BEIRUT: The State of Kuwait is advancing policies and projects aimed at creating a more dynamic private sector to usher in an era of comprehensive development. This initiative is part of a broader strategy to transform the nation into a hub for investment, driven by significant private sector involvement. According to Kuwait News Agency, the General Secretariat of the Supreme Council for Planning and Development has outlined a program titled "enabling a dynamic private sector" within its 2023-24 annual plan. This program, spanning seven axes, is set to be executed through 17 projects overseen by nine government entities. The initiative aspires to establish a fair and competitive environment conducive to innovation across various sectors. The financial commitment for this program in the last fiscal year reached KD 168 million (USD 613.8 million), with spending on the 17 projects achieving approximately 48.7 percent completion by the fourth quarter of 2023-24. A follow-up report highlighted the Al-Zour refine ry strategic development plan, almost complete at 99.9 percent, under the Kuwait Petroleum Corporation (KPC) framework. The Kuwait Institute for Scientific Research (KISR) is actively involved in seven projects, including a national project to develop a laboratories network at 34 percent completion. The KISR also reports that its salmon farming project is in its early stages, achieving 46 percent progress, alongside an economic complex for fish and shrimp farming. The Public Authority for Industry (PAI) is overseeing the Al-Shidadiya Industrial Area project, which is 82.5 percent complete, with a 3.3 percent advancement rate in the third quarter of 2023-24. The Kuwait Authority for Partnership Projects (KAPP) supervises the northern Al-Zour and Khairan stations energy projects. Additionally, the Kuwait Direct Investment Public Authority (KDIPA) is managing two ongoing projects: the economic region, 62 percent complete as of the fourth quarter of 2023-24, and the Kuwait free trade zone expansion, currently at 18 percent. The Capital Markets Authority (CMA) is engaged in developing the financial market system, now at 28.6 percent completion. The Ministry of Electricity, Water, and Renewable Energy Resources is contributing to a project to enhance power generation with a combined cycle power system at the Subiya Electric Power and Water Distillation Site, boasting a capacity of 9,000 megawatts. Legislatively, the program encompasses 64 draft laws covering nine development programs, focusing on creating a dynamic private sector, improving government connectivity, enhancing transparency, and strengthening the capabilities of citizens and institutions. The report further outlines eight policies to invigorate the private sector, aimed at increasing funding for joint public-private projects and promoting large-scale, high-quality production in priority economic sectors. These policies also focus on enhancing competitiveness, facilitating the establishment of commercial enterprises, and supporting direct investments . Additionally, they emphasize developing innovative products and services through technological means and fostering the growth of small-to-medium-sized projects and companies through sponsorship.
