Kuwait Accelerates Economic Reforms and Global Partnerships for Sustainable Growth

Kuwait, 21 August, 2024 : Kuwait is intensifying its economic and financial reforms under the directives of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, focusing on strategic partnerships and financial sustainability.

A key milestone in Kuwait's development efforts was the signing of seven agreements with China in September 2023. The government is now actively working to implement these agreements, holding discussions with Chinese officials to expedite the process.

In a move to diversify investments, the Kuwait Investment Authority (KIA) announced on June 25, 2024, the opening of an office in Saudi Arabia, aiming to collaborate with Saudi and international companies in joint ventures.

The inauguration of the Al-Zour Refinery in May 2024 by His Highness the Amir marks another strategic step towards strengthening Kuwait’s economy.

The government is also planning major economic policies and legislative reforms to create a more attractive investment environment. The Ministry of Finance has been tasked with formulating financial reform policies, focusing on maximizing non-oil revenues.

On July 3, 2024, Minister of Finance Dr. Anwar Al-Mudhaf reiterated the government’s commitment to comprehensive financial reforms, which include improving procurement processes, repricing public services, and enhancing the financial performance of government bodies.

Source : www.zawya.com