Five parliamentarians have submitted a proposal for a law for the establishment of the Kuwait Advanced Manufacturing Industries Holding Company, giving it an urgent status.
The explanatory memorandum for the proposal, which was submitted by Dr. Hassan Johar, Abdullah Al-Mudhaf, and Dr. Abdulaziz Al-Saqabi, Osama Al-Zaid, and Muhannad Al-Sayer says this is in line with, Article 21 of the Constitution which stipulates that all natural wealth and its resources are the property of the state, and this proposal is based on this article taking into account the requirements of the state’s security and national economy, reports Al-Jarida daily.
The memorandum added: “In accordance with the capabilities that Kuwait possesses of bringing about a comprehensive and sustainable development renaissance, and the oil reserves it enjoys that guarantee the success of its development plans, it can occupy an international position in the localization of advanced manufacturing industries in proportion to its distinguished geographical location.
The barrel of oil with its traditional financial returns, must be transformed into a golden barrel with double returns to give Kuwait sustainable security and a growing economy, and this can only be achieved by taking serious steps towards expanding and localizing advanced manufacturing industries.”
The memo explained: “Hence came the idea of this proposed law to embrace manufacturing industries with their advanced technologies and creating a new and sustainable source of income to enhance state revenues and the national economy, as well as providing new real job opportunities for the Kuwaiti people in a way that ensures the continuity of the welfare state based on economic foundations.”
“Desiring all of that, this proposed law came to establish a Kuwaiti holding company wholly owned by the state specializing in advanced manufacturing industries through its companies that it will establish with strategic partnerships to transform raw materials into intermediate or final products in the form of goods that feed markets and production factories alike,” read the memorandum instead of the state relying on exporting crude oil without exploiting it optimally.”