Chairman of Kuwait Industries Union (KIU) Hussein Al-Kharafi said Thursday Kuwait industrial sector was capable of pushing the development process and supporting the national economy by exporting to new markets and lessen imports.<\/p>\n
Al-Kharafi, in a statement to KUNA, underlined the importance of supporting local industries because they would contribute to comprehensive development.<\/p>\n
Supporting the industrial sector, which he considered the leader of sustainable development, will give the locally-made product the priority in development projects. “Promoting the local product has become an urgent necessity,” he added.<\/p>\n
Al-Kharafi called also for supporting manufacturing industries because they were capable of transforming raw materials into products that meet consumers’ needs.<\/p>\n
The manufacturing industries “is the real future that can achieve safe and sustainable operating profits for the state,” he said.<\/p>\n
Kuwait is depending on oil revenues as a major source of income “but this poses a risk to the budget because of fluctuation of international prices,” said Al-Kharafi.<\/p>\n
KIU, he added, submitted many proposals for the government of Kuwait to develop the working mechanism of the industrial sector.<\/p>\n
One of the proposals, he explained, was considering decreasing how much the state was charging for electricity consumption in factories. The KIU also urged the government to purchase locally-made products in order to reactivate the economic cycle.<\/p>\n
Creating industrial zones, said Al-Kharafi, would help in the expansion of national industries. Established in 1989, KIU has around 300 industrial entities as members.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chairman of Kuwait Industries Union (KIU) Hussein Al-Kharafi said Thursday Kuwait industrial sector was capable of pushing the development process and supporting the national economy by exporting to new markets and lessen imports. Al-Kharafi, in a statement to KUNA, underlined the importance of supporting local industries because they would contribute to comprehensive development. Supporting the […]<\/p>\n","protected":false},"author":1,"featured_media":40683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,2],"tags":[3350,3351,3349],"class_list":["post-40682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","tag-development","tag-kiu","tag-kuwait-industrial-sector"],"yoast_head":"\n