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Tue 31 Jan 2017 02:26 PM

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Kuwait launches new plan to transform economy by 2035

'New Kuwait' aims to increase direct foreign investment by 300%, position country as global hub for petrochemicals industry

Kuwait launches new plan to transform economy by 2035

Kuwait has unveiled a new plan to transform the country into a regional financial and cultural hub by 2035 through 164 strategic development programs.

The Government said the Kuwait National Development Plan, branded as "New Kuwait", sets the nation’s long-term development priorities.

The Kuwait National Development Plan's short-to-medium terms objectives include positioning Kuwait as a global hub for the petrochemical industry and increasing direct foreign investment by 300 percent.

It also aims to attract more than KD400 million to information technology, services, and renewable energy in the short-term medium term.

It is organised around five themes, or desired outcomes, and seven pillars, or areas of focus for investment and improvement. Each pillar has a number of strategic programs and projects that are designed to have the most impact on achieving the vision of a New Kuwait, a statement said.

Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, the Minister of State for Cabinet Affairs, said: “Today we launch a vision reinforced with an achievable and measurable plan for a New Kuwait.

"Today we launch initiatives that will transform our economy, create jobs, attract foreign direct investments and facilitate knowledge transfer in the fields of renewable energy, information technology, and the services sector.

"Today we launch a consolidated and comprehensive strategy that will empower and inspire the country for generations to come.”

The Kuwait National Development Plan also aims to develop the country’s tourism sector to generate additional revenue streams and create a new jobs market and plans to further develop the country’s transportation and power sectors by building on the recent success in IWPP and PPP projects.

According to the statement, New Kuwait will build on the recent momentum in urban development and housing with the introduction of new master plan developments and cities while introducing social and economic empowerment programs and care targeting youth, women, SMEs, and the elderly.

Built into the plan are 20 key global indicators, and additional sub-indicators, each tracking and measuring Kuwait’s progress with the plan and its performance compared to other countries, the statement added.

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