Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, urged the advancement of the comprehensive development concept for humanity, emphasizing the theme of economic development as free enterprise.
Speaking at the 14th session of the Turkish-Arab Economic Forum in Istanbul under the banner “A New Era of Partnership,” Al-Barrak highlighted the role of countries in regulating economic activity and stressed the importance of adopting governance in business, reports Al-Qabas daily.
He underscored that the model in which the state manages economic activity has direct implications for economic development and freedom.
Al-Barrak outlined Kuwait’s capabilities and discussed the economic development plan, Vision 2035, now updated as Vision 2040. This vision focuses on economic openness, improving the investment climate, and modernizing laws, including the company law, with a strong emphasis on boosting non-oil revenue growth.
The Minister delved into the Mubarak Al-Kabeer Port development project, aiming to increase container capacity to 8 billion containers by 2035. The oil industry’s development, encompassing exploration and production, necessitates an investment of around $300 billion by 2040.
Al-Barrak expressed Kuwait’s intention to leverage significant oil sector revenues to establish partnerships with investors and the private sector, particularly in sectors like health and education, supporting the diversification of the non-oil economy.
In an interview with Al-Sharq, Al-Barrak disclosed that Kuwait anticipates economic growth rates ranging between 3 to 4% in the coming years, with hopes of further diversification, especially in promising markets like energy and renewable energy.
Funding sources for these initiatives include oil resources, investments, and international partnerships. Al-Barrak emphasized that collaboration is the country’s pathway to the future.
