role of countries in regulating economic activity and stressed the need for adopting corporate governance. He emphasized that the model in which the state manages economic activity has implications for economic development and freedom.
During his speech, Al-Barrak also discussed Kuwait’s economic capabilities and the country’s development plan, Vision 2035, which has been updated as Vision 2040. This updated vision focuses on economic openness, improving the investment climate, and modernizing laws, including those related to businesses. The aim is to enhance revenue growth and utilize it in developing the non-oil sectors of the economy.
Addressing specific projects, Al-Barrak mentioned the Mubarak Al-Kabeer Port development project, which aims to increase the container capacity to around 8 billion containers by 2035. The development of the oil industry, including exploration and production, requires an investment of approximately $300 billion by 2040.
Al-Barrak expressed Kuwait’s intention to utilize the substantial revenues from the oil sector to build partnerships with investors and the private sector, particularly in sectors such as health and education, to support the non-oil economy.