The Chairman of the Kuwait Direct Investment Promotion Authority, Sheikh Dr. Mishal Al-Jaber said foreign direct investment is a crucial element in Kuwait’s strategy to achieve the United Nations sustainable development goals and the goals included in the New Kuwait Vision 2035.
Sheikh Mishal considers FDI as a critical engine for economic growth, diversification and sustainability, indicating that all 17 United Nations sustainable development goals have been included in the seven pillars of “New Kuwait 2035”, and these goals are comprehensively addressed through various channels as “we deal with social and economic challenges,” reports Al-Anba daily.
He added KDIPA helped develop the pillars of the national vision in line with the United Nations Sustainable Development Goals, as evidenced by the Second Voluntary National Review of Kuwait 2023.
Sheikh Mishal said in an interview with the Oxford Business Group that the strong influence of foreign direct investment contributes to creating a sustainable, prosperous and comprehensive economy by facilitating the transfer and development of advanced technology, encouraging innovation in green industries and promoting renewable energy and smart cities.
It also works to strengthen relationships with local suppliers and producers, develop the national workforce and create job opportunities in various sectors, and at the international level, it supports Foreign Direct Investment Global Partnerships for Sustainable Development through Corporate Social Responsibility Initiatives.
Sheikh Mishal said that in line with the authority’s mission of promoting Kuwait as a major location for value-added direct investment, developing local skills is a key goal, and this is in line with New Kuwait Vision 2035’s focus on creative human capital and the current government work program for the period 2023-2027.
It emphasizes nurturing local talent, improving the quality of life, and building an advanced and sustainable economy. In recent years, the Authority has cooperated closely with its licensed investment partners to develop national talent.
These entities have announced hundreds of quality job opportunities for the local workforce in various fields and at various administrative, professional and technical levels.
Thousands of employees have benefited from them. These programs offer specialized, accredited certificates to enhance professional and managerial skills, including financial analysis, project management, operational technology, and cloud computing, and they support the broader goal of promoting the adoption and use of new technologies and solutions within the Kuwaiti market.
Sheikh Mishal pointed out that the Authority uses a multi-faceted investment policy that is consistent with national and international frameworks, including the principles contained in the framework of the investment policy of the United Nations Conference on Trade and Development for sustainable development.
The latest interim strategy for the period 2023-2025 identifies three strategic directions: adopting digital transformation, enhancing resilience in the face of global challenges, and enhancing capabilities to attract and retain direct investment.
He added, “These focus areas aim to enhance competitiveness by attracting high-quality investments in priority sectors, as specified in the government’s strategy for the period 2023-2027, and priority sectors include tourism and entertainment, transportation, communications and logistics services, housing, communications and information technology, financial services, renewable energy, oil and petrochemicals.
He concluded by saying, “In parallel with the ongoing government efforts, the Authority is supervising the development of 3 economic zones to serve as industrial clusters, beginning with the Abdali Economic Zone, which will be launched in the near future.
These areas are designed to be integrated into the development of major strategic regional projects, and the Authority is actively working on Enhancing these opportunities through digital and traditional media campaigns to highlight emerging developments and improve the investment environment.”
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