Kuwait city: Kuwait's Minister of Finance and Acting Minister of State for Economic Affairs and Investment Dr. Subaih Al-Mukhaizeem emphasized that economic diversification has become a strategic necessity rather than a policy option for achieving sustainable development across all sectors.
According to Kuwait News Agency, Dr. Al-Mukhaizeem highlighted Kuwait's leadership in financial innovation during an event titled "Kuwait's Economic Transformation - Foundations for a New Era" at George Washington University. He referenced Kuwait's pioneering efforts, such as the establishment of one of the world's first sovereign wealth funds in 1953 and the creation of an internationally integrated banking system.
Dr. Al-Mukhaizeem stressed the importance of focusing on the future, particularly through finance, banking, and investment as transformative engines. He noted that sustainable growth requires the involvement of the private sector and global partners, with the state alone unable to lead such efforts.
The Minister underscored the Kuwait-US partnership's significance, covering sectors like technology, renewable energy, food security, advanced industries, and financial services. He pointed out that cross-border investment and financial innovation, especially in digital banking and sustainable finance, are crucial links between Kuwaiti and US institutions.
Dr. Al-Mukhaizeem called the forum a platform for aligning strategies and creating new investment channels, emphasizing the need for economic policy and market practice to work in tandem. He expressed confidence in Kuwait's financial system, describing it as a solid foundation for global investors.
Kuwait's Ambassador to the US, Sheikha Al-Zain Al-Sabah, also addressed the forum, highlighting the event as a step towards advancing Kuwait-US economic ties in line with Kuwait Vision 2035. She mentioned initiatives like the Border Community Resilience Initiative, which channels Gulf investments into underserved US regions to enhance infrastructure and shared prosperity.
The event, organized by the Kuwait Banking Association, aimed to showcase the financial and private sectors' vital role in supporting Kuwait's transformation and attracting international investment. It also sought to present a modern picture of Kuwait's economy within the framework of the annual IMF-World Bank meetings in Washington.