Bangalore, Jan 18 (IANS) Kuwait has begun implementing ambitious programmes to diversify its sources of income and minimize dependency on oil revenues, a top official said here Thursday.
Addressing a session on the "Gulf & Middle East" at the CII Partnership Summit, Kuwaiti Minister Of Trade & Industry Falah Fahad Mohammad Al-Hajri said the private sector had been invited to invest in areas like manufacturing, petrochemicals, food processing, and construction materials to increase their contribution to the country's GDP.
"We are diversifying in a big way towards non-petroleum sectors to generate multiple sources of income instead of depending solely on oil revenues for economic development," Al-Hajri told about 500 delegates who attended the session.
The Kuwaiti industry is poised for rapid growth owing to new legislation on guaranteeing intellectual property (IP) rights, implementing quality production standards and for being a member of the WTO.
"Our development projects are aimed at generating more industrial jobs, raising production levels and encouraging the utilization of natural resources for economic growth.
"The private sector is set to play a key role in the development by showcasing Kuwait as a regional financial and service centre through facilitating procedures, modernizing laws and creating an investor-friendly climate to attract overseas investment," Al-Hajri noted.
Referring to Kuwait's historical and trade ties with India that preceded the discovery of oil in the region, the minister said cooperation with India was strong and reflected in the volume of trade between the two countries in diverse sectors.
"India is getting closer to being at par with the leading world economies and is moving towards achieving stable economic growth, he said. India will be a catalyst for economic growth in the Asian region," he maintained.
Besides Al-Hajri, the Kuwaiti delegation to the summit includes second deputy to the chairman of the chamber of commerce and industry Khalid Al-Saqer, members of the chamber Ahmed Al-Qathibi, Fahad Al-Jouaan and Kuwait Industries' Union chairman Hussein Al-Kharafi, public authority for industry general manager Ali Al-Mudhaf, foreign ministry economic department director Sheikh Ali Al-Khalid Al-Sabah and assistant under-secretary for international trade Abdulaziz Al-Khalidi.
In a related development, Karnataka Chief Minister H.D. Kumaraswamy has called upon Kuwaiti firms and businessmen to invest in the state, citing new steps initiated by the coalition government to encourage foreign investments.
"The government has amended laws to protect and encourage foreign direct investment. The state made rapid strides in IT, biotech and human resources, with a view to serving Indian and overseas investors alike," Kumaraswamy said after his meeting with Al-Hajri.
Seeking greater Kuwaiti investments in diverse sectors in the state, Kumaraswamy said though trade and economic ties are multi-faceted, they centred on oil and petrochemicals.